Looking

As tempers continue to get shorter in the midst of California’senergy predicament, the state’s two major investor-owned utilitiesbutted heads this week on a natural gas issue created as anoffshoot of the persistent electricity woes in the state. Itinvolves Pacific Gas and Electric Co.’s emergency filing to stateregulators Jan. 18 asking for Southern California Gas Co. to giveit some supplies in the face of its looming shortages, promptingSoCalGas to protest the request.

Amid the financial calamity facing California’sonce-invincible-looking two major utilities, California regulatorsThursday unanimously approved a temporary 1 cent/kwh rate hike, butthe growing challenge facing the state’s political leaders is thata grassroots push for government-run energy operations isdefinitely picking up steam.

Californians looking for reason to celebrate over theThanksgiving holiday may have found it in a new report from theCalifornia Energy Commission, which claims that the state shouldhave enough power to meet its electricity demand next summer,barring extraordinarily hot weather.

Californians looking for something to give thanks for this weekmight want to read a new report from the California EnergyCommission, which claims that the state should have enough power tomeet its electricity demand next summer, barring extraordinarilyhot weather. The CEC’s findings relied in part on the addition ofnew generation that is expected to be available next year, most ofwhich is being built by Calpine Corp.

A casual observer looking back at yesterday’s natural gasfutures trading might take notice of the somewhat narrow 14-centtrading range and not-so-uncommon-lately 12.1-cent prompt monthgain and conclude that Wednesday was just another ho-hum day at theNew York Mercantile Exchange.

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).

Looking like the readout on an EKG machine gone mad, natural gasfutures soared, dipped then rallied again yesterday as tradersdealt with a bevy of somewhat contradictory but certainly confusingpieces of fundamental news. With Wednesday’s 25.9-cent advance and$4.073 settle, the June contract climbed into the rarified air of$4.05-plus prices, which have been achieved only in seven othertrading sessions during the 10-year history of natural gas futures.

The Williams Co.’s natural gas pipeline unit is bullish on NorthAmerican development and is looking north to Canada for its nextproject.