The gas storage surplus could have a bite taken out of it this week, according to consultant Stephen Smith, who’s predicting only a 17 Bcf injection in the weekly report by the Energy Information Administration (EIA). Furthermore, Smith believes that this week’s storage report, which he expects will show 3,459 Bcf of working gas in storage as of Oct. 20, may end up being the peak level of working gas for the injection season because of the early cold weather.
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Washington State Denied Second Bite of Apple with Georgia Strait
FERC last Wednesday upheld an April finding that Washington state environmental regulators, by failing to act by the allotted deadlines, had waived the certification requirements under the Clean Water Act (CWA) and Coastal Zone Management Act (CZMA) with respect to Georgia Strait Crossing Pipeline LP’s natural gas pipeline project in the Pacific Northwest.
Washington State Denied Second Bite of Apple with Georgia Strait
FERC on Wednesday upheld an April finding that Washington state environmental regulators, by failing to act by the allotted deadlines, had waived the certification requirements under the Clean Water Act (CWA) and Coastal Zone Management Act (CZMA) with respect to Georgia Strait Crossing Pipeline LP’s natural gas pipeline project in the Pacific Northwest.
Industry Briefs
Electric restructuring in Ohio took a bite out of FirstEnergy Corp. earnings. The company reported net income for the first quarter was $106.2 million, or 49 cents per share, compared with $140.9 million, or 63 cents per share in 1Q2000. After adoption of new accounting standards for derivative transactions, net income was $97.7 million, or 45 cents per share of common stock. The Akron-based company said results are on track with annual earnings projections, which reflect higher amortization of transition costs during the first quarter as a result of the company’s rate plan under Ohio’s new deregulation law. For the year, total transition cost amortization is expected to be lower than last year’s accelerated cost amortization under the former regulatory rate plans for the company’s operating subsidiaries. Consolidated generation kilowatt-hour sales increased 13.1% for the quarter. Regulated distribution deliveries to residential customers rose 8.1%, and industrial sales gained 3.6%, while commercial sales were off 1.3%. Revenues were $2 billion, compared with $1.6 billion for the year-earlier quarter. FirstEnergy made significant progress in obtaining regulatory approvals of its proposed $4.5 billion merger with Morristown, NJ-based GPU, Inc. The merger still requires approvals from the Pennsylvania Public Utility Commission, the New Jersey Board of Public Utilities and the Securities and Exchange Commission. The transaction is expected to be immediately accretive to cash flow and earnings and produce other benefits, including cost savings of at least $150 million annually from the combination of operations. Upon completion, FirstEnergy will be the fourth largest investor-owned electric system in the nation, based on serving 4.3 million customers within 37,000 square miles of Ohio, Pennsylvania and New Jersey.
Dominion Serves Up Customized B2B Site
Dominion, which already had some trading appetizers on the table, is taking a bigger bite of the dotcom marketplace, announcing last week that its Dominion Energy Clearinghouse will offer a one-stop shop customized for its wholesale customers to price and buy energy commodities.
Dominion Serves Up Customized B2B Site
Dominion, which already had some trading appetizers on thetable, is taking a bigger bite of the dotcom marketplace,announcing yesterday that its Dominion Energy Clearinghouse willoffer a one-stop shop customized for its wholesale customers toprice and buy energy commodities.
CA-Based Calpine Acquires Canadian E&P Co.
In its second bite this year at Canadian reserves, San Jose,CA-based independent power producer Calpine Corp. announced Mondayit will make a cash offer to acquire TriGas Exploration Inc.,Calgary, Alberta, for C$156 million. The two companies jointlyannounced they have an agreement that has the “unanimous support”of both companies’ boards.
New CNG Tech Eyed for Atlantic Resources
After about a year of nibbles, the Canadian industry isbeginning to bite on a new ocean transportation technology beingdevised to speed up exploitation of natural gas reserves at remotelocations, led by the country’s Atlantic reserves.
AES Sinks its Teeth into Midwest Power Market, Buys IPALCO
AES Corp. has set the table to take another big bite of theMidwest power generation market after agreeing to buy IPALCOEnterprises Inc. of Indiana for $3.04 billion in stock and assumeddebt. The Arlington, VA, power plant developer, which expects toclose the sale early in 2001, plans to build additional facilitiesin IPALCO’s Indiana territory and eventually begin sellingelectricity in the growing Chicago marketplace.
AES to Buy Midwest’s IPALCO in $3.04 Billion Deal
AES Corp. has set the table to take another big bite of theMidwest power generation market after agreeing yesterday to buyIPALCO Enterprises Inc. of Indiana for $3.04 billion in stock andassumed debt. The Arlington, VA, power plant developer, whichexpects to close the sale early in 2001, plans to build additionalfacilities in IPALCO’s Indiana territory and eventually beginselling electricity in the growing Chicago marketplace.