Levels

After a busy 2000, Cinergy Corp. reported a slight decrease from1999 levels in net income in the fourth quarter, but the company’send-of-year net income showed growth over the year before. Netincome after taxes for the fourth quarter was approximately $92million ($0.58 per share), compared to about $93.5 million ($0.60per share) for the equivalent time period last year.

After a busy 2000, Cinergy Corp. reported a slight decrease from1999 levels in net income in the fourth quarter, but the company’send-of-year net income showed growth over the year before. Netincome after taxes for the fourth quarter was approximately $92million ($0.58 per share), comparedÿto about $93.5 million ($0.60per share) for the equivalent time period last year.

Projecting linepack falling beneath its minimum target levelsthrough Friday, Pacific Gas & Electric issued acustomer-specific OFO for today.

For those who are still scrambling for explanations on why gasprices have reached record levels, Salomon Smith Barney (SSB)meteorologist Jon Davis offered a brief synopsis last week of whathappened with the weather last month. November 2000 was the secondcoldest November in 106 years and it was a complete reversal fromNovember 1999, which was the warmest November in 106 years.

For those who are still scrambling for explanations on why gasprices have reached record levels, Salomon Smith Barney (SSB)meteorologist Jon Davis offered a brief synopsis last week of whathappened with the weather last month. November 2000 was the secondcoldest November in 106 years and it was a complete reversal fromNovember 1999, which was the warmest November in 106 years.

While gas prices remain camped out at record levels, R. SkipHorvath, president of the Natural Gas Supply Association (NGSA),urged state regulators yesterday to be patient until the recordnumber of gas rigs operating can do their work and providedesperately needed supply increases.

Online trading opportunities for energy companies will growexponentially in the future, offering increased price transparency,trading opportunities, volumes of trades and less congestion in themarketplace. To work well, however, the marketplace has to providean efficient pool of opportunity and neutral platforms, said twoonline energy trading platform executives yesterday.

A preliminary survey of second quarter financial reports from 25 producers reveals a 0.5% decline in U.S. gas production compared to 2Q99. Out of 25 producers, 14 reported lower production and five of those showed double digit drops. Pioneer Resources, Ocean Energy, Union Pacific and Kerr McGee showed the largest U.S. production declines on a percentage basis.

It sure didn’t take long for the August aftermarket to jump wellabove indexes, one market observer said. Boosted by screen strengthand the anticipation of closer to normal summer weather eventuallyinvading key northern market areas, all points except Malinregistered double-digit gains Wednesday.