Meet

Dominion said Wednesday its 2001 operating earnings, excluding special charges, are expected to “meet or slightly exceed” analyst expectations of $4.15 per share, and it reaffirmed its 2002 earnings guidance of $4.90-4.95 per share. The higher earnings come despite fourth quarter write-downs of about $348 million, created by $97 million related to Enron Corp. exposure, a write-down of Dominion Capital assets worth $183 million, and a restructuring initiative announced in November, which will cost $68 million.

FERC has issued final certificates to Southern Natural Gas to serve new power generation in Alabama and to Tennessee Gas Pipeline to increase firm takeaway capacity at connections with Maritimes & Northeast Pipeline and Portland Natural Gas Transmission in Massachusetts in order to increase the supply of Canadian natural gas to New England power plants.

While the world has “plenty” of energy reserves to meet its needs over the next two decades, supply is not guaranteed, and “massive” investments will be required in both infrastructure and technology to solve the problem, according to a study by the International Energy Agency (IEA). The French organization released its “World Energy Outlook 2001 Insights: Assessing Today’s Supplies to Fuel Tomorrow’s Growth,” which offers conclusions by 15 analysts from around the world.

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.

The Gas Industry Standards Board (GISB) will facilitate an industry-wide forum Tuesday and Wednesday (Aug. 14-15) at the Energy Department in Washington, DC for discussion of a new standards organization to develop wholesale and retail standards for natural gas and electricity.

The Gas Industry Standards Board (GISB) will facilitate an industry-wide forum Aug. 14-15 at the Energy Department in Washington for discussion of a new standards organization to develop wholesale and retail standards for natural gas and electricity.

Importing liquefied natural gas is “one part of the solution” to help supply an expected natural gas shortfall of 8 Bcf/d by 2010, according to Houston researcher Industrial Information Resources Inc. (IIR). It noted that by the end of the decade, U.S. consumption will reach 30 Bcf/d, and LNG imports will play an “increasingly important role” to power new natural gas-fired plants now under construction.

The Wyoming Interstate Co. system west of Rawlins will be shut down for 16 hours Aug. 14 to upgrade the pipeline to meet new class code requirements. The Overthrust, Questar-WIC, Red Sand, Wapiti and Lost Creek points must be shut in for the duration of the work. A reduced capacity schedule will be coordinated with affected parties for that day, WIC said. Throughout August, the new Medicine Bow Loop will be connected at various locations to the existing Medicine Bow Lateral. No impact to service is anticipated except when Cheyenne Compressor Station is removed from service for one day for construction work, cutting lateral capacity to about 400 MMcf for the day.

Importing liquefied natural gas is “one part of the solution” to help supply an expected natural gas shortfall of 8 Bcf/d by 2010, according to Houston researcher Industrial Information Resources Inc. (IIR). It noted that by the end of the decade, U.S. consumption will reach 30 Bcf/d, and LNG imports will play an “increasingly important role” to power new natural gas-fired plants now under construction.