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      HOME  | GAS NEWS  | EVENTS  | JOBS  | BUSINESS CENTERS  | DIRECTORIES  | DATA CENTER    THURSDAY, JANUARY 24, 2002  	


 	   THIS ISSUE BROUGHT TO YOU BY       Competitive Intelligence now available. Identify potential suitors, those who threaten your position across the value chain or those who demonstrate best practices with Company Profile Reports from Datamonitor. These reports are the definitive intelligence resource on 106 top companies in the energy industry. Reports include: specific business background, history, locations and subsidiaries, products, services and key employees. View the list of Datamonitor's Company Profiles. http://www.energycentral.com/sections/research/default.cfm?cpane=23003&rpublisher=11408&rtype=all         TOP STORIES     BG gets cut-price Enron India fields  LONDON, Jan 23 (Reuters) - Britain's BG Group Plc said on Wednesday it would pay stricken U.S. energy trader Enron a knock-down $350 million for its stake in three oil and gas fields off western India after renegotiating the deal.     Natural Gas Rates May Decline Again for Las Vegas-Area Customers  By John G. Edwards, Las Vegas Review-Journal, Jan. 23 Las Vegas area natural gas customers will get a third consecutive decrease in rates if state regulators approve a proposal submitted by Southwest Gas Corp. late Tuesday.     Providence, R.I., Gas Firm, Union, Set New Talks on Contract  By Timothy C. Barmann, Providence Journal, R.I., Jan. 23 New England Gas Co. and the union that represents nearly a third of its workers have agreed to meet with a federal mediator on Friday to try to resolve their dispute over a new contract.      Press Release      Excelergy Completes Record Year in 2001  LEXINGTON, MA (January 23, 2002) Excelergy Corporation, the world's leading provider of high performance software products automating business processes in the energy/utility industry and other restructuring markets, reported today it completed a record quarter for sales in Q4 2001. This capped a record year for Excelergy for 2001, a year in which overall revenues increased 65 percent, overall bookings increased 89 percent, software license revenue grew 91 percent, and maintenance and support services revenue grew 130 percent despite generally down market conditions in the technology sector.      National Energy Policy      Democrats Increase Pressure Over Enron   By PETE YOST Associated Press Writer, WASHINGTON, Jan 23, 2002 (AP Online via COMTEX) -- Four top Democratic senators Wednesday gave their full support to a General Accounting Office inquiry into meetings between the Bush White House and industry leaders on administration energy policy.      Massachusetts Senator Seeks Energy Panel List  By Glen Johnson, The Boston Globe, Jan. 23 The Bush administration's reluctance to say who advised the White House task force as it formulated its national energy policy indicates the guidance was tilted toward the oil and gas industry and not outsiders with novel ideas, Senator John F. Kerry said yesterday.      Senate Republicans want mid-Feb energy bill vote  WASHINGTON, Jan 23 (Reuters) - Senate Republican Leader Trent Lott on Wednesday said he expects the Senate to begin debate on a broad energy bill early next month and hopefully vote on the measure by mid-February.          ADVERTISEMENT    ENERGIZE YOUR CAREER - The Energy Central Job Center has a new look, new features, premier employers and is updated daily! Visit the energy industry's largest on-line job center today: http://www.energycentral.com/sections/jobs          Competition & Deregulation    For reports and related information on this topic visit our Data Center   [IMAGE]    PSC Strengthens Consumer Protections in Competitive Energy Markets  Albany, NY - January 23, 2002 (News Release) To further strengthen consumer protections in New York's competitive energy markets, the New York State Public Service Commission today voted on financial requirements that will apply to energy services companies (ESCOs) offering prepayment plans or requiring deposits from their customers.      Legislation/Regulation      Enron Auditor Refuses to Testify   By MARCY GORDON AP Business Writer, WASHINGTON, Jan 23, 2002 (AP Online via COMTEX) -- The Arthur Andersen auditor fired for his role in the destruction of Enron-related documents is refusing to testify to Congress about the shredding, his attorney said Wednesday.      Panel Seeks Enron Tax Return Release   By CURT ANDERSON AP Tax Writer, WASHINGTON, Jan 23, 2002 (AP Online via COMTEX) -- A Senate committee asked Enron Corp. on Wednesday to authorize release of its tax returns to give the public and Congress a "more informed understanding" of the bankrupt energy trader's financial dealings.      Enron Debacle Could Fuel Campaign-Finance Battle  By Dick Polman, The Philadelphia Inquirer, Jan. 23 The last decade has not been kind to those who want to take big money out of politics.      Congressional Investigators Subpoena Andersen Officials in Enron Case  Chicago Tribune, Jan. 23 Congressional investigators decided Tuesday to subpoena four top Andersen officials, including its chief executive, to testify before a Thursday hearing about destruction of the accounting firm's documents related to Enron Corp.'s collapse.      Developments Related to Enron Probe   By The Associated Press, Jan 23, 2002 (AP Online via COMTEX) -- Senior officials of the Arthur Andersen accounting firm are receiving subpoenas to compel them to testify to Congress about the massive destruction of Enron-related documents.      Bush Defends Administration's Dealings with Enron's Fall  By Ron Hutcheson, Knight Ridder Washington Bureau, Jan. 23 President Bush defended his administration's handling of the Enron debacle Tuesday and expressed outrage at the losses suffered by the company's stockholders, including his mother-in-law.      US Congress returns to Enron, recession, politics  By Thomas Ferraro, WASHINGTON, Jan 23 (Reuters) U.S. lawmakers return on Wednesday for the second and final year of the 107th Congress with the Enron scandal, the recession and the upcoming November elections crowding center stage.      White House cancels photo op with Congress leaders  WASHINGTON, Jan 23 (Reuters) The White House on Wednesday abruptly canceled a picture-taking session between President George W. Bush and congressional leaders to lay out his agenda as Congress returns to work after a holiday recess.      Ex-Senator Metzenbaum calls for SEC head to resign  WASHINGTON, Jan 23 (Reuters) Retired Senator Howard Metzenbaum, now head of a leading U.S. consumer group, said on Wednesday that Harvey Pitt should resign as Securities and Exchange Commission Chairman because of his past work representing accounting firms.      Gas Pricing/Hubs      Canada gas eases slightly behind lower U.S. prices  NEW YORK, Jan 23 (Reuters) Canadian spot natural gas prices eased Wednesday, taking cues from lower U.S. values as a glut of gas in storage and mild weather forecasts for gas hungry regions continued to set a bearish tone, sources said.      NYMEX Hub gas ends mixed, fronts off on weather, AGAs  NEW YORK, Jan 23 (Reuters) NYMEX Hub gas ended mixed Wednesday in moderate trade, with front months pressured to new lows early by mostly mild U.S. weather forecasts, then again later by a bearish weekly inventory report, sources said.      Mild weather drives U.S. spot natgas lower again  SAN FRANCISCO, Jan 23 (Reuters) U.S. day-ahead natural gas prices lost ground again Wednesday as mild weather restrained heating demand, traders said.      Futures      Feb Futures Weakens as AGA Figure Prompts Fresh 4-Month Low  Jan. 23 (Btu's Daily Gas Wire) February natural gas futures settled 3 cents lower at $2.076 after the American Gas Association reported a withdrawal from gas storage at the lower end of most market expectations. Special Offer from this Publisher!       Natural gas hits fresh low on weak fundamental outlook   Jan 23, 2002 (TradeSignals via COMTEX) -- Natural gas futures extended downside weakness in Tuesday's session as fresh long liquidation emerges to weigh on trade.      LNG      Three Firms on List for China's First LNG Project   BEIJING, Jan 23, 2002 (Xinhua via COMTEX) -- Three overseas suppliers were shortlisted by China National Offshore Oil Corp (CNOOC), the nation's third largest oil company, for a 10 billion U.S. dollars supply contract for China's first liquefied natural gas (LNG) project, according to Wednesday's China Daily.      Four LNG Terminals Planned for Mexico   Mexico, Jan 23, 2002 (BNamericas.com via COMTEX) -- Three US energy companies are planning to build four liquid natural gas (LNG) terminals in Mexico, each one costing between US$350mn and US$400mn, according to Ed Weatherly, petroleum terminals group manager at Industrial Information Resources.      Pipelines      Petronas confident Thai-Malaysia gas pipeline to get approval in March   KUALA LUMPUR, Jan 23, 2002 (AFX-Asia via COMTEX) -- Petroliam Nasional Bhd (Petronas) said it is confident the Thai-Malaysia gas pipeline project will obtain official approval in March and begin work in April, Bernama reported.      Gas Natural invests 5.76 mln eur in Tarragona gas pipeline   MADRID, Jan 23, 2002 (AFX-Europe via COMTEX) -- Gas Natural SDG SA said it has invested 5.76 mln eur in the construction of a gas distribution pipeline in Tarragona, northern Spain.      Rates    For more information on rate tariffs visit Gas Rate Tariffs   [IMAGE]    National Gas Utility to Ask Pennsylvania Commission for Rate Cut  By Doug Oathout, Erie Times-News, Pa., Jan. 22 Home heating bills, already far below year-ago levels, are likely to dip even lower.      Storage      AGA says U.S. weekly natgas stocks fell 124 bcf  WASHINGTON, Jan 23 (Reuters) The American Gas Association issued the following weekly estimates of U.S. working gas in storage (in bcf):      General      Federal Authorities Take Over at Enron's Houston Headquarters  Knight Ridder Washington Bureau, Jan. 23 Federal authorities appeared to take control of Enron's headquarters here Tuesday in response to mounting accusations that vital documents were being shredded by the bankrupt energy empire's employees.      CHRONOLOGY - Rise and fall of energy giant Enron  NEW YORK, Jan 23 (Reuters) Following are key dates in the history of energy trading giant Enron Corp.:      Security Team Leaves Enron to Form Consulting Company  By Alan Bernstein, Houston Chronicle, Jan. 23 Enron's top security team, including four former CIA officers and an ex-FBI agent, has left the company to form a private consulting firm.      ConAgra Foods Nearly Took Enron Route out of Nebraska  By Steve Jordon, Omaha World-Herald, Neb., Jan. 22 Kenneth L. Lay came to Omaha in 1985 and left, more or less for good, in 1986.      Trading/Marketing      Oil firms want trustee to control key Enron unit  HOUSTON, Jan 23 (Reuters) Wiser Oil Co. and several other creditors have asked a federal judge to place a trustee in control of Enron North America Corp., the core wholesale energy trading subsidiary of bankrupt Enron Corp., an attorney representing Dallas-based Wiser said on Wednesday.      Legal      Enron Creditors Seek Outside Supervision of Firm's Management  By Eric Berger, Houston Chronicle, Jan. 23 Lawyers for Enron creditors have asked a U.S. bankruptcy judge to appoint an outsider to supervise the current management or take control of the troubled company.      Enron Contributions Are at Issue in Texas Judge's Confirmation to Federal Post  By Janet Elliott, Houston Chronicle, Jan. 23 Enron's political contributions have become an issue in the confirmation battle involving a Texas Supreme Court justice who has been nominated to a federal appellate bench.      Lawyers Agree on Proposed Restraining Order to Safeguard Enron Documents  By Rosanna Ruiz, Houston Chronicle, Jan. 23 Attorneys for Enron shareholders agreed late Tuesday on a proposed restraining order to safeguard financial documents and investigate their destruction by employees of the company and its auditor, Arthur Andersen.      People      Texas Congressman Changes Course, Gives Enron Donation to Worker Fund  By Kristen Mack, Houston Chronicle, Jan. 23 Reversing himself, U.S. Rep. John Culberson said Tuesday he would donate the $5,000 he received from Enron's political action committee to a fund benefiting the company's employees.      Sen. Gramm Could Face Conflict of Interest if His Wife Is Questioned on Enron  By David Ivanovich, Houston Chronicle, Jan. 23 Wendy Gramm, a member of Enron's board of directors, stands to lose more than $686,000 in retirement funds because of the company's bankruptcy filing.      Hunt rejoins SEC, another commissioner may join soon  By Peter Ramjug, WASHINGTON, Jan 23 (Reuters) Isaac Hunt on Wednesday regained his commissioner seat at the Securities and Exchange Commission, filling one of several empty slots as the SEC continues to piece together the complex dealings behind Enron Corp.'s dramatic fall.      Environmental      NE states to press clean air case with U.S. EPA  WASHINGTON, Jan 22 (Reuters) Eight states will press the head of the U.S. Environmental Protection Agency on Wednesday to cease any effort to weaken Clean Air Act limits on emissions from power plants, refineries and industrial plants, a member of the New York attorney general's staff said on Tuesday.      Environmental Groups in West Virginia Plan Protest for President Bush's Visit  By Ken Ward Jr., The Charleston Gazette, W.Va., Jan. 22 Environmental and citizens groups plan to welcome President Bush to Charleston today with a protest against the administration's energy policies.      Financial      North Carolina Banks, State Pension Fund among Shareholders Hurt by Enron Hit  By Rick Rothacker, The Charlotte Observer, N.C., Jan. 23 Charlotte's big banks and the state pension funds in both Carolinas are among the thousands of Enron Corp. shareholders forced to sell shares in a decline or hold on to nearly worthless stock after the Houston energy company's collapse.      Enron Spinoff Pays Bill for Sins of Its Parent  By Nelson Antosh, Houston Chronicle, Jan. 23 EOTT Energy Partners was battered on the New York Stock Exchange Tuesday, mainly because of problems related to its former parent, Enron Corp.      Enron, Kmart Woes Highlight Role of Surety Bonds  By Sheryl Jean, Saint Paul Pioneer Press, Minn., Jan. 23 Two of the nation's biggest bankruptcies -- the recent failures of energy trader Enron Corp. and Kmart Corp. -- has focused attention on a little-known, but widely used insurance product: surety bonds.      Orogen, Oil Search shares surge  MELBOURNE, Jan 23 (Reuters) Oil Search Ltd's A$1.4 billion offer for Orogen Minerals Ltd drove the once lagging share prices of both companies higher on Wednesday as the merged entity was seen as a vastly more attractive company with growth potential.      Andersen Quakes as Enron Puts Accountancy into Crisis  By Matthew Lynn, Sunday Business, London, Jan. 20 David Duncan probably never expected to have a huge impact on his profession.      Accounting Oversight Board to Disband   WASHINGTON, Jan 23, 2002 (AP Online via COMTEX) -- A board that oversees the accounting profession has voted to disband after raising concerns about proposed changes in the way firms are regulated following the collapse of Enron.      Financial - Ratings      Standard & Poor's Warns of More Enron-Like Failures, Urges Better Disclosure  By Robert Bailhache, Sunday Business, London, Jan. 20 Standard & Poor's, one of the world's leading credit-rating agencies, has urged global financial markets to enforce a culture of greater disclosure if spectacular corporate failures such as Enron's are to be minimised.      Financial - Results      Berlin, Conn.-Based Northeast Utilities Says Revenues Up 17 Percent in 2001  By David A. Smith, Waterbury Republican-American, Conn., Jan. 23 Northeast Utilities Inc., which owns subsidiaries serving 1.3 million electric and gas customers in Connecticut, said Tuesday its 2001 revenues increased 17 percent, helping push its year-end profits to nearly $245 million.      Schlumberger earnings fall on big tax bite  HOUSTON, Jan 22 (Reuters) - Schlumberger Ltd., the world's No. 1 oilfield services company, said Tuesday its fourth-quarter net income fell as taxes took a big bite out of its operating income, which rose despite a slowdown in oil and natural gas drilling in North and South America.      Energen to take fourth-quarter Enron-related charge  BIRMINGHAM, Ala., Jan 23 (Reuters) Diversified energy company Energen Corp. said on Wednesday that it will take a fourth-quarter charge, as well as a benefit in 2002, for its exposure to troubled energy trader Enron Corp.      Kerr-McGee posts net loss vs year-ago profit  OKLAHOMA CITY, Jan 23 (Reuters) - Exploration and production company Kerr-McGee Corp. on Wednesday posted a fourth-quarter net loss, reversing a year-ago profit, as oil and natural gas prices fell sharply on weak demand.      Progress fourth-quarter earnings beat estimate  RALEIGH, N.C., Jan 23 (Reuters) Progress Energy Inc., which owns utilities distributing electricity and natural gas in the U.S. Southeast, on Wednesday reported a fourth-quarter profit compared with a year-earlier loss and beat Wall Street earnings expectations despite mild weather and a slowdown in industrial demand because of the weak economy.      Burlington Resources posts loss after charges  HOUSTON, Jan 23 (Reuters) - Independent oil and gas producer Burlington Resources Inc. on Wednesday posted a fourth-quarter loss due to sharply lower natural gas prices and one-time charges linked to the sale of oil and gas properties.      Helmerich & Payne Q1 net falls, cuts forecast  NEW YORK, Jan 23 (Reuters) Contract energy drilling and exploration firm Helmerich & Payne Inc. said on Wednesday that its first-quarter net income fell based on low natural gas prices and said its 2002 results would miss expectations.      WGL Holdings cuts first-quarter profit outlook  WASHINGTON, Jan 23 (Reuters) WGL Holdings Inc., the parent company of Washington Gas Light Co., said on Wednesday it expects first-quarter profits to fall below expectations due to warm weather and fallout from bankrupt energy company Enron Corp.      Amerada Hess earnings fall on low oil prices  NEW YORK, Jan 23 (Reuters) - Oil and gas company Amerada Hess Corp. on Wednesday said fourth-quarter earnings dropped 85 percent from last year's peaks on lower natural gas and oil prices and compounded by weaker refining profit margins.      Exxon Mobil Q4 profits down nearly 50 pct  NEW YORK, Jan 23 (Reuters) - Exxon Mobil Corp., the world's largest publicly traded oil company, reported a 49 percent drop in fourth-quarter profits on Wednesday as the recession put the brakes on petroleum demand and sent prices tumbling from their year-ago highs.      International      Andersen May Lose Audits for Top British Firms in Enron Fallout  Evening Standard, London, Jan. 22 Accounting giant Andersen is facing the prospect of losing more lucrative contracts to audit some of Britain's leading companies as concerns grow over the firm's role in the collapse of energy group Enron.      Iran Starts Exporting Gas to Turkey   BAZARGAN Border (Iran), Jan 23, 2002 (Xinhua via COMTEX) -- After a three-year delay due to technical problems, Iran has started transporting natural gas to the neighboring Turkey following an official ceremony.      Woodside chases BP assets   By Ian Howarth and Stephen Wisenthal, Jan 24, 2002 (The Australian Financial Review - ABIX via COMTEX) -- The Australian oil and gas company, Woodside Petroleum, is engaging investment banks to fund a new deal.      Spanish energy commission could investigate BBVA stakes in Repsol and Iberdrola  Jan 22, 2002, (Expansion /FT Information via COMTEX) -- The Spanish energy commission (CNE) could launch an investigation into Spanish bank Banco Bilbao Vizcaya Argentaria (BBVA) to analyse whether its stakes in oil group Repsol YPF and power utility Iberdrola breach legal restrictions on stakes in rival companies.      Arthur Andersen assured operations can continue in Emirates   ABU DHABI, United Arab Emirates, Jan 23, 2002 (AP WorldStream via COMTEX) -- Concerned monetary officials had summoned representatives of the former auditing firm of bankrupt U.S. energy giant Enron, but said Wednesday the company could continue to operate normally in the United Arab Emirates.      Scandal over missing funds may hurt chances of Fox's energy bill   By Edgar Hernandez, Mexico City, Jan 22, 2002 (EFE via COMTEX) -- The investigation of the alleged diversion of $120 million from Pemex to the 2000 PRI presidential campaign coffers may affect the debate on an energy reform bill sponsored by the government because PRI members believe the allegation are part of a political vendetta of the administration.      Hong Kong & China Gas in talks for two gas projects in Shangdong Province   HONG KONG, Jan 22, 2002 (AFX-Asia via COMTEX) -- Hong Kong & China Gas Co Ltd said it is negotiating two projects in Qingdao-Jimo and the Laoshan Hi-Tech Development Zone in Shandong Province.      UK Firms Are Caught Up in the Backlash from Enron Debacle  Sunday Business, London, Jan. 20 Andersen faces a backlash in this country because of its involvement with Enron.        If you are an Energy Central News Subscriber and you have checked any news articles above, selecting the 'Get Articles' button below will deliver all of the checked articles in one page. This is a convenient way to get exactly the news you need - quickly!           NEED INFORMATION ON THE POWER INDUSTRY? ENERGY CENTRAL'S GOT IT!    JOB CENTER  The Job Center provides instant access to the best employment opportunities and prospective employees in the energy industry through comprehensive job listings and active resume database.  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