Williams outbid Royal Dutch/Shell Group for Barrett Resources Corp. based on “electricity economics, along with fully integrated economics,” Stuart Wagner, a principal with Petrie Parkman told a GasMart/Power 2001 audience Thursday.
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Exec. Says Deregulation Spawning Interest In Public Power
As the price and availability of electricity looms ever larger as a topic of national debate, public power is getting a closer look from industrial and commercial power users and that growing interest in public power is occurring not just in places where you would expect it, like California, but across all regions of the country. So says Carmine Grastataro, senior vice president at RKS Research & Consulting, who sat down with NGI for a brief interview after appearing before a panel at NGI’s GasMart/Power 2001 conference in Tampa, FL, yesterday.
House Report: Independent Generators ‘Profited Immensely’ in CA
The parent companies of California’s six largest nonutility generators “profited immensely” from the escalating bulk electricity prices last year, with corporate profits for each more than doubling 1999 levels, according to a new report from the House Committee on Government Reform. Their California power subsidiaries recorded gains in operating income and profits of tenfold or more in 2000, it estimated.
House Report: Independent Generators ‘Profited Immensely’ in CA
The parent companies of California’s six largest nonutility generators “profited immensely” from the escalating bulk electricity prices last year, with corporate profits for each more than doubling 1999 levels, according to a new report from the House Committee on Government Reform. Their California power subsidiaries recorded gains in operating income and profits of tenfold or more in 2000, it estimated.
State Forges Ahead Despite PG&E Bankruptcy
The bankruptcy of Pacific Gas & Electric Co. may stand as a large roadblock in the state’s plan to make wholesale changes to the electric industry, particularly buying up all existing transmission, but the governor last week seemed determined to persevere. The signing of a landmark “memorandum of understanding” (MOU) between the state of California and Southern California Edison last week, the beginning of talks with San Diego Gas and Electric Co. and verbal olive branches to PG&E reflect the governor’s resolve to dig the state out of hole it finds itself in. He hopes to reach an agreement with SDG&E before the end of this month.
CA Regulators Take Rate, Conservation Actions
California regulators Tuesday took several steps to implement higher electricity rates and stepped up load management, assure payment to the state’s wholesale power buying program and examine whether the parent corporations for the three largest investor-owned utilities have done enough to assure their financial viability during the persistent crisis surrounding supplies and prices.
Industry Briefs
Tucson Electric Power Co. (TEP) has signed a five-year wholesalecontract to supply 60 MW of electricity to Phelps Dodge EnergyServices. The contract calls for TEP to supply the power at alltimes except during the company’s peak customer energy demandperiods from July through September of each year. TEP ChairmanJames S. Pignatelli said the contract is an important one for bothcompanies. “This agreement provides a comfort factor for PhelpsDodge as it plans ahead for its energy needs,” Pignatelli said.”And for TEP, the contract provides a stable, profitable margin forfive years and a solid boost to our financial outlook in a volatileenergy market.” Pignatelli said TEP expects the agreement togenerate revenues of about $30 million annually.
Details Remain Unclear in CA Rate Changes
In the immediate aftermath of the California Public UtilitiesCommission’s sweeping moves to stabilize the state’s electricityoperations, the regulators and the governor’s staff are sloggingthrough endless details that will have to be worked out ifcash-strapped investor-owned utilities are going to be able to paythe state and generators and still have enough left over to covertheir own costs.
HUD Earmarks Additional $105 M for Energy Bills
With higher home heating and electricity bills catching many homeowners off guard this winter, the Bush administration reported that it will make additional emergency funds available for public housing authorities (PHA) and resident management corporations.
HUD Earmarks Additional $105 M for Energy Bills
With higher home heating and electricity bills catching manyhomeowners off guard this winter, the Bush administration reportedthat it will make additional emergency funds available for publichousing authorities (PHA) and resident management corporations.