Lehman Brothers estimated Monday that 2004 U.S. natural gas supply declined 3.2% over 2003, with the 4.8% decline in production partly mitigated by an increase in Canadian and liquefied natural gas (LNG) imports. The estimates are based on a survey of producers responsible for about two-thirds of U.S. volumes.
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Action Delayed on Entergy, Southern, AEP Market-Based Rate Filings
Federal regulators declined to take action last week on several recent filings made by American Electric Power (AEP), Entergy Corp. and Southern Co. in which the three utilities responded to new, interim generation market power screens adopted by FERC as they seek reauthorization of their market-based rates.
FERC Judge Declines to Certify Avista Manipulation Settlement
FERC Chief Administrative Law Judge Curtis Wagner late Wednesday declined to certify a settlement entered into between Avista and FERC staff aimed at resolving allegations that the power company engaged in trading strategies designed to manipulate California’s energy markets in 2000-2001. At the same time, Wagner reinstated hearing procedures in the case.
NEB: Wellhead Deliverability Decline Continues in Western Canada
Western Canadian natural gas wellhead deliverability has declined more than expected despite a higher than expected drilling rate last year, the National Energy Board (NEB) said in its December 2002 Energy Market Assessment of Short-Term Natural Gas Deliverability from the Western Canada Sedimentary Basin (WCSB) 2002-2004. The NEB projects that by the end of 2004 deliverability from WCSB wells will have fallen by a total of 710 MMcf/d from December 2001 levels and by 375 MMcf/d from levels at the end of this year.
NEB: Wellhead Deliverability Decline Continues in Western Canada
Western Canadian natural gas wellhead deliverability has declined more than expected despite a higher than expected drilling rate last year, the National Energy Board (NEB) said in its December 2002 Energy Market Assessment of Short-Term Natural Gas Deliverability from the Western Canada Sedimentary Basin (WCSB) 2002-2004. The NEB projects that by the end of 2004 deliverability from WCSB wells will have fallen by a total of 710 MMcf/d from December 2001 levels and by 375 MMcf/d from levels at the end of this year.
High Court Won’t Rule on FERC Authority Over Generation Transfers
The U.S. Supreme Court last Monday declined to hear a recent challenge to a lower court’s ruling affirming that transfers of electric generating facilities between public utilities are not subject to FERC’s review under section 203 of the Federal Power Act (FPA).
CAPP: Canadian Gas Reserves Decline 2%, Replace 79% of Production
Natural gas reserves in Canada declined 2% last year to 59.7 Tcf, replacing only about 79% of 2000 production, the Canadian Association of Petroleum Producers (CAPP) said in its 50th annual estimate of Canada’s crude oil and natural gas reserves. CAPP said it was similar to the level of reserve replacement in 1999 and reflects a continued focus on shallow gas drilling. Canadian conventional crude oil reserve additions, including offshore Atlantic Canada, replaced 131% of 2000 production.
CAPP: Canadian Gas Reserves Decline 2%, Replace 79% of Production
Natural gas reserves in Canada declined 2% last year to 59.7 Tcf, replacing only about 79% of 2000 production, the Canadian Association of Petroleum Producers (CAPP) said in its 50th annual estimate of Canada’s crude oil and natural gas reserves. CAPP said it was similar to the level of reserve replacement in 1999 and reflects a continued focus on shallow gas drilling. Canadian conventional crude oil reserve additions, including offshore Atlantic Canada, replaced 131% of 2000 production.
AGL Has Record Year Despite Poor 4Q
Although quarterly net income for AGL Resources declined sharply from $17.4 million last year to $4.8 million for the quarter ending Sept. 30, the company said it posted record earnings for its fiscal year ending Sept. 30. Net income for the year was $88.9 million ($1.63 per share) compared with net income of $71.1 million ($1.29 per share) for the prior fiscal year.
AGL Has Record Year Despite Poor 4Q
Although quarterly net income for AGL Resources declined sharply from $17.4 million last year to $4.8 million for the quarter ending Sept. 30, the company said it posted record earnings for its fiscal year ending Sept. 30. Net income for the year was $88.9 million ($1.63 per share) compared with net income of $71.1 million ($1.29 per share) for the prior fiscal year.