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General Interest 2001 P

  • 12/19/2001 -- FERC orders El Paso market power case reopened
    The Federal Energy Regulatory Commission Wednesday reopened an investigation into whether a unit of El Paso Corp. manipulated the natural gas market in California last year. A FERC law judge had concluded El Paso didn't drive up prices by withholding capacity. FERC ordered the rehearing after additional evidence came to light.
  • 12/19/2001 -- Williams boosting balance sheet; may cut earnings target
    Energy trader and pipeline operator Williams Cos. Inc. Wednesday said it will cut 2002 capital expenditures by $1 billion to boost the balance sheet and may reduce earnings growth targets because of the slowing economy and other factors. The Tulsa, Okla., energy company said the measures were intended to help keep its investment grade credit rating.
  • 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 -- Fallout from Enron driving energy stocks down, analysts say
    In the wake of Enron's bankruptcy, the energy merchant trading sector continues to be pressured by investors moving stocks down and bond yields up, analysts said. Some companies have reacted to the more conservative capital requirements imposed by the ratings agencies last week and announced plans to shore up balance sheets in an effort to rebuild investor confidence.
  • 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.
  • 12/14/2001 -- Shell adds Serrano field subsea system to Auger tension leg platform
    Shell Exploration & Production Co. said Friday the Serrano subsea production system has been added to its Auger tension leg platform.
  • 12/14/2001 -- EIA says US natural gas prices will continue to fall through 2002
    The US Department of Energy said Friday natural gas prices should continue to decline through 2002 as supplies increase. Energy Sec. Spencer Abraham had ordered the study because of broad concerns about tight supplies, volatile prices, and regional price disparities.
  • 12/14/2001 -- Market watch: Energy prices mixed in trading on OPEC uncertainty
    Energy futures prices were mixed in trading on the New York Mercantile Exchange Thursday. The January contract for light, sweet crude fell 24¢ to close at $18.12/bbl, while the February contract fell 21¢ to close at $18.53/bbl.
  • 12/13/2001 -- Electric Power news briefs Dec. 13
    SouthWestern Power Group II ... Xcel Energy Inc. ... Williams Cos. Inc. ... Dynegy Inc. ... Cinergy Corp. ... CalEnergy ... Southern California Edison Co. ... Kinder Morgan Energy Partners LP ... Trailblazer Pipeline Co. ... NorthWestern Corp. ... Kelly Group LLC ... Pacific Gas & Electric Co. ... FirstEnergy Corp. ... GasNet
  • 12/13/2001 -- El Paso increases liquidity to help support trading operation
    Ralph Eads, president El Paso Merchant Energy, a unit of El Paso Corp., Thursday said the earnings contribution from the company's marketing and trading operation will be $100 million less for 2002 than previously expected. Eads also said more capital will be required to support the trading operation since the Enron debacle.
  • 12/13/2001 -- Congressional committees want Andersen's Enron records
    Two congressional committees Thursday called on Enron auditors Andersen LLP to turn over audit records and permit their staffs to interview the partner in charge of the Houston energy company's account. They also want to interview former Enron CEO Jeff Skilling.
  • 12/13/2001 -- Barton plans vote next week on electricity reform bill
    US Rep. Joe Barton (R-Tex.), chairman of a US House energy subcommittee, Thursday said he expects to call a vote on an electricity supply and transmission reform bill in a week. After 2 days of hearings, Barton conceded the proposed legislation is not 'a perfect bill,' but the chairman of the Subcommittee on Energy and Air Quality said it was time for Congress to make 'hard choices' about electricity reform.
  • 12/13/2001 -- Woodward expands gas marketing operations in Kentucky
    Woodward Marketing LLC, a unit of Atmos Energy Holdings Inc., Dallas, has acquired the gas marketing assets of Innovative Gas Services Inc. and the common stock of Southern Resources Inc. for $3 million in cash.
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