States

As the western states generally, and California in particular,faced another blast of power-draining summer heat, Duke EnergyNorth America (DENA) proposed Monday to California Gov. Gray Davisa combination of long- and short-term new generation and afive-year, fixed-price electricity option to buffer mass consumersfrom electric price volatility.

The numbers, it seems, don’t tell the entire story. Even thoughoil and gas industry upstream revenues, profits and cash flow areshowing record profits for 1999 compared with the previous year’scollapse, exploration and development spending dropped and provedreserves spending rose significantly, according to ArthurAndersen’s 21st annual Global E&P Trends survey.

Houston’s Midcoast Energy Resources Inc., a pipeline powerhousein the southeastern United States, tightened its grip in Alabamaafter reaching an agreement last week with Calpine Corp. to provideup to 276 MMcf/d in natural gas transportation services to twofacilities in Alabama.

Houston’s Midcoast Energy Resources Inc., a pipeline powerhousein the southeastern United States, tightened its grip in Alabamaafter reaching an agreement yesterday with Calpine Corp. to provideup to 276 MMcf/d in natural gas transportation services to twofacilities in Alabama.

The final remaining maritime boundary treaty between Mexico andthe United States, signed Friday by President Clinton and MexicanPresident Ernesto Zedillo, will give Mexico nearly two-thirds of amineral-rich area that is thought to contain huge amounts ofuntapped oil and gas. Known as the Western Gap, the area has servedas a platform between both countries in the western gap of the Gulfof Mexico, beyond the 200-mile range that officially definesnational territories.

The final remaining maritime boundary treaty between Mexico andthe United States, which is expected to be signed by PresidentClinton and Mexican President Ernesto Zedillo this week, will giveMexico nearly two-thirds of a mineral-rich area that is thought tocontain huge amounts of untapped oil and gas. Known as the WesternGap, the area has served as a platform between both countries inthe western gap of the Gulf of Mexico, beyond the 200-mile rangethat officially defines national territories.

NRG Energy Inc.pulled off a respectable first day on the New York Stock Exchange, asthe independent power subsidiary of Northern States Power saw itsinitial public offering (IPO) close well above its set price of$15. NRG opened at $15.88 and closed the day at $16.63 on a volume of8.1 million shares.

Some Capitol Hill lawmakers and energy experts believe theUnited States may be setting itself for another energy crisis 10 to20 years down the road by relying to heavily on natural gas to fuelnew power generation facilities.

Some Capitol Hill lawmakers and energy experts believe theUnited States may be setting itself up for another energy crisis 10to 20 years down the road by relying too heavily on natural gas tofuel new power generation facilities.