The math still doesn’t add up at Hanover Compressor. The industry’s largest supplier of natural gas compression equipment revealed on Wednesday that for the third time this year it must restate prior financial results. After a review of prior business transactions, the company found that it incorrectly accounted for four transactions totaling revenues of $5.1 million and net income of $2 million.
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Hanover Still Having Problem with Math, Restates Earnings Again
The math still doesn’t add up at Hanover Compressor. The industry’s largest supplier of natural gas compression equipment revealed on Wednesday that for the third time this year it must restate prior financial results. After a review of prior business transactions, the company found that it incorrectly accounted for four transactions totaling revenues of $5.1 million and net income of $2 million.
Dominion Subsidiary Lands FPL Fuel Manager Contract
Dominion and FPL Group Inc. said Tuesday that Dominion Energy Clearinghouse has been named the sole fuel manager and fuel supplier for FPL Energy’s Doswell electricity generation facilities in Hanover County, VA.
Petro-Canada Sees C$15 Million 4Q Impact from Enron
Petro-Canada stepped forward as the first Canadian natural-gas supplier to disclose its share of the impact from Enron Corp.’s collapse, while efforts got under way to minimize the damage north of the border. Petro-Canada told its stockholders it has made a provision for “outstanding receivables” that will cut its fourth-quarter earnings by about C$15 million (US$9.6 million). The company said that it has switched 115 MMcf/d of production away from Enron to other gas traders without disrupting operations.
Petro-Canada Sees C$15 Million 4Q Impact from Enron
Petro-Canada stepped forward as the first Canadian natural-gas supplier to disclose its share of the impact from Enron Corp.’s collapse, while efforts got under way to minimize the damage north of the border. Petro-Canada told its stockholders it has made a provision for “outstanding receivables” that will cut its fourth-quarter earnings by about C$15 million (US$9.6 million). The company said that it has switched 115 MMcf/d of production away from Enron to other gas traders without disrupting operations.
Industry Briefs
AES NewEnergy has been selected by Lockheed Martin Corp. as Lockheed’s supplier for its Middle River facility located in Baltimore. The 10-month contract to serve the facility’s full electricity requirements will start next month and AES NewEnergy is also working with Lockheed to reduce its energy costs while enhancing the PJM Interconnection’s reliability under AES NewEnergy’s voluntary ISO profit program. “Lockheed Martin is a nationally recognized leader in their industry, and we look forward to partnering with them to control their energy costs,” said Edward Toppi, vice-president of AES NewEnergy, which is a subsidiary of AES Corp.
CA Regulators Divided on Future of Customer Choice
Customer choice and so-called direct access retail power deals between end-use customers and supplier/marketers may be an ultimate casualty of California’s year-old energy wars. State energy regulators indicated last week they are divided over the issue along political lines.
CA Regulators Divided on Future of Customer Choice
Customer choice and so-called direct access retail power deals between end-use customers and supplier/marketers may be an ultimate casualty of California’s year-old energy wars. State energy regulators indicated last week they are divided over the issue along political lines.
FERC Refunds to Have ‘Benign’ Impact on Supplier Finances
Although an “unwelcome” and “unprecedented” development, FERC’sdecision last week ordering 13 power generators and suppliers inCalifornia to pay potential refunds of $69 million on transactionsfor the month of January will have a “relatively benign” impact onthe companies’ finances, according to a Merrill Lynch report.
AES Subsidiary: NV Utilities are Stalling on Dereg
AES Corp.’s energy service arm, NewEnergy, said yesterday it hasreceived its business license as an alternative supplier ofelectricity from the Public Utilities Commission of Nevada (PUCN).The company will be able to sell electricity to Nevada consumers assoon as the market is opened to competition.