Northeast Utilities’ (NU) board appointed Charles W. Shivery as its new chairman, president and CEO effective immediately. Shivery, who has been interim CEO since January when Michael G. Morris left to become CEO of American Electric Power, becomes NU’s sixth chairman in its 38-year history. Shivery, 58, was previously president of NU’s competitive group, responsible for the strategic growth and performance of NU’s competitive energy businesses, which include Select Energy, Select Energy Services, Northeast Generation Services and Northeast Generation Co., which together provide electricity, gas and specialized generation services in the 11 state region from Maine to Maryland. He joined NU in 2002, having retired earlier that year as co-president of the Constellation Energy Group, parent company of Baltimore Gas & Electric (BG&E).
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Power Purchase Deals are Key Element in Exelon Bid to Buy Illinois Power
Immediately after getting over one hurdle, Exelon Corp. now finds itself standing in front of another in its quest to purchase Dynegy’s Illinois Power (IP) unit. First announced in late September (see NGI, Sept. 29), the $2.225 billion deal has been under constant fire from the Illinois government as well as consumer groups.
December Futures Rally on 32 Bcf Withdrawal But Then Collapse
After soaring 19 cents Thursday to a high of $4.930 immediately after the Energy Information Administration (EIA) reported a 32 Bcf weekly storage withdrawal, which was larger than expected and larger than the five-year average, December gas futures made a sharp reversal, plummeting all the way down to $4.55 by about 1:25 p.m. EST. The December contract ended the day down 12 cents to $4.618.
December Manages Slight Gain from Mostly Sideways Trading
December natural gas futures opened lower Tuesday, immediately probing the downside, but rebounded after failing to test the overnight Access low at $4.585. It bounced up to a high of $4.790 at 11 a.m. EST before relaxing and then trading sideways the rest of the day. The near-month contract managed a 2.2-cent daily gain, ending the session at $4.727. The January contract slipped 0.6 cents to $4.977, February added 0.4 cents to close at $4.982, and March slid 0.1 cents to $4.887.
Transportation Notes
“It is imperative that operators take delivery of quantities that are scheduled immediately,” Kern River said in a Monday bulletin board notice noting that the pipeline was “operating with extremely high linepack due to excessive banking over the weekend.” It also encouraged the scheduling of due-customer imbalance paybacks on an as-available basis.
Producers Reviving the Gas Marketing Business
In the wake of the Enron debacle, the mass exodus from the energy merchant segment that immediately followed has forced natural gas producers to once again throw their respective hats into the marketing arena to sell their own supplies.
Producers Reviving the Gas Marketing Business
In the wake of the Enron debacle, the mass exodus from the energy merchant segment that immediately followed has forced natural gas producers to once again throw their respective hats into the marketing arena to sell their own supplies.
Southern Union Reports 19% Increase in 1Q Earnings
The delayed acquisition of Panhandle Pipeline Co. from CMS Energy will be wrapped up before June 30 and will immediately add value, Pennsylvania-based Southern Union Co. said on Wednesday in announcing double-digit earnings growth in the first quarter. Southern Union said its net income, including income from discontinued operations, was $63.9 million, or $1.14/diluted share, compared with $43.7 million, or 78 cents/share for the same period last year. On a continuing operations basis, first-quarter earnings were up 19% to $46.2 million, or 83 cents/share.
AGA Uges Bush to Authorize Emergency LIHEAP Funds
The American Gas Association (AGA) has called on President Bush to “release immediately” $300 million in emergency assistance to help pay the winter energy bills of low-income customers under the Low Income Home Energy Assistance Program (LIHEAP), and to support a minimum of $2 billion for the winter-assistance program in fiscal year 2003 when Congress returns in January.
AGA Uges Bush to Authorize Emergency LIHEAP Funds
The American Gas Association (AGA) has called on President Bush to “release immediately” $300 million in emergency assistance to help pay the winter energy bills of low-income customers under the Low Income Home Energy Assistance Program (LIHEAP), and to support a minimum of $2 billion for the winter-assistance program in fiscal year 2003 when Congress returns in January.
