A change in the timing and location of North Carolina’s powergeneration needs has forced Carolina Power & Light (CP&L)and Southern Natural Gas Co. to put a hold on their PalmettoInterstate Pipeline and consider other pipeline alternatives. Thecompanies said last week they have suspended ongoing routeselection and survey activities for Palmetto and are analyzing twocompeting pipeline projects.
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Palmetto Put on Hold as CP&L Examines Power Needs
A change in the timing and location of North Carolina’s powergeneration needs has forced Carolina Power & Light (CP&L)and Southern Natural Gas Co. to put a hold on their PalmettoInterstate Pipeline and consider other pipeline alternatives. Thecompanies said yesterday they have suspended ongoing routeselection and survey activities for Palmetto and are analyzing twocompeting pipeline projects.
Aquila Disbands its Industrial Sales Team
In a move to improve organization and reduce overlap, AquilaEnergy laid off all 34 members of its industrial gas sales team.Their work will be picked up by Aquila’s commercial gas sales team,located in Columbus, OH.
Energy Lenders Slowly Loosening Grip on Dollars
In the wake of last year’s oil bust, energy industry lenders arestill keeping a tighter grip on their money. However indicationsare some banks and investors are starting again to look for placesto put capital in the energy patch.
Lenders Slowly Release Grip on Funds
In the wake of last year’s oil bust, energy industry lenders arestill keeping a tighter grip on their money. However indicationsare banks and others are looking for places to put capital in theenergy patch.
Dominion, CNG Get Nod From PA
Dominion Resources and Consolidated Natural Gas won approval for their merger from the Pennsylvania Public Utility Commission (PUC) in CNG’s home state, but not without concessions for both gas and electric ratepayers.
Bulls, Bears In Market Standoff
After watching the market free-fall 7.1 cents to kick off theweek, bulls dug in their heels Tuesday at Nymex. While they weren’table to recoup much of Monday’s declines, they did prevent anyfurther losses. As a result, the futures market was stagnantyesterday, with the July contract limited to an extremely tight3-cent trading range before settling up 0.1 at $2.238.
‘Bullish’ Storage Halts Bears in Their Tracks
Amid a swirl of pre-AGA storage speculation, the futures marketcontinued lower Wednesday, touching its lowest level so far thismonth. After a lower opening, the July contract quickly mapped outits high trade of the day at $2.36, before slipping 4 cents tofinish at $2.327. Estimated volume of 65,584 injected some lifeinto the market, following sub-45,000 trading sessions Monday andTuesday.
Storage, Cooler Weather Usher Futures Lower
Fresh news means everything in commodities trading and naturalgas traders had their choice of bearish factors to point toyesterday. The one-two combo of the storage surplus and coolerweather put sellers in the driver’s seat once again, and theyreacted swiftly Wednesday evening by pushing the market lower inthe after hours Access trading session. The July contract Thursday,tumbled 10.5 cents to finish at $2.355 in heavy trading.
Industry Briefs
Dominion Resources and Consolidated Natural Gas filed with theFederal Energy Regulatory Commission for approval of theirpreviously announced merger plan. With yesterday’s submission, thecompanies have completed all regulatory filings necessary formerger approval. The companies said in the joint filing that themerger plan satisfies requirements of Section 203 of the FederalPower Act. FERC must approve the transfer of the power marketingsubsidiaries of CNG to Dominion Resources under Section 203. Inaddition to filing with FERC, the companies have completed mergerfilings with the U.S. Securities and Exchange Commission (SEC) andwith public utility commissions in Virginia, North Carolina,Pennsylvania and West Virginia.