Around

Tying the ribbon around its previously announced transaction, Crosstex Energy LP said Tuesday that it has completed the acquisition of a package of assets in Mississippi, Texas, Alabama and Louisiana from Duke Energy Field Services LP (DEFS) for $67.35 million, after the effect of certain purchase price adjustments.

Because forest fires are currently active around TransCanada’s mainline Compressor Station 60 in northern Ontario, as a precaution the pipeline will not operate the Station 60 units until the situation improves. TransCanada said it does not anticipate the need for transportation restrictions unless changes in operational conditions or nomination levels require them.

Looking for a way to turn things around in the difficult energy marketplace, TXU Corp. last week shook up its senior management structure, while at the same time announcing that the company is in the process of reducing officers overall by about 30%. The moves are part of the company’s action plan to cut 2003 costs by a net $250 million from 2002 levels, aimed at streamlining the organization and increasing focus on the operations of its core businesses in North America.

Looking for a way to turn things around in the difficult energy marketplace, TXU on Wednesday shook up its senior management structure, while at the same time it announced the company is in the process of reducing officers overall by about 30%. The moves are part of the company’s action plan to cut 2003 costs by a net $250 million from 2002 levels, aimed at streamlining the organization and increasing focus on the operations of its core businesses in North America.

Wednesday’s cash market was basically a repeat of what happened on Tuesday with Northeast prices making further gains of more than 60 cents to highs well above $10 at most locations while the rest of the market was flat or slipped a little with the weakness in the futures market and forecasts of warmer temperatures next week.

Despite expectations of continued softness following Tuesday’s all-around price plunges, most points found themselves in rally mode Wednesday. With a few scattered small drops thrown into the mix, the majority of the cash market ranged from flat to up nearly 40 cents, with gains in the teens being most common. Tennessee Zone 6 was a standout with an uptick of more than 80 cents.

With more and more natural gas-fired plants going into operation around the country, pipelines must master a balancing act of serving traditional local distribution companies (LDC), while catering to the new power plant on the block.

With more and more natural gas-fired plants going into operation around the country, pipelines must master a balancing act of serving traditional local distribution companies (LDC), while catering to the new power plant on the block.

Turning around its quarterly earnings to post a gain, Chicago-based Peoples Energy on Friday posted net income for the fourth quarter ended Sept. 30 of $1.7 million, or $0.05 per diluted share, compared with a loss of $13 million, or ($0.37) per share. Peoples beat a Thomson First Call consensus estimate of 2 cents a share for the period.