Unveiled

An eagerly anticipated comprehensive study of the nation’s electrical transmission highway unveiled last Wednesday by the Department of Energy (DOE) recommends that the federal agency review the grid every two years to pinpoint “national interest” transmission bottlenecks. The report also says that Congress should give FERC limited federal transmission siting authority and recommends that regional transmission organizations (RTOs) be made responsible for ensuring that transmission bottlenecks are addressed.

The Energy Department unveiled a $21.9 billion budget for fiscal 2003, approximately 2.7% or $582 million above this year’s $21.3 billion budget, with an emphasis on “national security, energy security, energy efficiency, environmental quality and science and technology.” DOE Secretary Spencer Abrams called it a blueprint to “build a stronger foundation for energy security in the 21st century.”

Reliant Energy Wholesale Group unveiled a new natural gas index and associated financial risk management instrument, designed to enable natural gas traders to better hedge risk for their companies and portfolio clients during the heating season. The Weather-Sensitive Gas Load Index (WGLI) measures current and forecasted residential and commercial natural gas consumption. To work with the index, Reliant has developed a financial instrument tailored for gas traders, called the WGLI Swap.

Barrett Resources Corp. unveiled its second quarter 2001 results Wednesday, which showed a strong increase over the equivalent time frame from 2000 due primarily to its gas business in the Rocky Mountains. The company reported net income of $55.1 million ($1.61 per diluted share) for the quarter that ended June 30, compared to a net loss of $4 million ($0.12 per diluted share) during the second quarter 2000.

A group of several dozen moderate and conservative Democrats in the House of Representatives last week unveiled a package of energy proposals that, among other things, calls for the immediate construction of a pipeline to bring Alaskan North Slope gas to markets in the United States and the creation of an energy reliability organization to help facilitate the possible role of regional transmission organizations (RTOs) in dealing with regional electricity transmission issues.

A group of several dozen moderate and conservative Democrats in the House of Representatives this week unveiled a package of energy proposals that, among other things, calls for the immediate construction of a pipeline to bring Alaskan North Slope gas to markets in the United States and the creation of an energy reliability organization to help facilitate the possible role of regional transmission organizations (RTOs) in dealing with regional electricity transmission issues.

Three major Gulf of Mexico deepwater announcements were unveiled Wednesday, partially discounting reports by analysts recently that offshore production is tapering off based on rig counts. Confirming ramp ups following discoveries in deepwater were Dominion Exploration & Production Inc., and two involving Texaco, one with BP and another with Agip SpA.

Three major Gulf of Mexico deepwater announcements were unveiled Wednesday, partially discounting reports by analysts recently that offshore production is tapering off based on rig counts. Confirming ramp ups following discoveries in deepwater were Dominion Exploration & Production Inc., and two involving Texaco, one with BP and another with Agip SpA.

Rep. Robert Matsui (D-CA) last week introduced an energy tax bill as a companion to the comprehensive energy legislation that was unveiled by Senate Democrats earlier this year.