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      HOME  | GAS NEWS  | EVENTS  | JOBS  | BUSINESS CENTERS  | DIRECTORIES  | DATA CENTER    THURSDAY, FEBRUARY 7, 2002  	


 	   THIS ISSUE BROUGHT TO YOU BY       Gain exposure to thousands of energy professionals with your company's white papers today. Energy Central, the industry's most comprehensive on-line information resource is gathering white papers for inclusion the newest section of its Research Report Center. Don't be left out - to learn how to submit your white papers, e-mail mjohnson@energycentral.com. http://www.energycentral.com/sections/research /        TOP STORIES     Georgia Panel Favors Regulated Natural Gas Provider  By Matthew C. Quinn, The Atlanta Journal-Constitution, Feb. 6 A return to a regulated monopoly is not the answer to Georgia's natural gas deregulation problems, but the state should provide for a regulated supplier as an alternative to gas marketers, a blue-ribbon task force said Tuesday.     Aspen, Promax say they plan to merge  TORONTO, Feb 6 (Reuters) Aspen Group Resources said on Wednesday it signed a letter of intent to create an intermediate oil-and-gas company by combining its operations with Promax Energy Inc.     Gas consortium says new line to Europe through Poland will go ahead  Feb 06, 2002 - Deutsche Presse-Agentur (dpa) An international consortium of gas companies will still build a billion-dollar pipeline from Russia through Poland to Western Europe despite confusing signals in Moscow, a German partner said Wednesday.      Enron Debacle      Testimony by Andersen Leader Tries to Downplay Role in Enron Collapse  By David Ivanovich, Houston Chronicle, Feb. 6 The head of Arthur Andersen struggled Tuesday to downplay the auditing firm's role in Enron's collapse.      Benefits Funds May Have Been Illegally Used, Former Enron Employee Says  By Bill Murphy, Houston Chronicle, Feb. 6 A former Enron Corp. accountant on Tuesday said the company may have broken the law by taking $15 million out of employee benefits funds to use on unrelated expenditures.      Enron Executives Explain Actions to Senate Panel over Retirement Plans  By Patty Reinert, Houston Chronicle, Feb. 6 Two Enron executives told a Senate panel Tuesday that they scrambled to protect employees' retirement savings and severance pay as soon as they realized the company was collapsing last year.      Lay Knew Enron Was Misleading the Public, Board Member Testifies  Knight Ridder Washington Bureau, Feb. 6 Kenneth Lay, Enron Corp.'s former chief executive officer, had detailed knowledge of deals that presented a misleading picture of the company's finances to the public, the chief author of a scathing internal report told Congress on Tuesday.      CFO pressured Enron staff on deals, Congress told  By C. Bryson Hull, WASHINGTON, Feb 5 (Reuters) The ousted chief financial officer of Enron Corp.wielded his managerial influence and control over bonuses to persuade underlings to cut favorable deals to partnerships he ran, the head of an internal inquiry into the transactions told Congress on Tuesday.      Former Enron Employees Cool to Idea of Immunity for Executives  By Bruce Nichols, The Dallas Morning News, Feb. 6 There's little sympathy in Enron Corp.'s hometown for speeding investigation of the energy company's collapse by granting criminal immunity to executives in exchange for their testimony.      Congressional Lawmakers Order Former Enron CEO Lay to Appear at Hearings  The Dallas Morning News, Feb. 6 Searching for villains in the collapse of Enron Corp., congressional investigators burrowed deeper into bookkeeping practices and issued two subpoenas to former chairman and chief executive Kenneth Lay.      Enron's Broadband Unit Owes Back Taxes in Harris County, Texas  By Dale Lezon, Houston Chronicle, Feb. 6 One of Enron Corp.'s failed business ventures owes Harris County and other entities about $440,000 in back taxes, said county officials.      Enron Gave `Retention Bonuses' Yet 4,500 Workers Denied Severance  By Patrice Hill, The Washington Times, Feb. 6 Enron Corp. gave $55 million in "retention bonuses" to selected managers two days before filing for bankruptcy protection, but it said it could not provide severance pay to 4,500 laid-off employees, company officials testified yesterday.      Calpers defends decision to keep quiet on Enron  SAN FRANCISCO, Feb 5 (Reuters) - CalPERS, the nation's largest pension fund and a leading champion of corporate transparency, defended itself on Tuesday amid revelations that it knew early on about a problematic Enron partnership but did nothing to make that knowledge public.      Substantial illegal Enron activity found-Tauzin  WASHINGTON, Feb 6 (Reuters) Congressional investigators have uncovered "substantial evidence of illegal activity" by the now-bankrupt Enron Corp. and its management, Rep. Billy Tauzin, chairman of the House Energy and Commerce Committee, said Wednesday.      Canadian Banks Owed Millions of Dollars by Enron   OTTAWA, February 6, 2002 (Xinhua via COMTEX) -- A Canadian connection has turned up in the notorious Enron affair in the United States, it is reported here Wednesday.      Andersen put profits before shareholders - Washington state attorney general   WASHINGTON, Feb 06, 2002 (AFX-Europe via COMTEX) -- Christine Gregoire, the state attorney general of Washington state, said it appears that Enron Corp's accountants, Arthur Andersen LLP, "have put their allegiance to money over their ultimate allegiance owed to creditors, stockholders and the investing public."      Enron Europe's debts 'total billions of dollars'  Feb 05 - Evening Standard - London AROUND 1000 power and gas trading companies and financial institutions across Europe are owed "billions of dollars" by Enron according to administrators of the London-based end of the failed US energy firm.      California Gov. Gray Davis Refuses to Return Enron Contribution  By Sandy Kleffman, Contra Costa Times, Walnut Creek, Calif., Feb. 5 Republican gubernatorial candidate Richard Riordan called on Gov. Gray Davis Monday to return $119,500 in campaign contributions from energy giant Enron Corp.      Some Victims of Enron Are Seniors Who Became Shareholders Inadvertently  By James B. Kelleher, The Orange County Register, Calif., Feb. 3 They grew up during the Depression.      Former Enron Chief Is `Devastated,' Friend Says  By James Rosen, The Sacramento Bee, Calif., Feb. 5 Kenneth Lay, a president's pal who built a company that soared and crashed on the torn wings of high-risk energy trading, wanted to go to Washington in the worst way and try to clear his name.      Enron letter questions Harvard board member's role   By Joseph P. Flood, CAMBRIDGE, Mass., Feb 05, 2002 (Harvard Crimson, U-WIRE via COMTEX) -- Two members of the U.S. House of Representatives raised concerns Friday over the dual role of Harvard Corporation member Herbert S. "Pug" Winokur Jr., who is both an Enron investigator and Enron board member.      Congress Debates Enron Legislation   By LAURIE KELLMAN Associated Press Writer, WASHINGTON, Feb 06, 2002 (AP Online via COMTEX) -- In the shadow of election-year politics, Republican and Democratic members of Congress are squabbling over what changes should be made to bankruptcy and other laws to prevent new Enron-style corporate collapses.      US executives should disclose inside share trading more fully - stock analyst   WASHINGTON, Feb 06, 2002 (AFX-Asia via COMTEX) -- Corporate executives should be obliged to disclose their internal stock transactions immediately instead of on a delayed basis, the president of a New York investment management firm told lawmakers investigating the collapse of Enron Corp.      Labor Secy. Testifies in Enron Case   By MARCY GORDON AP Business Writer, WASHINGTON, Feb 06, 2002 (AP Online via COMTEX) -- After Enron's collapse, American workers need assurance their retirement savings are secure, Labor Secretary Elaine Chao said Wednesday in a pitch for the president's plan to change retirement account rules.      Houston Astros Team Seeks to End Naming-Rights Agreement with Enron  By Sean Wood, Fort Worth Star-Telegram, Texas, Feb. 6 The Houston Astros Baseball Club is ready to take Enron's name off the team's downtown baseball stadium and distance itself from the scandal surrounding the biggest corporate bankruptcy in American history.      FACTBOX-Congress hearings schedule on Enron/Andersen  WASHINGTON, Feb 6 (Reuters) The following are the hearings that the U.S. Congress has firmly scheduled on the collapse of Enron Corp., the role of its auditor Andersen, and related regulatory issues over the coming weeks.      National Energy Policy      Memo: Cheney Energy Draft Inaccurate   By PETE YOST Associated Press Writer, WASHINGTON, Feb 05, 2002 (AP Online via COMTEX) -- An Environmental Protection Agency official argued last spring that a draft of Vice President Dick Cheney's energy plan was inaccurate because it blamed environmental regulations for energy shortages.          ADVERTISEMENT    Energy Customer Management magazine is providing advertising opportunities in its annual "Executive Guide to Providers of Customer Management Services" issue. In addition to reaching ECM's 17,000 readers, this issue will receive bonus distribution at numerous industry events. Contact Joe Paparello for details at paparello@pur.com or 703-847-7759.         Competition & Deregulation    For reports and related information on this topic visit our Data Center   [IMAGE]    ENI's Mincato sees risk of gas shortage in 2005-2006   MILAN, Feb 06, 2002 (AFX-Europe via COMTEX) -- ENI SpA chief executive Vittorio Mincato said there could be a shortage of gas supplies in Italy in 2005-2006 because of the way liberalisation is being introduced in energy sectors.      Mergers, Acquisitions & Divestitures      Oklahoma City-Based Oil Producer Aspen Group Resources Ready to Complete Deal  By Rick Robinson, The Daily Oklahoman, Feb. 5 Aspen Group Resources Corp. announced Monday that it will soon complete its acquisition of Calgary, Alberta-based Endeavour Resources Inc.      Legislation/Regulation      MPSC Begins Investigation into Detroit Edison's and Michigan Consolidated Gas' Quality of Service  LANSING, February 6 (News Release) Due to a significant increase in the number of formal and informal consumer complaints, billing errors, and customer confusion on billing, the Michigan Public Service Commission today initiated an investigation into the quality of service provided by The Detroit Edison Company and Michigan Consolidated Gas Company.      Gas Pricing/Hubs      Canadian natgas steady to lower in warmer weather  NEW YORK, Feb 6 (Reuters) Canadian spot natural gas prices were steady to lower Wednesday with export values in the east falling on forecasts of warmer weather in the U.S. Midwest and Northeast into next week, industry sources said.      NYMEX Hub gas ends mixed despite bearish AGA data  NEW YORK, Feb 6 (Reuters) NYMEX Hub gas, pressured early by forecasts for milder Midwest and Northeast weather later this week and next, ended mixed Wednesday, with front months lifted by short covering despite a bearish weekly stock report, sources said.      U.S. spot natgas prices dip on rising temperatures  SAN FRANCISCO, Feb 6 (Reuters) U.S. spot natgas, buoyed in recent days by cold weather, turned lower Wednesday as milder weather forecast late-week cut into prices.      Gas Supply/Demand      US consumer winter heat bills less than expected-EIA  WASHINGTON, Feb 6 (Reuters) Warmer-than-normal temperatures and plentiful energy supplies mean U.S. consumers will pay 36 to 42 percent less to heat their homes during the current winter season, the U.S. government said on Wednesday.      US oil, gas demand to grow as economy recovers in 2002  Feb 06 - Oil & Gas Journal US demand for oil and gas will increase this year, but the extent to which it does so will depend upon when and to what extent the US economy recovers.      Drilling/Exploration      Oil Companies Sue Government for Drilling Delays Off Santa Barbara, Calif.  By Mark Van De Kamp, Santa Barbara News-Press, Calif., Feb. 5 Nine energy companies with interests off the Santa Barbara County coast are suing the U.S. government for $1.2 billion in reimbursement damages for stalling their plans to develop offshore oil and natural gas fields.      Oil Exploration Will Begin Near Arches National Park in Utah  By Brent Israelsen, The Salt Lake Tribune, Feb. 5 Huge "thumper trucks" soon will be pounding the ground northeast of Arches National Park in a seismic search for petroleum deposits the Bush administration hopes can help reduce America's dependence on foreign oil.      Futures      March Futures Shrugs Off AGA Data; Settles Higher as Shorts Cover  Feb. 6 (Btu's Daily Gas Wire) After trading in a very tight 2-cents spread for the majority of the day, March natural gas futures shrugged off a respectively low storage withdrawal reported by the American Gas Association and settled 2.7 cents higher at $2.101. Special Offer from this Publisher!       Natural gas rangebound ahead of AGA   February 6, 2002 (TradeSignals via COMTEX) -- Natural gas futures drifted in rangebound territory in Tuesday's session as market participants await the release of the latest storage report from the AGA before taking up fresh market positions.      Pipelines      Exxon Role Still in the Pipeline   BEIJING, February 6, 2002 (Xinhua via COMTEX) -- ExxonMobil could still take a share in China's west-east gas pipeline project, PetroChina told China Daily Tuesday.      New gas pipeline starts construction works   Bolivia, Feb 6, 2002 (La Razon/SABI via COMTEX) -- Jorge Quiroga, President Bolivia, has kicked off the works to build up a gas pipeline connecting Yacuiba - Rio Grande, that will allow to triple the natural gas exports to Brazil.      Williams Starts Up New Deepwater Pipelines in Gulf of Mexico   TULSA, Okla., Feb 6, 2002 /PRNewswire-FirstCall via COMTEX/ -- A unit of Williams has begun receiving oil and natural gas into new deepwater pipelines that were recently completed in the western Gulf of Mexico.      Beijing gives pipeline green light  Feb 06 - South China Morning Post PetroChina has announced the official start of work on a 4,000km pipeline to bring gas from the far west region of Xinjiang to Shanghai, after signing an agreement with a consortium led by Royal Dutch/Shell.      Rigs      U.S. Oil Rigs Decreased by Six  Feb 05 - Albuquerque Journal The number of rigs actively exploring for oil and natural gas in the United States last week decreased by six to 853.      Storage      AGA says U.S. weekly natgas stocks fell 82 bcf  WASHINGTON, Feb 6 (Reuters) The American Gas Association issued the following weekly estimates of U.S. working gas in storage (in bcf):      General      Mild winter slashes demand for US natgas, electricity  WASHINGTON, Feb 6 (Reuters) Mild winter temperatures and a weak economy will reduce U.S. demand for natural gas and electricity by as much as 8.4 percent during the current winter heating season, the U.S. government said on Wednesday.      Joint Ventures & Alliances      Leading Competitive Energy Retailers Form The Alliance for Retail Choice  Feb. 6, Washington, D.C. (News Release) The nation's leading companies offering customers retail energy choice announced today the formation of the Alliance for Retail Choice.      Trading/Marketing      Deal to revive energy marketer's trading operation to close this week   By ALAN CLENDENNING AP Business Writer, NEW YORK, Feb 06, 2002 (AP WorldStream via COMTEX) -- The deal to revive Enron Corp.'s flagship energy trading operation under the control of a Swiss bank is expected to close this week, and former Enron traders will start trading again soon after the deal is completed.      UK GAS SPOT MARKET DEVELOPS   Feb 06, 2002 (HART'S EUROPEAN OFFSHORE PETROLEUM NEWSL/PBI Media via COMTEX) -- The British natural gas market is gradually opening up for spot trading, with the recently opened Vesterled gas line - linking the UK with gas fields in Norway - strengthening its credibility.      Legal      Mueller to be sued by energy broker if E.ON/Ruhrgas ruling overturned   FRANKFURT, Feb 06, 2002 (AFX-Europe via COMTEX) -- Economy Minister Werner Mueller will be sued by Berlin energy broker Energie-Brokerhaus Ampere AG if he overrules the German cartel office's disapproval of E.ON AG's takeover of a majority stake in Ruhrgas AG, the weekly newspaper Die Zeit said.      People      Son of former Gazprom head replaced as chief of export arm   MOSCOW, Feb 06, 2002 (AP WorldStream via COMTEX) -- The son of the former head of natural gas giant Gazprom has been replaced as chief of the company's export arm, Gazprom said Wednesday, the latest purge of leadership as part of government-pushed drive for the company to reign in its finances.      Skaggs returns to lead Va. unit of gas supplier  Feb 05 - Richmond Times-Dispatch Columbia Gas of Virginia has a new president and chief executive officer.      Financial      KeySpan files $1.2 bln debt, stock shelf offering  WASHINGTON, Feb 6 (Reuters) Natural gas distributor KeySpan Corp. filed on Wednesday with the Securities and Exchange Commission to periodically sell up to $1.2 billion in debt securities, common and preferred stock and other securities.      Financial - Results      Devon posts fourth-quarter loss after big charge  OKLAHOMA CITY, Feb 6 (Reuters) Devon Energy Corp. Wednesday reported a fourth-quarter loss after taking a big one-time write-down to reflect the effect of sharply lower oil and natural gas prices on the value of its reserves.      Husky Energy profit down 79 pct on energy prices  CALGARY, Alberta, Feb 6 (Reuters) - Husky Energy Inc., Canada's fifth-largest integrated oil company, said on Wednesday its fourth-quarter profit fell 79 percent because of lower energy prices and higher operating costs.      International      Bidders calm amid tensions over Slovak SPP-adviser  BRATISLAVA, Feb 6 (Reuters) Bidders vying for control of Slovak gas monopoly SPP are pressing ahead, despite the threat that a member of the country's ruling coalition could halt the sale, the bank advising the state on the deal said on Wednesday.      Tractebel responds to accusations of fraud  Feb 6, 2002, (Le Figaro /FT Information via COMTEX) -- Tractebel, the Belgian energy subsidiary of Suez, the French utilities group, has responded to reports in the press of suspected malpractice.      EU Commission in talks to modify Gazprom, Sonatrach contracts banning resupply   BRUSSELS, Feb 06, 2002 (AFX-Europe via COMTEX) -- The European Commission is in talks with OAO Gazprom and Algeria's Sonatrach to modify clauses in long-term gas supply contracts with member states which contravene EU energy sector liberalisation plans, said Amelia Torres, spokeswoman for competition commissioner Mario Monti.      Mexican Authorities Complete Gas Regulations   MEXICO CITY, Feb 6, 2002 (Reforma/Corporate Mexico by Internet Securities, Inc. via COMTEX) -- Mexico's Energy Regulatory Commission, headed by Dionisio Perez Jacome, has completed its regulations for the import of natural gas in liquid form for re-conversion to gaseous form, reported Mexico City daily Reforma business columnist Dario Celis Estrada.      Petrobras to invest dlrs 1.7 billion in Bolivian natural gas   SANTA CRUZ, Bolivia, Feb 06, 2002 (AP WorldStream via COMTEX) -- Brazil's government-run oil company Petrobras said Wednesday it will invest dlrs 1.7 billion over the next four years to develop natural gas in Bolivia.      Iberdrola Attracts 49 Customers in the Gas Market  Feb 06, 2002 - FT World Media Abstracts via Comtex Spanish utility Iberdrola has made use of its award of part of the gas contract with Algeria to attract its first customers.      Petrobras Looks at Legal Action to Buy Enron Assets  Feb 06, 2002 - South American Business Information Petrobras is interested in buying the two main assets of Enron in Brazil, the Rio de Janeiro gas companies, CEG and CEG Rio, and is looking for legal means of achieving this.        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.  JOB WATCH  A free weekly e-mail service that broadcasts new job listings in the Job Center directly to your inbox!   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