Successful

Predicting that Texas will have the most competitive and themost successful retail electric market in the country, Texas PublicUtilities Commissioner Brett A. Perlman said last week that thestate is on track to meet its deregulation date of Jan. 1, 2002.

Predicting that Texas will have the most competitive and themost successful retail electric market in the country, Texas PublicUtilities Commissioner Brett A. Perlman said yesterday that thestate is on track to meet its deregulation date of Jan. 1, 2002.

After watching the market slip a whopping 10% in a fierce Mondaysell-off, bulls dug in their heels yesterday and were successfulavoiding July’s first sub-$4.00 settlement since June 7. Afterprobing to its $3.96 low on the day, the prompt month received awave of bargain-hunting that lifted it to a $4.107 close, up 4.4cents for the session.

Houston’s 3TEC Energy Corp. yesterday announced successfuldrilling results in St. Mary Parish, LA. The Amy Aycock No. 1 wellin the Garden City Field was drilled to a true vertical depth of15,033 feet, with 18 feet of net pay in the Operc 10 formation. Theoperation is expected to be completed by the end of this month.3TEC is the well operator, and it has a 75% working interest in thoperation. The well is the first in a series of 3-D seismicallydefined prospects expected to be drilled in the next year.

In what may turn out to be a Pyrrhic victory, bulls weresuccessful on two fronts Friday — testing resistance at $3.00 andposting a gain for the third straight session. However, thoseachievements may have come at a price because even dyed in the woolbulls were shaking their heads after watching heavy selling enterthe market once prices reached over the $3.00 mark.

Energy East Corp. has announced the successful completion of itsmerger with Connecticut Energy Corp., the first of four New Englandutility acquisitions initiated by the New York-based company in1999.

In what may have been a Pyrrhic victory, bears were successfulpushing futures prices lower Wednesday amid reconfirmed reports ofwarm weather expected this weekend and next week. Prices for theMarch contract finished the session down 5.4 cents at $2.564 inwhat several sources called a lackluster trading session.

Following a four-day, 45-cent price decline, bulls weresuccessful in stopping the bleeding yesterday as strong physicalprices gave way to an unexpected late short-covering rally. Cappingits tenure as prompt month in dramatic fashion, the Januarycontract expired yesterday at $2.344, up 7.3 cents on the day and ahalf-cent above where it debuted as spot month on Nov. 29.

Altra Energy Technologies Inc., Amerex Power Ltd. and PrebonEnergy Inc. announced the successful launch of Altrade Power, areal-time, online electronic power trading system, provided byAltra Streamline LLC. The launch represents the firstbusiness-to-business e-commerce site to unite new online tradingexchange technology with the strength and reach of the traditionalvoice broker market. Altrade Power went live on Oct. 14. More than210 installed users, out of 450 traders who have already requestedthe system, logged on to complete more than $24 million inwholesale power trades. “With the help of our alliance, traderswill ultimately have instant access to over 700 counterparties atmore than 150 of the industry’s leading trading firms,” saidAltra’s Mark Crosno. “Following the price spikes of 1998 and 1999,the wholesale power market is demanding enhanced tools for moreefficient deal execution. Traders told us they need a single focalpoint for getting their deals done, yet they do not want to give upthe services provided by their voice brokers. Through our alliance,we have answered the market’s demands,” said Amerex’s CareyTurnbull.