Abnormal

Sparked by warmer than normal weather last summer and colder than normal weather last fall, NiSource Inc. posted income from continuing operations for 2002 of $425.7 million, or $2.02 per share, compared to $226.4 million, or $1.10 per share, in fiscal year 2001. Net income for 2002 was $372.5 million, or $1.77 per share, compared to $216.2 million, or $1.05 per share, in 2001.

Marking a quarter in which it completed its $8 billion acquisition of Westcoast Energy Inc., Charlotte, NC-based Duke Energy reported that it is on track to meet 2002 financial goals through execution of its balanced energy portfolio strategy. The company posted net income of $382 million (48 cents per share) in first quarter 2002, compared with $458 million (61 cents per share) in first quarter 2001. Despite the fall-off, the company still beat a Thomson Financial/First Call estimate of 41 cents a share. The company posted earnings before interest and taxes (EBIT) of $761 million during the first quarter 2002, a steep decline from the outrageously volatile first quarter of 2001, which saw natural gas spot prices reach $10.00/Mcf and more. The company posted EBIT of $1.254 billion for the first quarter 2001.

This summer will not be a particularly hot one, but there is a chance that there will be some abnormal heat waves in specific regions, especially in the West, New York and New England according to a national weather assessment by esteemed energy weather forecaster Jon Davis of Salomon Smith Barney. The SSB forecast, which takes into account Sea Surface Temperatures (SST), precipitation outlooks and soil moisture, as well as historical data, raises new hurdles for an already crippled California.

What are the chances that the U.S. would experience yet anotherwarmer-than-normal winter after just having two in a row?Apparently they’re pretty good right now, according to a new winterweather forecast released last week by the National Oceanic andAtmospheric Administration. One thing is certain: the La Ninatropical Pacific sea temperature event, which is expected toinfluence this winter’s weather, will throw a monkey wrench intoregional weather forecasting models.

What are the chances that the U.S. would experience yet anotherwarmer-than-normal winter after just having two in a row?Apparently they’re pretty good right now, according to a new winterweather forecast released last week by the National Oceanic andAtmospheric Administration. One thing is certain: the La Ninatropical Pacific sea temperature event, which is expected toinfluence this winter’s weather, will throw a monkey wrench inregional weather forecasting models.