Dream

A long-time dream of bringing natural gas to energy-poor North Baja in Mexico’s burgeoning industrial and population centers along the U.S. border faces one last environmental hurdle on the U.S. side that backers are optimistic will be cleared this month with the release of an environmental impact statement (EIS) from federal regulators. Without that hurdle being cleared, however, an already tight timetable and other environmental concerns related to the timing of the pipeline’s construction schedule might prevent initial supplies from flowing this coming summer.

It’s taken a little longer than expected, but on Friday, CrossBay Pipeline Co. LLC of Houston fulfilled a two-year plus dream byfiling an application with the Federal Energy Regulatory Commissionto increase natural gas deliveries into the New York Citymetropolitan area by 125,000 Dth/d. The proposed project now has atargeted in-service date of Dec. 1, 2002.

It’s taken a little longer than expected, but on Friday, Cross Bay Pipeline Co. LLC of Houston fulfilled a two-year plus dream by filing an application with the Federal Energy Regulatory Commission to increase natural gas deliveries into the New York City metropolitan area by 125,000 Dth/d. The proposed project now has an in-service date of Dec. 1, 2002.

A new “dream team” of companies formed last week appears to havemore than enough market muscle and expertise to succeed whereothers have failed in the retail energy market. Enron Corp., IBMand America Online have launched an ambitious plan to build a majornational retail energy company with IBM as back office manager,Enron as energy supplier, and AOL as the key link to the smallcustomer marketplace.

If convergence is what’s driving the energy industry, thenNiSource Chairman Gary Neale could be a good candidate to pilot theAmerican Gas Association into the new millennium. Neale is theAGA’s new chairman, but he’s also chairman of National ElectricityReliability Council, is on the board of directors of EdisonElectric Institute and spends his spare time attempting a hostiletakeover of Columbia Energy Group.

If convergence is what’s driving the energy industry, thenNiSource Chairman Gary Neale could be a good candidate to pilot theAmerican Gas Association into the new millennium. Neale is theAGA’s new chairman, but he’s also chairman of National ElectricityReliability Council, is on the board of directors of EdisonElectric Institute and spends his spare time attempting a hostiletakeover of Columbia Energy Group.

“It was like a bad dream,” was one marketer’s summation ofWednesday’s 4-cent decline that was quickly recouped by yesterday’s4.1-cent advance. Another trader was a little more specific,attributing the downward blip to funds rolling positions from Mayto June. But regardless of the rationale, Wednesday’s lowersettle-the first one in the last seven sessions-looked like theGrand Canyon nestled among the Alps.