Music

Increased gas and electricity price/supply volatility is musicto the ears of natural gas storage developers, and no one iswhistling louder these days than two firms sinking their investmentdollars into depleted gas fields in California: Western Canada’sAlberta Energy Co., developer of the state’s first merchantunderground storage project, Wild Goose Storage, in a depleted gasreservoir 50 miles north of Sacramento; and Western Hub Properties,the Texas-based developer that will begin construction of thefirst of two new storage projects in the state by the end of March.

Increased gas and electricity price/supply volatility is musicto the ears of natural gas storage developers, and no one iswhistling louder these days than two firms sinking their investmentdollars into depleted gas fields in California: Western Canada’sAlberta Energy Company, developer of the state’s first merchantunderground storage project, Wild Goose Storage, in a depleted gasreservoir 50 miles north of Sacramento; and Western Hub Properties,the Texas-based developer that will begin construction of thefirst of two new storage projects in the state by the end of March.

Walter Higgins, CEO of AGL Resources Inc., stood and faced themusic recently at the annual shareholders meeting in Atlanta asstock owners voiced their opinions concerning AGL Resources’subsidiary Atlanta Gas Light’s (AGL) over-billing controversy. Thecompany’s earnings did nothing to ease shareholders’ pain. AGLResources’ revenues for this quarter were down $75.2 million from1997 to $323.9 million. Operating margins fell from $145.1 millionin the year-ago quarter to $136.9 million for the quarter endedDec. 31. Weather and poor results stemming from the company’spartnership with Sonat caused the poor performance.

Walter Higgins, CEO of AGL Resources Inc., stood and faced themusic recently at the annual shareholders meeting in Atlanta asstock owners voiced their opinions concerning AGL Resources’subsidiary Atlanta Gas Light’s (AGL) over-billing controversy. TheGeorgia Public Service Commission and AGL settled the issue earlierthis month, with AGL agreeing to alter its billing methods andrefund $14.5 million to customers. The incident enraged manypeople, including one shareholder who demanded Higgins’resignation.