Reflect

TransCanada PipeLines Limited posted C$202 million or C$0.42 per share net income from continuing operations for the second quarter 2002, compared to second quarter 2001 net earnings of C$175 million or C$0.37 per share. The company noted that second quarter 2002 results include $25 million of earnings related to the recent Fair Return Application decision by the National Energy Board (NEB) for the period Jan. 1, 2001 to June 30, 2002.

TransCanada PipeLines Limited posted C$202 million or C$0.42 per share net income from continuing operations for the second quarter 2002, compared to second quarter 2001 net earnings of C$175 million or C$0.37 per share. The company noted that second quarter 2002 results include $25 million of earnings related to the recent Fair Return Application decision by the National Energy Board (NEB) for the period Jan. 1, 2001 to June 30, 2002.

East Tennessee Natural Gas has filed an amendment to its Patriot expansion-extension project to reflect the Tennessee Valley Authority’s (TVA) decision to scrap its plans to build a 510 MW power generation facility in the state, as well as a decision by another customer — Cogentrix affiliate Henry County Power LLC — to delay the construction of its proposed 1,080 MW generation facility in Virginia.

Its reliance on a company’s capital adequacy to determine credit ratings may work for most, but Standard & Poor’s plans to “refine” its analysis methods for energy marketers and traders because of the “recent developments” within the industry. S&P, which began covering the energy trading sector in 1997, noted that the continued price volatility for both power and natural gas markets, the “bilateral and unregulated nature” of the sector and a “lack of adequate trading infrastructure” all played a part in its decision to revamp its methods.

Cash prices Monday set a pattern that few expect to be altered by much in the near term: a gradual downtrend of daily declines of about a dime or less at most points. One marketer said it was remarkable how uniform Monday’s price movement was from West to East, with virtually all markets falling nearly in lockstep close to either side of a dime.

Anadarko Petroleum Corp. late last week announced several senior management changes that reflect the company’s growth and continued emphasis on its core business of exploration and production. The company appointed Bill Sullivan to executive vice president, exploration and production. He will assume responsibility for the company’s exploration, development and production operations worldwide, including the operating subsidiaries for Canada and Algeria, the company said. Rex Alman, currently vice president, domestic operations, was promoted to senior vice president, domestic operations. He will continue to oversee Anadarko’s U.S. operations and will assume responsibility for offshore Gulf of Mexico as well. Jim Emme, currently vice president, Canada, has been named vice president, exploration and will assume responsibility for the company’s worldwide exploration efforts. Current manager for onshore exploration, Bob Daniels was promoted to vice president, Canada. Anadarko said that Alman, Emme and Daniels will report to Sullivan, as will Tony Meyer, vice president of Algeria, and Mark Pease, vice president of technology and engineering. “We’re focusing our best people and talent on what we do best – finding and producing oil and natural gas – and preparing for our future growth,” said Anadarko CEO Robert J. Allison, Jr. Other appointments included: Bruce Stover to senior vice president, worldwide business development; Michael D. Cochran, Ph.D., to senior vice president, strategy and planning; and Richard J. Sharples to senior vice president, marketing and minerals. Sharples will maintain responsibility for marketing the company’s natural gas and crude oil operations.

UtiliCorp United announced yesterday that its wholly-ownedsubsidiary Aquila Energy has changed its name to Aquila, Inc. toreflect Aquila’s increasing participation in markets outside theenergy industry. In addition to trading natural gas and powerthroughout North America and Europe, the company entered thebroadband capacity market last year. It also offers a broad rangeof risk management products and services to its clients, includinga family of weather risk products. Aquila is a Latin word meaningeagle. It also is the name of a constellation containing the starAltair. In some cases this constellation is known as the flyingeagle.

The EIA said its “Short-Term Energy Outlook” will reflect netreductions in projections for energy demand due to the agency’sadoption of the National Oceanographic and AtmosphericAdministration’s (NOAA) weather premises of a three-decade longwarming trend. The report is set to be published Sept. 7.

One of the most significant regulatory events at FERC in 1998went by practically unnoticed: the word “proposed” was put backinto the notice of proposed rulemaking (NOPR), said CommissionerCurt Hebert Jr. in reflecting on his first full year at the agency.Commissioner Linda K. Breathitt, who also just ended her initialyear, agreed “proposed” took on a “stronger meaning” in a specificNOPR last year, but she hardly found it to be precedent-setting.