The fire sale price levels for power generation assets in the U.S. has drawn another set of players into the increasingly crowded field bidding for power plants. Carl Icahn and Panda Energy International last Wednesday said that their affiliated companies have signed a joint venture agreement to co-fund Panda Acquisitions Group, which will actively seek to purchase U.S. energy assets and related infrastructure.
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Sempra Not Worried About Argentina Gas Utility Investments
Argentina’s scrambled economy that has drawn front-page attention from some major U.S. financial news media so far does not worry San Diego-based Sempra Energy, which has significant interest in two natural gas utilities.
Gas Production Decline Not Expected to Reverse — Even with Higher Prices
Several of the biggest domestic natural gas producers have drawn down on hefty reservoirs in the past two years, and at the same time, most of the increased drilling has been directed to regions with smaller first-year production totals. But even those trends may not ease the natural gas production decline going forward, according to the latest monthly report by Stephen Smith Energy Associates.
Gas Production Decline Not Expected to Reverse — Even with Higher Prices
Several of the biggest domestic natural gas producers have drawn down on hefty reservoirs in the past two years, and at the same time, most of the increased drilling has been directed to regions with smaller first-year production totals. But even those trends may not ease the natural gas production decline going forward, according to the latest monthly report by Stephen Smith Energy Associates.
Lehman’s Driscoll: For a Week, Bulls Will Romp
After completing a week that saw a drawn-out, cross-country heat wave and production losses due to Tropical Storm Barry, Lehman Brothers’ Thomas Driscoll said it is “likely” that this week’s natural gas storage announcement could provide the lowest gas injection rates since April. He estimates that this week’s storage report will reveal total injections last week of about 65 Bcf — 10 Bcf lower than the company’s previous estimate.
NEES Puts Northeastern Energy Retailer on the Block
With plans drawn up to focus mainly on power transmission anddistribution, New England Electric System (NEES) decided last weekthe time was ripe to start testing the market for its successfulretail energy marketing subsidiary, AllEnergy Marketing.
Nipsco, Bay State Gas Merger Cleared at Last
After a long, drawn-out regulatory process, Nipsco Industries(NI) finally completed its merger with Massachusetts-based BayState Gas Co., giving the Indiana-based holding company a powerfulEast Coast influence. The $780 million merger originally wasannounced in December 1997 and was expected to close before the endof 1998. Final documents were signed last Friday.
Survey: Majority Bet on Gas for Tough Times Ahead
When the going gets tough, the tough turn to gas. That’s oneconclusion that can be drawn from results of Arthur Andersen’s 11thannual U.S. Oil and Gas Industry Outlook Survey. While 70% of the83 companies responding to the survey said they plan to cutexploration spending or hold it at current levels in the comingyear, gas will get a bigger share of the attention. Nearly half ofthe respondents (49%) plan to focus on gas exploration, an increaseof 20% from a year ago. Another 39% of respondents said they willbalance efforts between oil and gas.
Producers Alarmed at AGL’s Waiver Plea
Atlanta Gas Light’s plea for limited waivers of FERC’scapacity-release regulations and other rules has drawn a howl ofprotests from producers. The Georgia-based LDC is seeking thewaivers to “facilitate” its application to unbundle itsdistribution services, which currently is pending before thestate’s Public Service Commission.