Losing

After gapping higher at the open yesterday and reaching as highas $1.915/MMBtu during the day, the April contract was able tomanage only a small 0.6-cent gain for the day, telling someobservers the contract has lost its vigor after the rapid 22.5-centclimb last week. April opened at $1.905, up significantly fromFriday’s settle of $1.853, but it lost steam at $1.92 during themorning and fell back to about $1.86. During afternoon trading, thecontract bounced back up to $1.90 before falling back down to fillthe gap and close the day at $1.859.

Despite losing to Texas Utilities in an attempt to acquireBritish power giant The Energy Group earlier this year, PacifiCorpshowed yesterday it has not lost its taste for things British. Thistime, however, it’s on the other end of a merger deal. The companyagreed to a friendly takeover by ScottishPower, Scotland’s largestelectric utility, for an estimated $7.9 billion in stock.ScottishPower also will assume PacifiCorp’s $4.9 billion debt.