Accent Energy Group LLC (Accent Energy) has purchased the remaining 1,700 commercial and industrial gas customer accounts from Nicor Energy, a retail energy marketer owned equally by Nicor, Inc. and Dynegy. The customers are Nicor’s last since its decision to exit the retail marketing business (see Daily GPI, )
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Kinder Morgan Beats 2002 Consensus, But 4Q Earnings Slip 15%
Kinder Morgan Inc. (KMI) last week touted its business model and record 2002 earnings, which beat consensus Wall Street estimates. However, the company reported a 15% drop (10 cents/share) in fourth quarter net income due to special charges primarily related to a reduction in the carrying value of its power generation assets. Full-year 2002 KMI net income was up 35% to $302.7 million or $2.45/share.
Calpine Halts Future Power Plant Development, Cuts Capital Spending
Citing a current depressed demand for electricity, particularly in the industrial sector, San Jose, CA-based Calpine Corp. last week put the breaks on its seemingly nonstop gas-fired power plant development program that currently covers 29 states, Canada and the UK. The company, whose stock and credit ratings have taken a hit, particularly in the wake of Enron’s fall, said it would complete “on schedule” its 27 projects (15,200 MW) now under construction, but it was halting 34 other projects (15,100 MW) under development, pending further review.
Prices Generally Softer; Mild Upticks Clustered in West
The cash market got little support from the return of industrial load following the weekend. Instead, with a much weaker screen in Nymex’s abbreviated session Monday, and with few areas experiencing bullish weather, most points softened by up to a dime or so.
Researcher: LNG Will Meet Shortfall in U.S. Gas Supply
Importing liquefied natural gas is “one part of the solution” to help supply an expected natural gas shortfall of 8 Bcf/d by 2010, according to Houston researcher Industrial Information Resources Inc. (IIR). It noted that by the end of the decade, U.S. consumption will reach 30 Bcf/d, and LNG imports will play an “increasingly important role” to power new natural gas-fired plants now under construction.
Researcher: LNG Will Meet Shortfall in U.S. Gas Supply
Importing liquefied natural gas is “one part of the solution” to help supply an expected natural gas shortfall of 8 Bcf/d by 2010, according to Houston researcher Industrial Information Resources Inc. (IIR). It noted that by the end of the decade, U.S. consumption will reach 30 Bcf/d, and LNG imports will play an “increasingly important role” to power new natural gas-fired plants now under construction.
CA Regulators Okay Real-Time Metering for SDG&E
On an emergency basis, California regulators Thursday approved the installation of real-time metering for San Diego Gas and Electric’s 4,700 largest commercial and industrial customers that don’t presently have real time metering as an aid to reducing electricity demand during peak periods this summer.
EIA: Supply ‘Uneasiness’ Props Up Gas Prices
Due to warm winter weather in certain regions last month,increased fuel switching and industrial slowdowns, the countryconsumed 140 Bcf less natural gas than was anticipated in January,which led to much lower spot gas prices towards the end of themonth, according to the Energy Information Administration’s (EIA)Short-term Energy Outlook for February.
J.P. Morgan: Tech Boom = Gas Company Boom
In the new economy, while energy-intensive industrial businesslags, the growing information technology (IT) and telecom sectors”should account for an increasingly large piece of the total energypie,” according to an industry analysis report released by J.P.Morgan. And some will profit more than others, the financial giantsaid, in naming seven natural gas-based companies the winners inthe new market.
Adams Resources Adds New England Market
Houston-based Adams Resources & Energy, Inc. is expandingits natural gas business, setting up a downstream office inProvidence, RI to market to industrial and commercial customers.