Message-ID: <15177897.1075841947025.JavaMail.evans@thyme> Date: Thu, 24 Jan 2002 18:32:23 -0800 (PST) From: gasnews@mail.energycentral.com To: d..thomas@enron.com Subject: Daily Gas News - 1/25/02 Mime-Version: 1.0 Content-Type: text/plain; charset=ANSI_X3.4-1968 Content-Transfer-Encoding: quoted-printable X-From: "gasnews@mail.energycentral.com" X-To: Thomas, Paul D. X-cc: X-bcc: X-Folder: \ExMerge - Thomas, Paul D.\Deleted Items X-Origin: THOMAS-P X-FileName: paul d thomas 6-26-02.PST Infocast =09 [IMAGE]=09 [IMAGE] =09 HOME | GAS NEWS | EVENTS | JOBS | BUSINESS CENTERS | DIRECTORIES= | DATA CENTER FRIDAY, JANUARY 25, 2002 =09 =09 THIS ISSUE BROUGHT TO YOU BY Do the right energy professionals= have your company's white papers? Gain exposure to thousands by including = them in the industry's most respected information resource - the Energy Cen= tral Research Report Center. Users are able to quickly sort and view all in= cluded documents. Make sure yours is included. To learn how to submit your = white papers, e-mail mjohnson@energycentral.com. http://www.energycentral.c= om/sections/research TOP STORIES Georgia Senator's Plan Would E= stablish Regulated Gas Supplier By Matthew C. Quinn, The Atlanta Journal-C= onstitution, Jan. 24 Legislation is due to be promoted in the state Senate = today that would establish a regulated supplier for the state's deregulated= natural gas market. Reliant Energy Entex Reduces Gas Bills for Houston= Customers by 22 Percent By David Kaplan, Houston Chronicle, Jan. 24 Houst= on residents got good news Wednesday, thanks to the continued drop in natur= al gas prices. US gov't oil, natgas royalties at record $8.61 bln WASH= INGTON, Jan 24 (Reuters) The U.S. government collected a record $8.61 billi= on during the most recent budget year from royalties paid by energy compani= es drilling for oil and natural gas on federal leases, according to figures= released on Thursday. Press Release City Utilities Of Springfiel= d, MO Enhances Customer Management Flexibility Using SPL WorldGroup Softwar= e Morristown, New Jersey - January 24th, 2002 SPL WorldGroup B.V. (SPL), t= he leading provider of customer management solutions to the global energy, = water and waste management industries, has successfully implemented SPL's c= ustomer management software product at City Utilities of Springfield, MO (w= ww.cityutilities.net ). City Utilities is a customer-owned utility that ser= ves approximately 90,000 customers in southwest Missouri with electric powe= r, natural gas and water. National Energy Policy Cheney again ref= uses to give energy policy details By Randall Mikkelsen, WASHINGTON, Jan 2= 3 (Reuters) Vice President Dick Cheney's office again refused on Wednesday = to turn over details of how the White House formulated its energy policy --= including bankrupt Enron Corp.'s involvement -- despite increased pressure= from Congress. Bush Calls for More Mining; Kerry Rips `Status Quo' Pl= an Chicago Tribune, Jan. 23 As the Senate prepares for an imminent tussle = over energy legislation, President Bush and Sen. John Kerry engaged in a lo= ng-distance debate Tuesday over the value of conservation versus increased = domestic oil, coal and gas production. Gephardt says US should seek en= ergy independence By Thomas Ferraro, WASHINGTON, Jan 24 (Reuters) U.S. Hou= se of Representatives Democratic leader Richard Gephardt, a potential 2004 = White House contender, says the United States should seek to become energy = independent by the end of this decade. ADVERTISEMENT ENERGIZE Y= OUR CAREER - The Energy Central Job Center has a new look, new features, pr= emier employers and is updated daily! Visit the energy industry's largest o= n-line job center today: http://www.energycentral.com/sections/jobs = Mergers, Acquisitions & Divestitures Gas Group BG to Buy Assets in I= ndia for $350 Million from Enron Daily Mail, London, Jan. 24 Enron's troub= les helped gas group BG to shave 10 percent off the price of the Indian oil= and gas assets it is buying from the scandal-racked US company. Oklah= oma Governor Fails to Keep Phillips Petroleum from Houston Move By Rick Ro= binson, The Daily Oklahoman , Jan. 23 A last-ditch effort by Gov. Frank Kea= ting to retain the headquarters of Oklahoma's biggest company came up short= Tuesday. BP to decide fate of Woodside global strategy By Nigel Wil= son, Jan 25, 2002 (The Australian - ABIX via COMTEX) -- Australia's Woodsid= e Petroleum is competing with international companies for the assets of Veb= a Oil & Gas. Legislation/Regulation Fired Andersen partner refuse= s to testify on Enron WASHINGTON, Jan 24 (Reuters) - A fired partner of au= ditor Andersen on Thursday refused to testify to Congress on the destructio= n of evidence in the collapse of energy giant Enron, prompting lawmakers to= say he was frustrating their probe. Text of Enron Auditor's Testimony= By The Associated Press, Jan 24, 2002 (AP Online via COMTEX) -- The disc= ussion Thursday between fired Enron auditor David Duncan and Rep. Jim Green= wood, R-Pa., chairman of a House Energy and Commerce subcommittee investiga= ting the Enron collapse: Flurry of Enron Hearings to Begin; Scrutiny M= ay Lead to Changes in Laws By Christopher Lee, The Dallas Morning News, Ja= n. 24 When Enron went down, a great many public policy issues came up. = Democrats May Also Feel Sting from Enron's Lobbying, Campaign Contribution= s By Robert Schlesinger, The Boston Globe, Jan. 24 With congressional hear= ings on the Enron Corporation's collapse scheduled to resume today, Democra= ts face a touchy political question of how much -- if at all -- they can pr= ofit from the scandal politically. Former SEC Chairman Tried to Change= Auditing Rules By Patty Reinert, Houston Chronicle, Jan. 24 Long before t= he Enron implosion made clear what happens when giant corporations get too = cozy with the accountants policing their books, former Securities and Excha= nge Commission Chairman Arthur Levitt tried to change the rules to make aud= itors more independent. Andersen blames Enron document destruction on = Duncan WASHINGTON, Jan 24 (Reuters) Top Andersen executives told lawmakers= on Thursday that its lead partner for auditing Enron Corp.'s books was lar= gely responsible for the destruction of a "very substantial volume of docum= ents" sought by government investigators. Andersen knew early of Enron= problems-lawmaker WASHINGTON, Jan 24 (Reuters) - A leading U.S. Congressm= an said on Thursday he believed senior officials from auditing firm Anderse= n were aware early on of collapsed energy giant Enron Corp.'s financial pro= blems. White House: Lay resignation will not deter probe WASHINGTON, = Jan 24 (Reuters) The resignation of Enron Corp chairman Kenneth Lay will no= t deter the administration from seeking answers to the energy trading firm'= s spectacular collapse, a White House spokesman said on Thursday. Comm= ittees investigating Enron By United Press International, Jan 24, 2002 (U= nited Press International via COMTEX) -- Here is a list of Congressional co= mmittees investigating Enron: Congress should study derivatives tradin= g regulation after Enron - Lieberman WASHINGTON, Jan 24, 2002 (AFX-Asia v= ia COMTEX) -- Senator Joe Lieberman said that Congress needs to restore inv= estor confidence and protect retirement security, in the wake of Enron Corp= 's collapse, and should also assess whether to regulate energy derivatives = trading and deregulate energy markets. Auditor Decides Not to Testify = in Enron Hearing Knight Ridder Washington Bureau, Jan. 24 The auditor fire= d for shredding Enron documents in the midst of a government investigation = has declined to testify before lawmakers when a series of hearings opens Th= ursday on Capitol Hill. Congress begins marathon series of Enron heari= ngs WASHINGTON, Jan 24 (Reuters) A pair of congressional hearings into the= failure of Enron Corp. will focus on Thursday on the role of the collapsed= energy giant's auditor, Andersen, and whether regulators could have preven= ted the crisis. Gas Pricing/Hubs Canada gas prices mixed on weath= er, stronger U.S. CALGARY, Alberta, Jan 24 (Reuters) Spot natural gas pric= es in Canada were mixed on Thursday, with eastern prices rising with slight= ly stronger U.S. physicals while Alberta prices melted on milder weather an= d ample supplies, sources said. NYMEX Hub gas ends mixed after early s= hort cover rally NEW YORK, Jan 24 (Reuters) NYMEX Hub gas, lifted early Th= ursday by short covering on private forecasts calling for colder weather la= te next week, ended mixed on the day as upside momentum ran out of steam la= te in the session, sources said. U.S. spot gas firms slightly despite = weather outlook SAN FRANCISCO, Jan 24 (Reuters) U.S. day-ahead natgas pric= es got a small lift on Thursday, with gains at most pipelines coming on coo= ler Northeast weather forecasts for Friday and firmer NYMEX trade this morn= ing. Drilling/Exploration Gas Drilling Company Says Rules Too Tou= gh in La Plata County, Colo. By Electa Draper, The Denver Post, Jan. 23 An= energy company attorney says the red tape La Plata County has wrapped arou= nd the gas well in the rural Bellflower Subdivision is pushing the legal li= mits. Futures Natural gas edges lower on late AGA release weighs = Jan 24, 2002 (TradeSignals via COMTEX) -- Natural gas futures ended Wedne= sday's session lower as late selling pressure emerges to weigh on trade. = February Futures Sinks after Short-lived Short Covering Run Jan. 24 (Bt= u's Daily Gas Wire) February natural gas futures settled down 2.8 cents at = $2.048 as a bout of short covering fizzled out, allowing a tumble to a fres= h 4-month low for a nearby month and a new low for the contract at $2.025, = a 5.1-cent loss. Special Offer from this Publisher! Pipelines Pr= essure to build Arctic pipeline has eased: federal environment minister J= AMES STEVENSON, CALGARY, Jan 23, 2002 (The Canadian Press via COMTEX) -- Th= e need to quickly build a northern pipeline connecting Arctic energy reserv= es to southern markets has plunged along with natural gas prices, federal E= nvironment Minister David Anderson said Wednesday. $1.5bn plant hinges= on gas pipeline By Nigel Adlam, Jan 25, 2002 (Northern Territory News - = ABIX via COMTEX) -- French aluminium producer Pechiney is considering const= ruction of a $A1.5 billion aluminium smelter near Darwin. Rates For= more information on rate tariffs visit Gas Rate Tariffs [IMAGE] Rate = Jump, Cold Mean Higher Bills for Tucson, Ariz., Southwest Gas Customers By= David Wichner, The Arizona Daily Star, Tucson, Jan. 23 A rate increase plu= s an unusually cold December added up to rate shock for customers of Southw= est Gas. General Al Sharpton Comes to Houston, Urges Aid for Enro= n Investors By S.K. Bardwell, Houston Chronicle, Jan. 24 The government fa= iled to protect investors from the downfall of Enron and therefore should f= ind money to help those who lost their savings in the corporation's collaps= e, the Rev. Al Sharpton said Wednesday. Enron scandal gives rise to ne= w verb WASHINGTON, Jan 23 (Reuters) First Enron was a company. Then it was= a scandal. Now it is a transitive verb. CHRONOLOGY - Rise and fall of= energy giant Enron NEW YORK, Jan 24 (Reuters) Following are key dates in = the history of energy trading giant Enron Corp.: Developments Related = to Enron Case By The Associated Press, Jan 24, 2002 (AP Online via COMTEX= ) -- David Duncan, a fired Arthur Andersen LLP auditor, cited his Fifth Ame= ndment rights, declining to testify to Congress about anything he knows or = anything he did in the destruction of documents relevant to the collapse of= Enron.(p) Denver Charter School Gives $4,500 Donation to Enron Pensio= n Fund By Trent Seibert, The Denver Post, Jan. 23 It's a $4,500 donation n= obody wants. Trading/Marketing Two Congressional Panels Extend En= ron Scrutiny to Energy-Trading Allegations By Jim Landers, The Dallas Morn= ing News, Jan. 24 Two congressional committees are investigating allegation= s that Enron Corp. manipulated energy trading markets to profit from inside= r information. Legal Texas Justice's Enron Money Draws Criticism = By Michelle Mittelstadt, The Dallas Morning News, Jan. 23 An Enron scandal= that has proved nettlesome to the executive and legislative branches now i= s spilling over to the judiciary, with word that a prospect for a prestigio= us federal appellate court seat received Enron campaign contributions and l= ater authored a Texas Supreme Court opinion favorable to the bankrupt energ= y trader. Texas Attorney General's Opinion in Utility Disclosure Case = Favored Enron By Wayne Slater, The Dallas Morning News, Jan. 24 Attorney G= eneral John Cornyn sided with Enron in September in a utility case in which= the company sought to keep financial information secret as it competed for= business in the deregulated utility market. Enron Documents Cause Att= orneys to Pull Out of Agreement By Rosanna Ruiz, Houston Chronicle, Jan. 2= 4 An agreement fell apart Wednesday between attorneys representing Enron sh= areholders on how to protect financial documents held by the company's form= er auditor, Arthur Andersen. MidAmerican Energy Goes to Court to Fire = Iowa Union Worker Waterloo Courier, Iowa, Jan. 22 MidAmerican Energy Co. h= as gone to federal court to fire a union employee from Waterloo who left 5 = million gallons of flammable liquefied natural gas unguarded for three hour= s. Suit Seeks to Apply Federal Racketeering Laws to Enron By Elizabet= h Allen, San Antonio Express-News, Jan. 24 Former Enron employees hope to u= se federal racketeering laws to recoup some of the $1.3 billion they lost i= n retirement money when the Houston-based energy trading company collapsed.= Lawyers see settlement of massive Andersen suits NEW YORK, Jan 24 (R= euters) - Andersen, which handled Enron Corp.'s audits, will have to pay wh= at could be hundreds of millions of dollars to settle massive civil litigat= ion if it hopes to survive the scandal over the energy trader's collapse, l= egal experts say. FEATURE-Pension funds seek key role in Enron actions= By Martha Slud, NEW YORK, Jan 24 (Reuters) Public retirement funds, burne= d by huge losses on Enron Corp., are pressing to play a lead role in the sh= areholder lawsuits against the company -- and are hoping the fallout over E= nron's downfall will help spur corporate governance reforms at other U.S. c= ompanies. Judge grants early Andersen depositions in Enron suit By C.= Bryson Hull, HOUSTON, Jan 24 (Reuters) A federal judge on Thursday ordered= six key Andersen employees to give early depositions about the shredding o= f Enron-related documents, handing an initial victory to shareholders suing= the auditor and the failed energy giant's top insiders. People E= nron CEO Quits as Bankrupt Company Looks for a Savior By Charlene Oldham, = The Dallas Morning News, Jan. 24 Enron Corp. chairman and chief executive o= fficer Kenneth Lay resigned Wednesday, joining the more than 4,000 Enron wo= rkers he dismissed in the fallout of the energy trader's dizzying collapse.= Texas Senator Defends Wife's Actions on Enron By Jim Landers, The Da= llas Morning News, Jan. 23 Texas Sen. Phil Gramm on Tuesday defended his wi= fe's actions on Enron Corp.'s board of directors and said the couple lost m= ore than $600,000 in the energy company's bankruptcy. Colorado Senator= s to Give Up Campaign Money from Enron, Andersen By Mike Soraghan, The Den= ver Post, Jan. 23 U.S. Sen. Wayne Allard reversed himself Tuesday and decid= ed to give up thousands of dollars in political contributions from Enron an= d Andersen LLP. Newsmaker-Enron's Lay scorned, lauded for vision By A= ndrew Kelly, HOUSTON, Jan 23 (Reuters) Ken Lay, who resigned as chairman an= d chief executive officer of bankrupt Enron Corp. on Wednesday, was once la= uded as a visionary of the energy business but more recently vilified as a = callous profiteer. KeySpan vice chairman/COO to step down NEW YORK, J= an 24 (Reuters) KeySpan Corp., the largest natural gas distributor in the N= ortheast, on Thursday said Vice Chairman and Chief Operating Officer Craig = Matthews will retire in March. A look at the life of former Enron Chai= rman Kenneth L. Lay By PAM EASTON Associated Press Writer, HOUSTON, Jan 24= , 2002 (AP WorldStream via COMTEX) -- A pillow former Enron chief executive= Kenneth L. Lay once had in his upscale Houston home read: "Happiness is a = positive cash flow." Sharpton offers Bush mother-in-law help on Enron = HOUSTON, Jan 23 (Reuters) Civil rights activist Al Sharpton offered on Wed= nesday to help President George W. Bush's mother-in-law recoup her lost Enr= on Corp. stock investment as part of his campaign to get government help fo= r victims of the company's financial collapse. Jesse Jackson to meet, = pray with Enron's Lay HOUSTON, Jan 24 (Reuters) Civil rights activist Rev.= Jesse Jackson and former Enron Corp. chief executive Ken Lay were set to t= alk on Thursday night in a meeting at Enron headquarters that was likely to= include a prayer session, a Jackson spokesman said. Labor/Human Resou= rces Enron's Once-Proud Workers Left Feeling Betrayed By Bob Dart, Th= e Atlanta Journal-Constitution, Jan. 24 Enron left a voice mail message for= Mark Lindquist to let him know that he had been laid off. Officials L= ook Into Time When Enron Blocked Stock Sales By David Ivanovich, Houston C= hronicle, Jan. 24 The Labor Department's probe into the Enron debacle has f= ocused on a period when participants in the company's 401(k) retirement pla= n were barred from selling their Enron stock, Labor Secretary Elaine Chao s= aid Wednesday. Williams Cos. to Cut 250 Tulsa, Okla., Jobs By Russell= Ray, Tulsa World, Okla., Jan. 24 Williams Cos. Inc., one of Tulsa's larges= t employers, said Wednesday it plans to eliminate about 450 jobs, including= 250 in Tulsa. Financial Derivatives at root of Enron collapse, e= xpert says By Andrew Clark, WASHINGTON, Jan 24 (Reuters) Enron Corp.'s ext= ensive use of derivatives, not just its accounting practices, lie at the ro= ot of the fallen energy giant's slide into the largest bankruptcy in U.S. h= istory, an expert in the complex financial instruments told Congress on Thu= rsday. Enron Unit's Losses Were Moved to Another Division, Former Empl= oyee Says Houston Chronicle, Jan. 24 Enron reported a profit at its energy= -services business last year by moving the unit's huge losses onto the book= s of another corporate division, a former Enron employee says. Califor= nia Employees' Retirement System Played Unwitting Role in Enron Debacle By= Dale Kasler, The Sacramento Bee, Calif., Jan. 24 It was a simple and strai= ghtforward arrangement for CalPERS, and a profitable one, too. What Ac= counting Changes Should the Energy Industry Expect from the SEC? By Will M= cNamara, IssueAlert, Jan. 24 (Scientech) Responding to growing pressure ove= r Enron's collapse, the head of the Securities and Exchange Commission (SEC= ) has proposed to have a group of outside experts discipline accountants ra= ther than relying on the industry to police itself. Special Offer from this= Publisher! Enron's Collapse Has Tiny Effect on South Carolina Pensio= n Fund By R. Kevin Dietrich, The State, Columbia, S.C., Jan. 23 The S.C. R= etirement Systems lost millions of dollars late last year because of an inv= estment in troubled Enron Corp. Enron Debacle Is a Wake-Up Call to 401= (k) Investors By Kelby Hartson Carr, The Free Lance-Star, Fredericksburg, = Va., Jan. 24 The highly-publicized Enron fiasco is a wake-up call for peopl= e who invest in employer retirement plans. Progress Energy files $2 bl= n shelf of debt, equity WASHINGTON, Jan 23 (Reuters) Progress Energy Inc. = on Wednesday filed with U.S. regulators to sell over time up to $2 billion = worth of senior debt securities, common and preferred stock and stock purch= ase contracts and units. Pitt opposes new body under accounting indust= ry By John Poirier, WASHINGTON, Jan 23 (Reuters) U.S. Securities and Excha= nge Commission Chairman Harvey Pitt continued on Wednesday to promote revam= ping oversight of the accounting profession, saying he opposes a structure = placing a new oversight body under the control of the industry. FEATUR= E-Under the gun, earnings reports come clean By Deepa Babington, NEW YORK,= Jan 24 (Reuters) Now here's something investors will be pleasantly surpris= ed to see popping up in corporate earnings press releases: Easier-to-unders= tand financial reports. Financial - Results Exxon Mobil Reports Q= uarterly Earnings Despite Slump in Oil Prices By Charlene Oldham, The Dall= as Morning News, Jan. 24 Depressed oil and natural gas prices took their to= ll on profits for two oil industry bellwethers based in the Dallas area, bu= t both were able to report some good news Wednesday at the end of a rough f= ourth quarter. Dynegy Reports Net Income of $77 Million for Fourth Qua= rter By Nelson Antosh, Houston Chronicle, Jan. 24 Dynegy said Wednesday it= s fourth-quarter earnings were whittled down by special charges mostly rela= ted to its exposure to Enron and an aborted merger with it, but the full ye= ar was a record-breaker. Nicor says fourth-quarter earnings up 13 pct = NAPERVILLE, Ill., Jan 23 (Reuters) Nicor Inc, parent of gas distribution u= tility Northern Illinois Gas, said on Wednesday its fourth-quarter profits = rose 13 percent from a year earlier, due partly to stronger performance in = gas distribution and lower interest expense. Dominion earnings rise, e= xcluding unusual items RICHMOND, Va., Jan 24 (Reuters) Utility holding com= pany Dominion Resources Inc. said Thursday fourth-quarter profits rose due = to strength in its power generation and gas pipeline business. MDU Res= ources earnings fall as revenue drops BISMARCK, N.D., Jan 24 (Reuters) MDU= Resources Group Inc., a power and gas utility with oil and gas production,= on Thursday said earnings fell in the fourth quarter as revenues declined.= KeySpan agrees to sell barge unit, cuts 2002 eps NEW YORK, Jan 24 R= euters) - KeySpan Corp, the largest natural gas distributor in the Northeas= t, said on Thursday fourth-quarter earnings fell as unseasonably warm weath= er weakened gas prices, and it lowered its 2002 earnings per share forecast= as a result. Low oil prices batter Phillips, Conoco profits NEW YORK= , Jan 24 (Reuters) - Phillips Petroleum Co. and Conoco Inc, which are combi= ning to create the third-largest U.S. oil company, on Thursday separately r= eported fourth-quarter earnings that fell by nearly 80 percent, humbled by = lower oil and gas prices. Sempra fourth quarter profits rise LOS ANGE= LES, Jan 24 (Reuters) - Sempra Energy said on Thursday fourth-quarter profi= ts rose 11 percent despite flat earnings from its Californian utilities and= a sharp drop in reported results from its key energy trading business. = Raleigh, N.C.-Based Utility Reports Strong Fourth-Quarter Earnings By Du= dley Price, The News & Observer, Raleigh, N.C., Jan. 24 Progress Energy, th= e parent corporation of CP&L, overcame mild weather and a slowing economy t= hat reduced industrial demand for gas and electricity to report strong four= th-quarter earnings. International Enron business model in Europe= still valid-analysts LONDON, Jan 24 (Reuters) The collapse of U.S. energy= group Enron is unlikely to stop other utilities in Europe adopting a simil= ar business model to that of the Houston-based giant, an analyst's report s= aid on Thursday. Peru says Toledo taking "good" gas plan to Bolivia L= IMA, Peru, Jan 24 (Reuters) Peruvian President Alejandro Toledo is taking B= olivia a "good proposal" to allow the land-locked Andean nation to export g= as to the United States and Mexico via Peru, a deputy minister said on Thur= sday. Iran sees 300 bln usd in revenues over 30 yrs from South Pars ga= s field ASSALUYEH, Iran, Jan 24, 2002 (AFX-Europe via COMTEX) -- Iran exp= ects to generate 300 bln usd in revenues over the next 30 years from the So= uth Pars natural gas field in the Gulf, Oil Minister Bijan Namdar Zangeneh = said. Five French companies face peculiar privatisation problems Jan = 24, 2002, (Le Monde /FT Information via COMTEX) -- The proposed privatisati= on - either partial or total - of five of France's public-service providers= presents five different challenges, say observers. If you are an En= ergy Central News Subscriber and you have checked any news articles above, = selecting the 'Get Articles' button below will deliver all of the checked a= rticles in one page. This is a convenient way to get exactly the news you n= eed - quickly! NEED INFORMATION ON THE POWER INDUSTRY? ENERGY CEN= TRAL'S GOT IT! JOB CENTER The Job Center provides instant access to the= best employment opportunities and prospective employees in the energy indu= stry through comprehensive job listings and active resume database. JOB WA= TCH A free weekly e-mail service that broadcasts new job listings in the J= ob Center directly to your inbox! 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