Fierce

Reflecting what he says is a flight to quality, an investment banker last Thursday said that competition for the purchase of contracted power assets in the United States remains intense as 2003 comes to a close, while market interest in merchant power assets remains tepid, although renewable projects remain a “bright spot” in an otherwise lackluster merchant sector.

Columbia Gas of Virginia’s proposed revision of its Rate Schedule TS-1 and TS-2 would negatively affect the way gas is transported, while harming competition within the state, according to concerned customers in a hearing earlier in the month. The hearing on Sept. 3 in front of the Virginia State Corporation Commission (VSCC) found “unanimous opposition” from 15 Columbia customers, according to Compass Energy Services Inc., a marketer affected by Columbia’s action.

Columbia Gas of Virginia’s proposed revision of its Rate Schedule TS-1 and TS-2 would negatively affect the way gas is transported, while harming competition within the state, according to concerned customers in a hearing last week. The hearing held Sept. 3 before the Virginia State Corporation Commission (VSCC) found “unanimous opposition” from 15 Columbia customers, according to Compass Energy Services Inc., a marketer affected by Columbia’s action.

After watching the market slip a whopping 10% in a fierce Mondaysell-off, bulls dug in their heels yesterday and were successfulavoiding July’s first sub-$4.00 settlement since June 7. Afterprobing to its $3.96 low on the day, the prompt month received awave of bargain-hunting that lifted it to a $4.107 close, up 4.4cents for the session.

A delay on upstream unbundling continued this week in Oklahomawhere regulators and Oklahoma Natural Gas are in a heated battleover some of the changes ordered by the commission in July. Theutility refuses to begin a competitive bidding process ontransmission and supply service to the state’s major cities. Itfiled an appeal of the unbundling order with the Oklahoma SupremeCourt last week, saying it raised a number of constitutionalissues. The two sides may reach a settlement, but a dispute overabout $11 million stands in the way.