Stable

Following its announcement to buy two Texas properties on Monday (see Daily GPI, Feb. 1), Moody’s Investors Service analysts affirmed the stable rating outlook of El Paso Corp.’s production holding unit, pending a review of the company’s 4Q2004 and year-end 2004 results.

In an effort to secure a long-term supply of natural gas at lower and more stable prices, seven public gas and electric utilities in five states have signed an agreement to form a gas supply agency called Public Gas Partners Inc. (PGP), which will acquire producing reserves.

In an effort to secure a long-term supply of natural gas at lower and more stable prices, seven public gas and electric utilities in five states have signed an agreement to form a gas supply agency called Public Gas Partners Inc. (PGP), which will acquire producing reserves and long-term gas supplies.

In an effort to secure a long-term supply of natural gas at lower and more stable prices, seven public gas and electric utilities in five states have signed an agreement to form a gas supply agency called Public Gas Partners Inc. (PGP), which will acquire producing reserves and long-term gas supplies.

Noting that California’s energy markets are “markedly more stable” than only a few years ago, Standard & Poor’s Ratings Services released an analysis last week that warned that a return to instability is possible, given the state’s continued power transmission grid limitations and the prospect for a shortfall in generation in the next few summers. “A measure of uncertainty remains in the California markets,” S&P concluded.

Standard & Poor’s Ratings Services said the ratings and outlook on Union Gas (BBB/Stable) remain unchanged despite the adverse affects of a 2004 rate cut Thursday by the Ontario Energy Board (OEB).

Moody’s Investors Service confirmed TransCanada PipeLines’ (TCPL) A2 senior unsecured credit ratings and stable outlook on Friday following the Canadian pipeline giant’s announcement a week earlier that its parent company has signed an agreement to buy Gas Transmission Northwest Corp. (B2 senior unsecured, under review for possible upgrade) from bankrupt National Energy & Gas Transmission Inc. for US$1.7 billion, including $500 million in assumed debt.

Soaring natural gas prices, continued firm oil prices and stable drilling costs, have prompted analysts at Raymond James & Associates to raise their price targets on 22 exploration and production companies.

Duke Energy Corp. shares were flat Thursday and even gained ground on Friday despite news that the company missed third quarter earnings estimates and probably will miss earnings targets for the year.