Grew

Prospects for a rescue of the California energy market grewdimmer yesterday as power and money ran low for utilities SouthernCalifornia Edison and Pacific Gas & Electric. The Cal-ISOdeclared its third Stage Three alert in less than a week Tuesday;Investors’ services Standard & Poor’s, Moody’s and Fitchvariously downgraded credit ratings applying to both utilities; andthe out-going Clinton Administration appeared to have bowed out ofthe crisis, leaving it up to California officials.

While the political battleground in Florida grew bloodier witheach passing day last week, natural gas pipelines eager to servethe growing market reached a truce agreement of sorts that callsfor Duke Energy and Williams to purchase the proposed GulfstreamNatural Gas System from The Coastal Corp. and ditch their competingBuccaneer Pipeline project for the state.

While the political battleground in Florida grew bloodier witheach passing day last week, natural gas pipelines eager to servethe growing market reached a truce agreement of sorts that callsfor Duke Energy and Williams to purchase the proposed GulfstreamNatural Gas System from The Coastal Corp. and ditch their competingBuccaneer Pipeline project for the state.

Unprecedented growth of nearly 339% last year in the gas andsteam turbine market was fueled by the rise in combined cycleconfigurations, a manufacturing method that has dramaticallyincreased efficiency in electricity production and becomeincreasingly popular with power plant producers, according to a newresearch report by Frost & Sullivan.

Unprecedented growth of nearly 339% last year in the gas andsteam turbine market was fueled by the rise in combined cycleconfigurations, a manufacturing method that has dramaticallyincreased efficiency in electricity production and becomeincreasingly popular with power plant producers, according to a newresearch report by Frost & Sullivan.

Kinder Morgan Inc. (KMI) reported first quarter 2000 income fromcontinuing operations of $46.1 million compared to income fromcontinuing operations of $23.9 million for the first quarter of1999. Net income for the first quarter was $46.1 million comparedto $7.1 million in the first quarter a year ago, which included a$16.8 million after-tax loss from discontinued operations.

BP Amoco grew its share of the Destin Pipeline from one-third totwo-thirds by acquiring the one-third share of Southern Natural GasCo. Tejas Destin LLC holds the remainder.

In reporting record third quarter improvements, including an 88%increase in earnings per share and a 16% increase in net income,Dynegy CEO Chuck Watson yesterday highlighted an aggressive powergeneration plan that will become the “engine for the growth of ourearnings for the future.”

A multi-million dollar acquisition last week by Cross TimbersOil Co. of Fort Worth, TX, further grew the company’s presence inthe Arkoma Basin and also put the producer in the 90% natural gascolumn.