Pushed

Taking advantage of falling natural gas prices that have pushed down the worth of energy companies, Dominion announced Monday it will acquire Louis Dreyfus Natural Gas Corp.– with 89% of its production in natural gas — for $2.3 billion in cash, stock and assumed debt. The deal will improve the utility giant’s gas reserves by 60% and grow its energy trading business, which in turn could lead to some generation acquisitions down the road, according to Dominion’s CEO.

Rising production in Canada — pushed by the Ladyfern discovery in Western Canada — could exacerbate a “temporary” natural gas oversupply situation in the United States, which in turn could lead to falling North American natural gas prices, lower earnings and declining cash flow estimates for 2002, according to Lehman Brothers analysts Thomas Driscoll and Phil Skolnick in a research note released last Thursday. This gas surge, said the analysts, could send gas prices falling to the $2.25-2.50/MMBtu range for a “sustained period of time” — meaning months, not weeks.

Rising production in Canada — pushed by the Ladyfern discovery in Western Canada — could exacerbate a “temporary” natural gas oversupply situation in the United States, which in turn could lead to falling North American natural gas prices, lower earnings and declining cash flow estimates for 2002, according to Lehman Brothers analysts Thomas Driscoll and Phil Skolnick in a research note released Thursday. This gas surge, said the analysts, could send gas prices falling to the $2.25-2.50/MMBtu range for a “sustained period of time” — meaning months, not weeks.

Peak power demand and summer gas use records fell during the week ending Aug. 12 in New York City as heat pushed temperatures well above 90 degrees, Consolidated Edison reported. Con Edison broke a weekly power demand record when 1,567,147 MWh of electricity were used by its 3.1 million customers from Monday, Aug. 6, through Sunday, Aug. 12. The week also included the highest-ever hourly peak demand, 12,207 MW, reached at 3 p.m. Thursday. The Con Edison system delivers energy to an estimated 8.9 million New York City and Westchester County residents.

Peak power demand and summer gas use records fell last week in New York City as heat pushed temperatures well above 90 degrees, Consolidated Edison reported. Con Edison broke a weekly power demand record when 1,567,147 MWh of electricity were used by its 3.1 million customers from last Monday, Aug. 6, through Sunday, Aug. 12. The week also included the highest-ever hourly peak demand, 12,207 MW, reached at 3 p.m. Thursday. The Con Edison system delivers energy to an estimated 8.9 million New York City and Westchester County residents.

The Alliance for Energy and Economic Growth (AEEG) last week pushed for the creation of a national energy policy that will strike a balance between meeting long-term consumer demand for reliable energy at reasonable prices and protecting the environment.

The Alliance for Energy and Economic Growth (AEEG) Wednesday pushed for the creation of a national energy policy that will strike a balance between meeting long-term consumer demand for reliable energy at reasonable prices and protecting the environment.

Hoping to reverse the momentum of adverse court and regulatoryactions that have pushed it to the brink of bankruptcy, SouthernCalifornia Edison Monday won a U.S. District Court lawsuit againststate regulators, upholding the utility’s right to recoverreasonable costs for purchasing power.

“Unprecedented demand” for gas pushed Questar’s storage,transportation and distribution system to the limit in November,the company said last week. The Salt Lake City-based LDC was forcedto curtail service to some industrial customers during the month tomaintain deliveries to residential customers.