Midwest

With an upbeat conference call and better-than-expected earnings for the first quarter, Dynegy Inc. swung to a profit for the first time in over a year, and further encouraged investors that it now expects to surpass 2003 guidance. The sector-leading stock soared, with more than 34 million shares exchanging hands, sending Dynegy up 25% to close at $4.70 — its highest level since July 18, 2002, when it closed at $4.50.

Seeking to ease the flow of power across a big chunk of the Eastern Interconnection, the Midwest Independent Transmission System Operator (MISO), PJM Interconnection and the Tennessee Valley Authority (TVA) on Wednesday announced plans to pursue the development of a multi-regional approach to strengthen electric transmission, operations and related transactions.

Upper Midwest combination utility NorthWestern Corp. revealed Tuesday that it will take about $880 million in special charges in 2002, which is $180 million more than previously announced. It expects to post a $900 million net loss for the year compared with net earnings of $37.5 million in 2001.

Upper Midwest combination utility NorthWestern Corp. revealed Tuesday that it will take about $880 million in special charges in 2002, which is $180 million more than previously announced. It expects to post a $900 million net loss for the year compared with net earnings of $37.5 million in 2001.

Constellation Energy Group announced plans to buy most of Nicor Energy LLC’s remaining competitive energy supply contracts covering about 8,000 commercial and industrial gas and electric customers in three midwestern states. Constellation said its affiliates will serve electricity to customers in Michigan and Illinois, and natural gas to customers in Michigan and Indiana. Closing of the deal is expected by April 1. Terms were not disclosed.

Shares of Upper Midwest gas and electric utility company NorthWestern Corp. fell 7% by Wednesday afternoon to $2.57/share after the company announced that it is suspending its common stock dividend and expects about $700 million in special charges for 2002 because of the poor performance of its investments in CornerStone Propane, communications network provider Expanets, and heating and airconditioning unit Blue Dot.

Shares of Upper Midwest gas and electric utility company NorthWestern Corp. fell 7% by Wednesday afternoon to $2.57/share after the company announced that it is suspending its common stock dividend and expects about $700 million in special charges for 2002 because of the poor performance of its investments in CornerStone Propane, communications network provider Expanets, and heating and airconditioning unit Blue Dot.

Despite the recent failure of multiple major pipeline expansionprojects to Wisconsin, CMS Energy, WICOR and Viking GasTransmission have come up with another one that they believe haswhat it needs to succeed, namely a signed long-term contract withWICOR subsidiary Wisconsin Gas, the state’s largest LDC, for 650MMcf/d.

Strong heating demand for most of this winter in the Midwest, Plains, Northeast and Mid-Atlantic will increase regional power loads and natural gas demand, pushing prices for those commodities higher, according to WSI Corp.’s latest seasonal forecast.