Firing

Firing back at a request by a Washington state public utility district for FERC to void a long-term power supply contract it has with American Electric Power Service Corp. (AEP), the Electric Power Supply Association (EPSA) last week filed a motion to intervene, charging the request attempts to “piggyback” on a “wave of complaints” to abrogate western contracts, which now threaten to overwhelm FERC and the power industry [Docket No. EL02-100-000].

Five former and current members of Enron’s board of directors were put on the firing line last week during a hearing by an investigating subcommittee of the Senate Governmental Affairs Committee into their role in the Enron fiasco. Most board members testified that Enron’s upper management kept them pretty much in the dark, and that they didn’t learn the extent of the financial nightmare until it was too late.

While Enron Corp. was firing back at what it called “inaccurate” news stories and attorney statements about the inopportune freezing of the company’s 401(k) retirement program, about 3,000 former Enron employees were spending the day at the ballpark, cruising through a mammoth job fair at the Astro’s Enron Field in Houston.

With plenty of new gas-fired generation firing up this summer, Houston-based Purvin & Gertz, an international energy consulting firm, is expecting prices to firm up, particularly in the U.S. Gulf Coast region with the average bidweek delivered-to-pipeline prices predicted to average $4.80/MMBtu in August, dropping in September and then peaking at $6/MMBtu in December.

The next several years will bring strong support for natural gasprices from gas-fired power generation as the energy industrystrives to catch up with electricity demand, according to DynegyCEO Chuck Watson. “I believe very firmly that over the next 10years we’re going to be in the $2 to $3 [per Mcf] price range. Andif that in fact is where this price in gas is going to vacillate,then I believe that will also speak volumes for the producercommunity to be able to find natural gas to meet growing demand.”

The next several years will bring strong support for natural gasprices from gas-fired power generation as the energy industrystrives to catch up with electricity demand, according to DynegyCEO Chuck Watson. “I believe very firmly that over the next 10years we’re going to be in the $2 to $3 [per Mcf] price range. Andif that in fact is where this price in gas is going to vacillate,then I believe that will also speak volumes for the producercommunity to be able to find natural gas to meet growing demand.”