Impacts

Due to much warmer than normal temperatures during the first quarter in California, Nevada and Arizona, Southwest Gas Corp. announced consolidated earnings of $0.76 per share for 1Q2003, a $0.56 decrease from the $1.32 per share earned during the first quarter of 2002. The company’s consolidated net income was $25.5 million, compared to $42.9 million in the prior period.

Argentina’s economic “restoration plans” that include a devaluation of the currency announced last Sunday will impact a number of companies with operations in South America, including Sempra Energy, Duke Energy and other private-sector investors in utility and energy projects in South America’s third largest economy. San Diego-based Sempra with 43% stakes in two Argentine natural gas utilities Monday said it was closely monitoring the situation and assessing to see if the potential impact on future earnings would be enough to warrant a formal announcement.

Warning that “the impacts of the current energy crisis are just now beginning to be felt in places all across the country,” House Resources Committee Chairman James V. Hansen, R-UT, opened hearings last Wednesday on energy legislation (H.R. 2436) that centers on tapping between five and ten billion barrels of oil from the Arctic Natural Wildlife Refuge (ANWR).

Warning that “the impacts of the current energy crisis are just now beginning to be felt in places all across the country,” House Resources Committee Chairman James V. Hansen, R-UT, opened hearings Wednesday on energy legislation (H.R. 2436) that centers on tapping between five and ten billion barrels of oil from the Arctic Natural Wildlife Refuge (ANWR).

Northwest said it lifted a Declared Entitlement Period forovertakes Friday “at the earliest date possible to minimize theimpacts to its customers.” The entitlement had been in effect sinceearly October (see Daily GPI, Oct. 9,2000) and was modified at times since then. The pipeline addedthat “while the operational threat is currently under control,Northwest will continue to monitor the system for unfavorableconditions and will immediately entitle the system, includingweekends, if necessary.” Realignment and must-flow OFOs were canceledby Northwest earlier last week (see Daily GPI, Jan. 4).

A gas explosion tore apart TransQuebec & Maritimes (TQM)pipeline’s East Hereford, PQ, compressor station near theQuebec-New-Hampshire border last Thursday, injuring one person andcompletely destroying an instrumentation control building. The lossof gas compression at the border crossing is reducing firm gasflows by 10-20 MMcf/d into the Portland Natural Gas TransmissionSystem (PNGTS) in New England.

AGL Resources Inc. said it expects operating earnings for itsfourth quarter of fiscal 1999 to be lower than analysts’ estimates,although the company expects a modest profit from operations forthe quarter. Current estimates have the company earning $0.17/shareduring the quarter ending Sept. 30 compared to $0.12/share lastquarter.