Worst

For those who believe the worst is over, think again. The wholesale energy industry, which has lost 88% of its market value in the past year, has not hit bottom yet, according to several energy executives. It could be as short as four, or as long as seven years, before the wholesale sector earns market confidence again, and most assuredly, an entire new set of players will be in the game.

For those who believe the worst is over, think again. The wholesale energy industry, which has lost 88% of its market value in the past year, has not hit bottom yet, according to several energy executives. It could be as short as four, or as long as seven years, before the wholesale sector earns market confidence again, and most assuredly, an entire new set of players will be in the game.

After enduring one of the worst years in its corporate history, Charlotte, NC-based Duke Energy reported it ended 2002 on a legal high note.

With most markets either in or entering a thawing-out phase, a price retreat from the worst siege of weather in the overall mild winter of 2001/02 was in order Tuesday. Declines between about a nickel and a little more than a dime were most common. The biggest ones came at the points that had been soaring the day before: Northeast and Florida citygates. A minor OFO kept California numbers mostly flat.

Enron Corp. stock last week saw some of its worst days of trading in more than a year following the news that President and CEO Jeffrey K. Skilling, who was credited with much of the energy giant’s successes over the past decade, had resigned. Before the week ended, Chairman Kenneth L. Lay had called a company-wide meeting to assure employees that the company remained on solid financial footing, while senior management officials met with financial analysts in New York to convince them that no other surprises lay ahead.

More toxic pollution is emitted from electric utilities andmines than any other industries in the U.S. — up to 63% of thenation’s reported releases — according to the U.S. EnvironmentalProtection Agency. The EPA released its annual Toxic ChemicalInventory Report last week, which for the first time includedfossil fuel-burning utilities – but it wasn’t a “first” for whichthe industries would most like to be known.

More toxic pollution is emitted from electric utilities andmines than any other industries in the U.S. — up to 63% of thenation’s reported releases — according to the U.S. EnvironmentalProtection Agency. The EPA released its annual Toxic ChemicalInventory Report yesterday, which for the first time includedfossil fuel-burning utilities — but it wasn’t a “first” for whichthe industries would most like to be known.

The power market looks tight again for generation andtransmission this summer with some warnings of price spikes —particularly in the Midwest and California — and the situationisn’t likely to get much better over the next few years, accordingto power market executives.

Fueled by the East’s worst winter storm in four years, naturalgas futures erupted higher at the open yesterday as tradersestablished new longs with confidence.