The phrase “if you build it, they will come” sounds too ancientto describe the nascent e-commerce scene. Perhaps it’s moreappropriate to ask, “if everyone builds something, will they knowwhere to go?” The months ahead will see no dearth of online tradingoptions for energy and related properties, products and services asplayers scramble to create new sites or get on board existing ones.Among this week’s happenings:
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Reliant May Unload Former NorAm, Arkla, Minnegasco
Reliant Energy’s increased focus on the non-regulated side ofthe energy business has apparently made the former pipeline anddistribution assets of subsidiary NorAm Energy no longer attractiveto the company. Reliant said last week it hired an investmentbanking firm to evaluate strategic alternatives for two of its gasdistribution companies and its gas pipeline operations.
PG&E May Face Stiffer Fine for Affiliate Violations
State regulators decided yesterday to perhaps up the ante inconsidering penalties against Pacific Gas and Electric Co. foralleged rules violations in advertising and promotion materials bysome of its unregulated energy affiliate companies.
June Futures Hold to Their Mid-Range
Amid a day one broker called “perhaps the most boring of any Iremember,” the spot June NYMEX contract nudged 0.4 cents lower tosettle at $2.200. The broker actually said the day was interestingin that a large amount of anticipated activity never materialized.”Every floor trader we spoke to expected when June broke below$2.18, tons of sell stops would kick in between $2.15-17. But therewasn’t diddly squat for stops. In fact, just the opposite happenedin that there was pretty good scaled-down buying once June hit$2.15,” he said.
March Futures Expire Amid Bizarre Circumstances
Expiration days are known for their unusualness, but perhaps noother day in the history of the New York Mercantile Exchange willmatch the one turned in yesterday. The last few days of trading hadbeen relatively tame, but a telephone glitch that knocked outcommunications on the floor of the Exchange (see “Phone Lines Dead; Nymex TradingDisrupted”) at approximately 1:50 EST forced many traders intotrading at prices and volumes “that they otherwise would not havedone,” a source told GPI. As a result of the madness, the Marchcontract finally left the board at $2.286, up an even 7.0 cents forthe day.