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Due to the significant power demand growth occurring in Florida and especially in the southern part of the state, Florida Power & Light Co. sounded the alarm last week, noting the need to increase its power supplies by 2007. As an option, it offered up a $600 million expansion of its Turkey Point plant, but it also began a request for proposals Thursday to test the market for cost-effective alternatives.

The downward trend in producers’ earnings continues this week, with newly merged major ChevronTexaco Corp. especially hard hit — not only by lower commodity prices, but also special charges and merger-related costs that brought fourth quarter earnings down about $3.5 billion. However, Marathon Oil Co. and Unocal Corp., which also reported quarterly and year-end earnings on Tuesday, also saw their fortunes fall on dismal commodity prices and other charges toward the end of 2001.

Rising net natural gas exports to the United States “could put more pressure on natural gas prices” both in the United States and “especially” in Canada as pipeline capacity fills up, according to the latest oil and gas research bulletin by Lehman Brothers’ exploration and production analysts.

Rising net natural gas exports to the United States “could put more pressure on natural gas prices” both in the United States and “especially” in Canada as pipeline capacity fills up, according to the latest oil and gas research bulletin by Lehman Brothers’ exploration and production analysts.

To promote private sector involvement, especially in the energy and supply sectors, Canadian Natural Resources Minister Ralph Goodale begins the second trade mission to Mexico City through Wednesday, joined in the four-day trip by executives from about 25 energy companies across Canada.

Given the nation’s growing appetite for natural gas, especially by the power generation sector, state and local governments are going to have to step up to the plate and play a greater role in the coordination of permitting and environmental-review efforts so that the pipeline and distribution infrastructure needed to support the expanding demand can be built, according to a new joint report.

Though natural gas prices have been sliding in the last few months, plans to construct an Alaskan natural gas pipeline into Canada and the Lower 48 are moving to the fast track, as producers and business groups, eager to move the process forward, push their proposals this month during a two-day hearing in Anchorage.

While gas traders, especially those who deal with western points, pondered the ramifications of the PG&E bankruptcy filing (see related story), most of the cash market saw moderate firmness Friday. A large majority of the upticks were in the vicinity of a dime, although scattered points rose as much as about 15 cents and others were up only about a nickel. There were small declines in the Rockies and substantially larger ones in California.

Substantial rebounds in cash prices Tuesday surprised many traders, especially because there were no significant changes in overall market fundamentals, and screen support remained minuscule. Triple-digit California gains led a cash market advance that saw most points gaining at least a dime or more, with “or more” being the key operative words. Increases tended to be smallest in the Northeast (Algonquin citygates were flat) and largest in the Rockies/San Juan market.