---------------------- Forwarded by Christopher Watts/NA/Enron on 05/08/2001 
07:28 AM ---------------------------


"Chris Watts" <cwatts3@houston.rr.com> on 05/07/2001 09:45:35 PM
To: <christopher.watts@enron.com>
cc:  

Subject: Fw: power trading: Trading Driving Earnings Growth - Firms Boost 
Margins, Volumes.


----- Original Message -----
From: <djcustomclips@djinteractive.com>
To: <276682@sm3.texas.rr.com>
Sent: Monday, May 07, 2001 9:12 PM
Subject: power trading: Trading Driving Earnings Growth - Firms Boost
Margins, Volumes.


> Trading Driving Earnings Growth - Firms Boost Margins, Volumes.
>
> 05/07/2001
> Natural Gas Week
> P7
> (c) 2001 Energy Intelligence Group. All rights reserved
>
> Natural gas and power marketing results are contributing to hefty earnings
> growth at integrated utility and energy services companies for the first
> quarter of 2001. Only PG&E failed to increase net proceeds from marketing
and
> trading.
>
> Aquila: The unregulated affiliate of UtiliCorp United had a stellar first
> quarter in both marketing and trading and power generation. Net income
rose
> 350% to $49.3 million (57 cents/share) on revenues of $11 billion, up from
net
> income of $10.8 million (13 cents/share) on revenues of $4 billion a year
ago.
> The earnings jump came from improved margins more than higher volumes.
Natural
> gas sales were off slightly to 10.4 Bcf/d from 10.7 Bcf/d, but electricity
> volumes rose to 49.7 million MWh from 44.7 million MWh.
>
> Following the recent initial public offering, Aquila is now a publicly
traded
> company, but UtiliCorp continues to hold an 80% stake (17#19-21).
>
> CMS Energy: The combined utility/energy services company reported
double-or
> triple-digit growth rates in all business sectors for the first quarter.
Net
> income climbed to $109 million (85 cents/share) on revenues of $4.1
billion,
> compared to earnings of $75 million (65 cents/share) on revenues of $1.8
> billion.
>
> Natural gas and power marketing, services and trading, and exploration and
> production showed the largest percentage gains, but regulated utility
> operations remain the major source of earnings. CMS' liquefied natural gas
> terminal at Lake Charles, Louisiana, received a record 15 cargoes in the
first
> quarter.
>
> Power and gas marketing volumes were not available at press time.
>
> Oneok: The Oklahoma-based integrated utility benefited from two
acquisitions
> last year. Income available to common was $55.6 million ($1.30/share) on
> revenues of $3 billion, up from income to common of $53.8 million
> ($1.28/share) on revenues of $821.8 million in the year-ago quarter.
Figures
> for the 2001 period were affected by an accounting charge.
>
> Natural gas trading was the big driver for revenues. Wholesale volumes
rose
> almost 75%, and total gas sales climbed to 4.2 Bcf/d from 2.7 Bcf/d. Oneok
> bought the former KN Energy trading business from Kinder Morgan last
spring.
>
> PG&E: The parent of bankrupt Pacific Gas and Electric had a net loss of
$951
> million ($2.62/share) on revenues of $6.7 billion, compared to year-ago
net
> income of $280 million (77 cents/share) on revenues of $5 billion a year
ago.
> The loss was due to unreimbursed wholesale power costs at the California
> utility.
>
> Segment earnings showed that contributions from natural gas pipeline
> operations could not offset declines in the utility and unregulated
marketing
> and trading businesses. Gas and power sales volumes were not available at
> press time.
>
> TXU: US operations pushed earnings higher for TXU. The integrated utility
had
> net income of $196 million (76 cents/share) on revenues of $8.4 billion,
> compared to net income of $193 million (71 cents/share) on revenues of
$4.8
> billion. Per-share results were affected by a decrease in the number
> outstanding. The higher revenues came from both regulated and unregulated
> operations.
>
> Natural gas sales rose to 4.7 Bcf/d from 4.6 Bcf/d as increased retail
volumes
> offset a decline on the wholesale side. US electricity sales were up
markedly
> to 5.4 million MWh from 3.7 million MWh.
>
> - Barbara Shook.
>
>
>
> Folder Name: power trading
> Relevance Score on Scale of 100: 96
>
> ______________________________________________________________________
>
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