Atlanta-based Southern Co. has joined a collaborative effort of20 companies to create the largest survey of business energy use.Southern, the Regional Economic Research (RER), Opinion DynamicsCorp. and the Gas Research Institute plan to survey more than10,000 businesses across the U.S. to obtain detailed information onenergy usage as well as attitudes and behavior of energy buyers.The database and analysis system, called the National BusinessEnergy DataMart, will be packaged with software that providesdetailed analysis down to the individual customer level. Resultsare expected to be available next February.
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Duke Build Canadian Services Arm, Buys Tescor
DukeSolutions, a subsidiary of Duke Energy, has acquiredprivately held Engineering Interface Limited of Toronto and itsmain subsidiary Tescor Energy Services, Inc. The new company willbecome the Canadian operations for DukeSolutions. Terms of theacquisition were not disclosed.
AEP Resources Buys Equitable Midstream Assets
In a move to build up the natural gas side of its business andbecome a Btu trading power, American Electric Power subsidiary AEPResources agreed to buy the midstream gas operations of EquitableResources, principally the Louisiana Intrastate Gas (LIG) system,for $320 million in cash. The addition will be AEP’s firstmidstream gas holdings.
KN, Devon Form Powder River Gathering Company
KN Energy and Devon Energy signed a letter of intent to formThunder Creek Gas Services and build a new $110 million, 126-milegas gathering system and associated facilities in the Powder RiverBasin of northeast Wyoming. The 24-inch diameter gathering systemwould extend between Gillette and Glenrock, WY, bringing up to 450MMcf/d of new production to connections with multiple downstreampipelines during the first half of 1999.
Western Gas, CIG Plan New Powder River System
Western Gas Resources and an affiliate of Colorado InterstateGas announced plans to build a 90-mile 20-inch diameter gatheringsystem and a treating facility to serve the Powder River Basin ofWyoming. The line will be designed to reach the heart of thecoalbed methane development in Campbell and Converse Counties innortheast Wyoming. The system would have an initial capacity of 200MMcf/d, but anticipated participation by third parties will likelycause the system design to be extended and expanded, the companiessaid.
Futures Adhere to Adage: ‘What Goes Up….’
For the second week in a row, the futures market was unable tobuild on advances posted early in the week, and after the Septembercontract flirted with, but did not break through resistanceTuesday, again came under significant selling pressure that leftthe prompt month down 8.3 cents to settle at $1.812.
Virginia Power Seeks Gas-Fired Relief from the Heat
Virginia Power asked the State Corporation Commission Tuesdayfor authority to build and operate five natural gas-firedcombustion turbines to generate power for the utility’s two millioncustomers during peak demand periods.
Lone Star in Winning Mexico City Bid
Lone Star Gas International along with two partners was awardeda permit to build a gas distribution system in Mexico City byMexico’s Comision Reguladora de Energia (CRE). Lone Star is a 70%partner in a consortium that is to invest $213 million over 10years for a system that will have nearly 440,000 users, the vastmajority of them residential. Lone Star’s partners, each with 15%,are the Mexican companies Grupo Diavaz and Controladora Comercial eIndustrial.
Duke Builds SE TX Processsing Plant
Growth in southeast Texas drilling operations prompted DukeEnergy Field Services to build a new gas processing plant in WestBeaumont, TX, which went on line last week. The plant has capacityof 100 MMcf/d.
July Fails to Test Resistance; Slips Lower
The July Nymex contract looked poised to build on gainsyesterday by opening strong then immediately testing resistance inthe $2.20-21 area. However, for the second day in a row resistanceheld, leading to profit taking that sent July spiraling down tosettle at $2.156, a 3.5-cent loss for the day.