Indicate

Third-quarter financial and operating results for natural gas and power companies indicate a continued — but slowing — surge in income increases from non-regulated activities, compared to earlier in the year, according to a survey by Energy Performance Review (EPR). While 3Q earnings for natural gas and power marketing and power generation were up about 50% from the same period last year, nine-month earnings, led by first quarter results, were up closer to 75%. Natural gas distribution earnings showed a greater seasonal loss this third quarter, compared to last, while electricity distribution gained slightly over last year’s 3Q.

Third-quarter financial and operating results for 118 natural gas and power companies indicate a continued, but slowing surge in income increases compared to earlier in the year from non-regulated activities, according to a survey by Energy Performance Review (EPR). While 3Q earnings were up about 50% from the same period last year, nine-month earnings, led by first quarter results, were up closer to 75%.

Following a plea by the Georgia governor to help the thousands of state consumers whose natural gas remains cut off for not paying bills, two marketers and a Georgia utility have stepped forward to fulfill the role of provider of last resort (POLR). Gov. Roy Barnes earlier this month asked the state’s Consumers Utility Counsel (CUC) to petition the Public Service Commission (PSC) because nearly 50,000 customers remain without gas after being unable to pay last winter’s unusually high bills.

Following a plea by the Georgia governor to help the thousands of state consumers whose natural gas remains cut off for not paying bills, two marketers and a Georgia utility have stepped forward to fulfill the role of provider of last resort (POLR). Gov. Roy Barnes earlier this month asked the state’s Consumers Utility Counsel (CUC) to petition the Public Service Commission (PSC) because nearly 50,000 customers remain without gas after being unable to pay last winter’s unusually high bills (see Daily GPI, Nov. 12).

The White House remained mum throughout last week on its finalchoice for FERC chairman, but sources indicate that President Bushcontinues to champion Texas regulator Pat Wood III over currentFERC Chairman Curt Hebert Jr. for the job despite mounting pressurefrom Capitol Hill to keep Hebert.

The White House has remained mum throughout the week on itsfinal choice for FERC chairman, but sources indicate that PresidentBush continues to champion Texas regulator Pat Wood III overcurrent FERC Chairman Curt Hebert Jr. for the job despite mountingpressure from Capitol Hill to keep Hebert.

Raymond James & Associates’ gas analysts warned investors last week the latest production statistics indicate gas production is down 4-6% compared to last year and a tally of producers’ statistics for the second quarter by NGI found that conclusion to be accurate (See Table).

Raymond James & Associates’ gas analysts warned investorsyesterday the latest production statistics indicate gas productionis down 4-6% compared to last year. The St. Petersburg, FL-basedfirm highlighted several indicators, including sharply loweryear-to-year storage injections, reduced E&P company productionfigures, a growing “balancing item” reported by the Department ofEnergy in its gas market statistics and a survey of three of thelargest gas producing states.

Avista Corp. has warned preliminary estimates indicate secondquarter earnings per share will fall below securities analysts’current consensus second quarter estimate of $0.33 per share due tolosses in April and May within Avista Energy, its national energymarketing and trading. First quarter earnings in 1998 were $0.27per common share. The prospects for a disappointing second quarterfollow on first quarter earnings of $0.34 per diluted share, wellbelow the $0.56 per share in first quarter 1998.