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               POWER & GAS WEEKLY
                January 15, 2002
=================================================
Every Tuesday, Power & Gas Weekly delivers a summary
of the latest worldwide news from OGJ Online on
the converging natural gas and power industries.
Please visit http://www.ogjonline.com for more
information on each news story.

=================================================

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FERC'S BROWNELL CALLS FOR STRENGTHENED
MARKET MONITORING ROLE
Jan-14-2002
~~~~~~~~~~~~~~~~~~
Federal Energy Regulatory Commissioner
Nora Mead Brownell urged the agency
to strengthen its oversight
of potential market power abuse. But
she also said there was no point
to dragging out cases unnecessarily.
Brownell made the recommendations
in a case involving El Paso Natural
Gas.
http://ogj.pennnet.com/articles/web_article_display.cfm?ARTICLE_ID=132230


CONDITION RIPE FOR NEW EL NINO
WEATHER PATTERN, NWS SAYS
Jan-14-2002
~~~~~~~~~~~~~~~~~~
The National Weather Service said a
new El Nino phenomenon could
be in place by spring with the
effects being felt by fall in the
US. The most recent El Nino
took place in 1997-1998 and was extremely
severe, including its effect
on energy markets.
http://ogj.pennnet.com/articles/web_article_display.cfm?ARTICLE_ID=132212


ENERGY DEFAULTS CONTRIBUTED TO RECORD
2001, AGENCIES SAY
Jan-14-2002
~~~~~~~~~~~~~~~~~~
Huge defaults by investment grade energy-related
companies helped drive
up unpaid debt to record levels
in 2001, two credit ratings agencies
said. The year began with defaults
by California's Southern California
Edison Co. and Pacific Gas
& Electric Co. and ended with the
default by Enron Corp., Houston.
http://ogj.pennnet.com/articles/web_article_display.cfm?ARTICLE_ID=132190


S&P'S 2002 ELECTRICITY OUTLOOK WEAK;
STRONGER FOR OIL AND GAS PRODUCERS
Jan-14-2002
~~~~~~~~~~~~~~~~~~
Standard & Poor's Monday reported a
negative near-term outlook for electric
companies and the natural gas
industry, even though the ratings
agency expects earnings to increase
modestly in 2002. S&P suggested
investors will switch from the
utility sector in the search for better
returns. But the energy sector
may offer investors 'some upward
surprises,' S&P said.
http://ogj.pennnet.com/articles/web_article_display.cfm?ARTICLE_ID=132176


FORMER ENRON ENERGY SERVICES EXECS
FORM NEW COMPANY
Jan-14-2002
~~~~~~~~~~~~~~~~~~
Former Enron Energy Services executives
formed a new company to manage
energy risk for small to mid-sized
businesses. Celeren Corp., Philadelphia,
will sell risk management
energy services and independent
power generation services.
http://ogj.pennnet.com/articles/web_article_display.cfm?ARTICLE_ID=132151


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US HOUSE PANELS ASK ANDERSEN TO PRODUCE
ENRON AUDITORS' NAMES
Jan-11-2002
~~~~~~~~~~~~~~~~~~
The chairmen of a US House committee
and subcommittee investigating the
Enron debacle Friday demanded the
names of Arthur Andersen LLP auditors
and consultants who worked
on the account prior to the company's
December collapse. The panels
renewed their call for documents after
Andersen's Thursday disclosure
that a "significant" but undetermined
number of Enron files had been
destroyed.
http://ogj.pennnet.com/articles/web_article_display.cfm?ARTICLE_ID=132099


ERCOT PROPOSED BUDGET FOR 2002 INCREASES
DEBT
Jan-11-2002
~~~~~~~~~~~~~~~~~~
The Electric Reliability Council of
Texas won't raise the fee it assesses
electricity consumers this year
but plans a 9% increase to 24%/Mw-hr
in 2003 and another 4%
increase to 25%/Mw-hr in 2004.
Debt is also rising driven by the
need to finance improvements in
computer systems and software.
http://ogj.pennnet.com/articles/web_article_display.cfm?ARTICLE_ID=132094


UBS WARBURG TOP BIDDER FOR ENRON TRADING
OPERATION
Jan-11-2002
~~~~~~~~~~~~~~~~~~
Enron Corp. Friday selected investment
bank UBS Warburg AG as the successful
bidder for its North American
wholesale electricity and natural
gas trading business, after a
private auction overseen by a US bankruptcy
judge.
http://ogj.pennnet.com/articles/web_article_display.cfm?ARTICLE_ID=132078


CALIFORNIA ELECTRICITY AIR POLLUTION
FELL, DESPITE FEAR OF SUMMER RISE
Jan-11-2002
~~~~~~~~~~~~~~~~~~
Fears that air pollution from oil and
gas-fired electric generation would
surge in California this past
summer never materialized, state
officials said. Nitrogen oxide emissions
actually declined 24% between
June and August 2001, compared
to the same period in 2000, according
to findings of the California
Air Resources Board.
http://ogj.pennnet.com/articles/web_article_display.cfm?ARTICLE_ID=132027


ENERGY COMPONENT OF THE PRODUCER PRICE
INDEX DECLINED 53% IN 2001
Jan-11-2002
~~~~~~~~~~~~~~~~~~
The raw energy products price index
plummeted 53% during 2001 following
a 85.6% increase in 2000, the Bureau
of Labor Statistics reported
Friday, demonstrating the continued
volatility of energy prices. On
a month-to-month basis, the index,
including petroleum, natural gas,
and coal, fell 20.5% in December,
nearly offsetting a 28.3% gain in
November.
http://ogj.pennnet.com/articles/web_article_display.cfm?ARTICLE_ID=132002


ELECTRIC CO-OPS ENDORSE FERC REFUND
PROPOSAL
Jan-11-2002
~~~~~~~~~~~~~~~~~~
Federal regulators monitoring the electricity
markets should take "all
steps necessary," including refunds,
to protect consumers from market
power abuse, the National Rural
Electric Cooperative Association
said. In a FERC filing, NRECA also
said the commission should assure
the market the refund proposal will
be applied "solely" to protect
customers from such abuse.
http://ogj.pennnet.com/articles/web_article_display.cfm?ARTICLE_ID=131954


BC HYDRO SOLICITS GREENHOUSE GAS OFFSET
PROPOSALS
Jan-10-2002
~~~~~~~~~~~~~~~~~~
BC Hydro, Vancouver, BC, has begun
soliciting proposals to offset 5.5
million tonnes of greenhouse gas
emissions from two proposed gas-fired
electric generating plants on
Vancouver Island. The company is looking
to acquire offsets occurring
between 2002 and 2020.
http://ogj.pennnet.com/articles/web_article_display.cfm?ARTICLE_ID=131919


ARTHUR ANDERSEN CLAIMS EMPLOYEES DISPOSED
OF ENRON RECORDS
Jan-10-2002
~~~~~~~~~~~~~~~~~~
Arthur Andersen LLP Thursday reported
employees "disposed" of a "significant"
number of documents relating
to audits of Enron Corp., the
Houston energy trading giant which
unexpectedly filed for bankruptcy
protection in December. The accounting
firm, Enron's auditor during
the years leading up to the collapse,
was already under fire for certifying
earnings statements that
were later recanted by Enron.
http://ogj.pennnet.com/articles/web_article_display.cfm?ARTICLE_ID=131893


CALIFORNIA AG FILES BILLION-DOLLAR
SUIT AGAINST PG&E CORP.
Jan-10-2002
~~~~~~~~~~~~~~~~~~
California's attorney general filed
suit Thursday against PG&E Corp.
for allegedly funneling huge sums
of money from its regulated utility
to unregulated affiliates, violating
agreements with the California
Public Utilities Commission. The
suit filed in San Francisco Superior
Court seeks $600 million to $4
billion, plus penalties for the alleged
violations.
http://ogj.pennnet.com/articles/web_article_display.cfm?ARTICLE_ID=131882


CALIFORNIA PUC TO INVESTIGATE UTILITY
HOLDING COMPANIES
Jan-10-2002
~~~~~~~~~~~~~~~~~~
Taking aim at the financial dealings
between the state's three investor-owned
utilities and their parent
companies, the California Public
Utilities Commission Wednesday opened
an investigation into whether
the holding companies violated regulations.
http://ogj.pennnet.com/articles/web_article_display.cfm?ARTICLE_ID=131861


JUSTICE DEPARTMENT CONSIDERS CRIMINAL
CASE AGAINST ENRON CORP.
Jan-10-2002
~~~~~~~~~~~~~~~~~~
The Justice Department Wednesday said
it has started a criminal investigation
into whether Enron Corp.,
knowingly sought to defraud investors
by hiding important financial
information it knew would hurt the
company's stock price.
http://ogj.pennnet.com/articles/web_article_display.cfm?ARTICLE_ID=131807


NEW ARIZONA PIPELINE AND 10 BCF GAS
STORAGE FACILITY PROPOSED
Jan-10-2002
~~~~~~~~~~~~~~~~~~
Driven by new gas-fired power plants
in the southwest, Allegheny Energy
Inc., Salt River Project, and Sempra
Energy proposed a new pipeline
and storage complex to connect
the Las Vegas area with Kingman, Ariz.
Natural gas transportation and
storage in Arizona and southern
Nevada has been limited and demand
from power plants is increasing.
http://ogj.pennnet.com/articles/web_article_display.cfm?ARTICLE_ID=131797


ELECTRIC POWER NEWS BRIEFS, JAN. 9
Jan-09-2002
~~~~~~~~~~~~~~~~~~
PNM Resources Inc. ... Western Resources
Inc. ... PJM Interconnection
LLC ... SeTrans ... Idaho Power Co.
... Astaris LLC ... Williams Cos.
Inc. ... Reliant Energy ... Black
& Veatch Corp. ... H.B. Zachry
Co. ... Grupo Generador de Guatemala
y Cia SCA ... Andersons Inc. ...
FirstEnergy Solutions
http://ogj.pennnet.com/articles/web_article_display.cfm?ARTICLE_ID=131747


CALIFORNIA ISO PROPOSES MARKET CHANGES,
NONCOMPLIANCE PENALTIES
Jan-09-2002
~~~~~~~~~~~~~~~~~~
The California Independent System Operator
proposed a change to the California
electricity market by assigning
responsibility and assessing
penalties, if utilities don't provide
sufficient power ahead of time
to meet demand. The new market
mechanism called ACAP or available
capacity obligation is supposed
to ensure electricity is available
to serve daily needs.
http://ogj.pennnet.com/articles/web_article_display.cfm?ARTICLE_ID=131703


TECO CLAIMS PROGRESS ON FINANCING PROJECTS;
CUTS CAPITAL BUDGET
Jan-09-2002
~~~~~~~~~~~~~~~~~~
Florida energy holding company TECO
Energy Inc. Wednesday said it is
making progress lining up $1.2 billion
to complete two power projects
for which an Enron Corp. subsidiary
is serving as construction contractor.
If the proposal isn't approved
by Jan. 11, TECO and its joint
venture partner Panda International
Inc., Dallas, Tex., have until
Jan. 31 to find another lender.
http://ogj.pennnet.com/articles/web_article_display.cfm?ARTICLE_ID=131700


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-------------------------------------------------

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               Copyright 2002
      PennEnergy Inc / Oil & Gas Journal
             All Rights Reserved
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