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General Interest 2001 P17

  • 12/26/2001 -- No need to panic about energy merchant credit, S&P says
    Standard & Poor's said even though bond values suggest a credit collapse of the energy merchant sector, the agency has not reached that conclusion and is holding current company ratings steady.
  • 12/26/2001 -- Market watch: Energy futures prices improved prior to holiday
    Energy futures prices got a boost in international markets prior to the Christmas holidays. The February contact for benchmark US light, sweet crudes bumped up 34¢ to $19.62/bbl Friday on the New York Mercantile Exchange.
  • 12/26/2001 -- New England ISO forecasts record winter demand
    The grid operator of New England forecast that demand for electricity will reach an all time winter season high of 21,500 Mw at peak sometime this season. But the ISO New England said there is sufficient installed capacity to meet the region's energy needs.
  • 12/26/2001 -- Oil markets teetering on brink of oil price spike or collapse in 2002
    Part 1 of 2: The oil industry at the outset of 2002 stands poised on a dual precipice: an oil price spike or collapse. Either or both could happen in the coming year.
  • 12/21/2001 -- Exelon to buy two power plants from TXU for $443 million
    A unit of Exelon Corp. said it agreed to buy two Texas power plants with combined generating capacity of 2,334 Mw from TXU Corp. for $443 million. Included in the purchase are the 893 Mw Mountain Creek steam electric station in Dallas and the 1,441-Mw Handley Steam electric station in Fort Worth.
  • 12/21/2001 -- Wisconsin Energy lowers 2001 outlook on mild weather
    Citing mild fall and winter weather, Wisconsin Energy Corp. Friday lowered its 2001 earnings forecast to $1.90-$2/share. The previous earnings forecast was $2-$2.10. The Milwaukee, based holding company said warm temperatures have hurt the heating revenues of its regulated natural gas and electric businesses. The company reaffirmed its 2002 earnings projection of $2.20-$2.40/share.
  • 12/21/2001 -- Conoco and Holly settle alleged clean air refinery violations
    The US Justice Department and the Environmental Protection Agency Thursday announced settlements with refiners Conoco Inc. and Holly Corp. over alleged federal clean air violations. Under the action, the refiners also reached agreements with 4 states.
  • 12/20/2001 -- Fitch puts five energy firms on credit watch negative
    In a new blow to the beleaguered energy industry, credit rating agency Fitch IBCA Thursday put five energy -related companies, including AES Corp., UtiliCorp United Inc., Teco Energy Inc., Mirant Corp., and Xcel Energy Inc., on credit watch negative. A spokesman for Minneapolis-based Xcel Energy said the action came as a 'surprise.'
  • 12/20/2001 -- Mirant lays out plan to boost liquidity, restore Moody's credit rating
    A credit downgrade to junk bond status by Moody's Investors Service helped accelerate a sell off in the stock of independent power producer Mirant Corp. Thursday, despite the overnight plan to boost the company's balance sheet. At midafternoon the stock was down $2.46/share to $13.61 on volume of more than 25 million shares. Average volume is about 3 million shares.
  • 12/20/2001 -- Market watch: Futures prices rise on OPEC quota cut anticipation
    Futures prices for oil and refined products continued to climb Wednesday on the possibility that the Organization of Petroleum Exporting Countries may proceed with its proposed 1.5 million b/d reduction of production quotas in January.
  • 12/19/2001 -- FERC finds Exelon didn't manipulate market
    Federal regulators Wednesday terminated an investigation into alleged market manipulation by Exelon Corp. and its utility unit Peco Energy Co. and trading affiliates in the Northeast in 1999. The Federal Energy Regulatory Commission said it found no proof the company and its affiliates improperly shared information about unit outages in the PJM Interconnection LLC.
  • 12/19/2001 -- AEP lowers 2001, 2002 earnings outlook
    American Electric Power Co. Inc. the largest US power producer, Wednesday lowered earnings expectations for 2001 and 2002, citing unusually mild weather and a weak economy. AEP, which owns utilities serving customers in the Midwest and Southwest, said it now expects earnings from continuing operations of $3.35-$3.45/share for 2001.
  • 12/19/2001 -- Market watch: Energy prices rise as traders look to OPEC meeting
    Energy futures prices generally strengthened Tuesday as traders looked for signals of a possible reduction of production quotas by the Organization of Petroleum Exporting Countries at its Dec. 28 meeting in Cairo.
  • 12/19/2001 -- German government set to approve service station takeovers
    The German Federal Cartel Office has said it plans to rule on BP PLC's and Royal Dutch/Shell Group's purchases of German gasoline stations this week, amid reports the regulator will approve the transaction with concessions.
  • 12/18/2001 -- National electricity legislation delayed to February
    The sweeping electricity reform legislation being considered in a US House of Representatives subcommittee has been shelved until February. The bill, sponsored by Rep. Joe Barton (R-Texas), was scheduled to be 'marked up' or debated Tuesday, but subcommittee members were to make opening statements only.
  • 12/17/2001 -- North Star parent sues Lone Star for failing to buy tubular products business
    Cargill Inc. has sued Lone Star Technologies Inc., alleging breach of agreement to purchase the tubular products division of Cargill's North Star Steel Co. Lone Star said it believes it has performed all of its obligations and will contest the lawsuit.
  • 12/16/2001 -- Moody's cuts Dynegy rating; liquidity sufficient, company says
    In a move bound to further roil the markets, Moody's Investors Service downgraded energy merchant Dynegy Inc. to one notch above junk bond status late Friday and warned further cuts were possible. Dynegy chief financial officer Rob Doty said he is confident the Houston company has sufficient liquidity but a review of its capital structure is under way.
  • 12/14/2001 -- Sithe cancels New York power plant project citing market uncertainty
    Sithe Energies Inc. Friday canceled a 510 Mw peaking power plant at Ramapo, New York. Analysts said this could be the first of many such projects to be canceled nationwide given the current jittery capital market and the outlook for electricity prices.
  • 12/14/2001 -- Utility affiliates, QFs oppose Texas regulators rate proposal
    The Texas Public Utility Commission has proposed an emergency rule to alter the way rates are calculated for small generators known as qualifying facilities (QFs). But both the utility affiliates and the QFs oppose the PUC plan and have asked for a formal hearing.
  • 12/14/2001 -- NRG Energy to defer $900 million in 2002 spending
    NRG Energy Inc. will defer $900 million in construction spending planned for next year to help support cash flow, in addition to other measures to shore up the balance sheet, company officials said Friday. CEO David Peterson said the market is penalizing high-growth companies in the wake of the Enron Corp. debacle.
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