Members of the Passamaquoddy Native American tribe, having lost out in an earlier bid to open a gambling casino, voted in favor of locating an LNG import terminal on their Sipayik Reservation on Passamaquoddy Bay on the northern Maine coast. The vote was 193 to 132, in what Tribal Representative (to the state legislature) Fred Moore III said was the highest turnout ever for a special election.
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Domenici Warns Against Killing Bill and Incentives for Energy Alternatives
Striking back at a host of critics, Sen. Pete Domenici, (R-NM) told his colleagues Thursday that killing the energy bill would “kill the fuel diversity efforts, the drive to produce alternative sources of fuel for America.”
Democrats List ‘Parade of Horribles’ in GOP Energy Bill
The Republican-crafted energy bill has drawn Democratic fire on a host of provisions affecting the oil and natural gas industry, which they say will “raid the Treasury for billions.”
Quicksilver’s 2Q Revenues Increase as Profits Stumble
Due to a host of items that negatively affected its results, Fort Worth, TX-based Quicksilver Resources Inc. reported second quarter 2003 net income of $1.1 million, or 5 cents per diluted share, a substantial decline from the company’s 2Q2002 results of $3.7 million (18 cents per diluted share).
Quicksilver’s 2Q Revenues Increase as Profits Stumble
Due to a host of items that negatively affected its results, Fort Worth, TX-based Quicksilver Resources Inc. reported second quarter 2003 net income of $1.1 million, or 5 cents per diluted share, a substantial decline from the company’s 2Q2002 results of $3.7 million (18 cents per diluted share).
EIA Sees Prices Down 62% from Last Winter
Citing a host of poor fundamentals for the natural gas market, the Energy Information Administration (EIA) last week projected that spot gas prices will drop 62% to an average of $2.21/Mcf this winter from $5.78/Mcf a year ago. It said it doesn’t see spot prices rising above the $2.50/Mcf level anytime during the fourth quarter and 2002. The EIA now estimates the average spot price for 2001 will be about $4/Mcf.
EIA Sees Prices Down 62% from Last Winter
Citing a host of poor fundamentals for the natural gas market, the Energy Information Administration (EIA) projects that spot gas prices will drop 62% to an average of $2.21/Mcf this winter from $5.78/Mcf last winter. It said it doesn’t see spot prices rising above the $2.50/Mcf level anytime during the fourth quarter and 2002. The EIA now estimates the average spot price for 2001 will be about $4/Mcf.
CA Regulators Tackle Host of Gas Infrastructure Proposals
California regulators this week could start to lessen some of the uncertainty surrounding the in-state markets in the first of a series of natural gas infrastructure expansion decisions that ultimately could greatly expand the two major utility intra-state transmission/storage systems and make it easier for new interstate expansion projects into the state to get completed.
FERC Debuts Mega Gas Rule to Mixed Reviews
After 18 months in the making, the much-anticipated mega-rule,initiating a host of post-Order 636 gas transportation and ratereforms made its public debut last week. The rule got good reviewsfrom pipeline customers but immediate criticism from a majorinterstate pipeline.
Industry Briefs
The California Public Utility Commission said it will host aroundtable on energy market and infrastructure issues Jan. 25 from9 a.m. to 5 p.m. at the Al Bahr Shrine Auditorium 5440 Kearny MesaRoad in San Diego. The commission currently is exploring issuesrelated to energy infrastructure, including rules for electric andgas competition and policies on distributed power. Discussions atthe roundtable will cover gas and power supply and demand,reliability and market structure. CPUC President Richard Bilas andCommissioners Josiah Neeper and Carl Wood are planning to attend.The CPUC plans to bring up issues such as the following: Are gasand electric supplies available to the San Diego area adequate tomeet consumers’ needs? What is the current level of gas and powersupply reliability? What new generation or energy conservationmeasures, or combination of both may be used in the future to meetsupply needs? Will electric prices decrease, stabilize or bepredictable now that the rate freeze has ended for San Diego Gas& Electric and the utility’s transition charges are paid off?What about the other utilities? Those interested may file writtencomments by Feb. 4. A written report on the roundtable will beissued.