Crack

Canadian natural gas producers have found a procedural crack in Alberta’s bitumen policy and widened it into a doorway to gain at least a temporary reprieve from an order to shut in 938 wells found to jeopardize oil sands projects in northern Alberta. About 80% of the wells stayed open after the Sept. 1 shut-in date set by the July order, when 11 production companies filed a flood of about 740 exemption applications with the Alberta Energy and Utilities Board.

For the first time, both of the state’s major private-sector utilities, Edison International and Pacific Gas and Electric Co., made the California Common Cause list of Top 10 contributors to state political campaigns for 1999-2000, ranking sixth and seventh respectively, each contributing more than $1 million.

The much ballyhooed power generation race in Florida finally gotunderway last Monday as the Florida Public Service Commission (PSC)unanimously approved the first independent power combined cyclefacility under the Florida Power Plant Siting Act. The approvedapplication for a 529 MW facility was submitted by Calpine Corp.and Seminole Electric Cooperative.

The much ballyhooed electricity plant construction race inFlorida finally got underway on Monday as the Florida PublicService Commission (PSC) unanimously approved the first independentpower combined cycle facility under the Florida Power Plant SitingAct. The approved application for a 529 MW facility was submittedby Calpine Corp. and Seminole Electric Cooperative.

What a difference a week can make. For the third time in fourdays the April futures contract tested, but was unable to breakbelow stubborn support in the $2.71-74 area, leaving traders littlechoice but to bid up futures despite warming temperatures andfalling cash prices. The April contract finished up an impressive5.3 cents at $2.847. This advance came on the heels of last week’sprice activity, which saw the April contract twice test equallystubborn resistance at the $2.88-90 level. Aside from one falsebreakout to $2.67, the spot contract has consolidated within the$2.70-90 area since March 1.

The May Nymex contract continued its assault into higherterritory last week, as the spot month made its first ever tripabove the $2.70 mark. In fact, May set its new all-time high of$2.725 Thursday morning before strong profit taking ahead of thelong holiday weekend drove May down to a Friday settle of $2.567,up an overall 10.1 cents for the week.