Grow

Natural gas consumption by the electricity sector, which was approximately 16 Bcf/day last year, is expected to grow by as much as 2 Bcf/d annually during 2002 and 2003, according to an analysis conducted by Houston-based Simmons & Co. International.

Activity continues to grow by leaps and bounds on the IntercontinentalExchange (ICE) commodity marketplace as traders who formerly did a significant amount of their business on EnronOnline flock to the ICE platform. The company said average daily activity systemwide is up 30% compared to only one month ago. A total of 630 Bcf of gas was traded on Jan. 9 alone, and 17 million MWh was traded on Jan. 14, setting a new daily record.

Activity continues to grow by leaps and bounds on the IntercontinentalExchange (ICE) commodity marketplace as traders who formerly did a significant amount of their business on EnronOnline flock to the ICE platform. The company said average daily activity systemwide is up 30% compared to only one month ago. A total of 630 Bcf of gas was traded on Jan. 9 alone, and 17 million MWh was traded on Jan. 14, setting a new daily record.

It’s been a week of wild revelations for Enron Corp. watchers — the Department of Justice on Wednesday launched a nationwide criminal task force into management practices, and President Bush announced on Thursday another task force to reform the pension fund system. Meanwhile, the Bush administration admitted for the first time that CEO Kenneth Lay, one of Bush’s leading fundraisers, called at least two Cabinet members as the company fell apart last year. And at midday Thursday, Andersen, Enron’s auditor and subject to several investigations and lawsuits, admitted destroying an “undetermined” number of documents that may have been pertinent to the impending investigations.

Energy companies large and small, including some that had offices in the World Trade Center, are continuing to pour financial, material and emotional support into relief efforts for victims of the Sept. 11 terrorist attacks in the United States. By the end of last week, Exxon Mobil Corp. had pledged up to $20 million, while BP, Chevron, Texaco and Amerada Hess were but a few announcing $5 million in corporate donations (see Daily GPI, Sept. 17). As much as money, however, many companies across the country are continuing to pledge their blood, time and a commitment to persevere.

With PanCanadian’s Deep Panuke prospect lined up on the supply end and new gas fired generation piling up in New England on the demand side, Maritimes & Northeast Pipeline said last week it is ready to move forward with its plans for a major expansion. The company expects to increase the capacity of its system to 1 Bcf/d and is holding an open season for its Phase IV expansion through Sept. 21.

Maritimes & Northeast Pipeline said it is ready to expand its system to 1 Bcf/d to make room for new gas supply from offshore Nova Scotia and to serve growing electric generation load in the Northeast. The pipeline company is holding an open season for its Phase IV expansion through Sept. 21.

Online power trading over the past six months in the United States has continued to grow by a sizeable percentage, but most wholesale power deals still are being done the old-fashioned way through traditional voice brokerages, according to the latest survey from Energy Argus Inc. The company said its data revealed that Internet-based trading now makes up 38% of trading in the country, up from 28.5% in February and 25% in April 2000.

Online power trading over the past six months in the United States has continued to grow by a sizeable percentage, but most wholesale power deals still are being done the old-fashioned way through traditional voice brokerages, according to the latest survey from Energy Argus Inc. The company said its data revealed that Internet-based trading now makes up 38% of trading in the country, up from 28.5% in February and 25% in April 2000.