Enters

Enron Direct Canada Corp., a subsidiary of Enron Corp., announced Tuesday that it has entered the retail electricity and natural gas markets in Alberta, targeting all commercial and light industrial businesses. This, it says, will give customers an alternative choice in the region at competitive prices.

Joining competition with Tennessee and Algonquin for growing markets on Long Island, Iroquois Gas Transmission System LP announced an open season yesterday for Zone 2 firm transportation capacity for delivery on its proposed Eastern Long Island Expansion.

Joining competition with Tennessee and Algonquin for growing markets on Long Island, Iroquois Gas Transmission System LP announced an open season yesterday for Zone 2 firm transportation capacity for delivery on its proposed Eastern Long Island Expansion.

Northern Border Partners L.P. has executed a definitiveagreement to purchase Midwestern Gas Transmission from El PasoCorp. for an undisclosed price. The sale is expected to close inthe second quarter of this year, subject to necessary approvals.

Northern Border Partners LP announced its intention to enter theCanadian midstream business. The company is buying the 87 MMcf/dMazeppa sour gas processing plant southeast of Calgary and aminority interest in the 85-mile Gregg Lake/Obed Pipeline (150MMcf/d of capacity), which is west of Edmonton, AB, from DynegyCanada. The purchase is expected to close during the first quarter.

eCorp Marketing entered into an agreement with NJR EnergyServices (NJRES), a subsidiary of the New Jersey Resources Corp.,to provide transportation management, storage marketing and gastrading services in connection with Central New York Oil & GasCo.’s (CNYOG) proposed Stagecoach Natural Gas Storage Project inTioga County, NY. CNYOG is an eCORP subsidiary.

“Close, but no cigar” might as well have been the motto for thenatural gas futures market last week. It was a week in whichtraders pushed both May and June contracts to the limits of supportand resistance, only to have prices whip-saw back in their face. Bythe time all the dust had settled and the orders tabulated in thedata room at Nymex, the evidence was irrefutable. Natural gas isonce again stuck in a trading or consolidation range, bounded onone side by previous highs at $3.195 and on the other by a seriesof technical and fundamental hurdles between $2.90 and $3.00. TheMay contract went off the board in rather unspectacular fashionWednesday, settling at $3.089. Buoyed by heavy fund and localbuying Friday, the June contract retraced three straight days oflosses by closing up 8.6 cents at $3.141.

The best laid plans of energy titans can often go astray,particularly where mergers are concerned. ExxonMobil tossed awrench into the BP Amoco-ARCO merger works by suing for apreliminary injunction against the merger partners and PhillipsPetroleum. Phillips has agreed to buy ARCO’s Alaskan holdings forabout $7 billion in a deal intended to win Federal Trade Commissionapproval of the merger (see NGI March 20).

The best laid plans of energy titans can often go astray,particularly where mergers are concerned. ExxonMobil tossed a wrenchinto the BP Amoco-ARCO merger works by suing for a preliminaryinjunction against the merger partners and PhillipsPetroleum. Phillips has agreed to buy ARCO’s Alaskan holdings forabout $7 billion in a deal intended to win Federal Trade Commissionapproval of the merger (see Daily GPI, March17).