CenterPoint Energy Inc. (formerly Reliant Energy) is committed to reducing its debt and becoming more financially flexible. However, the credit ratings downgrade by Moody’s Investors Services to “junk” status points out the numerous financial problems still ahead for the Houston-based utility.
Articles from Flexible
“Vast resources” of oil and natural gas may underlie sheets of salt on the outer continental shelf (OCS), the Minerals Management Service (MMS) said in announcing approval of a final rule providing an extension of time for companies who are exploring to locate these resources.
While Wall Street analysts and ratings agencies with post-Enron jitters were coming down hard on Dynegy Corp. Friday, traders in the market brushed aside the latest ratings changes, saying they had no problems with the veteran marketing company as a counterparty.
A couple of sources thought Monday’s trading might have established a flexible template for much of October: softening at nearly all points that was fairly moderate at about a dime down, or less in most cases, and accomplished amid quiet activity. Fundamentals were still weak; although virtually all areas basked under sunny skies, temperatures are still mild to chilly everywhere except in the desert Southwest and the Florida peninsula.
ANR Pipeline received Federal Energy Regulatory Commissionapproval to offer two, new flexible transportation servicesspecifically tailored to meet the needs of electric-generationcustomers. The new firm and interruptible transportation services,FTS-3 and ITS-3, respectively, feature variable hourly flows, shortnotice start-up and more delivery flexibility than are provided bytraditional services. “The primary market for these services iselectric generators, including new peaking plants that often favorusing clean-burning natural gas but require the ability to start-upand shut down on shorter notice than is provided by the normalnomination and scheduling process,” said ANR President Jeffrey A.Connelly. “Our new services are intended to meet the requirementsof these shippers for greater flexibility in managing theirtransportation needs.” For more information on the new services,contact an ANR marketing representative via ANR’s Web site atwww.anrpl.com or by calling 1-800-8-ASK-ANR.
Interstate pipelines last week unveiled a “global” proposal onseasonal ratemaking and flexible terms and conditions of service atthe fourth industry pow-wow exploring major FERC gas initiativesand possible alternatives. Seasonal ratemaking, which would enablepipes and LDCs to recover more value for capacity when it’s ingreatest demand, is emerging as the industry’s front-runnerreplacement for the Commission’s much-criticized auction mechanism.
Customers looking for services tailored to their specific needsare driving pipelines to seek lighter-handed regulation, includingthe ability to negotiate and deliver those services on thespot-without lengthy FERC proceedings,according to InterstateNatural Gas Assoc. (INGAA) chairman John Riordan.