The nation’s biggest municipal utility, the City of Los AngelesDepartment of Water and Power, has signed 27 of its largestcustomers to discount contracts valued collectively at $1.2 billionover their seven- and 10-year lives. The deals represent about 8%of the departments electricity sales which are projected to be 25GWh this year, according to Randy Howard, LADWP’s manager of thelong-term contracts.
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Weather Forecasts Incite Late Sell-Off
To say the weather had an impact on the natural gas futuresmarket last week might be the biggest understatement of the newmillennium. After all, not a day went by that neither forecasters’predictions, nor ever-changing weather itself did not play intotraders’ decisions. Add to that the fact different independent andgovernmental forecasting agencies were not always in agreement. Itall came to a head last Friday when prices soared early in the dayin anticipation of the return of cold temperatures in the Northeastfor the weekend, only to come crashing down that afternoon upon therelease of a fresh medium-range forecast for this week. The Marchcontract was the hardest hit by the sell-off, tumbling 2.2 cents tofinish at $2.57 Friday. Less dependent on the near-term forecast,the outer months managed to hold onto small advances into theclose.
Northwest Says El Paso Violating GISB Rules
As El Paso Energy sets about to become the biggest and best inpractically every sector of the natural gas and electric industry,its key gas pipeline subsidiary – El Paso Natural Gas – hasdistinguished itself on another front: it holds the record at FERCfor the most complaints filed against a single company.
Pipeline Planned to Serve Largest Power Plant
A Panda Energy International affiliate is seeking a green lightto build one of the biggest “single-project” gas pipelines in termsof capacity to supply what will be the largest combined-cyclegas-fired power generation plant in the United States.
Petro-Canada Wraps Up Biggest Land Deal
Petro-Canada of Calgary completed the largest land acquisitionprogram in its history as part of its focus on Canadian frontiergas and Grand Banks oil production. The company participated inthree land sales and a major farm-in to acquire new explorationacreage in the Mackenzie Delta, located in the NorthwestTerritories; the Flemish Pass Basin, located on the East Coastoffshore Newfoundland; and on the Scotian Shelf, located offshoreNova Scotia. The program adds 2.7 million acres (1.5 million netacres) to Petro-Canada’s land position.
Shell Replaces AGL as Georgia’s Supplier of Last Resort
Peachtree Natural Gas, the bankrupt supplier to over 170,000customers in Georgia, and Atlanta Gas Light (AGL), Peachtree’sbiggest creditor, forged an interim solution in bankruptcy courtyesterday in which Peachtree will continue serving its customersuntil the court reconvenes on Nov. 15. Both the LDC and the courthave been assured that Peachtree can reliably provide service forthe 10-day period.
Merger Forms Biggest Fish in Drilling Industry Pond
Schlumberger Ltd, one of the largest oil services companies inthe world, decided last week to spin off Sedco Forex Offshore, itsoffshore drilling company, and allow it to enter into a mergeragreement with Transocean Offshore Inc. for $3.2 billion in theresultant company’s stock. If approved by regulators, thecombination will form Transocean Sedco Forex, the largest offshoredrilling company in the world.
Merger Forms Biggest Fish in Drilling Industry Pond
Schlumberger Ltd, one of the largest oil services companies inthe world, decided Monday to spin off Sedco Forex Offshore, itsoffshore drilling company, and allow it to enter into a mergeragreement with Transocean Offshore Inc. for $3.2 billion in theresultant company’s stock. If approved by regulators, thecombination will form Transocean Sedco Forex, the largest offshoredrilling company in the world.
Warm Weather Cooled Some LDC 1Q Earnings
Atlanta Gas Light was one of the biggest losers among a group of37 LDCs reporting first quarter earnings. AGL’s net income was offa whopping 46% from the first quarter of 1998. PaineWebber notedthe significant drop was due mainly to a change in rate design thattook effect in July 1998 when the company unbundled.
Softer Market Sees Biggest Drops in Rockies, NNG Points
Much of Monday’s swing market closely resembled that of Friday:flat to down 3-4 cents. But some points were conspicuous withsubstantially larger decreases. Since CIG and Public Service ofColorado ended price-boosting OFOs over the weekend, prices onCIG-North System and Questar fell by a little over a nickel. Thesteepest plunge by far of almost 20 cents came at CIG-DJ(Denver-Julesburg) Basin, which had soared by a similar amountlast Wednesday after PSCo declared a Restricted Delivery Daysituation.