Boston

Credit Suisse First Boston analysts are taking a bearish view of gas prices in 2004 but believe gas pipeline companies and local distributors (LDCs) should see higher share valuations because of the current focus of investors on balance sheet repair rather than on high commodity prices.

Credit Suisse First Boston analysts are taking a bearish view of gas prices in 2004 but believe gas pipeline companies and local distributors (LDCs) should see higher valuations because of the current focus of investors on balance sheet repair rather than on high commodity prices.

Boston-based consulting firm Energy Security Analysis Inc. (ESAI) has lowered its 10-year forecast of Henry Hub gas prices by 90 cents/MMBtu to $4.09/MMBtu because of the aggressive investments expected to be made in U.S. LNG infrastructure and the significant destruction of domestic industrial gas demand.

Bedminster, NJ-based NUI Corp. said it has retained Credit Suisse First Boston (CSFB) as co-advisor on its sale of the entire company. CSFB will join Berenson & Co., which has been assisting the company in its efforts to maximize value for its shareholders.

Credit Suisse First Boston (CSFB) released a revised three-tiered rating methodology last week to “provide greater clarity for investors.” In the process, analyst Curt Launer apparently downgraded several major energy companies including American Electric Power (to Underperform from Hold), CMS Energy (to Underperform from Hold), Dynegy (to Neutral from Strong Buy), National Fuel (to Underperform from Hold), Questar (to Underperform from Hold), Atmos Energy (to Underperform from Hold) and WGL Holdings (to Underperform from Hold).

Credit Suisse First Boston (CSFB) has released a revised three-tiered rating methodology to “provide greater clarity for investors.” In the process, analyst Curt Launer apparently has downgraded several major energy companies including American Electric Power (to Underperform from Hold), CMS Energy (to Underperform from Hold), Dynegy (to Neutral from Strong Buy), National Fuel (to Underperform from Hold), Questar (to Underperform from Hold), Atmos Energy (to Underperform from Hold) and WGL Holdings (to Underperform from Hold).

Financial analyst Curt Launer of Credit Suisse First Boston has called on FERC to exercise “extreme caution over the next few months” in its regulatory rulings to avoid sending the already-embattled energy market into a further tailspin and compounding the uncertainty on Wall Street.

Financial analyst Curt Launer of Credit Suisse First Boston has called on FERC to exercise “extreme caution over the next few months” in its regulatory rulings to avoid sending the already-embattled energy market into a further tailspin and compounding the uncertainty on Wall Street.

Boston-based NSTAR, Massachusetts’ largest combined utility, has asked state regulators to reduce its gas adjustment cost by 17% to 43.5 cents/therm effective Jan. 1, 2002. If approved, NSTAR’s gas adjustment cost will have dropped by 67.5 cents/therm for the year or by more than 60%.