Opening

While five of seven midwestern states have choice programs forresidential gas customers, that doesn’t mean an energy shoppingtrend is sweeping the heartland. In fact, as is the case with therest of the country, regulators, utilities, marketers and end-usershave miles to go before competition really sets in.

Rigel Energy Corp. of Calgary, a medium-sized Canadian producer,is opening a data room June 14 to solicit proposals from partiesinterested in “making an investment in the equity of thecorporation, merging with the corporation, acquiring certain ofRigel’s assets, or making an offer for 100% of the corporation,”according to Don Gardner, Rigel’s chief financial officer. Aspecial committee has been appointed to conduct the process which”will be broad, open and transparent,” Gardner told the company’sannual meeting June 2.

Rigel Energy Corp. of Calgary, a medium-sized Canadian producer,is opening a data room June 14 to solicit proposals from partiesinterested in “making an investment in the equity of thecorporation, merging with the corporation, acquiring certain ofRigel’s assets, or making an offer for 100% of the Corporation,”according to Don Gardner, Rigel’s chief financial officer. Aspecial committee has been appointed to conduct the process which”will be broad, open and transparent,” Gardner told the company’sannual meeting.

Gov. Bill Owens signed SB99-153 last week, opening the door forvoluntary unbundling by Colorado’s gas utilities. The bill had beenpassed by the state’s House of Representatives then presented tothe Governor May 17.

After opening at or near lows for the day, the futures marketrallied higher Thursday, spurred by the confluence of bullishtechnical and fundamental factors. With a 9.1-cent advance, Junebroke through several key resistance levels before eventuallyfinishing at $2.282 for the day. Estimated volume was a healthy76,540.

After opening just below Tuesday’s close, the May futurescontract chopped lazily sideways yesterday before eking out a smallgain before the close. In fact, yesterday’s price action was sosubdued it was hard for some traders to believe it was expirationday at the New York Mercantile Exchange. The May contract completedits tenure as prompt month, expiring at $2.348, up 1.7 cents forthe day.

Opening up the electric market to retail trade in Canada and theU.S. “will reinforce the trend towards greater use of natural gasin power generation resulting from the development of combinedcycle gas turbine power plants,” according to George Given, authorof a new study by the Canadian Energy Research Institute (CERI).

New Mexico Gov. Gary Johnson signed into law a bill opening thestate’s electric power market to consumer choice beginning in 2001.

After opening at the pivotal $2.00 level yesterday the Maycontract was held to a tight, 3.5-cent trading range, as tradersseemed willing to sell the prompt contract on moves above $2.00 andbuy the market on moves below $2.00. And similar to the priceaction, yesterday’s close had something for everyone. Bulls foundsolace in the market’s ability to finish above $2.00, while bearswere optimistic following the market’s second-straight day oflosses. May slipped 1.7 cents to $2.013.