Californians looking for something to give thanks for this weekmight want to read a new report from the California EnergyCommission, which claims that the state should have enough power tomeet its electricity demand next summer, barring extraordinarilyhot weather. The CEC’s findings relied in part on the addition ofnew generation that is expected to be available next year, most ofwhich is being built by Calpine Corp.
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PSE&G Seeks End to State Regulation of Gas Prices
New Jersey’s largest publicly owned utility has asked stateregulators to give it the green light to begin selling natural gasat market-based rates in 2003.
New Jersey Tries to Derail Transco Project — Again
In the latest of a yearlong effort to put the brakes to anunwelcome MarketLink project, the state of New Jersey and thestate’s Department of Law and Public Safety called on FERC lastweek to rescind and vacate the certificate approving constructionof the controversial pipeline expansion through the northern partof the state, and to treat sponsor Transcontinental Gas Pipe LineCorp.’s recent request to amend the project as a new application.
Georgians Give Deregulation Negative Review
In an American Public Gas Association (APGA) report releasedlast week, a majority of Georgia residential customers gave gasderegulation in the state a failing mark, with many reporting thattheir bills actually increased or that there was no noticeableeffect. Half of the Georgia commercial customers polled also saidthey were paying higher bills, and gave deregulation a thumbs-downfor that reason.
Georgians Give Gas Deregulation a Failing Grade
In an American Public Gas Association (APGA) report releasedthis week, a majority of Georgia residential customers gave gasderegulation in the state a failing mark, with many reporting thattheir bills actually increased or that there was no noticeableeffect. Half of the Georgia commercial customers polled also saidthey were paying higher bills, and gave deregulation a thumbs-downfor that reason.
CA Regulators Give Utilities Okay for More Block-Forward Action
California regulators last week approved additionalparticipation by the state’s major private sector electricutilities in the California Power Exchange’s new block-forwardmarkets for ancillary and other services. Normally just a footnote,the action drew considerable attention by the California PublicUtilities Commission’s five governor-appointed members in light ofthe recent power crunch in the state.
As Expected, Storage Data Give Bulls the Go-Ahead
Building on modest gains achieved yesterday morning, the futuresmarket rocketed more than 20 cents higher Wednesday afternoon uponthe release of yet another bullish storage report. Finishing 27.1cents stronger at $4.378, the prompt July contract retraced morethan half of its Monday price slide yesterday and now stands closerto the upper limit of its $3.80-$4.60 trading range.
Big Futures Jump Likely to Give Boost to Cash
The cash market was very much a mixed bag Monday, with largerebounds in the West arrayed against small price movements up anddown (but more down than up) in the East. However, because thegreat majority of the screen’s dazzling display of strengthoccurred following the close of cash business, sources found reasonto expect a bullish market in physical gas today even without muchweather-related support.
Futures Give Back Gains in Late-Day Sell-Off
Wednesday afternoons have been interesting times lately in thenatural gas pit at Nymex and yesterday was no exception. Afterspiking as much as 20 cents higher on storage-hype-related buying,the June contract spiraled lower after the report was released. TheJuly contract finished at $4.356, just 0.2-cents above Tuesday’sclose. According to the American Gas Association, 56 Bcf wasinjected into underground storage facilities last week, bringingtotal working gas to 1,274 Bcf or 429 Bcf less than at the sametime last year.
Montana Power Plans to Unload Energy Assets, Focus on Telecom
Butte-based Montana Power made the expected decision last weekto give its stock a chance to trade among the telecommunicationsand technology giants rather than the languishing energy utilitysector. The company announced a bold plan to reinvent itself bydivesting $1.5 billion in regulated and unregulated energy assetsand shifting its focus on current subsidiary Touch America, itsthriving telecommunications business.