200M

TransCanada Corp. said last week that it is developing a $200 million natural gas storage facility near Edson, AB. Under the plan, the facility will have a capacity of approximately 50 Bcf and will connect to TransCanada’s Alberta System.

Power producer Calpine Corp on Thursday said it cut its natural gas reserves estimate by 6% at the end of the fourth quarter and reduced the carrying value of certain fields in South Texas and offshore Louisiana. Both actions will take a toll on the San Jose, CA-based energy company’s fourth quarter results, which will be announced in late February.

TransCanada Corp. said Wednesday that it is developing a $200 million natural gas storage facility near Edson, AB. Under the plan, the facility will have a capacity of approximately 50 Bcf and will connect to TransCanada’s Alberta System.

FERC staff said Friday that an incorrect e-mail attachment sent by a “clerk” at Dominion Transmission to weekly storage surveyors at the Energy Information Administration (EIA) led to the erroneous storage report last month and subsequent jump in futures prices. FERC staff estimates the error and price run-up cost U.S. consumers $200 million to $1 billion.

FERC staff said Friday that an incorrect e-mail attachment sent by a “clerk” at Dominion Transmission to weekly storage surveyors at the Energy Information Administration (EIA) led to the erroneous storage report last month and subsequent jump in futures prices. FERC staff estimates the error and price run-up cost U.S. consumers $200 million to $1 billion in their December cost of gas.

In a deal with Shell Exploration and Production Co., Apache Corp. will acquire 26 mature shallow water fields that cover 50 blocks (209,000 acres) in the Gulf of Mexico as well as interests in two onshore gas plants. Apache, which paid Shell $200 million, will operate 15 of the fields and hold 91% of the production, and will book proved reserves of 124.6 Bcf and 6.6 million bbl, at a cost of approximately $1.22/Mcfe.

In a deal with Shell Exploration and Production Co., Apache Corp. will acquire 26 mature shallow water fields that cover 50 blocks (209,000 acres) in the Gulf of Mexico as well as interests in two onshore gas plants. Apache, which paid Shell $200 million, will operate 15 of the fields and hold 91% of the production, and will book proved reserves of 124.6 Bcf and 6.6 million bbl, at a cost of approximately $1.22/Mcfe.

As winter temperatures in the Northeast plunged to single digits, the Senate last Thursday overwhelmingly passed a major omnibus spending bill that, among other things, calls for a $300 million increase in federal assistance to help low-income heating customers pay their utility bills throughout 2003. At the same time, President Bush released additional emergency funds last week to aid the public during the cold snap.

Dynegy Inc. has let go of another asset in its bid to ensure liquidity, selling Hornsea Ltd. natural gas storage facility in the United Kingdom to SSE Energy Supply Ltd. for about $200 million (130 million pounds). The Hornsea facility was one of several assets purchased last year from BG Storage Ltd. for a total of $600 million, and had been considered a key part of its European growth plan just before the energy marketplace fell apart (see Daily GPI, Nov. 29, 2001).