Market

MDU Resources Group, the diversified utility headquartered in Bismarck, ND, said it does not expect to meet its forecasts of $2.30-2.50 per earnings share for this year, and will see “significantly” lower earnings than the predicted $2.60 in 2002 because of the volatility in natural gas prices and a downturn in the economy. Still, MDU said it would stay the course on its long-term goal of an earnings per share growth of 10-12%, as well as a projected 30% increase in combined natural gas and oil production this year.

While a number of the leading power utility stocks gained between 1% and 3% in an overall market that was down slightly Tuesday, the second day of trading following the terrorist attacks a week ago, traders and independent power producers and independent natural gas producers and pipelines did not fare as well.

Citing fully used capacity, warmer weather in its market area and lower overall linepack, Florida Gas Transmission issued Tuesday an Overage Alert Day notice with 10% tolerance for negative daily imbalances.

Dynegy Inc. said Tuesday it has expanded its e-commerce site, Dynegydirect.com, into the United Kingdom energy market, reflecting the “increasing demand for Dynegy’s products in Europe as well as the successful launch…in North America last year,” said Gary Cardone, president of Dynegy Europe Ltd.

The cash market’s slide continued unabated in post-weekend trading, with some points plumbing depths they had not seen in nearly a year and a half. Declines tended to be smallest at Rockies/San Juan and California points because temperatures were getting hotter in the region again, especially in the desert Southwest where highs topped 100 degrees.

Because of market area rain that eased a low-linepack condition, Florida Gas Transmission lifted Wednesday an Overage Alert Day notice that had declared Monday. An El Paso low-linepack OFO remained in effect.

Nearly 20 years of competition in the natural gas market has reduced national energy costs by more than $600 billion, according to a new study issued last week.

Nearly 20 years of competition in the natural gas market has reduced national energy costs by more than $600 billion, according to a new study issued Monday.

FERC staff has given a preliminary environmental nod to Iroquois Gas Transmission’s $174 million Eastchester Expansion Project to serve the New York market.