Relative

In the end, the relative stability and autonomy of Portland General Electric (PGE), despite being owned by bankrupt Enron Corp., defeated the proposed $2.35 billion purchase by private investors headed by Texas Pacific Group (TPG), according to background provided by the Oregon Public Utility Commission (PUC) in the wake of its unanimous rejection Thursday of the TPG offer because of its perceived excessive debt and risk.

Noting that since the energy crisis that electricity programs have sprinted ahead relative to gas, the California Public Utilities Commission Thursday increased funding by 20% this winter for natural gas energy efficiency programs by the state’s three major private-sector gas utilities as a means of helping the gas programs catch up. The added funding is projected to save 8.7 million therms, or a 40% boost in energy savings.

Noting that since the energy crisis that electricity programs have sprinted ahead relative to gas, the California Public Utilities Commission Thursday increased funding by 20% this winter for natural gas energy efficiency programs by the state’s three major private-sector gas utilities as a means of helping the gas programs catch up. The added funding is projected to save 8.7 million therms, or a 40% boost in energy savings.

Much like in trading for the long holiday weekend, the West showed the greatest relative price strength Tuesday, but even that region succumbed to overall falling numbers. With a natural gas screen dip of 9.2 cents almost lost in a general crash of energy futures and forecasts pointing to a cool September for most of the eastern U.S., prospects for a substantive gas price rally appear remote.

Citing unfavorable market conditions, BP plc reported decreased earnings in the second quarter relative to the second quarter of 2001. Nevertheless, the company added that “performance and growth [is] firmly on track,” and increased the company’s quarterly common stock dividend to $6 from $5.50 at this time last year.

It was two former FERC commissioners who “actually played a role” in getting then-Texas Gov. George W. Bush to consider a relative unknown at the time, Patrick Wood III, for the position of state regulator, Wood disclosed last Thursday, in an attempt to dispel reports that long-time Enron Chairman Kenneth Lay pulled political strings for him.

It was two former FERC commissioners who recommended to then-Texas Gov. George W. Bush that he appoint a relative unknown at the time, Patrick Wood III, as a state regulator, Wood disclosed Thursday, dispelling reports that long-time Enron Chairman Kenneth Lay pulled political strings to get him the job.

The January aftermarket started out strongly relative to end-of-December numbers, but without straying too far from apparent first-of-month index levels. Nearly all of the swing movement ranged from flat to about 20 cents higher, but gains tended to get much bigger at Northeast citygates, topped off by an advance of more than a dollar at the Transco Zone 6-NYC pool.

Last week’s market closed on a “relatively” sedate note Friday, at least relative to the preceding trading fireworks. But the downward price movement was still being measured in double digits in nearly all cases.