Years

Boosted by what may be the most bullish weather forecast to hitthe industry in years, natural gas futures spiked dramatically inmultiple buying surges Sunday night and Monday morning as traderspressed the envelope of their long exposures.

Coastal’s earnings for the third quarter were up 40% over thesame period in 1999, boosted by higher gas production volumes andhigher commodity prices in its oil refining and marketingbusinesses. Earnings for the quarter were $144.8 million, or 65cents per share, compared with $102.1 million, or 47 cents a sharea year ago. Excluding merger related items, earnings for theHouston-based company were $146.9 million, or 66 cents per share.First Call/Thomson Financial had predicted 60 cents/share.

The Pennsylvania Electric Association (PEA) and the PennsylvaniaGas Association (PGA) have agreed to reunite after 37 years ofseparation. The two will merge into the newly created EnergyAssociation of Pennsylvania. The governing bodies of bothassociations announced that Richard Bunn, who in the past hadserved as chairman of both groups, will be CEO while a searchcommittee looks for its new leader. John Marshall, chairman of PEAand president of Duquesne Light said the merger will allow bothindustries to “retain their strategic focus while enabling us tocombine resources and knowledge to produce a more efficient andeffective effort in representing the interests of our customers,shareholders and employees in the public policy arena.” PGAChairman John Sipics, president of PPL Gas Utilities said it “makessense because the two associations were pursuing similar objectivesand activities to meet the challenges faced by the regulated energydelivery business, including making the transition to competitiveretail markets.” PEA was established in 1908 and at that time gasutilities were members. In 1963, the gas utilities formed their ownassociation. Earlier this year the electric power generationcompanies spun off from PEA and joined with other major powerproducers in the state to form the Electric Power GenerationAssociation.

The average price of electricity in the United States decreased in 1999 for the sixth consecutive year to the lowest rates since 1990. The total decline in rates since 1994 is 3.6%, according to information released by the Energy Information Administration (EIA) in “Electric Sales and Revenue 1999.”

The average price of electricity in the United States decreasedin 1999ÿfor the sixth consecutive year to the lowest rates since1990.ÿ The total decline in rates since 1994 is 3.6%, according toinformationÿreleased yesterday by the Energy InformationAdministration (EIA) in “Electric Sales and Revenue 1999.”

Enron Corp., the world’s largest energy trader, and DynegyCorp., which plans to try harder to be the second or third largesttrader in the next few years, reported over-the-top earnings forthe third quarter yesterday, reaping the benefits of skyrocketingenergy prices and a continued focus on asset expansion.

Oh, to be an independent today holding properties withdiscovered natural gas! Two years ago, you may not have been ableto use that collateral for much, but those days are gone. Naturalgas prices have skyrocketed, coupled with consumers’ thirst for it,and if you have properties ready to be tapped for natural gas,these are the days.

Oh, to be an independent today holding properties withdiscovered natural gas! Two years ago, you may not have been ableto use that collateral for much, but those days are gone. Naturalgas prices have skyrocketed, coupled with consumers’ thirst for it,and if you have properties ready to be tapped for natural gas,these are the days.

A federal offshore natural gas and oil lease sale — the fifthlargest in 10 years — was completed last month for blocks in thewestern Gulf of Mexico, with $153.6 million in high bids.Houston-based Kerr-McGee Oil & Gas Corp. and its partners werethe highest bidders on 22 blocks worth $16.3 million.