Following aggressive buying and double-digit increases achievedin Wednesday’s Access trading session, the futures market cooledoff yesterday as physical traders eschewed the opportunity to belong gas at the $2.70 level for the month of August. Once themarket was unable to get past the $2.72 high from Access sellerscame out of the woodwork and demoted the September contract to$2.569, down 3.7 cent for the session.
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Commonwealth Eyes Pennsylvania, Weary of CA
Tossing aside an ongoing state regulatory investigation of someof its billing practices, California’s most aggressive independentenergy service provider (ESP), Commonwealth Energy, plans to moveinto Pennsylvania and New Jersey next month where it expects a morestraightforward and receptive marketplace for its residential andsmall business electricity products. While signing up more than60,000 customers in California’s daunting retail mass power marketsso far, Commonwealth has been able to pass on savings of up to fivepercent, emphasizing green power from environmentally benignsources, developing prospects for new green products and shoppingfor power generation operations of its own, in addition to eyeingother states as the next stage of its two-year-old development.
Gas-Rich BC Immune to Drilling Slump
As construction begins on Alliance Pipeline, Canadiannatural-gas producers are mounting aggressive northern drillingcampaigns to fill up the added export capacity when it goes intoservice in October of 2000. Northeastern British Columbia, thestarting point for Alliance’s 2,320-mile route to Chicago, hasemerged as an E&P hot spot.
AEC, Mounties Sting Canadian Eco-Terrorists
One of the most prolific natural gas regions of Canada hasbecome a combat zone for alleged industrial terrorists andaggressive federal police – and the country’s sixth-largestproducer is in the thick of the fray.
AES Grabs IL Foothold with $885M CILCORP Buy
International power generation developer AES Corp. continued anaggressive acquisition strategy yesterday with the purchase of all13.6 million shares of Peoria, IL-based CILCORP, parent of CentralIllinois Light Co., for $65 per share, a 22% premium. The value ofthe transaction is about $885 million.