Attempts

After faltering in earlier sales attempts, Dynegy Inc. last week reached agreement to sell its regulated utility Illinois Power Co. (IP) to St. Louis-based Ameren Corp. for $2.3 billion. Dynegy expects to increase its cash flow to $430-$480 million and to record a $65 million net gain on the sale. The sale of IP also will reduce Dynegy’s projected 2004 losses by $45-$75 million (12-20 cents/share).

After faltering in earlier sales attempts, Dynegy Inc. on Tuesday reached agreement to sell its regulated utility Illinois Power Co. (IP) to St. Louis-based Ameren Corp. for $2.3 billion. Dynegy expects to increase its cash flow to $430-$480 million and to record a $65 million net gain on the sale. The sale of IP also will reduce Dynegy’s projected 2004 losses by $45-$75 million (12-20 cents/share).

The FERC-certificated Guardian Pipeline is engulfed in another war with detractors of its project. This time it is asking the Commission to block an attempt by a coalition of landowners to hold up construction of its proposed pipeline that would cater to Upper Midwest natural gas markets.

The FERC-certificated Guardian Pipeline is engulfed in another war with detractors of its project. This time it is asking the Commission to block an attempt by a coalition of landowners to hold up construction of its proposed pipeline that would cater to Upper Midwest natural gas markets.

The Republican majority of the House Resources Committee yesterday fought off two attempts by Democratic members to remove from energy legislation a controversial provision that would open the coastal region of the Arctic National Wildlife Refuge (ANWR) to oil and natural gas drilling.

The House voted by a narrow margin yesterday to retain a controversial measure that attempts to block construction of the 744-mile Gulfstream pipeline project that would transport gas from Mobile Bay, AL, across the Gulf of Mexico to Florida.

The Canadian natural gas resource endowment is beginning to showing its depth again as new drilling attempts to catch up with demand. Production from the western provinces has increased by 680 MMcf/d this year, according to records kept by FirstEnergy Capital Corp., an investment banking house. In a “market update,” research manager Martin Molyneaux credited 70% of the production gain to a single discovery in northeastern British Columbia, the Ladyfern find by Murphy Oil Co., Apache Canada and Alberta Energy Co (see related story this issue).

With questions continuing to arise about electric reliability in New York City this summer, the New York Public Service Commission (NYPSC) is actively seeking remedies to ensure the lights stay on. The commission approved several electric “demand response” programs to be implemented by Consolidated Edison Co. of New York that are designed to reduce demand for electricity during peak periods.

With questions continuing to arise about electric reliability inNew York City this summer, the New York Public Service Commission(NYPSC) is actively seeking remedies to ensure the lights stay on.The commission approved several electric “demand response” programsto be implemented by Consolidated Edison Co. of New York that aredesigned to reduce demand for electricity during peak periods.