Boston

Boston-based Honeoye Storage said it is offering 160,000 dekatherms of firm storage space at its Rochester, NY, gas storage field for a term ending Dec. 15. Injections can begin immediately at a maximum daily rate of 8,000 Dth/d. The maximum withdrawal rate on the contract would be 4,000 Dth/d from Nov. 1 through Dec. 15. Honeoye will provide all the cushion gas required. The storage field is connected to Tennessee Gas Pipeline east of Rochester. Honeoye is owned by KeySpan, Consolidated Edison and three private developers. For details, go to www.honeoyestorage.com.

Boston-based NSTAR Electric & Gas, which serves 1.4 million power and gas customers in eastern and central Massachusetts, said Friday the Department of Telecommunications and Energy (DTE) has approved a $20 million electric rate cut. As part of the settlement, the reduced rate will be frozen for seven years. The agreement also provides temporary rate relief of $18 million for NSTAR Gas customers, as well as new programs and incentives to improve system performance and customer service.

A new report by consultants at Boston-based Energy Security Analysis Inc. (ESAI) predicts that domestic gas production will grow by only about 0-2% per year over the next 10 years as new production largely offsets declining production from aging fields. As a result, domestic gas production could reach a peak around 2015.

While the folks in Boston will remember the bone-chilling cold in mid-January that produced new gas demand records, this winter (December-February) will go down in history as being pretty average overall across the entire nation, according to the National Oceanic and Atmospheric Administration (NOAA).

While the folks in Boston will remember the bone-chilling cold in mid-January that produced new gas demand records, this winter (December-February) will go down in history as being pretty average overall across the entire nation, according to a report Thursday by the National Oceanic and Atmospheric Administration (NOAA).

George A. Schreiber, former chairman of Credit Suisse First Boston’s (CSFB) Global Energy Group, has been named president and CEO of Semco Energy and has been appointed to the Semco board. Schreiber replaces Marcus Jackson, who resigned in December after the board determined that new leadership was needed because the company had not reached certain financial goals (see NGI, Dec. 8, 2003).

George A. Schreiber, former chairman of Credit Suisse First Boston’s (CSFB) Global Energy Group, has been named president and CEO of Semco Energy and has been appointed to the Semco board. Schreiber replaces Marcus Jackson, who resigned in December after the board determined that new leadership was needed because the company had not reached certain financial goals (see Daily GPI, Dec. 4, 2003).

Dallas-based Denbury Resources Inc. has retained Credit Suisse First Boston to sell its natural gas-rich offshore operations in the Gulf of Mexico (GOM), which up to now have been the company’s secondary focus. The company targeted June 2004 to complete the sale.

Analysts at Credit Suisse First Boston are looking for a return to positive valuations on merchant energy company stocks because of the current pricing environment and customer demand for risk management and energy services. CSFB analyst Philip Sales said Oneok (OKE) in particular should maintain consistent earnings from merchant energy operations.