Taking into account strong gas futures prices despite thewarmest winter on record, a bleak supply picture and projections ofa very hot summer, PaineWebber reported an increase in its year2000 projection of composite spot gas prices from $2.40/MMBtu to$2.50/MMBtu. The firm’s report, issued yesterday, also indicatedthat the time is right to invest in diversified energy companies.
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Massey: RTOs Spell Good News for Gas Generators
Regional Transmission Organizations (RTOs), a gridinterconnection policy and FERC’s merger-review policy are issuesthat have captured the interest of the electric industry, butCommissioner William Massey says natural gas companies should beequally as curious since the measures are likely to favorablyinfluence demand.
Oxy Makes Good on Altura Purchase Rumors
In a move rumored for the past few months, Occidental Petroleum(Oxy) took Altura Energy off the hands of Shell Exploration &Production Co. and BP Amoco yesterday. The $3.6 billion transactionis expected to close within the next few weeks, the companies said.
Massey: RTOs Good News for Gas Generators
Regional Transmission Organizations (RTOs), a gridinterconnection policy and FERC’s merger-review policy are issuesthat have captured the interest of the electric industry, butCommissioner William Massey says natural gas should be equally ascurious since the measures are likely to influence demand.
Shut The Door! It’s Cold
Anyone who was complaining about a lack of winter likely hasshut up by now, and for good reason. Right on top of the first one,the eastern United States last week was bracing for its second coldsnap of the year.
Vastar Earnings Up 56%, Reserves Up 170%
“1999 was a very good year for Vastar,” according to VastarResources President Charles D. Davidson, who had the numbers toback up the boast: a 56% increase in earnings over 1998, along witha 170% replacement of reserves.
East Tennessee Purchase Expands Duke’s Pipeline Web
Making good on a promise made to the Federal Trade Commission(FTC) in order to close its merger with Sonat, El Paso Energyannounced the sale of the East Tennessee Natural Gas Co. to DukeEnergy Gas Transmission for $386.3 million in stock yesterday. Thetransaction is expected to close in the first quarter subject toFTC consent.
CA AG Vows Closer Scrutiny of Mergers
Improving crude oil market conditions usually are accompanied byincreasing political scrutiny into rising prices. A good example ofthat is occurring in California where Attorney General Bill Lockyerhas vowed to probe deeply into the mergers of major oil and gasproducers following a report that shows consolidation is one of thereasons California has experienced some of the highest gasolineprice spikes in the nation.
Utility Watchdog: Guardian Good for Competition
The Citizens Utility Board (CUB) , a Wisconsin non-profitorganization dedicated to ensuring public representation forresidential, farm and small business utility customers, is thelatest entity to choose sides in the ongoing battle betweenCoastal’s ANR Pipeline and the Guardian Pipeline Project. Theconsumer “watchdog” organization voiced its support for Guardianpublicly yesterday, saying the project will provide gasdistribution competition to a state that sorely needs it.
Jurisdictional Dispute on TriState Resolved
The U.S. portion of TriState Pipeline got some much-needed goodnews last week when FERC issued a preliminary determination on thenon-environmental aspects of the project after resolving a stickyjurisdictional issue. But whether it will be enough to kick-startthe troubled project, which is lagging far behind the competingVector Pipeline, seemed doubtful.