weather

Dominion Resources’ Production Gains Offset Power Losses

First quarter earnings growth in Dominion Resources Inc.’s energy production unit helped to offset losses from lower power demand, the company reported last week, with operating earnings of $322 million ($1.20 a share) compared to $298 million ($1.20) for the same period of 2001. Dominion acknowledged earlier this month that gas hedges and the mild winter would cut into its earnings expectations, which Wall Street analysts had pegged a cent higher.

April 22, 2002

CA Gas, Power Markets Still ‘Vulnerable’ This Summer

Extreme weather and questionable interstate natural gas pipeline capacity for the peak demand could compromise California energy reliability this summer, according to an outlook report from the Energy Security Analysis, Inc. (ESAI) in its latest assessment of North American natural gas capabilities. California’s chief gas forecaster, however, isn’t worried about this summer because demand for gas from generators will be down compared to last summer.

April 15, 2002

Transportation Notes

Based on the weather forecast and projected system demand, Sonat advised shippers that the OFO Type 3 implemented Wednesday for eight market-area groups, along with capacity allocations for four other groups, are being canceled today.

March 1, 2002

Transportation Notes

Due to forecasts of freezing weather moving into Florida Tuesday night and this morning, Florida Gas Transmission issued an Overage Alert Day notice Tuesday with 15% tolerance for negative daily imbalances.

February 27, 2002

Transportation Notes

Repairs on a Matagorda Offshore Pipeline System leak near Matagorda Block 758 (see Daily GPI, Feb. 11) were not completed over the weekend due to bad weather. A spokesman for MOPS operator Northern Natural Gas said there was still no prognosis as of Monday afternoon on when the work will be finished. MOPS has been flowing no scheduled volumes since Saturday, affecting about 100 MMcf/d, he said.

February 12, 2002

El Paso Energy Partners Posts Strongest Results Since 1993

Coming off of a year highlighted by milder than normal weather, El Paso Energy Partners LP. reported a 51% increase in 2001 pro forma cash flow, as measured by adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA), of $161.4 million compared with $107.0 million in 2000. Pro forma net income, which also excludes non-recurring items, was $61.8 million ($0.58 per unit) for 2001 — more than triple the $20.5 million (loss of $0.03 per unit) in 2000. The company’s net income was $55.1 million ($0.38 per unit) for 2001 and includes non-recurring charges of $6.7 million ($0.19 per unit) primarily related to asset sales in 2001.

February 5, 2002

Transportation Notes

Based on revised weather and demand forecasts received early Monday morning, Sonat issued an OFO Type 3 for eight market-area groups on its system, effective today until further notice. Penalties of $15/Dth apply to any shipper whose deliveries exceed 102% of their daily entitlement at any delivery point within the affected groups. Sonat also will be allocating/limiting IT in three other market-area groups starting today until further notice.

February 5, 2002

Southern Beats Back Weak Economy, Earnings Vault Higher

Mild weather seen in the Southeast and a softer U.S. economy were not enough to trip up Southern Co.’s 2001 earnings results as several factors, including continued customer growth and cost controls, helped the utility giant post earnings for the year of $1.12 billion, or $1.62 per share, compared with reported earnings of $994 million, or $1.52 per share, in 2000.

January 28, 2002

Transportation Notes

Citing the current weather forecast and projected system demand, Sonat notified shippers Monday that eight market-area groups (Birmingham Group, South Main Zone 2, Atlanta Group, South Main Zone 3, East of Wrens, South Georgia-Lee County, Brunswick Group and Savannah Group) will be subject to an OFO Type 3 effective with the start of today’s gas day (Wednesday) until further notice. Concurrent with the OFO, Sonat also will be allocating/limiting interruptible capacity in the Chattanooga Group, East Tennessee Group and North Alabama Group.

January 2, 2002

Transportation Notes

Based on cold weather forecasts and projected demand, Sonat issued an OFO Type 3 for eight market-area groups, effective Tuesday until further notice. See the bulletin board for a list of affected delivery points.

December 27, 2001