Grows

While it remains unclear what exactly caused last month’s unprecedented blackout in the U.S. and Canada, a wide-ranging group of stakeholders last week said that if Congress is serious about preventing a similar catastrophe from happening again, federal lawmakers must make currently voluntary reliability standards mandatory for the power industry.

As concern grows about the potential for high winter natural gas prices, the five commissioners of the Pennsylvania Public Utility Commission (PUC) said they will preside over a public hearing on the issue on Sept. 18. The hearing will review current gas prices, discuss the forecasted supply and demand, outline programs to help consumers and increase consumer awareness related to gas prices for this winter.

A new study by Lakewood, CO-based consulting firm Bentek Energy shows Midwest/Midcontinent natural gas production growing only slightly over the next few years and demand being driven higher only if high gas prices don’t push new gas-fired power plants out of the market.

Cash prices not only sustained their bullish streak that started last Thursday, but also built momentum Monday with gains in many cases even larger than those preceding the weekend. And the ride higher isn’t finished yet, according to some sources. “I expect a $6.75 on the screen tomorrow [Tuesday] and cash will also keep rising,” a marketer predicted.

A new study by Lakewood, CO-based consulting firm Bentek Energy shows Midwest/Midcontinent natural gas production growing only slightly over the next few years and demand being driven higher only if high gas prices don’t push new gas-fired power plants out of the market.

The little El Nino that has been warming equatorial Pacific waters off the coast of Peru apparently grew during the month of October, according to the National Oceanic and Atmospheric Administration (NOAA), which now expects much warmer sea surface temperatures this winter to lead to warmer than normal temperatures in the northern United States.

The little El Nino that has been warming equatorial Pacific waters off the coast of Peru apparently grew up during the month of October, according to the National Oceanic and Atmospheric Administration (NOAA), which now expects much warmer sea surface temperatures this winter to lead to warmer than normal temperatures in the northern United States.

What a difference a year makes. As if anyone wanted to be reminded, it was Oct. 16, 2001 when Enron Corp. released its third-quarter earnings, boasting of continued growth, despite a billion-dollar write-off. Within weeks, that incidental write-off that was barely discussed during a conference call with analysts by then-CEO Ken Lay, eventually would erase the entire company (see Daily GPI, Oct. 17, 2001). Fast forward to one year later, and despite its disappearance, Enron’s once mighty shadow continues to darken the marketplace.

As its offshore energy sector grows and sets it further apart from other Canadian provinces, Nova Scotia on Wednesday released a new energy strategy that involves, among other things, establishing a Department of Energy, introducing limited competition for some electric power customers, adding a royalty trust from offshore proceeds and setting new air pollution standards. The strategy also expects “major future benefits” from using natural gas and has set a plan in motion to remove barriers that would allow the new system to operate on a firm commercial basis.