Warm

New York City utility owner Consolidated Edison Inc. saw first quarter earnings fall 6.9% after one of the warmest winters in the Northeast on record coupled with weak economic conditions. Net income was $166.6 million ($0.78 a share), compared with earnings of $179.1 million ( $0.84) for the first quarter of 2001. Analysts had expected quarterly earnings of 80 cents. Revenue also fell, dropping 27% to $2.1 billion from $2.89 billion for the same period a year ago.

Kudos to the Dynegy Foundation for coming up with a warm, fuzzy and funny approach to charity that will be self-sustaining and can’t help but create good vibes for parent Dynegy Inc.

Kudos to the Dynegy Foundation for coming up with a warm, fuzzy and funny approach to charity that will be self-sustaining and can’t help but create good vibes for parent Dynegy Inc.

Unseasonably warm weather reduced energy demand in the Northeast, lowered prices and cut into KeySpan’s fourth quarter earnings. The company reported slightly lower earnings, excluding special items, of $99 million, or 71 cents per share, down from $100.9 million, or 75 cents per share, a year earlier. Wall Street analysts had expected earnings of 73-78 cents per share, with a consensus estimate of 75 cents. Including special items, earnings fell to $34.4 million, or 25 cents per share, from $58.9 million, or 44 cents per share.

Unseasonably warm weather reduced energy demand in the Northeast, lowered prices and cut into KeySpan’s fourth quarter earnings. The company reported slightly lower earnings, excluding special items, of $99 million, or 71 cents per share, down from $100.9 million, or 75 cents per share, a year earlier. Wall Street analysts had expected earnings of 73-78 cents per share, with a consensus estimate of 75 cents. Including special items, earnings fell to $34.4 million, or 25 cents per share, from $58.9 million, or 44 cents per share.

Despite revised weather forecasts calling for a warm-up east of the Mississippi, natural gas futures shuffled higher Monday as traders continued to hedge for the possibility of a technical short-covering rally. The buying was concentrated in the morning hours and by 12:20 p.m. EST the February contract had already reached its peak for the day. However, only light selling was seen throughout the afternoon and as a result, the February contract managed to hold onto some of its morning advances. It finished at $2.25, up 4.6 for the session, but 7.5 cents off its high trade.

ONEOK revised downward its earnings guidance for 2001. It said net income excluding the effect of an Oklahoma Corporation Commission (OCC) charge is estimated to be about $1.20 per diluted share of common stock, which compares to Wall Street estimates between $1.35 and $1.50. Net income is estimated to be only $1.02 per diluted share of common stock including the impact of the OCC charge. The company earned $1.10 per diluted share in 2000 excluding the sale of a processing plant.

ONEOK revised downward its earnings guidance for 2001. It said net income excluding the effect of an Oklahoma Corporation Commission (OCC) charge is estimated to be about $1.20 per diluted share of common stock, which compares to Wall Street estimates between $1.35 and $1.50. Net income is estimated to be only $1.02 per diluted share of common stock including the impact of the OCC charge. The company earned $1.10 per diluted share in 2000 excluding the sale of a processing plant.

Due to a relatively warm February and “price-induced reductionsin gas demand,” the winter natural gas crisis is not as bad as itcould it be, according to Energy Security Analysis Inc. (ESAI) inits March Natural Gas Stockwatch. With prices back in the $5 areathe question now becomes, where do we go from here?