Slightly more than one year after Midwest power prices spiked to$7,500/MWh from $25/MWh, causing suppliers to default on contracts,companies to go out of business and federal regulators to concludeit was a one-time anomaly, the power market did it again.
Year
Articles from Year
Vector Goes From Oil & Gas to Dot-Com
Vector Energy Corp., created just over a year ago through oiland gas asset acquisitions, is leaving drill bits behind in favorof dot-coms and ISPs. “Nobody cares about oil and gas,” said VectorFounder and President Sam Skipper. Over the next several yearsVector will be either divesting its oil and gas properties ormerging them into another company, he said. Meanwhile it’s headingfor Internet territory, with a letter of intent to acquire onepublicly-held Internet Service Provider (ISP) and promises of anagreement with another with 8,000 subscribers.
In Brief
The Senate last week confirmed Commissioner Curt Hebert Jr. to anew five-year term on the Federal Energy Regulatory Commission. Histerm expires in June 2004.
People
The Senate last week confirmed Commissioner Curt Hebert Jr. to anew five-year term on the Federal Energy Regulatory Commission. Histerm expires in June 2004.
TransCanada Promises $70 Million in Savings
It’s been a year since the completion of its C$11 billion mergerwith Nova Corp., but TransCanada Pipelines finally came through onpromised savings yesterday. The pipeline company said it will give$70 million in merger-related savings to its pipeline customersthrough “targeted operating cost reductions.” An agreement on thereductions was filed with Canada’s National Energy Board and theAlberta Energy and Utilities Board yesterday.
PSCo: Don’t Try to Resuscitate Front Runner
Given that the case is now before a court, FERC is “powerless”to act on KN Wattenberg Transmission LLC’s petition seeking aone-year extension of the construction and operation deadline forits proposed 109-mile Front Runner Pipeline, which was supposed tobegin service this month, says a competing pipeline.
AGL Seeks Extension of FERC Waivers
Atlanta Gas Light (AGL) has asked FERC to extend the waivers andlimited jurisdiction blanket certificate that were approved a yearago on a limited basis to help carry out the utility’s retail gasunbundling program in Georgia.
CNG Buying Share in South Texas Fields
Consolidated Natural Gas Co. E&P subsidiary CNG ProducingCo. agreed to buy interests in Lopeno and two adjacent South Texasgas fields. Earlier in the year, CNG Producing bought about a 50%interest in the Lopeno field, and together with the most recentpurchase, CNG Producing will own nearly 100%. On a combined basis,the company will pay $125 million for the two transactions.
Five Southern Co. Utilities To Use Petal Storage
Petal Gas Storage, a subsidiary of Crystal Oil, announced itsigned a major 20-year gas storage agreement with Southern Co. lastweek for firm deliverability from its Mississippi salt cavernstorage facility of 700,000 MMBtu/d of gas and storage injectioncapacity for 350,000 MMBtu/d. Southern Company Services will managethe capacity and will act as an agent for its affiliated operatingelectric utility companies: Mississippi Power, Alabama Power,Georgia Power, Gulf Power and Savannah Electric.
Reliant, Old Dominion Co-op Form Alliance
Old Dominion Electric Cooperative and Reliant Energy signed afive-year business alliance to evaluate the development of up to2,400 MW of new power generation, while partnering on retailmarketing operations in the Mid-Atlantic states.