Like everyone else in the United States, we at Intelligence Press are struggling to make sense of this gigantic catastrophe which has struck at the very foundation of this nation. Our sympathy and condolences go out to those who have suffered and lost loved ones in New York, Washington and Southwest Pennsylvania. As are many others, we are making a financial contribution to the recovery process. We also offer this, our first editorial in 21 years of publishing, as support for the bruised and battered spirits of all Americans.
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California’s Struggling Retailers Look to Legislature
Lost in the higher profile aspects of California’s chronicpage-one headlines surrounding its energy crisis is the statelegislature’s inclusion of a ban on retail direct access powerdeals, dealing the few remaining nonutility power retailers whatcould be a death blow unless a corrective legislative solution isfound. That corrective action was pursued last week when the headof the state Senate energy committee, state Sen. Debra Bowen,proposed to reinstitute retail energy sales (SB 27X) as part of themeasures being tossed around in the second month of a special statelegislative session called by the governor to address theemergency.
PG&E Sells Calpine Rights for San Diego Plant
After struggling through an extended state approval process thatwas only revitalized earlier in the year with a uniquemobile-source air emissions credit deal, San Francisco-basedPG&E Corp. Monday completed a deal to sell the development andoperating rights for its proposed 500 MW Otay Mesa power projectsouth of San Diego to Calpine Corp., San Jose, CA, the aggressivemerchant power plant developer.
Price Rises Get Smaller; Some Western Points Soften
The cash market showed signs of fatigue Wednesday in strugglingto maintain this week’s upward momentum. Most new gains were in the5-15 cents range, and some western points were beating modestretreats. However, cash may get its second wind today after thescreen reacted quite bullishly to AGA’s first report of net storagewithdrawals this season.
CA Micro-Turbine Maker Strikes It Big In IPO
With transmission grids struggling with each new summer heatwave, an aspiring California-based company pushing off-gridmicroturbines, Capstone Turbine Corp., launched a successfulinitial public offering (IPO) Thursday, raising $130 million, andclosing the first day of trading, June 29, at almost $48/share,three times the initial asking price of $16. Friday’s close was$45.06 after hitting a high for the day of $49-plus.
CA Micro-Turbine Maker Strikes It Big In IPO
With transmission grids struggling with each new summer heatwave, an aspiring California-based company pushing off-gridmicroturbines, Capstone Turbine Corp., launched a successfulinitial public offering (IPO) Thursday, raising $130 million, andclosing the first day of trading, June 29, at almost $48/share,three times the initial asking price of $16. Friday’s close was$45.06 after hitting a high for the day of $49-plus.
Peachtree Customer Decision Delayed Until Today
With Peachtree’s 170,000 customers hanging in the balance, anAtlanta, GA, bankruptcy court deferred a ruling on the strugglingmarketer’s attempted customer sale until today. According tosources close to the situation, the delay was caused by ScanaEnergy Marketing, which asked for more time so that it could file abid for Peachtree’s customers.
Enron and Enron Oil & Gas Part Company
After years of struggling in recent years to make ends meet in the exploration and production business and indications last December that it was examining alternatives, Enron finally decided to call it quits last week and cut its ties to its production subsidiary, Enron Oil & Gas (EOG). The announced plan would establish EOG as a widely held public company that will be independent of Enron. Analysts and industry personnel applauded the deal, pointing to divergent corporate strategies.
Unocal Facing Weak Prices, Cutting Spending
Unocal Corp., like most other producers struggling againstdepressed oil and gas prices, said Wednesday it expects to cutcapital spending by 30 to 40% in 1999 from this year’s level. Inaddition, the company is targeting cash expense reductions of $150million, of which about $100 million has already been identified.
NIPSCO Offers Customers Fixed Prices
While some local gas utilities will continue struggling toinsulate their small customers from high gas prices and pricevolatility, NIPSCO announced yesterday it will begin offeringselect residential customers and all of its non-residential buyersan option of fixing or capping their commodity prices for up to oneyear starting in May. The program was approved last October as partof NIPSCO’s Alternative Regulatory Plan.