Scrambling

The financial pressure cooker is on high, and energy companies caught in the soup are scrambling to avoid getting burned. Early last week the kitchen got too hot for Dynegy Corp.’s Chairman and CEO Chuck Watson, who after 17 years, was immediately replaced by a top ChevronTexaco executive. By week’s end, El Paso Corp. and Williams Cos. had begun drastic financial measures to cool the credit rating agencies and investors. CMS Energy Corp. also joined in, moving to catapult what remains of its exploration and production division (see related stories).

TransCanada PipeLines’ fast action last week in replacing its support for Millennium Pipeline — for the time being at least — with a less environmentally challenged new export route to the northeastern United States is just the latest action in the pipeline company’s campaign to drum up increased traffic or raise its rates to cover what it calls the costs of competition.

TransCanada PipeLines’ fast action last week in replacing the abandoned Millennium Pipeline proposal — for the time being, at least — with a less environmentally-challenged new export route to the northeastern United States, is just the latest action in the pipeline company’s campaign to drum up increased traffic or raise its rates to cover what it calls the costs of competition.

In yet another irony to the California energy foibles, while state officials are scrambling to expand natural gas transmission and storage capabilities in the state, one of Southern California Gas Co.’s most urban-based underground storage facilities is under siege from opponents of a massive coastal mixed-use residential/commercial development between Marina del Rey, CA, and a 50-year-old gas storage operation.

In yet another irony to the California energy foibles, while state officials are scrambling to expand natural gas transmission and storage capabilities in the state, one of Southern California Gas Co.’s most urban-based underground storage facilities is under siege from opponents of a massive coastal mixed-use residential/commercial development between Marina del Rey, CA, and a 50-year-old gas storage operation.

An attempt to score a quick tax coup by TransCanada PipeLines Ltd. has set off a flurry of activity among legal and regulatory experts before the National Energy Board. Savings of C$8 million (US$5.3 million) per year off continuing taxes — plus a reduction of C$75 million (US$50 million) off deferred tax liabilities — are projected by the company if it can carry out its plan.

An attempt to score a quick tax coup by TransCanada PipeLines Ltd. has set off a flurry of activity among legal and regulatory experts before the National Energy Board. Savings of C$8 million (US$5.3 million) per year off continuing taxes — plus a reduction of C$75 million (US$50 million) off deferred tax liabilities — are projected by the company if it can carry out its plan.

An attempt to score a quick tax coup by TransCanada PipeLines Ltd. set off a flurry of activity among legal and regulatory experts before the National Energy Board. Savings of C$8 million (US$5.3 million) per year off continuing taxes — plus a reduction of C$75 million (US$50 million) off deferred tax liabilities — are projected by the company if it can carry out its plan.

For those who are still scrambling for explanations on why gasprices have reached record levels, Salomon Smith Barney (SSB)meteorologist Jon Davis offered a brief synopsis last week of whathappened with the weather last month. November 2000 was the secondcoldest November in 106 years and it was a complete reversal fromNovember 1999, which was the warmest November in 106 years.