Hand

With majority ownership in Denver-based Totem Gas Storage Co. LLC in hand following its purchase of ThermoEcotek Corp., AES Inc. plans to convert the gas field, a depleted “J” sand reservoir near Denver, into a 9 Bcf working gas storage facility. Totem would offer customers year-round storage service with delivery capabilities of more than 200 MMcf/d beginning in November 2002.

As he prepares to hand over the Senate Energy and Natural Resources Committee chairman’s gavel to Sen. Jeff Bingaman (D-NM), Sen. Frank Murkowski (R-AK) yesterday refused to completely reject the idea of placing caps on wholesale electricity prices in California. But, in an appearance before reporters at a Capitol Hill news conference on energy issues, the Alaska lawmaker also made it clear that he would first have to be assured that efforts to boost generation in the state would not be curtailed before he would consider the idea of a price cap on wholesale electricity prices in California.

With the first week of financial reports for the natural gasindustry in hand, analysts are expecting overall results to be verygood, driven by an extremely cold start to the winter, robustdemand growth, low storage levels and tight supply.

There was no shortage of hand-wringing and news mediaannouncements in the West in the wake of recent electricity pricespikes and multi-million-dollar estimated consequences fromCalifornia’s relative modest round of rolling brownouts in andaround the San Francisco Bay Area. The big question — particularin California — is whether new solutions will come fromregulators, lawmakers or the market.

There was no shortage of hand-wringing and news mediaannouncements in the West in the wake of recent electricity pricespikes and multi-million-dollar estimated consequences fromCalifornia’s relatively modest round of rolling brownouts aroundthe San Francisco Bay Area. The big question — particular inCalifornia — is whether new solutions will come from regulators,lawmakers or the market.

With Baltimore Gas and Electric Co.’s (BGE) deregulationsettlement in hand, parent Constellation Energy Group isanticipating the transfer of BGE non-nuclear generating plants andmaking organizational changes.

Overall the cash market Thursday decided one bearish storagereport in the hand was worth more than two tropical storms in thebush. But although nearly all points checked in as flat to downabout a nickel, sources said the softness probably would have beenquite a bit greater if it hadn’t been for September’s thirdstraight weekly storm threat to Gulf of Mexico production,especially in light of the screen’s nickel-plus drop.