Attract

Other analysts covering Barrett also said they expect to seeadditional consolidation of U.S. independents with a heavy gasportfolio, especially now that the majors and larger independentsare flush with cash from through-the-roof commodity pricing in thepast year.

Even with near record prices for oil and gas, theever-optimistic independent exploration outfits in California’straditionally fossil fuel-rich Kern County are having a hard timenailing down financing to continue exploring.

Even with near record prices for oil and gas, theever-optimistic independent exploration outfits in California’straditionally fossil fuel-rich Kern County are having a hard timenailing down financing to continue exploring.

Separate Congressional and regulatory hearings in San Diego lastweek turned up a wide array of potential prescriptions for curingwhat ails California’s still-convalescing wholesale power market,but it also exposed the continuing federal-state head-butting.State officials mostly want to first satisfy the consumer-relatedproblems, returning to regulated rates if necessary, while FederalEnergy Regulatory Commission members don’t want to abandon theiralmost decade-long push for market-based energy industries.

Independence Pipeline and ANR Pipeline are offering a newnegotiated basis rate option for shippers who sign on for 10 yearsstarting Nov. 1, 2002 for firm transportation from Chicago to theLeidy Hub in Pennsylvania.

Frustrated by its inability to attract investors because theyview it as a stodgy utility, Southern Company last week announced amakeover in the form of a spin-off and IPO to create a separatecompany for most of its non-utility businesses.

In a move to attract investors, Southern Company plans to createa separate company for most of its non-utility businesses, sell19.9% of the company to the public through an initial publicoffering and spin the rest off to shareholders.

After a lower opening failed to attract much in the way offollow-through selling, the natural gas futures market clawed itsway back to post a modest gain Friday as traders were hit a bevy offundamental and technical factors. The January contract closed up1.9 cents at $2.655 while the rest of the strip closed downslightly.

After a strong opening failed to attract the buying necessary tofill the chart gap up to $2.52, the natural gas futures marketsagged Friday, as traders turned once again to the deleteriouseffects of above-normal temperatures in both short and long rangeforecasts.