Just as Tropical Storm Bret was being downgraded to a drenchingrain event for South Texas the natural gas futures market wasundergoing a downgrading of its own yesterday, as traders tookprofits in a mid-morning sell-off. However, by mid-afternoon theNational Hurricane Center had anointed the latest two tropicaldepressions-Dennis and Emily-into tropical storms and that wasenough to convince those sellers to become buyers. That was almostenough to recoup the earlier price decline, leaving the Septembercontract to finish the session with only a half-cent loss to$3.059.
Articles from Systems
Shareholders for Commonwealth Energy Systems and BEC Energy votedto approve their companies’ previously announced merger plans lastweek. The merger was first agreed to last December (See Daily GPI, Dec. 8, 1998). The new companywill be named NSTAR.
Avista Corp. affiliate Avista Power and STEAG AG, Germany’slargest independent power producer agreed to form a joint ventureto develop, build and/or buy electric generation assets throughoutNorth America. Initial regions of interest include the Northwest,the Southwest and the Southeast. Projects of interest include thosepowered by natural gas, coal and hydro.
Duke Energy Field Services has agreed to purchase percentageinterests in several non-regulated natural gas gathering systemsand processing plants from subsidiaries of ONEOK Inc., and hascommitted to build a natural gas processing plant with ONEOK insouthern Oklahoma.