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Financial performance within the U.S. upstream oil and natural gas sector looks positive in 2005, driven by high crude and gas prices, according to a new outlook report by Fitch Rating.

Now that the repeal of the Public Utility Holding Company Act (PUHCA) appears more likely, CreditSights analysts have updated a list of U.S. utilities they consider top takeover candidates, again using criteria that the well heeled Oracle of Omaha, Warren Buffet, could use.

With its system running full through most of last year, PG&EGas Transmission Northwest (GTN) doesn’t need to read the tealeaves to determine it’s time to expand. The pipeline announced anopen season beginning yesterday for a 200 MMcf/d capacityexpansion.

Californians looking for something to give thanks for this weekmight want to read a new report from the California EnergyCommission, which claims that the state should have enough power tomeet its electricity demand next summer, barring extraordinarilyhot weather. The CEC’s findings relied in part on the addition ofnew generation that is expected to be available next year, most ofwhich is being built by Calpine Corp.

In a stunning announcement late yesterday, El Paso Natural Gassaid it had reached a “mutual agreement” with Enron North AmericaCorp. to terminate the $38 million negotiated mega-deal for 1.2Bcf/d of capacity that the marketer had entered into in December.The negotiated arrangement covers three separate capacityagreements.

By the time you read this El Paso Energy will be putting thefinishing touches on its merger with Sonat Inc., creating thelargest natural gas pipeline in North America in terms of miles andthroughput.

By the time you read this, El Paso Energy will be putting thefinishing touches on its merger with Sonat Inc., creating thelargest natural gas pipeline in North America in terms of miles andthroughput.