Programs

A rate refund, refocusing and early retirement programs, plusboth failed and successful merger costs wiped out PacifiCorp’s 1998earnings of $300 million, leaving the company with a $55 millionloss for the year. In comparison 1997 earnings after special itemswere $641 million; they were $350 million before special items. Thecompany’s refocusing in 1998 and 1999 includes shutdown of itsenergy marketing business, the sale of TPC Corp., and of EnergyWorks, a joint venture with Bechtel, and the closing of its Turkishenterprises.

The last of three pilot deregulation programs in Michigan is being launched this month with Michigan Consolidated Gas allowing 75,000 of its customers to sign up to test offers from other gas marketers; and Consumers Energy can’t wait. Consumers announced an aggressive promotional campaign last week with the intent to grab as much of its neighboring LDC’s market as possible. It’s campaign was scheduled to start Jan. 2 with a sponsored Harlem Globetrotters game.

Western Gas Resources said the coal bed methane legislationpassed last week by Congress and forwarded to the White House forsignature should put its drilling operation in the Powder RiverBasin back on track. The company, along with partner BarrettResources, planned a massive drilling program in the basin thisyear that included drilling 400 wells and 500 more next year, butan appellate court decision forced the companies to put their planson hold.