Blast

Duke Energy and Mirant last week mounted a counterattack against a California Public Utilities Commission (CPUC) report concluding that their failure to produce or bid power during California’s energy crisis of 2000-2001 directly contributed to blackouts or service disruptions. Mirant called the report “inaccurate, misleading” and both generators said it shows a lack of understanding of basic power plant operations.

More than a few minds may have been changed Monday about the futures market turning south to possibly post new lows this spring. April blasted 22.1 cents higher to $3.021. The daily high was reached in the early afternoon at $3.040. While many are still looking for the market to backtrack later this week, some experts now say that a downturn now will be nothing more than a temporary correction possibly reaching a bottom in the $2.50s.

More than four years after an El Paso Natural Gas Co. pipeline exploded underground, injuring a worker who was operating a bulldozer in the area, the law offices of Frank L. Branson, which represented the plaintiff, reported that El Paso and a host of other involved construction companies have settled the lawsuit brought against them.

More than four years after an El Paso Natural Gas Co. pipeline exploded underground, injuring a worker who was operating a bulldozer in the area.”The Law Offices of Frank L. Branson, which represented the plaintiff, reported that El Paso and a host of other involved construction companies have settled the lawsuit brought against them.

Boosted by what may be the most bullish weather forecast to hitthe industry in years, natural gas futures spiked dramatically inmultiple buying surges last week as traders pressed the envelope oftheir long exposures.

California seemed as unprepared as ever last week to meet itsenergy needs in the face of a blast of cold weather. The power gridwent through an intense struggle to meet heavy winter demandbecause a huge amount of generation was off-line due to eitherdesperately needed maintenance or low water levels behindhydroelectric dams. But the big surprise was record gas demand forSan Diego Gas & Electric (SDG&E), which was forced tocurtail some interruptible customers.

A solid blast of cold, wintry weather and a technically bullishfutures screen produced tremendous price increases and enormousprice ranges nationwide last week. On Friday, there was little onthe horizon to change the current market picture other than thenormal weekend decline in demand.

A blast of cold weather and snow in the Rockies and northernPlains helped lift cash prices more than a quarter from weekendlevels at some Rocky Mountain region locations, but cash prices atmost points east of the Rockies lost their footing early yesterdayand slid most of the day before regaining ground late in thesession.

The deadly explosion that occurred on El Paso Natural Gas’ pipeline Aug. 19 in Carlsbad, NM, killing 12 people who were camping nearby provided enough incentive for the Senate to swiftly pass pipeline safety legislation last week. However, critics say the legislation fails miserably by doing nothing to improve the terrible track record of the government agency in charge of overseeing pipeline safety.