Veteran

A veteran energy consultant told a national meeting of state regulators Tuesday in Portland, OR, that the United States in the years ahead can expect higher natural gas prices that will dampen demand and declining gas resource base.

Commissioner Linda Breathitt announced that Jennifer Shepherd, a four-year veteran of FERC, has been named technical advisor of her staff.

Gary G. Ely, a 34-year-veteran of Spokane, WA-based Avista Corp., was elected chairman of the board, and will retain his titles of president and CEO. He succeeds Larry A. Stanley as chairman, who retired after serving on the board since 1991 and as non-executive chairman since last November. Ely, 53, was named president and CEO in November 2000 after briefly serving as acting president and CEO. He had held the position of executive vice president of Avista before that. In recent months, Ely has been credited with helping Avista Utilities regain its financial strength and with developing a long-term strategy on power issues.

Gary G. Ely, a 34-year-veteran of Spokane, WA-based Avista Corp., was elected chairman of the board, and will retain his titles of president and CEO. He succeeds Larry A. Stanley as chairman, who retired after serving on the board since 1991 and as non-executive chairman since last November. Ely, 53, was named president and CEO in November 2000 after briefly serving as acting president and CEO. He had held the position of executive vice president of Avista before that. In recent months, Ely has been credited with helping Avista Utilities regain its financial strength and with developing a long-term strategy on power issues.

California Gov. Gray Davis Tuesday announced the formation of a statewide task force, under a Democratic appointee whose most recent job was reconstruction in Bosnia and Kosovo, to speed the development of more power plants in the state. It came on a day when California’s weather began to heat up, power plant capacity idled for maintenance remained high (10,000 MW) and the state grid operator began pleading for stepped up conservation.

Robert Ray took on a new position with Dynegy Inc. yesterday.The nine-year company veteran was named vice president of StrategicInvestments, a job which entails strategic planning, valuation ofcorporate mergers and acquisitions, as well as the company’sinvestment in other business opportunities. Ray has held a numberof positions within Dynegy, most recently the title of vicepresident of Corporate Finance.

A failed technical move higher, followed by a brisk liquidationof fresh longs left even veteran traders shaking their heads in thenatural gas pit Friday, as prices plummeted lower amid heavytrading. The January contract was dealt the largest blow, tumbling13 cents lower to close at $2.331. February also experienced doubledigit losses, slipping 10.3 cents to $2.335.

A veteran natural gas reserve and production expert has issued abearish warning to natural gas market observers: 1998 total reserveadditions could jump as much as 3 Tcf from 1997’s figure to between22 and 23 Tcf. That would be well above the range of 14.9 to 20.2Tcf over the last nine years. With 1998 production estimated atabout 19 Tcf the forecast adds up to reserve additions exceedingproduction by 116% to 121%.

A veteran natural gas reserve and production expert has issued abearish warning to natural gas market observers: 1998 total reserveadditions could jump as much as 3 Tcf from 1997’s figure to between22 and 23 Tcf. That would be well above the range of 14.9 to 20.2Tcf over the last nine years. With 1998 production estimated atabout 19 Tcf the forecast adds up to reserve additions exceedingproduction by 116% to 121%.