Dominion Resources CFO Thomas Chewning expects natural gas prices to average between $3.10 and $3.60 over the next several years. Once the storage surplus is reduced, said Chewning, a tight supply-demand scenario will develop. “[Prices] will be above that sometimes and below that sometimes, but on average, that’s where we think it’s going be,” he told analysts at Lehman Brothers 2002 CEO Energy/Power Conference in New York City Wednesday.
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San Juan Spike Leads More Moderate Weekend Gains
Once again a previous-afternoon screen uprising worked its magic on next-day cash prices. Friday quotes for weekend flow mostly ranged from approximately flat to nearly a quarter higher. A majority of the gains were relatively modest at around a dime or less.
Rockies/Pacific NW Points Avoid Overall Softness
As sources had anticipated, forecasts of high temperatures once again infesting much of the nation were insufficient to overcome the double drag on prices of a big futures drop on the previous afternoon and the fall-off in industrial load that accompanies a weekend. Outside of continuing moderate firmness at Rockies and Pacific Northwest points, the rest of Friday’s market ranged from flat to about 20 cents lower. Declines on either side of a dime were most prevalent.
Rockies/Pacific NW Points Avoid Overall Softness
As sources had anticipated, forecasts of high temperatures once again infesting much of the nation were insufficient to overcome the double drag on prices of a big futures drop on the previous afternoon and the fall-off in industrial load that accompanies a weekend. Outside of continuing moderate firmness at Rockies and Pacific Northwest points, the rest of Friday’s market ranged from flat to about 20 cents lower. Declines on either side of a dime were most prevalent.
Canadian Gas Growth Continues to Slow — Ladyfern Also Flat
Using historical trends and assuming the once-prolific Ladyfern production remains flat, Canadian natural gas production through 2002 will be down between 1% and 2% from last year, according to research by Lehman Brothers’ energy and power analysts. The downtrend this year compares with the 6% annual increase experienced in 2001. At the same time, Canadian demand was up 2% year-to-date April over the same period a year ago.
CPUC (Again) Delays Direct Access Decision, Other Energy Actions
Once again the California Public Utilities Commission distinguished itself last Wednesday more for what it did not do rather than the actions it took during a regular business meeting in San Francisco. The highest profile example among the “inactions” concerned what to do about the effective date for the regulators’ Sept. 20, 2001 suspension of direct access retail electricity contracts, which could affect the fate of 10% to 12% of the loads of the state’s three private sector utilities.
Bush Urges Stiff Action for Execs Who Lie to Investors
Without ever once mentioning the financial collapse or scandal that has pervaded Enron Corp., President Bush last Thursday called on federal regulators to mete out stiffer punishments to corporate officers who abuse their positions and provide “grossly inaccurate” information to investors. Bush also said he favored the creation of an independent board to oversee the accounting profession.
Bush Urges Stiff Action for Execs Who Lie to Investors
Without ever once mentioning the financial collapse or scandal that has pervaded Enron Corp., President Bush Thursday called on federal regulators to mete out stiffer punishments to corporate officers who abuse their positions and provide “grossly inaccurate” information to investors. Bush also urged regulators to create an independent board to oversee the accounting profession.
Congressman Finds ‘Substantial Evidence’ of Enron Illegal Activity
Congressional investigators have discovered “substantial evidence of illegal activity” by the once-powerful Enron Corp. and its top-level executives to “deceive the public” about its financial condition, House Energy and Commerce Committee Chairman W.J. “Billy” Tauzin (R-LA) said in an opening hearing statement Wednesday.
UBS High Bidder for Enron Trading Unit; Still More Revelations
UBS Warburg, a subsidiary of Switzerland-based UBS AG, beat out Citigroup as high bidder for Enron Corp.’s once mighty wholesale energy trading unit on Friday, according to the U.S. Bankruptcy Court of New York. No details of the bid were released, but Bankruptcy Judge Arthur Gonzalez was expected to making a ruling on whether to accept the bid after Enron had presented it to the court Friday. Enron lawyer Martin Bienenstock has requested a court ruling on the bid — whether to accept or deny it — be made on Tuesday.