Predictable

The reaction was loud, long and predictable — and in fact most was probably written well in advance of yesterday’s unveiling. While the energy industry — from natural gas interests, to coal to nuclear power — hailed the Bush energy plan for its long-overdue focus on developing the nation’s energy resources and infrastructure, environmentalists bashed it as a bunch of dirty words aimed at derailing the movement to reduce pollution and preserve the environment.

“Earnings from market-based businesses are less predictable thanregulated earnings,” TransCanada PipeLines President George Watsonreminded stockholders Thursday in explaining how lowersecond-quarter earnings in marketing, gathering and processing haderased some pipeline gains.