Consolidated Edison’s reservations about a merger with Northeast Utilities (NU) seem a bit clearer now following NU’s latest financial report of a 29% drop in first quarter earnings. The New England combination utility company’s results came in well short of Wall Street expectations. After non-recurring charges, NU earnings were $53.2 million, or $0.36 per share, compared with $74.6 million, or $0.55 per share, for the same period in 2000.
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NU Earnings Fall Short After Special Charges
Consolidated Edison’s reservations about a merger with Northeast Utilities (NU) seem a bit clearer now following NU’s latest financial report of a 29% drop in first quarter earnings. The New England combination utility company’s results came in well short of Wall Street expectations. After non-recurring charges, NU earnings were $53.2 million, or $0.36 per share, compared with $74.6 million, or $0.55 per share, for the same period in 2000.
ICE Sets One-day MWh Trading Record
The name “ICE” doesn’t seem to do the white-hot trading exchangejustice, after IntercontinentalExchange, which marketsover-the-counter energy and metals products, announced it tradedmore than 2 million MWh in one day — Thursday — just one monthafter going live with its complete energy portfolio.
Agip Extends Gulf Interests
The Italians seem to be rediscovering the New World — and it’sin the Gulf of Mexico this time. In the largest venture of its kindin the Gulf of Mexico’s deep offshore, Exxon Mobil Corp. has givenAgip Petroleum Exploration Co. the opportunity to earn 25% of theU.S. company’s interest in up to 259 deepwater blocks. To earn theinterest, Agip, a subsidiary of Eni, the Italian oil and naturalgas company, has to participate in the drilling of at least 12exploration wells over the next five years.
Agip Extends Gulf of Mexico Interests
The Italians seem to be rediscovering the New World — and it’sin the Gulf of Mexico this time. In the largest venture of its kindin the Gulf of Mexico’s deep offshore, ExxonMobil Corp. has givenAgip Petroleum Exploration Co. the opportunity to earn 25% of theU.S. company’s interest in up to 259 deep-water blocks. To earnthe interest, Agip, a subsidiary of Eni, the Italian oil andnatural gas company, has to participate in the drilling of at least12 exploration wells over the next five years.
Swing Mostly Down; January Basis Firming as Screen Falls
The swing trading pattern immediately following Christmas didn’tseem very much different from the days preceding the holiday: agenerally softer market, with declines of up to a dime Monday atmost points, arrayed against conspicuously higher prices fordeliveries into the New York City area. One thing that did change,however, was generally flat numbers for the Rockies and California,markets that had participated in the overall weakness last week.
Leadership Isn’t Just Volumes Traded
Convergence obviously is alive and well in the energy industry, but it’s not exactly what a lot of people seem to think it is, according to Dynegy CEO Chuck Watson. Convergence isn’t just about gas and power coming together. It’s not just marketing gas and power and growing market share.
Leadership Isn’t Just Volumes Traded
Convergence obviously is alive and well in the energy industry,but it’s not exactly what a lot of people seem to think, accordingto Dynegy CEO Chuck Watson. Convergence isn’t just about gas andpower coming together. It’s not just marketing gas and power andgrowing market share.
Affinity Marketing Largely Untried in U.S. Energy Market
U.S. energy marketing companies seem to be overlooking asuccessful method of drawing in vast numbers of retail customers.”Affinity” marketing, which involves striking exclusive allianceswith large organizations and companies to offer services to theirmembers and employees, is a marketing method that has proved quitesuccessful in the United Kingdom but largely has been untried inthe U.S., New York-based Datamonitor said in a new study.