In an effort to strengthen its liquidity in these tumultuous times for the energy industry, Calpine Corp. said late last week that it has entered into an agreement to sell certain non-strategic Canadian oil and gas properties for $81 million (C$125 million). In addition, the San Jose, CA-based company secured $106 million in non-recourse project financing to give it the leverage to complete construction of its 300 MW Blue Spruce Energy Center in Aurora, CO, east of Denver.
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Calpine Divests $81 Million in Non-core Canadian Oil and Gas Assets
In an effort to strengthen its liquidity in these tumultuous times for the energy industry, San Jose, CA-based Calpine Corp. said Thursday that it has entered into an agreement to sell certain non-strategic oil and gas properties for $81 million (C$125 million). Calpine inked the deal with NAL Resources on behalf of NAL Oil & Gas Trust and another institutional investor.
Gas Prices To Enter Critical Time Period
According to a seasoned gas trader and analyst, natural gas prices will have some difficult times in the upcoming late summer and fall period. With expected low shoulder month demand, accompanied by abundant supplies, something has to give.
Environmental Groups Met Four Times with Energy Task Force
Environmental groups had more than an average level of access to key officials on the energy task force while the Bush administration’s national energy policy was being developed last year, according to records maintained by the National Resources Defense Council (NRDC). The records refute earlier claims by environmental and consumer groups that they were not consulted on the energy policy. The administration’s policy included a number of environmental and efficiency initiatives.
FERC Nominee’s Name Pops Up in DOE Task Force Papers
The name of prospective FERC nominee, Joseph T Kelliher, surfaced several times in the energy task force documents that the Department of Energy (DOE) was forced to release last week under court order, which could further spoil his chances of being appointed to the Commission.
Prices Mostly Flat to Higher, as Some Cold Remains
Last week’s reminder that winter actually can be quite cold at times (a fact that some traders might have forgotten during yet another mild heating season) was starting to fade as scheduled Friday in parts of the East, but severe weather was either tightening or reasserting its grip from the Rockies through the Midcontinent/Midwest. The result was mildly higher weekend pricing in the still-frigid regions, while flatness prevailed in most of the rest of the market. Northeast and Florida citygates sustained the only significant losses as they continued retreating from midweek spikes.
PG&E GT-NW Plans Lateral Across Washington State
PG&E Gas Transmission-Northwest (GTN) said it received market requests for about three times the capacity on a proposed lateral that would cross Washington and compete with Northwest Pipeline for rapidly expanding power generation markets in the western half of the state along the I-5 highway corridor. GTN closed its open season for the Washington Lateral Project June 22. It was the third open season for a GTN pipeline expansion this year. Meanwhile Northwest Pipeline has four expansions of its own planned for the region.
Refunds, New Supply Occupy Gov. Davis
California sailed through the last week of June free of blackouts and power alerts as the projections of controlled outages were on the decline as state officials focused on possible refunds through the federal settlement negotiations now ongoing and new power supply projects coming on line in the nick of time.
PG&E GT-NW Plans Lateral Across Washington State
PG&E Gas Transmission-Northwest (GTN) said it received market requests for about three times the capacity on a proposed lateral that would cross Washington and compete with Northwest Pipeline for rapidly expanding power generation markets in the western half of the state along the I-5 highway corridor. GTN closed its open season for the Washington Lateral Project June 22. It was the third open season for a GTN pipeline expansion this year. Meanwhile Northwest Pipeline has four expansions of its own planned for the region.
Texas Lawmakers Consider Sliding Scale Energy Tax
Texas’ severance tax on oil and gas would be set on a sliding scale to assist industry during less profitable times, under a bill passed this week in the Texas Senate. Sen. Teel Bivins (R-Amarillo) said the legislation (SB 344) would create a sliding tax scale to allow industry to pay as little as 1% in taxes.