El Paso Corp.’s Southern LNG Inc. has announced an open season to expand its soon-to-reopen Elba Island liquefied natural gas receiving terminal near Savannah, GA by approximately 80%. Southern LNG wants to offer an additional 3.3 Bcf of storage capacity with a send-out rate of 360 MMcf/d, with a planned in-service date of 2005. The Elba Island facility, which has been inactive since 1982, is scheduled to begin receiving shipments this month, and its expansion plans follow on the heels of two other domestic LNG expansions already in the works.
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Enron, Dynegy, ICE Resume Trading; Nymex Remains Down
The New York Mercantile Exchange (Nymex) said it has electricity, and it plans to resume futures trading operations as soon as its building, which is in close proximity to the World Trade Center in New York City, is safely accessible. Nymex said it plans to clear any trades made on Sept. 11 against Sept. 10 settlement prices and will post these trades during the next trading session.
Elba Island LNG Terminal Calls Open Season, Plans Expansion
El Paso Corp.’s Southern LNG Inc. has announced an open season to expand its soon-to-reopen Elba Island liquefied natural gas receiving terminal near Savannah, GA by approximately 80%. Southern LNG wants to offer an additional 3.3 Bcf of storage capacity with a send-out rate of 360 MMcf/d, with a planned in-service date of 2005. The Elba Island facility, which has been inactive since 1982, is scheduled to begin receiving shipments this month, and its expansion plans follow on the heels of two other domestic LNG expansions already in the works.
Independents Up in 2Q, But Lower Earnings Expected Soon
Nearly all of the U.S. independents posted remarkable earnings in second quarter earnings announcements last week, boosted by high commodity prices and increased production — especially in the natural gas sector. Anadarko Petroleum Corp. and Apache Corp., both headquartered in Houston, got a boost in production and earnings from strategic acquisitions, while Barrett Resources Corp., XTO Corp. and Mitchell Energy & Development Corp. relied on their own U.S.-based production reserves.
Earnings Up, Kinder Morgan To Announce Acquisitions Soon
With plans to announce “significant, accretive acquisitions” in the next one to two months, Kinder Morgan Inc. (KMI) predicted last week that it will meet or beat the consensus 2001 estimates for the second quarter and the rest of the year, expecting to do 40% better in earnings per share (EPS) over 2000 because of strong internal growth.
Earnings Up, Kinder Morgan To Announce Acquisitions Soon
With plans to announce “significant, accretive acquisitions” in the next one to two months, Kinder Morgan Inc. (KMI) predicted Monday it will meet or beat the consensus 2001 estimates for the second quarter and the rest of the year, expecting to do 40% better in earnings per share (EPS) over 2000 because of strong internal growth.
CA Hopes to Have All QF Capacity Back in Operation Soon
California is shooting to have all of its qualifying facility (QF) power generation plants back online within the next eight to 10 days, a move that will help ease California’s energy crunch, but won’t solve it completely, state officials told a U.S. House hearing Thursday.
Elba Island LNG is Getting a New Route to Florida
Liquefied natural gas from Trinidad could be bound for Florida soon. El Paso Corp. is in the process of recommissioning its Elba Island LNG import terminal near Savannah, GA, and subsidiary Southern Natural Gas Co. filed an application with FERC last week to build a pipeline from the import terminal to Jacksonville, FL.
Market Seen as Unlikely to Pull Out of Slide Soon
The general market continued its downslide Wednesday, and traders saw very little chance of a near-term rebound, citing further screen softness, a storage injection report that significantly exceeded all prior expectations, and expectations that the out-of-season blasts of winter hitting much of the U.S. this week are about to go away.
DTE, MCN Merger to Receive FTC’s Approval
DTE Energy and MCN Energy Group said yesterday that the FederalTrade Commission will soon clear the way for the two companies toproceed with their merger, which was announced in October 1999 (seeDaily GPI, Oct. 6, 1999). The merger, when finally completed asexpected this summer, would combine DTE’s Detroit Edison,Michigan’s largest electric utility, with MCN’s MichiganConsolidated Gas Co.