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      HOME  | GAS NEWS  | EVENTS  | JOBS  | BUSINESS CENTERS  | DIRECTORIES  | DATA CENTER    MONDAY, JANUARY 28, 2002  	


 	   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 Central Research Report Center. Users are able to quickly sort and view all included documents. Make sure yours is included. To learn how to submit your white papers, e-mail mjohnson@energycentral.com. http://www.energycentral.com/sections/research         TOP STORIES     Alberta Energy, PanCanadian in merger talks  CALGARY, Alberta, Jan 25 (Reuters) - PanCanadian Energy Corp. and Alberta Energy Co. Ltd. elated investors on Friday by revealing they were in merger talks aimed at creating North America's biggest oil exploration and production company.     Kansas Utilities Seek to Recoup Losses from Unpaid Bills  By Scott Rothschild, Journal-World, Lawrence, Kan., Jan. 25 Natural gas companies want to charge their good customers -- you may be among them -- for the bills they couldn't collect from bad customers last winter when heating costs reached record levels.     CFTC approves Merchants Exchange energy futures  WASHINGTON, Jan 25 (Reuters) - U.S. federal regulators approved on Friday six new energy futures contracts for the Merchants' Exchange, an all-electronic commodity market.      National Energy Policy      GAO brandishes lawsuit in energy task force probe  WASHINGTON, Jan 25 (Reuters) - Congress' top investigator said on Friday he will decide late next week whether to take the Bush administration to court -- in a potentially historic legal fight -- for withholding details about how it developed its controversial energy policy.      W.House changed draft plan to help Enron-lawmaker  WASHINGTON, Jan 26 (Reuters) The White House apparently changed a draft energy proposal circulated by the State Department last year to add a provision aimed at helping energy-trader Enron Corp. in India, a Democratic lawmaker says.      Mergers, Acquisitions & Divestitures      Oklahoma City-Based Devon Energy Ready to Claim Top Independent Spot  By Rick Robinson, The Daily Oklahoman, Jan. 24 Devon Energy Corp. is poised to become the largest independent energy company in North America today, with the expected completion of its $3.5 billion cash-and-stock acquisition of Mitchell Energy & Development Corp.          ADVERTISEMENT    Online marketplaces are driving an ongoing restructuring of Europe's energy industry, by making energy trading simpler and cheaper. A new report from Datamonitor, Online Energy Trading in Europe, explores the growing volume of trading operations in a liberalized market. http://www.energycentral.com/links/show_mi.cfm?id=100584          Legislation/Regulation      Arthur Andersen Draws Fire from Lawmakers for Delay before Halt of Shredding  By Julie Mason, Houston Chronicle, Jan. 25 Lawmakers on Thursday ferociously criticized Arthur Andersen for waiting weeks after a federal investigation was under way before halting in-house destruction of Enron Corp. documents.      US lawmakers seek loan data from ex-Enron CEO Lay  By Jeremy Pelofsky, WASHINGTON, Jan 25 (Reuters) U.S. House of Representatives lawmakers on Friday asked former Enron Corp. chief Kenneth Lay to provide information on loans he received from the once high-flying energy firm and on his sales of company stock.      White House Denies Political Adviser Has Ties to Ralph Reed's Enron Job  The Atlanta Journal-Constitution, Jan. 26 White House aides Friday denied that Karl Rove, the president's top political adviser, secured work for Republican strategist Ralph Reed at Enron Corp. five years ago so that Reed would support the Bush presidential campaign.      Congressional Committee Promises Reform to Prevent Future Enron Cases  Knight Ridder Washington Bureau, Jan. 25 As Enron's outside auditor tried to deflect the blame for shredding documents onto a single fired employee, Congress on Thursday began to focus on preventing a repeat of the financial system's failure to protect investors and employees hurt by the energy giant's collapse.      US FERC to hold closed meeting to mull investigation  WASHINGTON, Jan 24 (Reuters) The Federal Energy Regulatory Commission said Thursday it will hold a rare, closed-door meeting next week to discuss a several issues, including the "possible initiation of an investigation."      White House orders Enron, Andersen contracts review  WASHINGTON, Jan 25 (Reuters) - The White House on Friday ordered a review of $70 million in U.S. government contracts with Enron Corp. -- the bankrupt energy trading giant that was President George W. Bush's biggest financial backer in the 2000 campaign -- and with its accounting firm Arthur Andersen.      Campaign-Finance Reform Bill Moves Forward as Enron's Fall Revives Issue  By Roma Khanna, Houston Chronicle, Jan. 25 Long-sought legislation to eliminate unregulated campaign contributions moved toward the House floor Thursday, propelled by the perception that Enron Corp. purchased influence with massive political donations.      Gas Pricing/Hubs      Canada natgas mixed, Alberta rises on cold weather  NEW YORK, Jan 25 (Reuters) Spot natural gas prices in Canada were mixed Friday with Alberta up on cold weather in the province, and most exports to the U.S. easing with weaker prices south of the border, industry sources said.      NYMEX Hub gas ends mixed, Feb hits new contract low  NEW YORK, Jan 25 (Reuters) NYMEX Hub gas ended mixed Friday in moderate trade, with February again pressured to a new contract low and four-month spot low by weaker physicals and fairly mild U.S. weather forecasts, industry sources said.      U.S. Gas Slides on Weak Demand, Futures Fall, Canada Flat on Cold  Jan. 25 (Btu's Daily Gas Wire) As the weather pattern across most of the U.S. has ushered in drastically above normal temperatures with the East experiencing readings in the 50s this weekend and as high as 60 degrees early next week, the demand for weekend gas was deplorable. Special Offer from this Publisher!       Mild temps, NYMEX push U.S. spot natural gas lower  SAN FRANCISCO, Jan 25 (Reuters) U.S. day-ahead natural gas prices moved lower Friday, pressured by ongoing mild weather in the East and softer benchmark Henry Hub prices which dipped to near two-month lows.      Futures      NYMEX Feb natgas hits new contract low on weather  NEW YORK, Jan 25 (Reuters) New York Mercantile Exchange (NYMEX) February natural gas futures fell to a new contract low and a four-month spot low early Friday, pressured by a weak cash market and forecasts for more mild weather in the U.S., industry sources said.      Natural gas ends flat on late liquidation   Jan 25, 2002 (TradeSignals via COMTEX) -- Natural gas futures ended Thursday's session near flat as late long liquidation takes the market off earlier highs.      Pipelines      Gas pipeline project to start in March, NEW STRAITS  Jan 24 - WorldSources Online A MASSIVE Malaysia-Thailand gas pipeline project is set to kick off as early as March, a year off its original target, after the final hurdle is cleared-the nod from the Thai authority.      Rates    For more information on rate tariffs visit Gas Rate Tariffs   [IMAGE]    Long Beach, Calif., Group Sees Partial Victory in Ruling on Gas Rates  By Jason Gewirtz, Press-Telegram, Long Beach, Calif., Jan. 24 A citizens' group supporting lower natural gas rates has declared a partial victory in a lawsuit it filed last year against the city.      Nevada Public Utilities Commission Approves Cut in Southwest Gas Rates  By John G. Edwards, Las Vegas Review-Journal, Jan. 25 Utility customers bracing themselves for possible electric rate increases can take some comfort in a 17.4 percent rate reduction approved Thursday for Southwest Gas.      New Jersey Natural Gas Customers to See 3 Percent Rate Drop  By David P. Willis, Asbury Park Press, N.J., Jan. 24 New Jersey Natural Gas Co. customers will see their rates drop another 3 percent, the third rate decrease since Dec. 1, as the company takes advantage of lower wholesale natural gas prices.      Rigs      Baker Hughes-U.S. rig count down 10, Canada up 22  NEW YORK, Jan 25 (Reuters) The number of rigs searching for oil and gas in the United States fell by 10 to 859 during the week ending Jan. 25, according to oil services firm Baker Hughes.      Storage      Cargill objects to Saltville natgas storage project  WASHINGTON, Jan 24 (Reuters) An expanded Virginia natural gas storage facility planned by Duke Energy Corp and NUI Corp failed to obtain federal approval, Cargill Inc. said in a complaint filed on Thursday with the Federal Energy Regulatory Commission.      General      Enron's Fall Puts Spotlight on Responsibilities of Board of Directors  By Bill Deener, The Dallas Morning News, Jan. 25 The fallout from Enron Corp.'s collapse has taken a most predictable turn.      U.S. Senate Candidate in Texas Defends Actions Regarding Enron  By Clay Robison, Houston Chronicle, Jan. 25 Enron cast a shadow over the U.S. Senate race on Thursday as Republican candidate John Cornyn, a major recipient of Enron donations, defended a decision to side with the company in a regulatory dispute shortly before its collapse.      Seven Enron Executives Made Millions from Stock  By Melita Marie Garza, Chicago Tribune, Jan. 24 Seven officers of Enron Corp. unloaded as much as $175 million worth of their company's shares last year in a stock-selling spree that was extraordinary even by the standards of the aggressive energy-trading industry.      Enron's Financial Chill Not Limited to Firm's Former Employees  By Flynn McRoberts, Chicago Tribune, Jan. 26 The financial damage from Enron Corp.'s implosion extends far beyond the thousands of Enron employees who lost their livelihoods.      CHRONOLOGY - Rise and fall of energy giant Enron  NEW YORK, Jan 25 (Reuters) Following are key dates in the history of energy trading giant Enron Corp.:      With death, Enron is even greater human tragedy  HOUSTON, Jan 26 (Reuters) - The suicide of former Enron Corp. Vice Chairman J. Clifford Baxter on Friday showed that the unfolding Enron debacle is taking far more than a financial toll, mental health experts said.      Developments related to the Enron collapse and investigation   By The Associated Press, Jan 25, 2002 (AP WorldStream via COMTEX) -- Developments related to the Enron collapse and investigation:      Laclede Group's Chief Talks About The Weather; Gas Utility's Ceo Says Warm Winter Hurts Sales, Earnings  Jan 25 - St. Louis Post-Dispatch While speaking to shareholders Thursday at the Laclede Group Inc.'s annual meeting, Chief Executive Douglas Yaeger spent quite a bit of time talking about the weather.      Lay resignation won't stop flow to MUD  Jan 26 - Omaha World - Herald Kenneth L. Lay's resignation from Enron Corp. will not affect the delivery of natural gas to utility customers or delay nextweek's scheduled transfer of Omaha-based Northern Natural Gas Co. to a new owner, officials said Thursday.      Senate Candidate in Texas Vows Enron Scrutiny  By Jack Douglas Jr., Fort Worth Star-Telegram, Texas, Jan. 25 Former Austin Mayor Kirk Watson, a candidate for state attorney general, said Thursday that the investigation of Enron Corp.'s financial collapse means that "Texas is in a tough situation."      Houston's Astros Field Inquiries over New Brand for Ballpark  By Joseph Duarte, Houston Chronicle, Jan. 25 While the fate of Enron remains in limbo, there is no shortage of takers wanting to put their name on the Astros' 2-year-old downtown ballpark.      Charities Hurt By Enron Collapse  Jan 25 - Associated Press One of Enron Corp.'s largest charitable beneficiaries expected a $6 million donation by March, but the United Way of the Texas Gulf Coast isn't counting on it.      Trading/Marketing      Enron Unit's Motive for Hiding Losses May Be Unlawful  By Tom Fowler, Houston Chronicle, Jan. 26 When Enron's energy-services unit slid its trading operations under the umbrella of its wholesale marketing arm last spring, it said the move was all about efficiency.      Williams plays Enron's game, but with caution  Jan 25 - Tulsa World Amid sky-high energy prices last January, Williams Cos. Inc. made an unusual boast for an energy company.      Legal      Enron Was Top Contributor to Texas Supreme Court Hopefuls, Analysis Finds  By Max B. Baker, Fort Worth Star-Telegram, Texas, Jan. 24 Texas Supreme Court judges received more campaign money from Enron executives and the company's political action committee than from any other corporate contributors, an analysis shows.      Judge Approves Depositions on Enron Document Shredding  By Rosanna Ruiz, Houston Chronicle, Jan. 25 A federal judge has approved an order allowing attorneys for Enron stockholders to take depositions from one former and five current employees of the company's auditing firm concerning document destruction.      People      Dozens of Depositions, Subpoenas Await Former Enron Chairman  By Mary Flood, Houston Chronicle, Jan. 25 Ken Lay's day job is likely now to be a professional defendant and witness.      Enron May Get New Boss Soon as Candidate Talks with Directors, Creditors  By David Ivanovich, Houston Chronicle, Jan. 25 A candidate tapped by Enron's board of directors and largest creditors to assume the company's helm will meet with Enron managers as early as today.      Former Enron executive's death ruled a suicide  HOUSTON, Jan 26 (Reuters) The death of former Enron Corp. Vice Chairman J. Clifford Baxter, who died of a gunshot wound to the head, has been ruled a suicide, the Harris County Medical Examiner's Office said on Saturday.      Visibility of Enron's Lay Fades in Recent Weeks  By Miles Moffeit, Fort Worth Star-Telegram, Texas, Jan. 25 Ken Lay officially resigned as chairman and chief executive from Enron Corp. on Wednesday, but many colleagues and friends wonder if he didn't unofficially leave the building on Smith Street weeks ago.      Enron restructuring czar post may be hard to fill  By Dane Hamilton, NEW YORK, Jan 24 (Reuters) Looking for the ultimate corporate challenge? Enron Corp. might just have the job for you.      Congress should call Army chief about Enron-group  WASHINGTON, Jan 25 (Reuters) - A consumer watchdog group said on Friday that Congress should call Army Secretary Thomas White to testify in the collapse of energy giant Enron, since he was formerly a high-ranking Enron executive.      Enron Chief's Departure Creates Huge Civic Void in Houston  By Rachel Graves, Houston Chronicle, Jan. 25 Ken Lay was an icon in Houston, a political and philanthropic force mentioned for years as a potential mayoral candidate.      Enron's Lay cancels meeting with Jesse Jackson  HOUSTON, Jan 24 (Reuters) - Former Enron Corp. chief executive Ken Lay on Thursday canceled a meeting with civil rights activist Jesse Jackson, who went to the company's headquarters anyway and called for laid off Enron workers to be reimbursed from money pocketed by company executives.      Labor/Human Resources      Resignation of Enron CEO Prompts Mixed Reactions from Former Workers  By Mary Vuong, Houston Chronicle, Jan. 25 Overdue. Appropriate. Best for the company.      Jesse Jackson Announces Bus Trip to Washington D.C., with Former Enron Workers  By Bill Murphy, Houston Chronicle, Jan. 26 The Rev. Jesse Jackson announced Friday that laid-off Enron employees and their supporters are planning a bus caravan from Houston to Washington, D.C., next week to protest the federal government's failure to provide relief to them.      Impact of Williams Cos. Job Cuts' on Owensboro, Ky., Unclear  By Mark Cooper, Messenger-Inquirer, Owensboro, Ky., Jan. 24 Williams Co. will trim 4 percent of its employees this year, but it's not yet clear how many positions will be cut at its Owensboro division.      Financial      E-Mail Reveals Arthur Andersen Auditing Software Raised `Red Alert' at Enron  By Julie Mason, Houston Chronicle, Jan. 26 The same day Arthur Andersen hired outside counsel to handle lawsuits arising from Enron Corp., auditors issued an internal "red alert" about possible fraud in the energy giant's financial statements.      Analyst Says Failure of Accounting System Contributed to Enron Collapse  By Aldo Svaldi, The Denver Post, Jan. 25 The collapse of Enron Corp. was not only a business failure but a failure of the country's accounting system, Lynn Turner, director of the Center for Quality Financial Reporting at Colorado State University, told U.S. senators Thursday morning.      Former SEC Officials Seek Auditing Overhaul after Enron Collapse  By Tim Lemke, The Washington Times, Jan. 25 Two former Securities and Exchange Commission officials said yesterday that Enron's collapse underscores the need for sweeping changes in the current financial system, even though the Houston energy company ran into trouble because it failed to follow existing rules.      Constellation Energy files $2.3 bln debt offering  WASHINGTON, Jan 25 (Reuters) - Constellation Energy Group Inc. filed on Friday with the Securities and Exchange Commission to periodically sell up to $2.3 billion in debt securities.      As Enron stock tanked, some professional money managers saw a bargain  By ADAM GELLER AP Business Writer, NEW YORK, Jan 26, 2002 (AP WorldStream via COMTEX) -- It wasn't just Enron employees and individual investors who bet heavily - and lost big - on the company's stock last fall.      In the Pink of Things? Enron May Find Advantages in Being Delisted by the NYSE  By Will McNamara, IssueAlert, Jan. 25 (Scientech) The New York Stock Exchange (NYSE) announced last week that it had suspended trading in Enron Corp. and moved to delist the energy company's shares from the Big Board. Special Offer from this Publisher!       Enron Collapse Cost Nevada's Pension Plan $22 Million  By John G. Edwards, Las Vegas Review-Journal, Jan. 24 The collapse of Enron, the energy trading giant, cost Nevada's pension plan $22 million in investment funds, but that represents less than a percentage point of the plan's total $13.3 billion.      Enron Collapse Won't Knock Out Large Missouri Pension Funds  By Leo John, St. Louis Post-Dispatch, Jan. 25 Large state-employee and teacher pension funds in Missouri lost more than $33 million in the collapse of Enron Corp.      Financial - Ratings      RESEARCH ALERT-Merrill lowers Nicor to "buy"  NEW YORK, Jan 25 (Reuters) Merrill Lynch said on Friday it cut its intermediate-term rating on the shares of Nicor Inc., parent of gas distribution utility Northern Illinois Gas, to "buy" from "strong buy," citing the stock's valuation.      Financial - Results      Net Income at Atlanta Gas Light Increases 10.7 Percent, Exceeding Forecasts  By Matthew C. Quinn, The Atlanta Journal-Constitution, Jan. 25 Net income increased 10.7 percent in the quarter ended Dec. 31 for the parent of Atlanta Gas Light Co., despite warm weather that drove down demand for natural gas.      Conoco, Phillips Petroleum Earnings Drop for Fourth Quarter  By Michael Davis, Houston Chronicle, Jan. 25 Lower oil prices and refining margins caused a sharp decline in Conoco's fourth-quarter earnings even though the company had higher oil and gas production and increased refining volumes, Conoco said Thursday.      Oklahoma City-Based Gas Company Kerr-McGee Reports Net Loss  By Rick Robinson, The Daily Oklahoman, Jan. 24 Kerr-McGee Corp. announced Wednesday that it had a net loss in the fourth quarter but turned in positive earnings for the year.      Peoples posts 1st-quarter earnings fall, cuts outlook  CHICAGO, Jan 25 (Reuters) Utility holding company Peoples Energy Corp. said on Friday that fiscal first-quarter 2002 profits fell 12 percent and operating revenues fell 47 percent, blaming mild winter weather that dampened demand for natural gas.      International      Peruvian president offers nation's ports to neighboring Bolivia for gas exports   LA PAZ, Bolivia, Jan 25, 2002 (AP WorldStream via COMTEX) -- Peruvian President Alejandro Toledo offered his nation's ports for the exportation of Bolivian gas to North America.      Metrogas Under Fire for Negligence   Mexico, Jan 25, 2002 (BNamericas.com via COMTEX) -- Mexican gas distributor Metrogas may lose a license to expand its distribution network for not repairing roads adequately after installing pipes, local press reported.        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!    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