In the aftermath of sub-zero holiday temperatures and state officials reaching a slow boiling point, Houston-based CenterPoint Energy’s Minnesota utility operations were struggling to restore natural gas service to more than 1,000 residents who entered last weekend’s Christmas holiday without any heat. As of Tuesday, a net total of 605 “premises” were still shut off, a Minneapolis-based CenterPoint spokesperson said.
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Piedmont Natural Gas Cuts Seasonal Loss, Splits Stock
Charlotte, NC-based Piedmont Natural Gas narrowed its loss this year during the slow summer quarter, reporting a seasonal loss of $8.2 million and ($0.21) diluted loss per share for the fiscal quarter ending July 31, 2004, compared with a $9.7 million loss and a ($0.29) diluted loss per share for the same quarter in 2003 . The company on Friday also announced a two-for-one stock split.
S&P: Pace, Scale of U.S. Utility Downgrades Starting to Slow
The pace and scale of negative rating actions in the United States utility industry (electric, gas, pipeline, and water companies) have significantly diminished following a tumultuous three years, according to a report published Thursday by Standard & Poor’s Rating Services (S&P).
Permian/Waha Quotes Hit Hardest in Continued Softness
Moderate softening continued to reign in the cash market Wednesday as slow warming trends fail to prompt enough power generation load to turn prices around. A few Northeast citygates were essentially flat with losses of only a penny, while most other points recorded generally small drops ranging from 2-3 cents to a little more than a dime.
Reliant Resources Posts Quarterly, Annual Losses
While the losses continued last year at Reliant Resources, the company was able to slow the bleeding in the fourth quarter of 2003 to a loss of $29 million, or $0.10 per share, from continuing operations compared to a loss of $176 million, or $0.60 per share, for 4Q2002. Reliant reported net income of $32.5 million (11 cents/share) in the fourth quarter compared to a net loss of $648.6 million ($2.23/share) in 4Q2002.
Reliant Resources Posts Quarterly, Annual Losses
While the losses continued last year at Reliant Resources, the company was able to slow the bleeding in the fourth quarter of 2003 to ($29 million), or ($0.10) per share, from continuing operations compared to ($176 million), or ($0.60) per share, for 4Q2002. Reliant reported net income of $32.5 million (11 cents/share) in the fourth quarter compared to a net loss of $648.6 million ($2.23/share) in 4Q2002.
No Doubt About It, November (Futures) Marks the Start of Winter
Stemming two months of slow, downward price momentum, the natural gas market turned abruptly higher Monday as traders received a one-two weather combination punch. In addition to the first blast of cool weather descending on parts of the Northeast over the weekend, the futures market was bullied higher by longer-range forecasts calling for below-normal temperatures this winter in the East. With that the November 2003 contract made its debut as prompt month in ostentatious fashion, gapping higher at the opening bell and advancing 27.4 cents to close at $4.895.
Price Hikes Slow to Near-Halt Despite Northern Heat
This week’s price run-ups got slower again Wednesday, essentially grinding to a halt in parts of the cash market. Weather fundamentals remained strong for the most part as high temperatures ranging from very warm to severely hot continue to dominate the U.S. climate except along the relatively cool West Coast. The natural gas futures screen continued to lend support to cash numbers with a gain of 15 cents-plus, accompanied by strong showings in crude oil, heating oil and New York Harbor unleaded gasoline. However, expectations of another bearish storage report Thursday reportedly tended to temper new buying for injection purposes.
Entergy Exec: Regulatory Actions Slow Power Procurement Efforts
A recent decision by FERC to set for hearing a series of power purchase agreements (PPAs) filed by Entergy Services Inc. and various affiliates will have an effect on how quickly the company can “get through” all of the various power supply acquisitions that the utility is considering, a top executive with Entergy Corp. acknowledged last Monday.
Price Drops Slow to Crawl, But More Softness Expected
Relatively light air conditioning load outside the West kept cash prices in a general decline Thursday, although nearly all drops were less than a dime and many points were flat or managed tiny gains. A bearish Nymex response to the storage report, prospects for continued weakness in weather fundamentals and the typical loss of industrial demand over a weekend are likely to have quotes falling again Friday, sources said.