Lost

With 1,000 Louisiana chemical plant jobs lost in 2003 alone, Louisiana Gov. Kathleen Blanco last Monday called on the nation’s governors to press the federal government to form a “coordinated response” to historically high natural gas prices. At the same, top energy lawmakers engaged in a war of words in a Capitol Hill newspaper over the fate of the stalled Senate energy bill.

With 1,000 Louisiana chemical plant jobs lost in 2003 alone, Louisiana Gov. Kathleen Blanco on Monday called on the nation’s governors to press the federal government to form a “coordinated response” to historically high natural gas prices. At the same, top energy lawmakers engaged in a war of words in a Capitol Hill newspaper over the fate of the stalled Senate energy bill.

The possibility of blackouts Friday in New England because of lost gas-fired power generation and record demand prompted calls for legislative action by some Congressmen and Senators. But New England’s grid operator managed to keep the lights on, and the gas industry maintained firm deliveries during the bone-chilling cold that led to gas demand and spot price records.

Southern California Gas Co. expects to have about 500 customers who lost service due to Monday’s earthquake in central California back on line by Wednesday. The quake, a 6.5 magnitude, toppled a couple of buildings and a number of power poles in the town of Paso Robles in San Luis Obispo County.

They didn’t make up all the ground lost in Friday’s plunge, but prices did see solid across-the-board rebounds Monday. Sources cited the continuing creep eastward in the northern tier of states of cold weather that had been confined to the West last week as a significant factor, but also mentioned delayed influence from a screen surge Friday and the return of industrial load following a weekend.

More than $25 billion of value has been lost on new combined cycle generation built since 1999 from an initial $90 billion investment, according to Henwood Energy’s Power Generation BlueBook Advisory Service, which was announced last month.

Atlanta-based power and natural gas trader Mirant Corp. lost its months-long effort to stay out of bankruptcy last Monday, filing voluntary petitions seeking Chapter 11 protection in a Texas court. The company also filed an application in Canada last Tuesday seeking creditor protection for its Canadian subsidiaries.

Atlanta-based power and natural gas trader Mirant Corp. lost its months-long effort to avoid bankruptcy late Monday, filing voluntary petitions seeking Chapter 11 protection in a Texas court. The company was expected to file an application in Canada Tuesday seeking creditor protection for its Canadian subsidiaries.

Cash prices lost the support they had been deriving from strong energy futures Tuesday, and a near-total lack of cooling load in northern market areas appeared to be finally bringing a three-day upward run to a halt. Flat numbers dominated trading, with few points outside the San Juan/Rockies market varying by more than a nickel up or down from unchanged.