Financially

Writedowns totaling $342 million related to investments in power generation assets and oil reserves in financially-troubled Argentina in the first half of the year added up to a net loss of $99 million for El Paso Tennessee Pipeline Co. for the six-month period ending June 30, the company announced Wednesday.

In an effort to protect jurisdictional companies from having their cash funds siphoned off by parent firms facing bankruptcy or other financial troubles, the Federal Energy Regulatory Commission last week proposed a rule that would set limits on the involvement of regulated public utilities and natural gas and oil pipelines in intra-corporate cash management programs, or money pools.

In an effort to protect jurisdictional companies from having their cash funds siphoned off by parent firms facing bankruptcy or other financial troubles, the Federal Energy Regulatory Commission last week proposed a rule that would set limits on the involvement of regulated public utilities and natural gas and oil pipelines in intra-corporate cash management programs, or money pools.

While many energy companies may have struggled financially through the second quarter, Kinder Morgan Inc. beat Wall Street estimates with a 45% increase in net income and a 44% increase in diluted earnings per common share compared to the second quarter of 2001. It also doubled its quarterly dividend to 10 cents/share in its first dividend increase since the company was formed via merger in October 1999.

While many energy companies may have struggled financially through the second quarter, Kinder Morgan Inc. beat Wall Street estimates with a 45% increase in net income and a 44% increase in diluted earnings per common share compared to the second quarter of 2001 and doubled its quarterly dividend to 10 cents/share in its first dividend increase since the company was formed via merger in October 1999.

While many energy companies may have struggled financially through the second quarter, Kinder Morgan Inc. beat Wall Street estimates with a 45% increase in net income and a 44% increase in diluted earnings per common share compared to the second quarter of 2001 and doubled its quarterly dividend to 10 cents/share in its first dividend increase since the company was formed via merger in October 1999.

Edison International and its financially recovering utility said last week that it expects even more of a heavy infusion of cash, and its hedges against future natural gas price volatility will permit the utility to pay off its $5.5 billion past-due debts by the end of the first quarter next year. A court settlement with state regulators is the lynch-pin that will allow Southern California Edison for the first time in a year to return to the debt market to supplement what it expects to be $4 billion in cash on hand by early next year.

After two closing dates failed to materialize earlier in the week, Edison International, parent to financially ailing Southern California Edison Co., announced Thursday its newly created nonutility financing arm has completed a $1.2 billion debt restructuring that will close Monday. Through a complicated set of transactions within the Edison family of companies, the net proceeds ultimately will be used by Edison International to pay off loans due this year.

The energy crisis is considered a major problem by most Americans that is hurting them financially and forcing them to reinvent the way they live their daily lives, according to a new study. The report by Sears Roebuck and Co. and Roper Starch Worldwide Inc., found that nearly all Americans — 98% — are doing something to save energy, both large and small.