Two top-10 national energy marketers, Aquila Energy and EngageEnergy, started doing business July 29 in California on EnergyMarketplace, the retail natural gas and electricity Internetshopping center operated by Southern California Gas Co. Decliningto provide dollar or transaction volume statistics on the nearlytwo-year-old site, the nation’s first retail energy Internetshopping site, a SoCalGas spokesperson would only say that thereare other major announcements regarding Energy Marketplace that arepending and should be made in the near future.
Copyright
Articles from Copyright
Santa Fe Snyder Buys into Shell’s Gulf Arsenal
Santa Fe Snyder, the resultant company from the recentlyapproved Santa Fe Energy Resources and Snyder Oil Corp. merger,bought $210 million of interest in four Shell Exploration &Production Co. (SEPCo) Gulf of Mexico (GOM) assets. Closing isexpected in August. Monday’s deal, which would give Santa Fe Snyderaccess to production from the Macaroni, Troika and Brutusdeep-water fields as well as the Angus Complex, is expected to add14.5 MMcf/d and 11,500 b/d of oil to the new company’s productionresults in 2000.
MMS, the 800 MMcf/d Gorilla, Swings into Gas Market
With at least 800 MMcf/d and potentially more than 1 Bcf/d of gas supply to sell, the Minerals Management Service (MMS) will be a major force in the gas market come October when its Gulf of Mexico Royalty In-Kind (RIK) pilot program begins. MMS’ total royalty share of Gulf production is about 2.5 Bcf/d, and by next spring it expects at least a third of that will be taken in kind in lieu of cash payments.
TransCanada’s CEO Resigns, Reorganization Planned
After five years as head of one of Canada’s largest energy companies, George Watson submitted his resignation to TransCanada’s board of directors last week citing “personal reasons.” The resignation, which becomes effective July 31, comes just weeks before the company plans to announce a structural shake-up designed to support its strategic direction. No details of the reorganization are being divulged at this time, a company spokesman said.
RIK Will Give MMS Gas Market Muscle
With at least 800 MMcf/d and potentially more than 1 Bcf/d ofgas supply to sell, the Minerals Management Service (MMS) will be amajor force in the gas market come October when its Gulf of MexicoRoyalty In-Kind (RIK) pilot program begins. MMS’ total royaltyshare of Gulf production is 2.5 Bcf/d and it expects at least athird of that will be taken in kind by next spring.
Enron Inks Supply Deals With Four Munis
Enron Corp. and the American Public Energy Agency (APEA), aNebraska-based tax-exempt financing conduit for public powerentities, have struck a unique $295 million deal to supply about 32MMcf/d over four years to four municipal electric utilities inCalifornia and Washington.
Enron Inks Supply Deals with Four Munis
Enron Corp. and the American Public Energy Agency (APEA), aNebraska-based tax-exempt financing conduit for public powerentities, have struck a unique $295 million deal to supply about 32MMcf/d over four years to four municipal electric utilities inCalifornia and Washington.
Futures Mark a Lazy Summer Friday
Lacking strong leadership for the fourth day in a row thenatural gas futures market continued to limp lazily sidewaysFriday. But unlike the modest gains that were posted Tuesday,Wednesday and Thursday, prices drifted lower to close out the week,possibly setting the market up for more losses today. The Julycontract finished 3.7-cents lower at $2.258.
EEI Sees Potential 5 Bcf/d NE Capacity Shortfall
Pipeline import capacity in the Northeast sub-region could fallshy of natural gas demand by more than 5 Bcf/d by 2010 if nosignificant capacity additions are constructed during the period,according to a new study by the Edison Electric Institute (EEI)that was released last week. The shortfall is predicatedon existingimport capacity in the sub-region remaining fairly constant at 12.4Bcf/d over the next decade, while the daily winter gas demand forthe area expands to about 17.5 Bcf/d.
Massey: FERC Won’t ‘Rubber Stamp’ Northeast Projects
Putting pipeline sponsors at risk for their projects would be a”useful check” against the overbuilding of new capacity into theburgeoning Northeast market, but it’s not a cure-all for all of theconcerns that accompany such projects, FERC Commissioner WilliamMassey told a group of industrial gas customers.