In a story in Daily GPI’s Tuesday edition titled “GE Energy Expands Energy Ventures, Adds KMI Retail Assets,” the full name of the entity involved in the transactions is GE Energy Financial Services. It was referred to as “GE Energy” after the first paragraph, which is incorrect.
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In the story titled “El Paso Takes New Precautions in Preparation for Another Active Hurricane Season,” which ran in the April 13 edition of NGI’s Daily Gas Price Index, it was incorrectly reported that El Paso “was forced to sell off assets, issue debt and enter into new credit facilities to maintain liquidity while paying” for hurricane repairs. The hurricane costs were only one of the factors influencing liquidity. Other factors, including oil and gas derivative transactions put in place in prior years, also had an impact, creating the need to sell assets, issue debt and enter into new credit facilities.
In a new report, titled “WECC Electricity & Fuel Price Outlook,” Sacramento, CA-based consulting firm Henwood Energy acknowledged having to raise its natural gas price forecast by 50 cents/MMBtu but said it still expects gas prices to come down from their current lofty levels in the long term to about $3.50-4.00.
A story, titled Michigan ALJ Rules Against Consumers Energy Rate Hike, that ran in Daily GPI on March 15 contained an error in the second paragraph. Contrary to what the story said, on Dec. 18, 2003 Consumers Energy Chairman Ken Whipple sent a letter to the executive secretary of the Michigan Public Service Commission voluntarily agreeing to limit the utility company’s annual dividend payment to its parent company, CMS Energy, to $190 million in exchange for receiving the interim rate relief requested. NGI regrets the error.
Standard and Poor’s Rating Service (S&P) on Thursday warned in a report titled “Risky Business: Selling Retail Electricity in the U.S.” that many retail marketers are in the same boat as wholesalers with significant market risk because of volatile prices and switching customers, operational challenges such as mass billing and collections, and weak credit.
A story that ran in Monday’s edition of Daily GPI contained two errors. In the story titled “El Paso Crosses Hurdle But Still Faces Tough Battle Ahead,” a date of May 20 was given for El Paso’s annual meeting, where a proxy battle is scheduled to take place for control of El Paso’s board of directors (see Daily GPI, March 17). El Paso said no date has been set. The story also contained a typo. The name of El Paso’s fomer CEO, William Wise, was misspelled. NGI regrets these errors.
In the article titled “NiSource Puts Columbia Energy’s E&P Assets Up for Sale” in Natural Gas Intelligence, Oct. 14, 2002, the following paragraph should be substituted for paragraphs 7-9. Correcting and stating that the merger involved Columbia Energy Group instead of Columbia Energy Resources. NGI regrets the error.
In the article titled “NiSource Puts Columbia Energy’s E&P Assets Up for Sale” in NGI’s Daily Gas Price Index, Oct. 14, 2002, the following paragraph should be substituted for paragraphs 7-9. Correcting and stating that the merger involved Columbia Energy Group instead of Columbia Energy Resources. NGI regrets the error.
In a story that ran in Daily GPI on Wednesday, titled “TradeSpark Rebounds, Eyes Potential Clearing Services,” Cantor Fitzgerald was mentioned as the most likely entity to perform clearing services for the TradeSpark electronic energy exchange (see Daily GPI, Feb. 13). However, TradeSpark representatives said it is too early to be absolutely certain that Cantor Fitzgerald will perform those services. Market participants and TradeSpark officials still have significant work to do before clearing services can be put in place.
In a story that ran in NGI’s Daily Gas Price Index on Dec. 5, titled “Gas Sales Soar 24% in 3Q, but Enron Casts Dark Cloud Over Future,” NGI noted that BP is expected to expand its trading and marketing activities because of it purchase of TransCanada’s marketing operations in September. However, NGI failed to mention that Mirant actually is buying the larger portion of TransCanada’s marketing and trading business, a book covering about 5.1 Bcf/d of TransCanada’s first quarter sales of 7.9 Bcf/d. In September, BP Gas & Power bought TransCanada’s CanStates Gas Marketing, a contract to manage gas supply assets for SEMCO Energy Gas Co., and its marketing and trading operations in its Omaha, NE office. Mirant, however, will become the largest gas dealer in Canada and the top exporter as well with its TransCanada purchase. The deal raises Mirant’s profile in Canadian gas into the range of 6-7 Bcf/d and boosts its total North American gas sales to about 18.2 Bcf/d, which could put it at the top of the rankings in the fourth quarter. TransCanada, Canada’s largest natural gas transporter, exited the natural gas marketing business to focus on its core natural gas transportation and power businesses in Canada and the northern tier of the United States.