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Notching its first back-to-back price advance since mid-May, natural gas futures shot higher at the opening bell Monday as warmer-than-expected temperatures prompted commercial buyers to pressure the July contract through several layers of resistance. After the initial buying surge, however, the market quieted considerably, leaving prices to shuffle sideways throughout much of the session. July finished at $4.069, up 13.9 cents for the day.

Frustrated by inaction at the federal level on wholesale power price caps, California gubernatorial staffers Wednesday tossed their latest grenade on the public negotiations table by supporting a proposed state windfall electricity profits tax. They said Gov. Gray Davis will consider signing such a new law if it hits his desk. But they carefully drew short of saying categorically that the governor will sign a bill or that he is lobbying for one.

In a move that marks the first recommendation of President Bush’s national energy policy to be implemented since the plan was recently unveiled, Secretary of Energy Spencer Abraham last Wednesday directed the DOE’s Office of Energy Efficiency and Renewable Energy to undertake a strategic review of its energy efficiency research and development programs.

In a move that marks the first recommendation of President Bush’s national energy policy to be implemented since the plan was unveiled last week, Secretary of Energy Spencer Abraham yesterday directed the DOE’s Office of Energy Efficiency and Renewable Energy to undertake a strategic review of its energy efficiency research and development programs.

The first of several Alaskan lease sales were completed last week, with the most interest in the state’s North Slope Foothills region, which ended with 170 tracts sold worth $11.2 million. The Cook Inset sale ended with 30 tracts sold for a total of $1.2 million.

Marking the first quarter of record since the completion of its merger with The Coastal Corp. in January, El Paso Corp. reported that its diluted adjusted earnings rose 41% to $0.96 per share, compared with the company’s first quarter 2000 level of $0.68 per share. The strong results were led by the closure of its merger as well as a strong contribution from its merchant energy group.

Marking the first quarter of record since the completion of its merger with The Coastal Corp. in January, El Paso Corp. reported that its diluted adjusted earnings rose 41% to $0.96 per share, compared with the company’s first quarter 2000 level of $0.68 per share. The strong results were led by the closure of its merger as well as a strong contribution from its merchant energy group.

Citing “a change in market conditions since its filing,” CMS Oil & Gas Co., a subsidiary of CMS Energy Corp. filed on Friday with the Securities and Exchange Commission (SEC) to withdraw its IPO, which was filed with the commission on November 22, 2000. The company had expected to raise approximately $300,000 from the IPO, yet it had not set a price per share or the amount of shares it would put on the market. Nor did the company’s November filing list what percentage would be retained by the parent company. CMS Oil & Gas was to be listed under ticker symbol “CGS.”

A month has gone by since a special commission formed by Florida Gov. Jeb Bush recommended that the state break up its monopoly utilities and pave the way for competition in the power generation market, but still there has been no word from the legislature. There have been signs that the state senate will move much slower than previously expected on electric restructuring because of growing awareness of what can happen when power planning goes awry.