Investments

Writedowns totaling $342 million related to investments in power generation assets and oil reserves in financially-troubled Argentina in the first half of the year added up to a net loss of $99 million for El Paso Tennessee Pipeline Co. for the six-month period ending June 30, the company announced Wednesday.

Burlington Resources Inc. plans to lower its capital investments in 2002 to $1.3 billion, compared with combined full-year expenditures by the company and merger partner Canadian Hunter Exploration Ltd. of $1.6 billion this year. Excluding capital for acquisitions, next year, about 40% of Burlington’s exploration and production budget will be spent in Canada, with another 30% allocated to develop the San Juan Basin and Midcontinent areas of the United States. Another 30% will be spent on major development programs around the world.

Burlington Resources Inc. said Tuesday it would lower its capital investments in 2002 to $1.3 billion, compared with combined full-year expenditures by the company and merger partner Canadian Hunter Exploration Ltd. of $1.6 billion this year. Totals for both years exclude capital for acquisitions. Next year, about 40% of Burlington’s exploration and production budget will be spent in Canada, with another 30% allocated to develop the San Juan Basin and Midcontinent areas of the United States. Another 30% will be spent on major development programs around the world.

“Significant web-based investments directed at residential consumers can only be justified on the basis of faith–not rational financial analysis,” according to a survey by Primen which found virtually no consumers interacting with energy companies on the internet.

A plan that calls for more than $420 million of transmission facility additions and reinforcements in the PJM region has been given the green light by PJM Interconnection’s board of managers. PJM Interconnection’s board of managers signed off on the second regional transmission expansion plan (RTEP) for the PJM region last Tuesday.

A plan that calls for more than $420 million of transmission facility additions and reinforcements in the PJM region has been given the green light by PJM Interconnection’s board of managers. PJM Interconnection’s board of managers signed off on the second regional transmission expansion plan (RTEP) for the PJM region on Tuesday.

Robert Ray took on a new position with Dynegy Inc. yesterday.The nine-year company veteran was named vice president of StrategicInvestments, a job which entails strategic planning, valuation ofcorporate mergers and acquisitions, as well as the company’sinvestment in other business opportunities. Ray has held a numberof positions within Dynegy, most recently the title of vicepresident of Corporate Finance.

Looking beyond rate freezes and charges for strandedinvestments, California regulators last Thursday opened the doorfor greater retail electric price fluctuations in a decisionallowing the state’s three major investor-owned electric utilitiesto buy and sell some of their power outside the state-mandatednonprofit power exchange (Cal-PX).

Looking beyond rate freezes and charges for strandedinvestments, California regulators Thursday opened the door forgreater retail electric price fluctuations in a decision allowingthe state’s three major investor-owned electric utilities to buyand sell some of their power outside the state-mandated nonprofitpower exchange (Cal-PX).