Brought

Dynegy Inc., brought down in the stock market partially because of its three-week-long proposed merger with Enron Corp. last year, overcame its late-year bad karma and posted a 47% increase in 2001 recurring earnings to $2.10, up from 2000’s earnings of $1.43 per share. Recurring net income increased 58% to $713 million, up from a year earlier when net income was $452 million. For the coming year, the company expects to see 15% long-term growth, which in the near term will be in North America, said CEO Chuck Watson.

Dynegy Inc., brought down in the stock market partially because of its three-week-long proposed merger with Enron Corp. last year, overcame its late-year bad karma and posted a 47% increase in 2001 recurring earnings to $2.10, up from 2000’s earnings of $1.43 per share. Recurring net income increased 58% to $713 million, up from a year earlier when net income was $452 million. For the coming year, the company expects to see 15% long-term growth, which in the near term will be in North America, said CEO Chuck Watson.

The Michigan Public Service Commission brought state energy consumers welcome news about winter natural gas supplies. With state gas demand expected to decline 1% this winter to 873 Bcf, and national and state (544 Bcf) gas storage levels near full, Michigan gas supplies should be more than adequate this winter, despite sharply lower in-state production levels. However, utility rates are still relatively high, compared to current wholesale price levels, the PSC said in its Michigan Energy Appraisal.

The Michigan Public Service Commission brought state energy consumers welcome news about winter natural gas supplies. With state gas demand expected to decline 1% this winter to 873 Bcf, and national and state (544 Bcf) gas storage levels near full, Michigan gas supplies should be more than adequate this winter, despite sharply lower in-state production levels. However, utility rates are still relatively high, compared to current wholesale price levels, the PSC said in its Michigan Energy Appraisal.

Due to significantly higher revenues from producing activities, brought on by strong oil and natural gas prices, capital expenditures doubled and exploration and development activity increased by 73% in North America during 2000, compared with a capital spending decline of 14% throughout the rest of the world, according to Andersen’s recently released 2001 Global E&P Trends.

Due to significantly higher revenues from producing activities, brought on by strong oil and natural gas prices, capital expenditures doubled and exploration and development activity increased by 73% in North America during 2000, compared with a capital spending decline of 14% throughout the rest of the world, according to Andersen’s recently released 2001 Global E&P Trends.

Texas Eastern said it had finished valve repairs on its Venice Lateral in the East Louisiana Zone (see Daily GPI, July 26) and brought the line back into service Thursday morning, allowing affected production to resume at scheduled volumes. Shipper imbalances incurred during the brief outage may be made up through the end of the month, Texas Eastern said.

Another 555 MW of new generation were officially brought online in California Monday by a now familiar pair–Gov. Gray Davis and Calpine Corp.CEO/founder Peter Cartwright–bringing to 1,400 MW the total for three new plants the governor has helped launch over the past two weeks. This one is Los Medanos Energy Center in the East San Francisco Bay industrial town of Pittsburg.

Temporary compression upgrades on parts of the SouthernCalifornia Gas Co. pipeline infrastructure along with using cushiongas from its idle Montebello underground storage field may be thelast and best hope of avoiding a meltdown in California’s naturalgas transmission pipeline infrastructure this summer under theweight of heavy demand from electric generators, a state energyexpert told California legislators Wednesday.