Carry

After noting that state regulators are in office to carry out the will of state lawmakers, Susan Kennedy was quickly cleared by the Senate Rules Committee last week for confirmation as the new commissioner at the California Public Utilities Commission.

After pulling the plug in two previous attempts, the third time proved a charm for Colorado Interstate Gas (CIG), which last week said it will build a new natural gas pipeline to serve the Rocky Mountain region after receiving long-term contracts for the full capacity of the 400-mile-long project. Service is scheduled to begin by mid-2005.

After pulling the plug in two previous attempts, the third time proved a charm for Colorado Interstate Gas (CIG), which will build a new natural gas pipeline to serve the Rocky Mountain region after receiving long-term contracts for the full capacity of the 400-mile-long project. Service is scheduled to begin by mid-2005.

Maritimes & Northeast Pipeline’s (MN&P) proposed Phase IV expansion project to carry an additional 400 MMcf/d of gas production from EnCana’s Deep Panuke project offshore Nova Scotia received a green light from Canada’s National Energy Board (NEB) but with certain conditions.

The Federal Energy Regulatory Commission’s Division of Regulatory Audits last week began an industry-wide audit of annual financial reports to determine why such a high number of jurisdictional natural gas and electricity companies reported negative balances in their asset (cash) accounts pertaining to subsidiary investments for 2001.

Despite launching an ambitious restructuring plan to boost liquidity by $2 billion and carry it safely into 2003, Dynegy was hit with further downgrades by all three credit ratings’ services, and its stock dipped precipitously low as the week progressed.

The National Petroleum Council (NPC) has received a request from Energy Secretary Spencer Abraham to carry out another major study of the domestic natural gas market, only three years after it released its last comprehensive report on the industry.

With a strong push from the leading producer offshore ofCanada’s East Coast, an intense development effort is under way ona new marine technology intended to tap natural gas on the GrandBanks of Newfoundland sooner than anyone now thinks possible.Andrew Adams, vice-president in charge of Mobil Oil Canada’sNewfoundland exploration and production business unit, told anindustry conference in St. John’s the technique “looks like it hasgreat potential.”

Wednesday’s novelty of a homogenous market that had pricesrising in all regions failed to carry over into Thursday. Insteadtrading tendencies reverted to the previous pattern: generallysofter in the East and flat to a little higher at most Westernpoints. The biggest drops of about a dime occurred on theAppalachian pipes.