Compiled by OGJ Online Staff
El Paso Corp. said it expects earnings of about $3.30/share this year and a 15% earning increase in 2002. The Houston company said it hedged about 75% of its projected gas production at a New York Mercantile Exchange price of $3.85/Mcf or $3.63/MMBtu for September-December 200. For 2002, 60% of its gas production is hedged at a NYMEX price of $4.19/Mcf, or $3.95/MMbtu. For 2003, about 35% of gas production is hedged at $4.19/Mcf, or $3.95/MMBtu, the company said.
The Port of Houston Authority and a unit of Ashland Inc., Dublin, Ohio, have reach an agreement under which Ashland will assist the port in analyzing electric cost-reduction opportunities and buy electricity from third-party suppliers, Ashland said. The agreement covers all the port’s Houston facilities.
Atlanta Gas Light Co.(AGLC), a unit of AGL Resources Inc., Atlanta, Ga., said it will file a motion for reconsideration of the rate review launched by the Georgia Public Service Commission. AGLC said it reported a return on equity of 9.9% for the 12 months ended May 31, 2001, compared with an authorized return on equity of 11% established by the commission in 1998.
Calpine Corp., San Jose, Calif., reported construction is under way for the 750 Mw gas-fired Pastoria energy center, outside Bakersfield. The projected is scheduled to be on line in time to serve summer demand in 2003. Separately, Calpine said it filed an application to build a 540 Mw gas-fired combined cycle electric generating facility in Wawayanda, Orange County, NY.
FPL Energy LLC, a unit of FPL Group Inc., Juno Beach, Fla., has begun operation of the 30 Mw Montfort wind farm in Iowa County, Wis. Electricity generated at the Iowa County facility is being sold under multiyear contracts to Wisconsin Electric-Wisconsin Gas, a subsidiary of Wisconsin Energy Corp.,and Alliant Energy-Wisconsin Power & Light, FPL said.
The UK’s ScottishPower PLC said its US subsidiary PacifiCorp filed Aug. 23 with the Utah Public Service Commission to recover $104 million related to purchased power and other impacts arising from losing Hunter unit 1 from PacifiCorp’s generation portfolio. On Feb. 9 the Utah PSC authorized PacifiCorp to defer costs related to the Hunter outage. The 430 Mw unit was returned to service in early May.
British gas and home service group Centrica PLC said bought operating leases from TXU Corp., Dallas, Tex., for two power stations totaling 705 Mw for $250.7 million. Centrica will take over day to day management of the plants in East Anglia. The deal is subject to approval by UK regulators.
Star Gas Partners LP, Stamford, Conn., said it acquired the of assets of ProvEnergy Oil from Southern Union Co., a natural gas utility in Austin, Tex. ProvEnergy, Providence, RI, serves 15,000 customers, with annual home heating oil volume of 12 million gal.
Ecopetrol, the national oil company of Colombia, PDVSA Gas, an affiliate of Venezuela’s national oil company, and Texaco Inc. reported signing a nonbinding agreement to study a natural gas pipeline connecting Colombia and Venezuela. The proposed pipeline would be about 200 km in length and would connect Texaco’s and Ecopetrol’s offshore infrastructure in the Guajira region in northeast Colombia to markets in Lake Maracaibo, Venezuela. Texaco and Ecopetrol supply about 80% of Colombia’s natural gas needs.