Segments

In several different segments of the energy industry, California is forecasting smaller natural gas loads for electricity generation in the years to come.

Tennessee said a pigging of the Header and East Leg segments of the Blue Water System offshore Louisiana, previously scheduled to begin Aug. 11, has been canceled. The next pigging of Blue Water’s Header and East Leg is set for Sept. 8-11, during which producers may encounter higher than normal pipeline pressure. Physical flow will be interrupted at the South Marsh Island 76P for about 12 hours Sept. 8.

Dynegy Inc. has named Layne J. Albert as vice president – tax. In this capacity, Albert will be responsible for all tax matters relating to the company and its business segments. He will report to CFO Nick Caruso. Albert, 38, has more than 12 years of tax and tax-related experience and most recently was vice president of taxes with Encompass Services Corp., where he was employed for the past five years. Albert also has worked for Tenneco Inc., Ernst & Young LLP and Chamberlain, Hrdlicka, White, Williams and Martin, a Houston-based law firm. Albert earned a bachelor’s degree in Business Administration – Accounting from the University of Texas at Austin, a doctorate of jurisprudence from South Texas College of Law and a master’s degree in Laws in Taxation from the University of Houston.

Prompted by overall strength in its various segments and the addition of Centra Gas, British Columbia-based BC Gas Inc. posted earnings of C$105.8 million or C$2.45/share for 2002, compared to earnings of C$84.6 million or C$2.21/share for the same period in 2001.

Citing “inclement weather in the Gulf of Mexico,” Tennessee canceled the quarterly pigging of the Header and East Leg segments of the Blue Water System offshore Louisiana that had been Monday through Thursday this week (see Daily GPI, Sept. 6). The next quarterly pigging is scheduled for Nov. 11-14.

Less than three months after the group was formed, the North American Energy Standards Board (NAESB) said Friday that its retail electric and retail gas quadrants have been approved following votes by the NAESB board of directors on Thursday. The two quadrants join the wholesale gas quadrant, which was created Jan. 1. NAESB, as the successor to the Gas Industry Standards Board (GISB), will develop standardized business practices for the retail and wholesale natural gas and electricity markets.

Houston-based El Paso Corp. increased its earnings per share (EPS) in the second quarter by 36% with earnings up from all of its business segments, topping analysts’ predictions despite the downturn in commodity markets of late. EPS were $0.79 compared with an adjusted $0.58 in the second quarter of 2000. Second quarter adjusted net income also jumped 40% to $413 million, compared with an adjusted $294 million for the same period a year ago.

Houston-based El Paso Corp. increased its earnings per share (EPS) in the second quarter by 36% with earnings up from all of its business segments, topping analysts’ predictions despite the downturn in commodity markets of late. EPS were $0.79 compared with an adjusted $0.58 in the second quarter of 2000. Second quarter adjusted net income also jumped 40% to $413 million, compared with an adjusted $294 million for the same period a year ago.

With its wholesale energy and natural gas distribution segments leading the charge, Reliant Energy Inc.’s first-quarter earnings easily beat analysts’ consensus estimates and the company now feels confident that it can grow its bottom line for all of 2001 above and beyond previous projections of 10% to 12%.