Houston-based Spectra Energy’s earnings fell 24% in the second quarter from a year ago as each of the company’s divisions — pipelines, field services, distribution and Western Canadian operations — turned in lower performances. But this will not deter the company from moving forward with its “solid roster” of energy projects, said CEO Greg Ebel.
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Spectra CEO Blames Weak Commodity Prices for Drop in Profits
Houston-based Spectra Energy’s earnings fell 24% in the second quarter from a year ago as each of the company’s divisions — pipelines, field services, distribution and Western Canadian operations — turned in lower performances. But this will not deter the company from moving forward with its “solid roster” of energy projects, said CEO Greg Ebel.
Failed Merger Behind it, PSEG Vows to Regain Leadership Position
Quieting recent suggestions that the company was going to separate its regulated and unregulated divisions in the wake of its failed merger with Exelon, Public Service Enterprise Group’s (PSEG) management said last week that the entire company continues to produce strong operational results and that the continued financial success will allow for “disciplined future growth” going forward.
Duke Posts Strong Results; Cinergy Merger, DENA Sales Proceeding
Duke Energy shares rose slightly Wednesday on the news that strong results from most of the company’s major operating divisions led to a 48% increase in ongoing earnings per share for the fourth quarter to 43 cents and a 19% increase for the full year to $1.73. The company beat analysts’ financial estimates of 37 cents/share for the quarter and $1.64/share for the year, according to Thomson Financial.
TXU Splits Into Wholesale, Retail, Names New Execs
TXU Corp. announced the formation of a new corporate structure with separate retail and wholesale divisions on Wednesday and named two new executives to lead the new units. James A. Burke, formerly with Gexa Energy, Reliant and Coca-Cola, was named chairman and CEO of TXU Energy, the retail business, and Michael T. McCall, former president of TXU Gas, was named chairman and CEO of TXU Wholesale, which will optimize the wholesale energy purchases for the company’s power generation and retail operations.
CA Utility Gas, Power Buying Gets Boost Among Debate
Although continuing divisions between old and new heads of the California Public Utilities Commission surfaced, state regulators Thursday approved Southern California Edison Co.’s move to hedge its wholesale natural gas and purchased electrical power costs — although a question of making the power-buying deals more transparent was raised. Hundreds of millions of dollars are involved in the deals.
CA Utility Gas, Power Buying Gets Boost Among Debate
Although continuing divisions between old and new heads of the California Public Utilities Commission surfaced, state regulators Thursday approved Southern California Edison Co.’s move to hedge its wholesale natural gas and purchased electrical power costs — although a question of making the power-buying deals more transparent was raised. Hundreds of millions of dollars are involved in the deals.
Wisconsin Energy Relies on Core Gas, Electric Utilities
Milwaukee-based Wisconsin Energy Corp. (WEC) is relying on its core gas and electric utility divisions to pull it through, while the company continues to take its lumps in asset sales and its non-utility energy business.
Niagara Mohawk Sells Unregulated Subsidiary To Select Energy
In keeping with its plan to merge with National Grid USA and focus on regulated energy transmission and distribution businesses, Niagara Mohawk Holdings Inc. on Tuesday sold its unregulated energy marketing and services subsidiary to Select Energy Inc., a subsidiary of Northeast Utilities. Terms of the sale of Niagara Mohawk Energy Marketing Inc., were not disclosed.
FERC Split Over Market Power Review Adequacy
Divisions emerged last Wednesday at the Federal Energy Regulatory Commission over whether tools used by the Commission in analyzing market power issues are antiquated and in need of an overhaul or are sufficient. Commissioner William Massey believes FERC should initiate a generic inquiry into improving those standards, while Chairman Curt Hebert and Commissioner Linda Breathitt see the regulatory agency’s current approach as more than adequate to meet market power issues.