Daily GPI

The American Gas Association (AGA) says it is “highly disturbed”by ANR Pipeline’s request that FERC “reinterpret” the scope of theHinshaw Amendment as part of its deliberations into whether tocertificate the proposed Guardian Pipeline.

Fueled by rapid growth in its unregulated energy businesses andstrong performances by electric and gas transmission operations,Duke Energy reported record earnings for 1999. Before interest andtaxes (EBIT), Duke posted a gain of $2.8 billion before a $660million after-tax gain on the sale of the Midwest Pipelines and aone-time charge of $800 million at Duke Power. EBIT for 1998 was$2.6 billion. Duke Energy set another record for revenues in 1999,reaching $21.7 billion. Fourth quarter revenues increased 48%.

The Public Service Commission of Wisconsin approved the proposedmerger of Wisconsin Energy Corp. and WICOR by a vote of 3-0. Thedeal still requires clearance from the Federal Trade Commission andSecurities and Exchange Commission. Nov. 2, the companies said theFTC had requested additional information in connection with theirHart-Scott-Rodino filing. Both companies have supplied additionalinformation and documentation in response to the request.

Reflecting the spread of East Coast chill further south, FloridaGas Transmission became the latest pipe to issue an OFO Friday.Citing significant market-area demand, FGT declared an OverageAlert Day notice for the system east of Station 12 in the FloridaPanhandle. It carried a 6% tolerance for negative daily imbalances.The pipeline also said it began maintenance Friday at Station 13.Until further notice the work will limit market-area deliveries to1.43 Bcf/d. Due to customer sourcing patterns having its SouthTexas, East Texas and M-1 (24-inch line) zones scheduled close tocapacity, Texas Eastern said Friday it is allowing due-shipperimbalance gas to be taken in those segments. All other servicepoints remain closed for taking due-shipper imbalances, Tetco said.

The bloom was off the Northeast price rose Friday as weekendcitygate quotes began plunging back to earth. The non-Northeastmarket ranged from flat to a little more than a nickel higher.

An actively traded over-the-counter market set the stage for aturbulent session Friday in the natural gas pit at Nymex andtraders did not disappoint — taking prices higher on the openbefore sending them lower in two distinct selling waves.

ONEOK said last week that its board of directors has voted toterminate its planned merger with Southwest Gas. The terminationdecision was made pursuant to a provision in the merger agreementthat permitted any party to terminate if certain conditions werenot fulfilled by December 14, 1999. ONEOK notified Southwest of thetermination late last week.

Producer/marketer shippers on El Paso Natural Gas and Californiaregulators aren’t going to like FERC’s ruling on Enron NorthernAmerica Corp.’s 1.2 Bcf/d contract deal with the pipeline — itaccepted the mega-deal and rejected most of their protests.

Avista Corp., based in Spokane, WA, got on board the technologystock express last week as Washington state neighbor Bill Gatestook a 5% stake in the company and Avista’s stock price just aboutdoubled.