Opened

Ontario’s Independent Electricity Market Operator (IMO) successfully opened the province’s competitive electricity marketplace at midnight on May 1, and began calculating market-clearing prices every five minutes for the 239 participants. The new market, run by the IMO, has more than 200 participants, including 93 local distribution companies, 89 industrial consumers, 19 generators, 34 wholesale buyers/sellers and four transmitters.

Maryland Sen. Barbara A. Mikulski has denounced FERC’s post-Sept. 11 attack decision to allow Williams to proceed with the planned reactivation of its Cove Point liquefied natural gas (LNG) import terminal in Lusby, MD, because, she says, it would permit “flammable” LNG to be imported to a site within four miles of a nuclear plant in the state.

Despite the holiday, storage operators finally opened the floodgates during the first week of the year in response to extremely cold weather, particularly in the Northeast and Southeast. The American Gas Association (AGA) reported a 190 Bcf withdrawal from storage for the week ending Jan. 4, the first withdrawal this season that has exceeded the previous year’s pace.

Despite the holiday, storage operators finally opened the floodgates last week in response to extremely cold weather, particularly in the Northeast and Southeast. The American Gas Association (AGA) reported a 190 Bcf withdrawal from storage, the first withdrawal this season that has exceeded the previous year’s pace. The number far exceeded last year’s 167 Bcf weekly withdrawal and was much bigger than the five-year average for the week of 137 Bcf. But it knocked only a smidgen (23 Bcf) off the year-on-year storage surplus.

Labor Secretary Elaine Chao said late Wednesday that the department has opened an investigation into Enron Corp. for potential mismanagement and abuse of the pension fund plans of existing and former company employees in the wake of the Houston-based energy trader’s financial meltdown.

Aquila Inc., whose initial public offering opened with a flourish on Wall Street last spring, is essentially one year ahead in its earnings per share (EPS) forecast, and is on track to continue to deliver 25% growth into 2002, according to executives presenting third quarter earnings on Monday. The Kansas City, MO-based company, a subsidiary of UtiliCorp United Inc., reported net income of $37.2 million, or $.37 per share, an increase of 37% over the third quarter a year ago, when earnings posted were $.27 per share, or $23 million of net income. UtiliCorp offered Aquila as an IPO last April (see Daily GPI, April 25).

In a session strikingly similar to last Friday, natural gas futures opened higher, only to shuffle lower throughout the morning Tuesday as traders elected to look past the hottest temperatures yet this summer to focus on the likelihood of bearish storage news to be released this afternoon. After gapping higher at the open, the September contract was unable to attract much in the way of follow-through buying. As a result, the prompt month tumbled 5.6 cents lower yesterday to take back gains achieved Monday and to close even with Friday’s settle at $2.971.

NACE International has opened a Pipeline and Tank Training Field in Houston, which will be used to train students in corrosion control, simulating conditions surrounding storage tanks and buried pipe. The field site will serve as a tool to certify personnel worldwide, and it is equipped to illustrate several techniques and survey methods to test and monitor the performance of pipe systems. NACE is a professional technical society that provides education and communicates information on the effects of corrosion. To learn more about the training program, call Ray Poltorak or Trevor Eade at (281) 228-6200.

Analysts who cover Barrett Resources Corp. said yesterday thatonce the data rooms are opened, the Denver-based independent mayhave more than one cash-rich suitor interested in picking up thecompany’s assets, which are heavily concentrated in the naturalgas-rich Rocky Mountains. Barrett formally rejected a bid by RoyalDutch Shell Group, which yesterday launched a hostile takeover (seeDaily GPI, March 12).