Actions

Hindered by absorbing $3.4 billion in pre-tax charges during the fourth quarter due to actions taken to reduce exposure to merchant generation and international businesses, Duke Energy on Thursday reported a 2003 net loss of $1.3 billion, or ($1.48) per share, compared to net income of $1 billion, or $1.22 per share in 2002. For the fourth quarter, Duke Energy posted a $2 billion loss, or ($2.23) per share, compared to a $52 million loss, or ($0.06) per share in fourth quarter 2002.

Along with its two more headline-grabbing actions on electricity procurement and transmission, the California Public Utilities Commission last Thursday established a two-phase proceeding to be completed before the end of the year to “ensure reliable, long-term supplies of natural gas” are available to the state.

Continuing to follow Nicor Gas and a subsidiary’s actions very closely, the Citizens Utility Board (CUB) said late last week that Nicor Solutions is using “deceptive marketing” to pitch a pilot program that charges consumers $107 a year to protect against high natural gas prices — a plan the board contends never would have saved Nicor’s customers any money in the history of the gas market.

Continuing to follow Nicor Gas and a subsidiary’s actions very closely, the Citizens Utility Board (CUB) said Thursday that Nicor Solutions is using “deceptive marketing” to pitch a pilot program that charges consumers $107 a year to protect against high natural gas prices — a plan the board contends never would have saved Nicor’s customers any money in the history of the gas market.

There is no evidence to suggest that events in Michigan or actions taken by Michigan utilities or transmission operators were factors contributing to the cause of the massive Aug. 14 blackout that rippled across large swaths of the United States and parts of Canada, the Michigan Public Service Commission (MPSC) said in the first comprehensive, state-specific report to be released related to the blackout.

In a favorable step for the state’s suspended electric direct access purchasing program, California’s Supreme Court last Thursday upheld the state regulatory commission’s authority and recent rules laid down for customers who were exempted from the state legislature’s restrictions imposed two years ago. About 15% of the three private sector electric utilities’ load is covered by large customers buying their own power supplies.

Paramount Energy Trust is taking several actions in an attempt to minimize the impact on its gas production of Alberta’s controversial order. The order, which is designed to conserve underground pressure in a northeastern Alberta field in order to preserve future production of 100 billion bbl of crude bitumen, is schedule to become effective on Monday.

A recent decision by FERC to set for hearing a series of power purchase agreements (PPAs) filed by Entergy Services Inc. and various affiliates will have an effect on how quickly the company can “get through” all of the various power supply acquisitions that the utility is considering, a top executive with Entergy Corp. acknowledged last Monday.

The Williams Companies announced several significant actions late Monday that will put the company on a much firmer financial footing. Showing that it has made substantial progress with asset sales and through its restructuring plan, the company said it will pay off a high-interest, short-term $1.17 billion loan from a group of investors led by Berkshire Hathaway.