The Pennsylvania Public Utility Commission (PUC) issued its first two nonbinding advisory opinions on local drilling ordinances, part of its new responsibilities to ensure that localities are in compliance with Act 13, the state’s new omnibus Marcellus Shale law.
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Black Hills Suspends Old Plants; Profits Increase
While its nonutility operations in coal, oil and natural gas were a mixed bag, Rapid City, SD-based Black Hills Corp. said Monday it is suspending prior to retirement several old coal and natural gas-fired power plants in Colorado and South Dakota as part of its utility operations in those two states.
Low Prices Inspire New Hampshire Aggregation
A nonutility unit of New Hampshire-based energy holding company Unitil Corp. has created a statewide natural gas and power-buying group with the state’s 10 counties to get them discounts on their ongoing energy bills. The deal involves Unitil’s Usource unit and the New Hampshire Association of Counties.
CMS Selling Nonutility Michigan Assets, Argentine Plants for $180M
CMS Energy said Thursday that it signed a binding letter of intent to sell a portfolio of its businesses in Argentina and its northern Michigan nonutility natural gas assets for $180 million to Michigan-based Lucid Energy, whose financial partners include Sociedad Argentina de Energia. The sale, which is subject to execution of a final agreement, is expected to close in the first half of 2007. Proceeds will be used to reduce debt and invest in CMS utility Consumers Energy.
Puget Energy 2Q Profits More Than Double
In the wake of a major nonutility sale and the creation of a utility-connected charitable foundation, Bellevue, WA-based Puget Energy Thursday reported sharply increased second quarter profits of $53.5 million, or 46 cents/diluted share, compared with $13.9 million, or 14 cents/diluted share, for the second quarter in 2005. Utility earnings at Puget Sound Energy (PSE) shot up by $17.9 million for the second quarter — $30.1 million, compared with $12.2 million in the same period last year.
CPUC Approves New CA Merchant Storage Facility
A third nonutility underground natural gas storage field in the state was approved Thursday by the California Public Utilities Commission, whose lead regulator on the case said the quick action on the proposal will allow the state to have an extra 1 Bcf of gas in storage before the next winter heating season begins in November.
House Report: Independent Generators ‘Profited Immensely’ in CA
The parent companies of California’s six largest nonutility generators “profited immensely” from the escalating bulk electricity prices last year, with corporate profits for each more than doubling 1999 levels, according to a new report from the House Committee on Government Reform. Their California power subsidiaries recorded gains in operating income and profits of tenfold or more in 2000, it estimated.
House Report: Independent Generators ‘Profited Immensely’ in CA
The parent companies of California’s six largest nonutility generators “profited immensely” from the escalating bulk electricity prices last year, with corporate profits for each more than doubling 1999 levels, according to a new report from the House Committee on Government Reform. Their California power subsidiaries recorded gains in operating income and profits of tenfold or more in 2000, it estimated.
Industry Briefs
Despite market concerns about the ripple effect of California’senergy crisis on nonutility generators, Calpine Corp. on Fridayincreased its diluted earnings per share estimates for the quarterand year ended Dec. 31 to $0.30 and $1.05 per share, respectively.The company also increased its diluted earnings per share estimatefor this year to $1.25 per share. Calpine’s portfolio consists of50 operating power plants in 15 states totaling 4,900 MW. Calpinecurrently operates 26 power plants throughout northern Californiathat generate over 1,200 MW of power. About 600 MW are sold underFERC approved long-term contracts to Pacific Gas & Electric.The balance has been sold forward in the California market to adiversified portfolio of municipal and non-utility wholesalecustomers with strong credit ratings, the company said.
Skyrocketing Prices Discourage Retail Service, Aggregation
The focal point of California’s and various other state energyderegulation plans — nonutility retail energy service providers— has been all but forgotten in the rounds of legal, regulatoryand political battles that have fallen out of skyrocketingwholesale natural gas and electricity prices this year. Althoughthe focal point of the angst has been California, the energyentrepreneurs are feeling the pinch at the retail level elsewhere,too.