While exports to the United States drive the expanding natural gas sector on Canada’s East Coast, it remains unclear whether there will be a domestic distribution grid in Nova Scotia. The Nova Scotia utility commission has set a deadline of Jan. 14, 2002, to receive applications for a second run at building a gas distribution system in the province. A hearing has been called for Nov. 19 on issues raised by the withdrawal of Sempra Atlantic Gas from the project, including what to do with C$50 million (US$30 million) in installations that the company was able to construct in the Halifax-Dartmouth area.
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Moderate Price Increases Dominate Most Markets
Price movement ranged from essentially none to nearly a dime higher for most points Thursday. Small declines at Northeast citygates and larger ones for the PG&E citygate and California border-SoCal gas were the exceptions in one direction, while upticks of 15-20 cents or so more for Malin and intra-Alberta broke the pattern in the other direction.
Prospects of Halting Price Dive Appear Slim to None
The rout was on Tuesday in the cash market. Buffeted by a fairlybenign weather outlook, both near-term and for the transitionperiod into February, and a plunging screen, prices fell betweenabout 50 cents and a dollar at almost every point. Malin’s declineof about 15 cents spotlighted it as relatively firmer than the restof a very weak market.
One CA Generator Keeping Options Open
Although none of the major merchant generators in Californiawill talk about pulling back from the nation’s largest electricitymarket, they are not happy with some of the proposals that haverecently landed in the federal regulators’ lap advocating pricecaps and cost-based ratemaking, at least for interim periods.Several generators noted this week they are watching the situationclosely and intend to be heard at the federal level as well asamong the California energy policymakers.
One CA Generator Keeping Options Open
Although none of the major merchant generators in Californiawill talk about pulling back from the nation’s largest electricitymarket, they are not happy with some of the proposals that haverecently landed in the federal regulators’ lap advocating pricecaps and cost-based ratemaking, at least for interim periods.Several generators noted this week they are watching the situationclosely and intend to be heard at the federal level as well asamong the California energy policymakers.
Williams Earnings Fall Short in ’98
None of Williams’ three main subsidiaries matched 1997 earningslevels, the company said Thursday, as it announced a total 1998 netincome of $140.7 million, or $0.31 per diluted share, down from$368.3 million, or $0.85 per diluted share in 1997. For the fourthquarter, Williams posted a net loss of $20.2 million or $0.05 perdiluted share versus a net income of $57.5 million or $0.13 perdiluted share in 1997. Company officials blamed poor marketconditions, large accrual and impairment amounts, and disappointingresults in the communications business as reasons for the poorperformance.