Launch

The fire sale price levels for power generation assets in the U.S. has drawn another set of players into the increasingly crowded field bidding for power plants. Carl Icahn and Panda Energy International last Wednesday said that their affiliated companies have signed a joint venture agreement to co-fund Panda Acquisitions Group, which will actively seek to purchase U.S. energy assets and related infrastructure.

Two former executives of Dynegy Inc. are heading up a new limited partnership that will acquire and control power and natural gas assets in the U.S. StoneCap Management LLC on Wednesday announced the formation of the StoneCap Group L.P., whose principals include Hugh Tarpley and Milton Scott.

Given a solid launch by the previous day’s futures spike and ice storms along the northern half of the East Coast, prices recorded double-digit gains at nearly all points Wednesday. With the exception of a few flat to moderately lower Northeast citygates, increases tended to range from about a dime to 30 cents, with most of them in the 20s.

Bedminster, NJ-based NUI Corp. said last week that it will launch a non-binding open season for expressions of interest in up to 7 Bcf of firm gas storage to be developed in the Richton Salt Dome storage facility in Perry County, MS. The open season will run through 5 p.m. EDT on July 3.

With the flight to more secure trading channels in the industry and demand for online trading, a new online futures exchange was launched last Friday. The Merchants’ Exchange opened a fully electronic cash-settled energy futures market, with Henry Hub natural gas futures (identical to the Nymex contract) and West Texas Intermediate crude. Brent crude, NY Harbor unleaded gasoline, NY Harbor heating oil, European gas oil and energy options all will soon follow.

Continuing to ramp up for a March 1 launch date, Nicor Gas said natural gas marketer participation in its Customer Select program in Illinois is up to 11 suppliers. On March 1 the pilot program becomes permanent and Nicor Gas customers will be able to voluntarily choose their natural gas supplier. Customers who elect not to join the program can stay with Nicor Gas as their supplier.

Continuing to ramp up for a March 1 launch date, Nicor Gas said Wednesday that natural gas marketer participation in its Customer Select® program in Illinois is up to 11 suppliers. On March 1 the pilot program becomes permanent and Nicor Gas customers will be able to voluntarily choose their natural gas supplier. Customers who elect not to join the program can stay with Nicor Gas as their supplier.

With the New Year ringing in the launch of retail electric competition in Texas, a key executive with the Electric Reliability Council of Texas (ERCOT) last Wednesday expressed confidence that the state’s transmission system will be up to meeting the demands of electricity deregulation.

Reliant Energy said that ideas that can help you manage and reduce your energy costs are now available with the launch of two new Internet-based services. The free, online energy analysis tools give consumers and owners of small to medium-sized businesses a detailed energy report of their home or business and money-saving recommendations on ways to improve their energy efficiency. The service is available 24 hours a day, seven days a week on our new Web site. Waters Davis, president of Reliant Energy Retail Services, believes these tools support Reliant Energy’s efforts to help customers reduce their energy costs. “These online products are customer-focused. They are powerful new tools that can assist our customers in managing their energy usage. These Web-based services put potential energy savings in the hands of customers,” said Davis. He said the two online services are diagnostic tools for the home or business, identifying opportunities to improve energy efficiency, then suggesting ways to help make these enhancements. The new web-based tool for residential customers is called “Reliant Energy Checkup” and can be accessed at http://www.reliant.com/energycheckup. Small to medium-sized businesses that use less than one megawatt of electricity can use the “Online Energy Advisor” at http://www.reliant.com/business/energyadvisor for a detailed energy analysis designed specifically with business customers in mind.