Looking

Looking ahead to summer within the PJM Power Pool meansanticipating power shortages and price spikes. With virtually nonew generation coming on line for this summer, Pennsylvania publicinterest group PennFuture says it’s time to create a demand sidemarket for electricity and give consumers an incentive to conserve.

DukeSolutions is actively looking to sell the gas and electrictrading portion of its business, a spokesman confirmed last week,hastening to explain that this sale has nothing to do with DukeEnergy’s main North American trading operations under Duke EnergyMerchants.

DukeSolutions is actively looking to sell the gas and electrictrading portion of its business, a spokesman confirmed last week,hastening to explain that this sale has nothing to do with DukeEnergy’s main North American trading operations under Duke EnergyMerchants.

Prince Edward Island, a popular vacation spot off the northerncoasts of New Brunswick and Nova Scotia, is looking to get on boardthe natural gas express line running from Sable Island through theCanadian Maritimes provinces.

Prince Edward Island, a popular vacation spot off the northerncoasts of New Brunswick and Nova Scotia, is looking to get on boardthe natural gas express line running from Sable Island through theCanadian Maritimes provinces.

Things are looking up, at least a little, for offshore rigutilization, according to Duff & Phelps Credit Rating Co.(DCR). The firm says operating rates have increased steadily overthe past 12 months as drilling day rates for a shallow waterjack-up rig have risen from a low of $22,000 to current levels ofaround $50,000. Offshore rig utilization has also steadilyincreased from a low of 72% during the summer of 1999, to 81% inFebruary 2000. Oil prices are averaging better than $20/barrel andOPEC countries continue to adhere to new, reduced productionquotas, resulting in lower reported crude oil supplies. Also,according to Oil & Gas Journal, natural gas energy consumptionis projected to increase 8.4 % by 2002.

While it is still too early to see if others in the industrywill follow the lead, Sempra Energy is not looking back afterdropping out of four major energy trade associations at year-end.Strategic direction, as much as cost-savings, was the key driver inthe $5 billion holding company’s decision, according to a seniorexecutive responsible for implementing the new direction. The moveis expected to save Sempra several million dollars annually in duesand expenses related to its employees’ participation.

Things are looking up at Mitchell Energy & Development Corp.at a time when the company is up for potential sale. Mitchellreported third quarter net earnings of $29.5 million versus a lossof $3.7 million in the prior-year period. The current quarter’sresults included a $5 million ($3.1 million after-tax) reversal ofprevious litigation provisions. Excluding the reversal, earningsincreased $30 million compared with the prior-year period,primarily due to significantly higher energy prices and loweroperating expenses. These positive factors were partially offset bythe adverse impact of natural gas and natural gas liquidsproduction curtailments in early August associated with a six-dayshutdown of the Bridgeport gas processing plant for maintenance andequipment upgrades.

Things are looking up at Mitchell Energy & Development Corp.at a time when the company is up for potential sale. Mitchellreported third quarter net earnings of $29.5 million versus a lossof $3.7 million in the prior-year period. The current quarter’sresults included a $5 million ($3.1 million after-tax) reversal ofprevious litigation provisions. Excluding the reversal, earningsincreased $30 million compared with the prior-year period,primarily due to significantly higher energy prices and loweroperating expenses. These positive factors were partially offset bythe adverse impact of natural gas and natural gas liquidsproduction curtailments in early August associated with a six-dayshutdown of the Bridgeport gas processing plant for maintenance andequipment upgrades.