EnCana Corp.’s strategy to divide and conquer drew an enthusiastic cheer from investors and energy analysts last week, sending the company’s share price to new highs and setting off rumors that one or both of the new entities could be attractive takeover targets.
Sending
Articles from Sending
LNG Regasified in Canada Heads for U.S. Northeast by 2009
Up to 99% of tanker deliveries to Canada’s first liquefied natural gas (LNG) import terminal on the Atlantic Coast will be re-exported to the United States, sending up to a Bcf/d into New England, New York and New Jersey, possibly by late this year, according to new filings with Canada’s National Energy Board (NEB).
LNG Regasified in Canada Heads for U.S. Northeast by 2009
Up to 99% of tanker deliveries to Canada’s first liquefied natural gas (LNG) import terminal on the Atlantic Coast will be re-exported to the United States, sending up to a Bcf/d into New England, New York and New Jersey, possibly by late this year, according to new filings with Canada’s National Energy Board (NEB).
Red Hot West Melts Peak Power Demand Records
Western interior regions from northeast Oregon to northeast New Mexico broiled in record-setting temperatures following the July 4 holiday, sending power utilities scrambling to keep loads balanced with aggressive supply and demand-dampening programs. Even traditional hot spots like Death Valley, CA, and Las Vegas broke their own records with 127- and 117-degree temperatures, respectively. Nevada and Idaho utilities set all-time peak demand records.
Sempra Utilities, PG&E Crank Up Gas in Midst of Cold
With temperatures hitting record lows statewide, Sempra Energy’s two utilities covering the southern half of California reported Tuesday sending out substantially larger amounts of natural gas to residential and small business customers over the three-day Martin Luther King holiday weekend. Both Southern California Gas Co. and San Diego Gas and Electric Co. expect demand for January to be more than 20% higher than the same month a year ago.
Early Touch of Winter Causes Prices to Spike
With freezes expected to penetrate much of the South Wednesday night and not lightening up much Thursday, there was plenty of cold weather to go around in sending cash prices skyrocketing Wednesday. Triple-digit gains were recorded across the board, and several points soared by $3 or more. The impact on NGI’s Daily Cash Market price chart was significant, with $9 and $10 readings replacing the $7 and $8 marks that dominated trading Tuesday.
Kinder Morgan Profit Up 12%, KMP Up 18% on Higher Prices
Record energy prices offset the negative impact from Hurricanes Katrina and Rita, sending Kinder Morgan Inc. (KMI) 3Q profit up 12% from a year ago. Third quarter net income slightly surpassed analysts’ expectations, to stand at $124.8 million ($1.01/share), compared with $111.9 million (90 cents) for the same period of 2004. Master limited partnership Kinder Morgan Partners LP (KMP) earnings were up 18% for the quarter, contributing $144.2 million, compared with $122.1 million a year ago.
CA Regulators Okay $49 Million for PG&E Smart Meter Pre-Start-Up Funds
Sending a message it wants both aggressiveness and cost-effectiveness in a billion-dollar utility meter-change-out proposal, the California Public Utilities Commission Thursday granted Pacific Gas and Electric Co. $49 million in pre-start-up funds — despite a staff recommendation to slash the amount to $7 million — for its proposed five-year effort to transform all of its natural gas and electricity utility customers to advanced (“smart”) metering systems.
Futures Settle 3.1 Cents Higher Following Storage Revision, Crude Rally
The Energy Information Administration (EIA) reported Thursday morning that 75 Bcf was injected into underground storage for the week ended June 17, sending the market tumbling 20 cents in the first hour after the announcement. However, the futures market was resilient, and July natural gas rebounded higher in sympathy with a sizeable crude rally, settling at $7.473, up 3.1 cents on the day. August crude settled at $59.42/bbl, up $1.33.
Natural Gas-Powered Honda + Home Refueler Hits CA Market
Admittedly on a limited basis at the beginning, American Honda Motor Co., Inc., offered Californian’s a chance at a version of “energy independence,” sending out its first retail version of the natural gas-powered Civic GX sedan, combined with a new home-refueling appliance the car maker is calling “Phill” (as in “phill-er up”).