Hikes

New Jersey Resources Corp. (NJR) increased deliveries by 47% to 491 Bcf in its fiscal year that ended Sept. 30, increasing earnings per share by 7.6% to a record $2.12 or $56.8 million, compared with $52.3 million or $1.97 for the 12-month period ending at the same time in 2001.

Consumer advocates are expected to be out in force for a series of public hearings scheduled by the California Public Utilities Commission (CPUC) on a substantial rate increase request by Las-Vegas, NV-based Southwest Gas Corp.

Getting a little extra boost from a rebounding expiration-day screen, the uphill climb for swing prices got steeper Tuesday as what is touted as the coldest weather of what has been so far a decidedly mild winter season continued to expand into new market areas. Most gains ranged from just a couple of pennies to about 15 cents, but anticipation of a radical change in temperatures today had Northeast citygates registering larger increases, led by spikes of nearly half a dollar at Transco’s two Zone 6 pools.

Natural-gas shippers face extra costs of C$275 million (US$172 million) per year as a result of proposals by TransCanada PipeLines, according to calculations by an irate Canadian Association of Petroleum Producers. In written preliminaries for hearings before the National Energy Board that promise to be long and hot after they start Feb. 19, CAPP calls TransCanada’s financial requests “grossly excessive.” Other protesters, while more diplomatic, are also firm — including Mirant Canada Energy Marketing Ltd.

Natural gas shippers face extra costs of C$275 million (US$172 million) per year as a result of proposals by TransCanada PipeLines, according to calculations by an irate Canadian Association of Petroleum Producers. In written preliminaries for hearings before the National Energy Board that promise to be long and hot after they start Feb. 19, CAPP calls TransCanada’s financial requests “grossly excessive.” Other protesters, while more diplomatic, are also firm — including Mirant Canada Energy Marketing Ltd.

The tropical storm threat was fading, but hotter weather was returning in many areas, prompting mild firmness in the cash market Monday. Most points ranged from flat to as much as about 30 cents higher in the case of Transco Zone 6-NYC, but there were a few small downturns thrown into the mix.

Faced with severe drought conditions and skyrocketing wholesale electricity market prices, the Bonneville Power Administration (BPA) on Monday warned that it may be forced to increase wholesale rates by 250% or more after Oct. 1, unless the region’s retail utilities and large industrial customers step up to the plate and agree to slash energy use within the next 60 days.

Alleviating oversold conditions created on the move lower over the past couple weeks, natural gas futures rebounded strongly Tuesday, as traders covered shorts amid undeniably bullish technical conditions. After gapping higher at the open, a steady flow of buying propelled the market to its highest level since May 1. At the closing bell, June was 25.9 cents higher at $4.653.

As a backdrop to the latest series of blackouts, California Gov. Gray Davis huddled Wednesday in Sacramento with large merchant generators while his chief utility regulator prepared for next week’s electric rate decision. The largest residential users and all businesses will carry the burden of retail price increases up to 52% for some customers. Both low-income and low-energy-consuming residential customers will be exempted for the rate increase.