Hands

Despite recent indications that the Bush administration wouldtake a more hands-off approach to the California crisis, EnergySecretary Spencer Abraham late yesterday gave PG&E and SouthernCalifornia Edison another two weeks of breathing room by extendingemergency orders requiring gas and power suppliers to continuesupplying the cash-strapped utilities. The emergency gas order nowexpires at 3 a.m. (EST) Feb. 7.

Enron Energy Services (EES) has agreed to manage energy supplyfor Pilkington North America Inc., a division of the UK-based glassmanufacturer, for a 10-year period in a deal valued in excess of$500 million. It covers nine of Pilkington’s U.S. facilitieslocated in North Carolina, Kentucky, Indiana, Ohio, Michigan,Illinois and California.

The North American natural gas market’s success is in the handsof the independents, and some of the leaders — private companiesnot driven by the need for outside investment — will be names notwidely recognized.

Gas producers must be wringing their hands in glee as futuresprices topped $4.50/MMBtu on Friday, but some of their customersclearly are a little less than overjoyed. High gas prices areforcing some fertilizer producers to consider shutting down theirplants and selling their feedstock on the open market just to makeends meet.

Gas producers must be wringing their hands in glee as futuresprices top $4.45/MMBtu, but some of their customers clearly are alittle less than overjoyed. High gas prices are forcing somefertilizer producers to consider shutting down their plants andselling their feedstock on the open market just to make ends meet.

In a move rumored for the past few months, Occidental Petroleum(Oxy) took Altura Energy off the hands of Shell Exploration &Production Co. and BP Amoco last week. The $3.6 billion transactionis expected to close within the next few weeks, the companies said.

In a move rumored for the past few months, Occidental Petroleum(Oxy) took Altura Energy off the hands of Shell Exploration &Production Co. and BP Amoco yesterday. The $3.6 billion transactionis expected to close within the next few weeks, the companies said.

Globalization hit the paper energy market yesterday with the bidby the U.S. investment subsidiary of a Dutch banking firm forMerrill Lynch’s energy futures, options and commodities business,and the takeover of Natsource LLC, a leading U.S. broker of naturalgas and electricity, by a London wholesale money broker.

CMS Energy is handing over its title of largest independent oiland gas producer in Michigan to Quicksilver Resources, the companysaid last week. The sale includes all of CMS Energy’s gas and crudeoil exploration and production properties in Michigan, includingthe stock of Terra Energy Ltd., as well as other smaller interestsin Ohio, Kentucky, and Indiana.