Weeks

Confirming plans announced two weeks ago by Westcoast Energy CEO Michael Phelps, Maritimes & Northeast Pipeline said last week it has signed agreements with PanCanadian Petroleum Corp. to transport up to 400 MMcf/d of gas from PanCanadian’s C$1 billion Deep Panuke project offshore Nova Scotia to markets in Atlantic Canada and New England (see NGI, June 18).

Reliant Resources, the second energy IPO in as many weeks, lit up the New York Stock Exchange with its initial public offering yesterday as the most active stock in heavy trading. The Houston-based unit of Reliant Energy opened the day at a stock price of $30 — a price that has increased four times since December — and ended 10% up, closing at $33.02.

Preparing the way for the Administration’s energy policyexpected in the next couple weeks, Energy Department SecretarySpencer Abraham warned a meeting of the U.S. Chamber of Commerce”the nation faces a major energy supply crisis over the next twodecades.”

Enron Energy Services (EES) is on the move again, signing itssecond energy management contract in as many weeks, this time withpharmaceutical company Eli Lilly and Co. The $1.3 billion agreementwill run for the next 15 years.

While winter does not officially conclude for another threeweeks, it was laid to rest yesterday in the gas pit at Nymex as theMarch contract filtered lower in a long liquidation sell-off duringits last hour of trading. The March contract expired at $4.998,down 13.3 cents on the session and more than $1.10 less than whereit was when it became prompt month back on Jan. 29.

Enron Energy Services (EES) is on the move again, signing itssecond energy management contract in as many weeks, this time withpharmaceutical company Eli Lilly and Co. The $1.3 billion agreementwill run for the next 15 years.

TXU Energy Services signed a 10-year multi-million dollaragreement with Aperian Inc. to own, operate and maintain themechanical and electrical energy equipment at Aperian’s fiveInternet data centers, located in Dallas, Austin, Atlanta, Phoenixand Tampa. The contract also includes all future phases ofexpansion.

TXU Energy Services signed a 10-year multi-million dollaragreement with Aperian Inc. to own, operate and maintain themechanical and electrical energy equipment at Aperian’s fiveInternet data centers, located in Dallas, Austin, Atlanta, Phoenixand Tampa. The contract also includes all future phases ofexpansion.

An “absolutely incredible” 9 to 12 Bcf/d reduction in naturalgas demand over the last six weeks, led by industrial users whohave either switched or shut down production, has been the primemover in the recent decline in storage withdrawals, according to areport by Raymond James Energy analysts. A continued rout ofindustrials could bring with it a significant reduction in overallindustrial output and a recession.