With several significant matters unresolved, including questions related to the procurement of property, Sempra Energy Resources is hesitant to predict when it will reach a final decision on pursuing the construction of a 500 MW, natural gas-fueled power plant in Escondido, CA.
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Sempra Unclear on Escondido 500 MW Plant
With several significant matters unresolved, including questions related to the procurement of property, Sempra Energy Resources is hesitant to predict when it will reach afinal decision on pursuing the construction of a 500 MW, natural gas-fueled power plant in Escondido, CA.
Futures Close Strongly After AGA-Related Dip
Except for an hour of storage data-induced volatility from 2p.m. (EST) to 3 p.m. (EST), natural gas futures were quietyesterday as traders were reluctant to pressure prices outside therecent trading range. At the closing bell, April prices were 3.5cents stronger at $5.35.
Anadarko Chief Sees Slow or No Production Growth
Like other producers last week who pointed to flat growth (seerelated story) despite ramped up exploration and productionprograms, Anadarko Energy Services president Richard Sharplespredicted U.S. domestic gas production may rise only slightly thisyear.
Quiet Futures Trading Gives Rise to More Storage Speculation
After tumbling more than a dollar in Monday’s weather-relatedsell-off, the natural gas futures market was uncharacteristicallyquiet yesterday, as light buying in the summer months led to modestgains in the prompt March contract. After two brief forays down tothe $5.62 area, the March contract shuffled higher yesterday astraders looked ahead not only to fresh storage data to be releasedthis afternoon, but also to the summer refill season. At theclosing bell, March was up 5.8 cents at $5.764.
NIMO Brings in Southern to Manage Portfolio
A day following a major rate reduction deal for Niagara Mohawk’spower customers related to the New York utility’s merger withNational Grid, NIMO announced a gas supply management transactionwith Southern Energy that is designed to stabilize its wholesalegas costs.
NW Natural Awaits FERC OK of Storage Plans
Northwest Natural has called on FERC to act swiftly on itsapplication so it can begin offering storage and transportationrelated services to the interstate market for the first time, amove that could help to relieve some of the constraints in thewestern natural gas and electricity markets.
Williams Says Earnings Beat Estimates
Responding to investor concerns related to California’s energycrisis, Tulsa-based Williams Cos. said Tuesday that its fourthquarter earnings will be well above expected earnings estimates.Shares of the company had dropped to a 52-week low last week afternews surfaced that California’s utilities — one of Williams’largest markets — might not be able to pay their power bills.
Cal-ISO: ‘It’s the Natural Gas Prices, Stupid!’
Ongoing power price spikes in the California market are directlyrelated to natural gas prices running $60 to $75/MMBtu, accordingto Kellan Fluckiger, COO of the Cal-ISO, who announced another day,Tuesday, of Stage One and Two power alerts.
NY Installs Rate Freeze for Niagara Mohawk
The New York State Public Service Commission has acted to eitherfreeze or decrease the distribution portion of charges to naturalgas customers of Niagara Mohawk Power through Aug. 31, 2003 as partof a multi-year rate and restructuring plan.