A confluence of positive trends, including continued robustness in wholesale energy trading activity, helped to propel first quarter 2001 earnings at energy marketing and trading powerhouse Enron Corp. and its energy marketing competitor Dynegy Inc. above and beyond expectations previously locked in by Wall Street analysts.
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Enron, Dynegy Click On All Cylinders In Q1
A confluence of positive trends, including continued robustness in wholesale energy trading activity, helped to propel first quarter 2001 earnings at energy marketing and trading powerhouse Enron Corp. and its energy marketing competitor Dynegy Inc. above and beyond expectations previously locked in by Wall Street analysts.
Sempra Unclear on Escondido 500 MW Plant
With several significant matters unresolved, including questions related to the procurement of property, Sempra Energy Resources is hesitant to predict when it will reach a final decision on pursuing the construction of a 500 MW, natural gas-fueled power plant in Escondido, CA.
EEI Sees Need For Utility Risk Management Tools
Power suppliers need flexibility in securing supply arrangements and should be allowed to use risk management tools, including long-term contracts, other hedging tools and, if need be, ownership of generation, against the backdrop of state-level efforts to craft and successfully implement retail electricity restructuring plans, said the Edison Electric Insititute (EEI) in recent comments filed with the Federal Trade Commission.
EEI Sees Need for Utility Risk Management Tools
Power suppliers need flexibility in securing supply arrangements and should be allowed to use risk management tools, including long-term contracts, other hedging tools and, if need be, ownership of generation, against the backdrop of state-level efforts to craft and succesfully implement retail electricity restructuring plans, said the Edison Electric Insititute (EEI) in recent comments filed with the Federal Trade Commission.
Sempra Unclear on Escondido 500 MW Plant
With several significant matters unresolved, including questions related to the procurement of property, Sempra Energy Resources is hesitant to predict when it will reach afinal decision on pursuing the construction of a 500 MW, natural gas-fueled power plant in Escondido, CA.
Calgary-Based Producers to Merge
APF Energy Trust said yesterday it will pay C$90 millionincluding debt to acquire all of the outstanding shares of AllianceEnergy Inc., which will double APF’s daily oil and gas production.APF said it would pay the equivalent of 0.201 APF shares for eachAlliance share, or C$2.02 per share up to a maximum of 2.2 millionunits or C$35 million.
Calpine Sets 70,000 MW Goal for 2005
By 2005, Calpine Corp. expects to have an operating goal of70,000 MW of electric generating capacity in place, including60,000 MW of baseload capacity and 10,000 MW of peaking generation,which would position the San Jose, CA-based company as one of thelargest power providers in the United States.
Industry Brief
Louis Dreyfus Natural Gas Corp. has announced a 23% increase inreserves, to 1.8 Tcf equivalent in 2000, including 1.6 Tcf ofnatural gas and 33 million barrels of crude oil. The year-endpresent value, discounted at 10%, of estimated future net revenuesfrom proved reserves was $3.7 billion, a $2.7 billion increase overthe prior year-end reserve value. Drilling and acquisitionactivities added 479 Bcfe or 350% of production. Proved reserveadditions from drilling were 275 Bcfe, which replaced over 200% ofproduction at an estimated finding cost of $.87 per Mcfe, andproved reserve acquisitions added 204 Bcfe at a cost of $.82 perMcfe. Louis Dreyfus drilled 461 wells in 2000, with an overallsuccess rate of 93%.
NOIA Urges MMS to Expand Leasing Plan
The Department of Interior’s Minerals Management Service (MMS)must carefully examine the option of including promising areas inits new 5-year leasing plan that have been subject to moratoria inthe past, the National Ocean Industries Association (NOIA) said.