Dynegy Inc. has taken “all the right steps” in its long-termplanning over the last three to four years and “the future is nowat Dynegy,” Chairman Chuck Watson said in announcing vastlyimproved profits in 1998 over 1997. Overall the company had 1998net income in the plus column of $108.4 million or $0.66 perdiluted share, a figure just slightly larger than the one recordedin the minus column in 1997.
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Swing Flat to Mildly Off; Small Bidweek Upticks Seen
Getting no signals from the futures trading pit, thelate-January cash market saw mild softening Tuesday. With snowyconditions covering the northwestern quadrant of the U.S., Westernpoints again tended to be flat to off no more than a penny or two.However, they were joined in small dips by several Gulf Coast andMidcontinent pipes, and Michigan citygates even managed to eke outmodest gains.
Pipeline Protestors Are Younger, More Colorful
Protestors who are writing to FERC to express theirdissatisfaction with pipeline projects are getting younger and morecolorful.
FERC Freezes Florida’s Move Into Maine
The New England electric market is getting crowded, so crowdedthat a Florida-based utility poised to move into that market now istrying to get out of an $846 million deal to purchase Mainegenerating assets.
Pipeline Projects Getting No Respect in Wisconsin
Two pipeline projects that were to provide takeaway capacityfrom the Chicago hub to the southern Wisconsin market have beenrebuffed by LDC customers there, causing the sponsors to cancel oneand place the other on indefinite hold.
Pipeline Projects Getting No Support in Wisconsin
The Illinois-Wisconsin Express Project, a proposed pipeline toserve the southern Wisconsin market, has been put on indefinitehold reportedly due to the inability of an unnamed Wisconsinutility to commit to the project. News of this comes one day afterTransCanada Pipelines and Nicor Inc. disclosed they have scrappedplans to proceed with their reconfigured Voyageur Pipeline projectthat would have served the same market. (See Daily GPI, Nov. 4)
Richardson: Gas is Finally Getting the Support it Deserves
With promises for the “de-carbonization of energy,” more stateinvolvement in Energy Department’s initiatives, and “help for ourown people-domestic oil and gas producers,” the new DOE SecretaryBill Richardson sparked a standing ovation from approximately 400attendees at the DOE-NARUC Natural Gas Conference in Pittsburghlast week.
Pacific Northwest Primed For New Storage
The Pacific Northwest, historically a great corridor forshipping western Canadian natural gas to California’s burgeoningmarkets, is getting increasing attention for expansion ordevelopment of natural gas storage to fuel its own growth, whichhas averaged 5% annually in the 1990s. The region’s only twounderground storage facilities are in the midst of expansions, andenergy players within and outside the region are searching for newstorage prospects-under-and above-ground.
Amern Energy Off to Soaring Start
Ameren Energy started its electric and gas trading business offon the right foot this summer, getting into the market just in timeto make a small killing when electric prices spiked in the Midwestduring the last week in June. The company started out with just afraction of the personnel it expects to have on board by the end ofthe year.
Transportation Note
Northwest continued Tuesday to ban any on-system balancing,warning that regional temperatures are getting warmer and linepack”is very high.” Shippers were asked to refrain from banking gas onthe system in order to avoid a potential entitlement.