Half

Enron likes to say about half its earnings come from businessesthat didn’t even exist five years ago. Considering the company’sresults for 1Q 1999, that bodes well for businesses where the big Eis just now getting its feet wet, such as retail energy services,water and communications.

After etching what some feel could be the range for theremainder of the April contract’s life with Monday’s $1.69 low andTuesday’s $1.825 high, the market stayed pat Wednesday-tradinginside a tight 3-cent range. And while no fresh fundamental forceswere seen to usher the market in either direction, sourcesindentified a host of limiting technical factors in yesterday’sprice action. The April contract finished up 0.5 cents to $1.795.

The faces among the top half of Daily GPI’s ranking of the top20 gas marketers haven’t changed much but their volumes certainlyhave, in some cases showing substantial growth. And while only onecompany joins the top-10 for the first time, nearly every one ofthe biggest players saw its position change in the ranking. (Seepage 4)

TransCanada Midstream (TCM), a business unit of TransCanadaPipeLines Ltd., bought Alberta Energy Co.’s (AEC) outstandingshares (49.995%) in PanAlberta Resources Inc. (PARI) for $35million plus about $7 million in assumed debt. PARI owns 50% of theEmpress II straddle plant and holds gas liquids extraction rightswith respect to gas volumes of Pan-Alberta Gas Ltd.

As part of a broad-based statewide investigation the first halfof 1999, California will explore possibilities for opening upelectricity distribution to competition as an extension of thestate’s ongoing energy industry restructuring. Potential impact onthe natural gas industry will be part of the investigation orderedearlier this month by the California Public Utilities Commission.

As part of broad-based statewide investigation the first half of1999, California will explore possibilities for opening upelectricity distribution to competition as an extension of thestate’s ongoing energy industry restructuring. Potential impact onthe natural gas industry will be part of the investigation orderedearlier this month by the California Public Utilities Commission.

Baker Hughes said operating earnings before one-time charges forthe third calendar quarter will be roughly half of the 36cents/share Wall Street consensus. Baker Hughes, which merged withWestern Atlas last month , said continuing declines in activity inthe Western Hemisphere, emerging softness in several EasternHemisphere markets and modest price erosion due to activitydeclines are the reason.