Those bemoaning the lack of a competitive market for electricityin California should look on the bright side. Things are movingalong, and the process is not finished, said Daniel D. Richard Jr.,senior vice president government and regulatory relations forPacific Gas and Electric.
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Duke Energy Earnings Up 42 Percent
A hot summer which boosted electricity use, and increases in itsEnergy Services division led Duke Energy’s 42% increase in 1998third quarter basic earnings which registered $423.8 million or$1.18 per share, up from $298.4 or 83 cents per share for the samequarter in 1997.
Senate Hearing into Power Price Spikes Set
The Senate Energy and Natural Resources Committee is scheduledto hold an oversight hearing Thursday into the price spikes in theMidwest electricity market last June. A key witness will be FERCChairman James Hoecker, who is expected to disclose “some, if notall, of [FERC staff’s] analysis” of the events that lead up tounprecedented power prices.
Futures Rally Back to Mid-Summer Levels
Natural gas is second only to the newly established electricitymarket in terms of volatility, and Tuesday it did little to dispelthat notion as the market dipped momentarily, only to spikedramatically higher in the last 90 minutes of trading, leaving eventhe most weathered of bulls surprised by the advance. Octobersettled at $2.132, a 17.8-cent gain for the day and nearly ahalf-dollar above the $1.63 low established less than two weeksago. Estimated volume confirmed the active trading with over120,000 contracts changing hands.
Sempra Inks 10-Year Mexican Contract
Sempra Energy International was awarded a 10-year agreement byMexico’s Federal Electricity Commission (CFE) to supply gas to thePresidente Juarez power plant in Rosarito, Baja California. Semprawill provide a complete energy supply package to the plant,including delivery of up to 300 MMcf/d of gas, transportationservices in the United States and construction of a 23-milepipeline from the U.S.-Mexico boarder to the plant. The value ofthe 10-year gas supply contract could approach $1 billion incurrent dollars.
Capitol Hill Urged to Focus on Market-Power Issue
Given the recent price spikes in the Midwest and Californiaelectricity markets, a California power agency has called onCongress to take the necessary steps to rein in unleashed marketpower when it takes up restructuring legislation next year.
Boston Edison Issues RFP for 2,000 MW
Boston Edison issued a request for proposals (RFP) seeking bidsfor about 2,000 MW of electricity to replace power now supplied bySithe Energies from plants Sithe recently bought from BostonEdison. The short-term power purchase agreement with Sithe expiresNov. 30. The power purchased through this competitive biddingprocess, combined with power from the Pilgrim nuclear plant andother power supply contracts, will be used to meet Edison’s needsDec. 1 through May 31, 1999. Proposals must be submitted by Aug. 3.
NEV to Supply Power to DOD Facilities
New Energy Ventures won a huge four-year power supply contractwith the Department of Defense that covers 1,200,000 MWh ofelectricity annually is worth $300 million. Among the servicesincluded in the contract are energy procurement and access to dailyincremental electric usage and demand data for each site via NewEnergy Ventures’ customer service Web site,http://www.nevservice.com.
House Legislative Option to Heat Up Restructuring Debate
The congressional debate over electricity restructuring so farhas focused on whether its should be done as comprehensivelegislation or as piecemeal reform of the Public Utility HoldingCompany Act (PUHCA), but a third option may be tossed into the fraysoon.