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Don’t hold your breath waiting for a revised plan from EnCana Corp. on its stalled Deep Panuke natural gas project offshore Nova Scotia. After notifying provincial authorities in December it would submit a new plan in six months, EnCana now estimates it could take up to a year as it works on ways to make the offshore discovery economical. Panuke originally was estimated to hold 1 Tcf of gas and was expected to produce 400 MMcf/d.

Don’t hold your breath waiting for a revised plan from EnCana Corp. on its stalled Deep Panuke natural gas project offshore Nova Scotia. After notifying provincial authorities in December it would submit a new plan in six months, EnCana now estimates it could take up to a year as it works on ways to make the offshore discovery economical. Panuke originally was estimated to hold 1 Tcf of gas and was expected to produce 400 MMcf/d.

After building itself a growing customer base, it looks like the U.S. natural gas industry may not be able to service it all if the economy picks up this year. If the gas-directed rig count ramps up to 1000 by the end of the year — averaging about 900 rigs through 2003 — then supply available in the U.S. will only be down about 2 Bcf/d from 2002 levels, EOG Chairman Mark Papa estimates. He believes drilling will pick up, but if active rigs don’t hit that level “then production is going to fall harder.”

After building itself a growing customer base, it looks like the U.S. natural gas industry may not be able to service it all if the economy picks up this year. If the gas-directed rig count ramps up to 1000 by the end of the year — averaging about 900 rigs through 2003 — then supply available in the U.S. will only be down about 2 Bcf/d from 2002 levels, EOG Chairman Mark Papa estimates. He believes drilling will pick up, but if active rigs don’t hit that level “then production is going to fall harder.”

Reliant Energy said that ideas that can help you manage and reduce your energy costs are now available with the launch of two new Internet-based services. The free, online energy analysis tools give consumers and owners of small to medium-sized businesses a detailed energy report of their home or business and money-saving recommendations on ways to improve their energy efficiency. The service is available 24 hours a day, seven days a week on our new Web site. Waters Davis, president of Reliant Energy Retail Services, believes these tools support Reliant Energy’s efforts to help customers reduce their energy costs. “These online products are customer-focused. They are powerful new tools that can assist our customers in managing their energy usage. These Web-based services put potential energy savings in the hands of customers,” said Davis. He said the two online services are diagnostic tools for the home or business, identifying opportunities to improve energy efficiency, then suggesting ways to help make these enhancements. The new web-based tool for residential customers is called “Reliant Energy Checkup” and can be accessed at http://www.reliant.com/energycheckup. Small to medium-sized businesses that use less than one megawatt of electricity can use the “Online Energy Advisor” at http://www.reliant.com/business/energyadvisor for a detailed energy analysis designed specifically with business customers in mind.

If you trade natural gas, yesterday was a good day to be glued to your chair. Approximately eight minutes ahead of its scheduled 2 p.m. EDT release, the American Gas Association reported that a whopping 106 Bcf was added to underground storage facilities during the week ending June 15, bringing working gas in storage levels to 49% full at 1,609 Bcf. Futures reacted instantly, tumbling 15 cents to $3.75 just 10 minutes after the report was released. The prompt July contract would never recover from the initial selling surge and finished 24.7 cents lower at $3.734.

Depending on your perspective, California either moved towardfuture solutions to its nagging energy crisis or took several stepsbackward yesterday with the launch of its electricity bulk buyingprogram for long-term, fixed-price supplies.

Yesterday was not a good time to walk away from your futurespositions to enjoy the Indian Summer weather. Just one week ago,near-month futures hit a record high at $5.78, but by the close ofregular trading yesterday, the November contract had settled belowthe psychologically important level of $5 for the first time sinceSept. 8.

The speed at which energy companies embrace the Internet isexpected to accelerate for at least two more years, after whichcompanies that have aggressively invested in eBusiness will moveahead of competitors because of expanded revenue growthopportunities and reduced cost structures. At least that’s what anindustry survey by energy adviser Cap Gemini Ernst & Young U.S.LLC suggests.