Growth

Because of the rapid growth of gas-fired power generation in New England, the New England Independent System Operator (ISO) should expect inadequate pipeline capacity to support winter power production through 2005, according to Phase II of a study by Boston-based Levitan & Associates Inc. However, the study concludes there should be enough capacity in the pipeline grid to avoid any problems in the summer.

Because of the rapid growth of gas-fired generation in New England, the New England Independent System Operator (ISO) should expect inadequate pipeline capacity to support winter power generation through 2005, according to Phase II of a study by Boston-based Levitan & Associates Inc. However, the study concludes there should be enough capacity in the pipeline grid to avoid any problems in the summer.

Coming off of a fourth quarter in which it achieved its targeted annual production rate growth of 17%, Phillips Petroleum Co. added 433 MMboe, net of sales, to its worldwide proved reserves in 2001, replacing 135% of its 2001 worldwide oil and gas production.

Coming off of a fourth quarter in which it achieved its targeted annual production rate growth of 17%, Phillips Petroleum Co. added 433 MMboe, net of sales, to its worldwide proved reserves in 2001, replacing 135% of its 2001 worldwide oil and gas production.

Summing up its results for 2001, online energy trading company, IntercontinentalExchange (ICE), said by the end of 2001 the number of participating firms and users on ICE both increased by more than 400%. In addition, the company said that the number of trades executed on ICE grew 15 fold over that same period during 2000.

Natural gas usage levels are continuing a strong growth trend as more and more consumers are using the commodity to heat their homes. Of the single-family homes constructed in 2000, 70% of them featured natural gas heat, according to the 2000 Residential Natural Gas Market Survey released Friday by the American Gas Association (AGA). Electric heat captured 27%, followed by heating oil at 3%, the survey found.

Adding to the list of energy trading companies that have seen a sizeable jump in business since Enron Corp. filed for bankruptcy earlier this month, Sequent Energy Management, the wholesale marketing and supply arm of Atlanta-based AGL Resources Inc., said that its business volumes have risen nearly 300% since the energy giant filed under Chapter 11.

Holding company UGI Corp., headquartered in Valley Forge, PA, reported Tuesday that its net income was up 28% over a year ago, standing at $2.10 per diluted share for the fiscal year ended Sept. 30, 2001 compared with $1.64 for the same period of 2000. For the third quarter, UGI recorded a seasonal net loss of $0.40 per diluted share, excluding a one-time charge, compared to a loss of $0.39 per diluted share in the third quarter of 2000. UGI previously reported that it expected fiscal year 2001 net income to be $2.05, net of one-time items.

Mirant’s diversified global portfolio and growing gas merchant business in North America sent third quarter earnings soaring, with earnings from operations totaling $234 million or 67 cents per diluted share, compared to $119 million or 35 cents per diluted share for the third quarter, 2000. CEO Marce Fuller said the earnings have given the Atlanta-based company “increasing confidence in our ability to achieve earnings per share of $2.55 to $2.65 next year, and to grow off that base by at least 20% on average in subsequent years.”