As high temperatures and humidity pushed heat indexes into thetriple digits, electric output for the week ending July 24 reached81,144 gigawatt hours (GWh), surpassing the previous record of80,335 GWh set last August, according to data collected by theEdison Electric Institute.
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Allentown, PA-based electric utility PP&L said it set acompany record Monday for delivering summertime power. During hightemperatures and heavy humidity in central and easternPennsylvania, PP&L delivered 6,128,000 kWh of electricity tocustomers between 1 and 2 p.m. Monday. The company’s formersummertime record of 6,046,000 kWh was set July 15, 1997. PP&Lsaid it was able to set the delivery record without anyinterruption or curtailment of service to customers. In otherregional power news the New England Independent System Operatorcanceled a power warning that had been set through last night andsaid customers could resume normal power usage.
Electric Load Pushes Cash Market Significantly Higher
Increases of more than a dime were the norm Monday as 80-90degree temperatures throughout the eastern half of the country andthe ensuing electric generation load caused gas prices at allpoints to rise substantially. New York Citygate led the way withprices increasing from the low $2.50s on Friday to the mid $2.70syesterday. The need for Northeast electric generation was socritical yesterday that the New England ISO issued a “powerwarning” and asked consumers to voluntarily curb power use.
Futures Eke Out Small Gain in Quiet Session
Follow-through on last week’s gains and record-settingtemperatures put bulls squarely in control Monday in the Nymex gaspit. Locals and commercials were good buyers in the first hour oftrading yesterday as they buoyed the market to its highest level insix months. However, after the initial surge the market could notattract fresh buying and was left to chop sideways amid arelatively light 59,236 in estimated volume. The July contractfinished at $2.442, up 0.5 cents for the day.
Futures Higher in Anticipation of & Reaction to AGA Data
Warm temperatures in major eastern cities and apprehension aboutthe possibility of “another bullish storage report” gave bulls thereason to buoy the market higher yesterday, and they did notsquander the opportunity. Buying, led mainly by commercial traders,sent the July contract up to a retest of its previous open outcrysession high of $2.41 before settling at $2.407. Estimated volumewas 73,884.
KN Warns Investors Of Lower Earnings
KN Energy warned investors last week that warm temperatures,high storage levels, poor processing margins and reduced gastransportation throughput during the first quarter took a bite outof earnings and could continue to plague the company for the restof the year.
KN Warns Investors of Lower Earnings
KN Energy warned investors yesterday warm temperatures, highstorage levels, poor processing margins and reduced gastransportation throughput during the first quarter took a bite outof earnings and could continue to plague the company for the restof the year.
Columbia Results Improve, But E&P, Marketing Struggle
Columbia Energy Group barely overcame warmer than normaltemperatures, weak gas prices and higher marketing costs during thefirst quarter to post a 2% increase in earnings. The companyreported first quarter 1999 earnings of $150.4 million, or $1.81per share, up from $147.5 million or $1.77 per share in 1Q98.
Columbia Results Improve, But Marketing Suffers
Columbia Energy Group barely overcame warmer than normaltemperatures, weak gas prices and higher marketing costs during thefirst quarter to post a 2% increase in earnings. The companyreported first quarter 1999 earnings of $150.4 million, or $1.81per share, up $2.9 million, or four cents per share, from $147.5million or $1.77 per share in the 1998 first quarter. Strongperformances by its regulated transmission, storage anddistribution operations, as well as its propane, power generationand LNG activities were offset by continued difficulties inmarketing and exploration and production.
EIA Sees Depressed Spot Market Until 4Q
The current storage surplus and expected “normal” temperaturesthis summer (14% cooler than last summer) will continue to put adamper on spot prices until the fourth quarter of this year, theEnergy Information Administration predicted last week in itsShort-Term Energy Outlook. The EIA said wellhead prices shouldremain below $2/Mcf until November.