The cash market made another big surge Monday as traders debatedwhether storage worries or new weather forecasts carried the mostweight in the renewed bullishness. Gains tended to range from abouta quarter to more than a dollar in Transco’s Zone 6 pools in theNortheast. Some production area points were exceeding January indexlevels.
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NRG Energy Joins SRW Cogeneration LP With 50% Share
Conoco subsidiary, Conoco Global Power (CGP) has tappedsubsidiaries of NRG Energy to help own and operate SRW CogenerationLP, and its holdings. NRG Energy purchased a 50% stake in thecompany at an undisclosed cost. Currently, the partnership owns,and will operate a $260 million power facility near Orange, TX, nowunder construction.
Plains Resources Contemplates Restructuring
In an effort to realize more value for its shareholders, PlainsResources has decided to evaluate strategic restructuringalternatives to help increase the value, and value-creating abilityof its upstream and midstream business segments.
Dominion to Add 1,100 MW to PA Region
Dominion is on course to add 1,100 MW of natural gas-firedgeneration to its electric portfolio in Pennsylvania by the secondquarter of 2004 to help meet growing energy demand in the region.The merchant power facility will sell competitive energy to buyersin newly opened wholesale markets.
CPUC Seeks Info from Merchant Generators
California regulators have appealed to the Federal EnergyRegulatory Commission for help in completing the state’sinvestigation of prices paid in the state’s wholesale electricitymarket this past summer.
Industry Brief
The Houston Exploration Co. reported it intends to add moreproduction to its hedging program for November and December of thisyear to help off-set losses accrued during the last two quarters.The company plans to add 40,000 MMBtu/d to November hedgedproduction and 50,000 MMBtu/d in December. Houston Explorationhedged these volumes with swap prices averaging $5.10 per MMBtu inNovember and $5.19 per MMBtu in December. The additional hedgingraises the ceiling price from $3.55 to $4.05 on hedged volumes forthe period. The company said it has not committed to any furtherhedges, but is currently evaluating these opportunities as part ofits risk management policy.
CA Utilities Seek $100 Power Cap
Following up on earlier requests for federal help, California’slargest electric utilities and their usual adversary, The UtilityReform Network (TURN), a utility watchdog group, jointly filed withthe Federal Energy Regulatory Commission Monday for a $100across-the-board cap on all wholesale electricity prices and forlonger term fixes, including a declaration that the state’selectricity market is unworkable under its current framework.
CPUC Approves $2 Billion Borrowing for SoCalEd
California regulators have issued emergency authorization forincreased borrowing — up to $2 billion — for SouthernCalifornia Edison to help it pay the bills for this summer’s powerprice spikes.
CPUC Approves $2 Billion Borrowing for SoCalEd
California regulators have issued emergency authorization forincreased borrowing — up to $2 billion — for SouthernCalifornia Edison to help it pay the bills for this summer’s powerprice spikes.
Energy Efficiency, Producer Tax Credits Key to Low Bills
Congress already has two measures pending that would help tomoderate the high natural gas bills expected this winter — theClinton administration’s package of energy efficiency measures andshort-term tax incentives for producers, Energy Secretary BillRichardson said yesterday.