Raised

Duke Energy’s third-quarter earnings plunged 71% from a year ago, as the company struggled with a drop in energy costs, the collapse of the merchant energy business, problems in California, pull-outs in planned generation projects and severance costs from layoffs. But as if that was not enough, Duke revealed Thursday the Securities and Exchange Commission’s (SEC) inquiry into the company’s round-trip trading practices has been elevated to formal status. This is on top of the investigations already being carried out by the Commodity Futures Trading Commission (CFTC) and a Houston grand jury, which subpoenaed Duke over the summer for information on its bogus trading activities (see Daily GPI, July 15).

AGL Resources Inc. posted better than expected third quarter earnings and raised estimates for the year on Thursday. Net income for the quarter rose 96% to $9.4 million, or $0.17/share, compared with $4.8 million, or $0.09/share. Thomson FirstCall consensus estimates for the quarter were $0.14/share.

AGL Resources Inc. posted better than expected third quarter earnings and raised estimates for the year on Thursday. Net income for the quarter rose 96% to $9.4 million, or $0.17/share, compared with $4.8 million, or $0.09/share. Thomson FirstCall consensus estimates for the quarter were $0.14/share.

Transco Zone 6-New York City again skyrocketed by more than a dollar and further raised the peak price bar to $10 Tuesday, but the overall cash market rally had run out of gas, so to speak. Only Iroquois Zone 2 and Columbia-Appalachia managed to join NYC in higher numbers; the rest of the market ranged from flat to down about 20 cents. Most declines were around a dime or slightly less.

Contrary to skepticism raised in an ongoing probe by the California legislature, the nation’s largest municipal utility has done nothing wrong in its wholesale power sales over the past two years, and the state asked for a new short-term power deal for this summer, according to Los Angeles Department of Water and Power General Manager David Wiggs, who spoke last Thursday at a media briefing in Washington, DC.

A study released Wednesday by Santa Monica, CA-based Rand Science and Technology raised a caution flag for California becoming overly reliant on natural gas-fired electric generation, which it said could add to the risk of more volatile and rising gas prices. Assuming under current plans that the state’s natural gas use could double by 2010, the report advocates a “balanced portfolio” approach to the state’s future energy planning that will minimize risks of supply/price volatility.

A study released Wednesday by Santa Monica, CA-based Rand Science and Technology raised a caution flag for California becoming overly reliant on natural gas-fired electric generation, which it said could add to the risk of more volatile and rising gas prices. Assuming under current plans that the state’s natural gas use could double by 2010, the report advocates a “balanced portfolio” approach to the state’s future energy planning that will minimize risks of supply/price volatility.

Putting to rest the capacity release contract dispute raised by Tenaska Marketing Ventures against Northern Border Pipeline Co. in the wake of Enron Corp.’s bankruptcy, FERC ruled last Wednesday in favor of Northern Border, denying Tenaska’s complaint against the pipeline.

El Paso Energy Partners LP raised its first quarter and annual cash distributions to $0.65 and $2.60 per common unit, confirmed its quarterly and full-year earnings estimates, which are in line with Wall Street expectations, and signed a deal to build a gas production platform and gathering hub in Mustang Island block 103 in the Gulf of Mexico for Pioneer Natural Resources’ and Mariner Energy’s Falcon Field.