Online power trading over the past six months in the United States has continued to grow by a sizeable percentage, but most wholesale power deals still are being done the old-fashioned way through traditional voice brokerages, according to the latest survey from Energy Argus Inc. The company said its data revealed that Internet-based trading now makes up 38% of trading in the country, up from 28.5% in February and 25% in April 2000.
Articles from Sizeable
Xcel Energy reported that it is expecting sizeable earnings growth through the next two years while realizing increased savings from the merger that formed the company in August 2000, when Minneapolis-based Northern States Power and Denver-based New Century Energies united (see NGI, Jan. 17, 2000). Xcel Energy CEO Wayne Brunetti reiterated previous statements that the company is growing rapidly due in part to the independent electricity generating company, NRG Energy, in which Xcel holds nearly a 75% stake.
Xcel Energy reported yesterday that it is expecting sizeable earnings growth through the next two years while realizing increased savings from the merger that formed the company in August 2000, when Minneapolis-based Northern States Power and Denver-based New Century Energies merged (see Daily GPI, Aug. 18, 2000). Xcel Energy CEO Wayne Brunetti reiterated previous statements that the company is growing rapidly due in part to the independent electricity generating company, NRG Energy, in which Xcel holds nearly a 75% stake.
Except for sizeable drops at non-Malin California points, the rest of the market managed to squeeze a bit more price firmness Thursday out of weather extremes ranging from unseasonably cool temperatures throughout much of the East and record-setting heat in parts of the West. Upticks in the East, Southwest basins and Pacific Northwest were quite mild, only rarely going above a nickel. The Rockies generally were up a dime or more, and Malin soared by well over a dollar.
Due to its sizeable Ladyfern natural gas discovery in northeast British Columbia, Alberta Energy Company Ltd. (AEC) said on Tuesday that it is increasing its 2001 gas sales forecast by an average of 75 MMcf/d for the entire year. AEC expects Ladyfern to begin flowing to market within weeks. Daily production from Ladyfern is expected to average from 100 to 150 MMcf/d during the last half of 2001.
El Paso Corp.’s securities filing late last week revealed thatits Merchant Energy segment, which includes the company’s tradingand risk management functions, posted an astounding increase in2000 earnings before interest and taxes over 1999. The segmentposted $3 million in EBIT in 1999, compared with $563 million for2000.
Shell Oil joined the ranks Thursday of major producers who havesettled sizeable royalty disputes with the Department of Justice.The company has agreed to pay the U.S. $56 million to settle claimsthat it underpaid royalties on natural gas produced on Federalleases.
In what has become almost a routine, natural gas futures coastedto another sizeable gain Friday as traders bid up the June contractin an expiration-day buying frenzy. With no fresh news in which tosink their teeth, traders were content to chew on concerns thatstorage is growing at too slow a pace to match predicted demandlevels, both this summer and next winter as reasons for the rally.Becoming the first contract to post a final settlement above $4.00,the June contract notched an impressive 17-cent gain to settle at$4.406 after peaking at $4.50 during a volatile final 30 minutes oftrading.
Overall prices for the weekend softened in Friday’s trading, butsome sizeable rebounds were occurring towards mid-morning as cashfollowed the screen back up after having previously followed itlower, several traders said.