Daily Gas News - 2/15/02 Energy Central Daily Gas News Â Â Â  HOME |  GAS NEWS |  EVENTS |  JOBS | BUSINESS CENTERS | DIRECTORIES | DATA CENTER FRIDAY, FEBRUARY 15, 2002 Â     THIS ISSUE BROUGHT TO YOU BY Â  Access the most comprehensive on-line energy merger and acquisition  database available now. Energy Central Professional offers advanced  customer service and world-class search and sort features. View this  revolutionary resource now. Click here for immediate access  http://pro.energycentral.com/professional/snapshots/mergers/default.cfm TOP STORIES Swap proposed to halt new Calif. offshore drilling By Andrew Quinn, SAN FRANCISCO, Feb 14 (Reuters) New oil and natural gas drilling off California's famous coastline would be permanently halted under a deal to swap undeveloped California tracts for similar blocks in the Gulf of Mexico, Sen. Barbara Boxer said on Thursday.  Baker Hughes sees weak first half of 2002 HOUSTON, Feb 14 (Reuters) - Baker Hughes Inc., the world's third-biggest oilfield services company, on Thursday said warmer-than-normal winter weather, conservation and an ailing economy will keep North American energy demand low and impact drilling results there in the first half of 2002.  Philadelphia Gas Works to Seek Rate Increase By Benjamin Y. Lowe, The Philadelphia Inquirer, Feb. 14 Philadelphia Gas Works will ask for a rate increase of up to $50 million because of lower gas sales caused by warm winter weather.  Enron Debacle Sale of Two Enron Units Is Near; Deals May Bring $3.4 Billion By Eric Berger, Houston Chronicle, Feb. 14  Two Enron Corp. units that could bring in almost $3.4 billion moved closer to sale in bankruptcy court here Wednesday, as more details emerged of the company's recent financial operations.  Enron fires top accounting officers Causey and Buy HOUSTON, Feb 14 (Reuters)  Shattered energy company Enron Corp. on Thursday fired its top accounting officers, Chief Accounting Officer Richard Causey and Chief Risk Officer Richard Buy, in a disciplinary action.  Enron whistleblower testifies to Congress  By MARC HEBERT, WASHINGTON, Feb 14, 2002 (United Press International via COMTEX) --  An executive at bankrupt Enron Corp. made clear Thursday that she had alerted the company's chief executive officer about the firm's questionable accounting practices as early as last August.  Enron Documents Map Details of Creative Accounting; Executive's Stake Shielded By Tom Fowler, Houston Chronicle, Feb. 14  Internal Enron documents released Wednesday shine more light on the elaborate accounting maneuvers it employed to avoid reporting details of its off-the-books partnerships.  Enron Prompts Federal Investigation Feb 14 - Associated Press  Federal regulators are investigating wholesale power and natural gas markets, with a focus on whether manipulation by Enron Corp. or other energy traders caused big price increases in the West a year ago.  Head of Federal Energy Regulatory Commission Ordered to Reveal Enron Contacts By Julie Mason, Houston Chronicle, Feb. 14  As the Federal Energy Regulatory Commission opened an investigation of Enron Corp., House lawmakers Wednesday ordered commission Chairman Pat Wood III to disclose his past contacts with company executives.  Meeting Minutes Contradict Enron Directors' Testimony of Being Kept in Dark By David Ivanovich, Houston Chronicle, Feb. 14  Minutes of Enron Corp.'s board meetings released Wednesday indicate directors were briefed repeatedly about the company's deals with its off-the-books partnerships.  Records Show Whistleblower Told Enron's Lawyers Andersen Knew about Deals By Chris Mondics, The Philadelphia Inquirer, Feb. 14  Whistleblower Sherron Watkins told Enron Corp. lawyers last September that the company's outside auditor knew many of the details of suspect transactions and "is as guilty as Enron," according to internal documents obtained Wednesday by Knight Ridder.  Chief Financial Officers in Spotlight Since Enron Scandal By Eric Torbenson, Saint Paul Pioneer Press, Minn., Feb. 14  Now in the white-hot investor spotlight, sitting rather uncomfortably, are chief financial officers.  Enron-style schemes marketed to other firms-NYT NEW YORK, Feb 14 (Reuters)  After helping to hatch an idea that allowed Enron Corp. to mask its true financial condition, investment bankers at Wall Street firms marketed the scheme to other companies, the New York Times said in a report on Thursday.  Looking for love after Enron at power luncheon NEW YORK, Feb 14 (Reuters)  They showed up at a packed hotel ballroom in midtown Manhattan on Thursday looking for love.  Ex-Enron workers seek $100 mln from bankrupt trader NEW YORK, Feb 14 (Reuters)  A group of former Enron Corp. employees, backed by the AFL-CIO labor union and activist Rev. Jesse Jackson, appealed on Thursday to a U.S. bankruptcy court to approve payments of $100 million to severed workers.  Accounting chief seeks rules for Enron-type deals By Deepa Babington, WASHINGTON, Feb 14 (Reuters)  The head of a global accounting standards body on Thursday outlined to Congress a tougher approach on accounting for Enron-type deals but said U.S. support was needed to build global accounting rules.  Enron's failure exposes cracks in foundation of America's new economy  By Gregg Fields Knight Ridder Newspapers, HOUSTON, Feb 14, 2002 (Knight Ridder Newspapers - Knight Ridder/Tribune News Service via COMTEX) --  The images are etched on the American consciousness: destitute retirees, hard-charging lawyers, the off-kilter E in front of Enron's now-ghostly Houston headquarters.  Enron Way Mimicked; Analysts Worried Firms Have Learned Wrong Lessons Feb 14 - Denver Rocky Mountain News  What has Wall Street worried these days is whether companies have learned lessons from Enron - the wrong lessons, taught long ago when the Houston energy trader was on top of the world.  State largely unscathed by Enron mess; Good timing, luck prevent any significant losses Feb 14 - The Charleston Gazette  As one of the nation's major energy producers, it was inevitable that West Virginia and its coal, oil and natural gas businesses would become involved with Enron, the failed energy trading conglomerate.  Anger as Enron UK directors share pounds 6m bonanza Feb 13 - Independent - London  ENRON'S UK arm was caught up in a fresh furore yesterday after it emerged that 15 senior employees at the company's energy trading arm shared in a pounds 6m bonanza for helping with the sale of the business to Centrica.  Regulators, Lawmakers Crack Down on Financial Reporting in Enron Aftermath Chicago Tribune, Feb. 14  As investors continue to fret over the quality of financial reports provided by the nation's publicly traded companies, regulators and lawmakers moved Wednesday to close accounting loopholes and push for more rigorous corporate reporting requirements in the aftermath of the Enron Corp. bankruptcy.  Enron's Lay sells Aspen cottage for $10 million ASPEN, Colo., Feb. 13, (Reuters)  Embattled former Enron Corp chairman Kenneth Lay, who lost a fortune with the collapse of the energy giant, has sold his "cozy country cottage" in this ski resort for $10 million -- more than five times what he paid for it.  Index fund pioneer Bogle urges vigilance post-Enron NEW YORK, Feb 14 (Reuters)  Abuses that led to the downfall of energy giant Enron Corp. are widespread and must be addressed through pressure from mutual funds and other big institutional investors that own just over half of all of the stock in the United States, John Bogle, founder and former chief executive of The Vanguard Group, said on Thursday.  Enron Fall Hits Home For Pipeline Workers Feb 14 - Palm Beach Post  DuWayne Aulgur has to fight his despair when he talks about it.  Enron scandal gives a boost to TV's business journalists  By Glenn Garvin Knight Ridder Newspapers, Feb 14, 2002 (Knight Ridder Newspapers - Knight Ridder/Tribune News Service via COMTEX) --  The collapse of the energy-trading giant Enron may have ruined millions of stockholders, employees and creditors, but it was a piece of good luck for at least one group: television business journalists.  National Energy Policy Senate Panel OK's Energy Incentives Feb 13 - Associated Press  Legislation providing more than $14 billion in tax incentives for energy conservation and production was approved Wednesday by a Senate committee, which added new breaks for energy-efficient household renovations and home appliances.  Â  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?id0584 Â  Mergers, Acquisitions & Divestitures Petrobras close to completing CEG purchases  Brazil, Feb 14, 2002 (BNamericas.com via COMTEX) --   Brazil's federal energy company Petrobras is close to completing the purchase of stakes in Rio de Janeiro state natural gas distributors CEG and CEG-Rio from bankrupt US energy company Enron, according to Gazeta Mercantil.  Nexen CEO plots growth without mergers By Jeffrey Jones, CALGARY, Alberta, Feb 14 (Reuters)  Nexen Inc., Canada's No. 5 oil explorer and producer, has the prospects and financial clout to get bigger without jumping into the kind of huge merger planned by its top rivals, Alberta Energy and PanCanadian, Nexen's chief executive said on Thursday.  RWE accepts strict conditions for purchase of Transgas Feb 13, 2002, (Financial Times Deutschland /FT Information via COMTEX) --   RWE AG, the German energy group, won the bidding at the end of last year for the acquisition of a 96.99 per cent stake in Transgas, the Czech gas importer, not only by making the highest bid, but also by agreeing to a series of special conditions, which were rejected by rivals.  Legislation/Regulation Interior Department to Resume Oil/Gas Royalty Payments to American Indians By Bill McAllister, The Denver Post, Feb. 13  On the eve of Interior Secretary Gale Norton's testimony at her contempt trial, her department disclosed Tuesday that it is ready to resume making oil and gas payments to American Indians whose lands the government leases.  Gas Pricing/Hubs Canadian natgas prices pressured by balmy weather CALGARY, Alberta, Feb 14 (Reuters)  Spot natural gas prices slipped across Canada on Thursday, with warm weather in Alberta and weaker U.S. physicals and futures applying downward pressure, industry sources said.  NYMEX Hub gas ends lower on technicals, weather NEW YORK, Feb 14 (Reuters)  NYMEX Hub gas ended lower Thursday in moderate trade, pressured by some technical selling after yesterday's reversal and milder weather forecasts for later this week that weakened the cash, industry sources said.  Futures March Gas Futures Slides on Weak Technicals, Fundamentals Feb. 14 (Btu's Daily Gas Wire)  With the weight of Wednesday's late sell off hanging heavily on the market, March natural gas futures settled down 5.9 cents at $2.186 after late selling dropped prices as much as 6.5 cents to a $2.18 daily low.  Special Offer from this Publisher! Natural gas ends lower in late plunge  February 14, 2002 (TradeSignals via COMTEX) --   Natural gas futures posted a spectacular 16 cents reversal into the close of Wednesday's session to end the day in negative territory.  Pipelines BP shelves plans for 20 bln usd Alaska pipeline project  NEW YORK, Feb 14, 2002 (AFX-UK via COMTEX) --   BP PLC said it will not proceed with a proposed 20 bln usd Alaska pipeline that would bring gas to the North American market because it is not viable at a time of depressed gas prices and without government assistance, the Financial Times reported in its online edition, citing BP chief executive Sir John Browne.  Pipeline Safety Official: 'Judge Us by What We Do' Feb 14, 2002 - Cox News Service  The Bush administration official responsible for federal pipeline safety enforcement acknowledged Wednesday that her agency's record is "not good" but told members of Congress she is committed to a more aggressive approach in the future.  General Dallas-Based Atmos Energy Promises Better Service with New Initiative By Steve Vied, Messenger-Inquirer, Owensboro, Ky., Feb. 14  Dallas-based Atmos Energy will soon have 1.7 million customers in 12 states.  Trading/Marketing US lawmakers seek to regulate Enron-like energy trades WASHINGTON, Feb 14 (Reuters)  Legislation was introduced in the U.S. Senate on Thursday to regulate energy contracts in the over-the-counter market like those used by bankrupt Enron Corp. and are accused of causing skyrocketing electricity and natural gas prices last year.  Secrecy in Energy-Trading Market Questioned in Congressional Hearing By Jim Landers, The Dallas Morning News, Feb. 14  Wholesale power and natural gas marketers were criticized before Congress on Wednesday for secret trading that leaves consumers and producers open to price manipulation.  FEATURE-U.S. energy trade grows more cautious post-Enron By Spencer Swartz, SAN FRANCISCO, Feb 14 (Reuters)  The collapse of energy giant Enron Corp. has triggered a tough new conservatism among wholesale energy traders, who are grilling everyone they do business with about their credit.  People Questar CEO Stepping Down after Transforming Utah Energy Provider By Steven Oberbeck, The Salt Lake Tribune, Feb. 12  Don Cash supervised the growth of Questar Corp. from a small Utah-based utility known as Mountain Fuel Supply Co. into a regional oil and natural gas powerhouse.  Fuel City Council asks plant on U. Minnesota campus to use natural gas  By Shira Kantor, MINNEAPOLIS, Feb 13, 2002 (Minnesota Daily, U-WIRE via COMTEX) --   Answering the pleas of several area pollution-control groups, City Council members took steps Tuesday to make sure Minneapolis residents can breathe a little easier.  Financial Stock Price Drops at Omaha, Neb.-Based Pipeline Firm Northern Border Partners By Steve Jordon, Omaha World-Herald, Neb., Feb. 13  Omaha-based Northern Border Partners' stock price has dropped 11 percent since Friday after the company changed auditing firms and a financial rating agency said it may lower Northern's debt rating.  Williams to cut $50 million in annual expenses NEW YORK, Feb 14 (Reuters)  Williams Companies on Thursday said it would cut about $50 million of costs annually as the energy trader and pipeline operator overhauls its balance sheet amid fears it may have to assume $2.2 billion in debt from former subsidiary Williams Communications Group.  Warm weather won't frost, or cost, gas companies Feb 13 - Daily Herald - Chicago  Companies that sell natural gas plan their operations for "normal weather."  Financial - Results Salt Lake City Energy Firm Questar Notes Net Income of $158.2 Million for 2001 By Steven Oberbeck, The Salt Lake Tribune, Feb. 14  Two years ago Questar Corp. was worried that tough Utah regulators and low oil and gas prices would stifle its future financial performance.  International PTT Plans Three Gas Firms Bangkok Post, Thailand, Feb. 14  PTT Plc says it will set up three more natural gas affiliates to manage an investment programme worth 98.8 billion baht planned up to 2010.  Q&A: GasAtacama CEO Rudolf Araneda  Argentina, Feb 14, 2002 (BNamericas.com via COMTEX) --   Argentina's new 20% tax on hydrocarbon exports may affect Chilean gas distributors, who depend on their trans-Andean neighbor for 80% of their natural gas.  Gas deal could be Russia's "magic wand" in Central Asia: analysts Feb 14, 2002 - Agence France-Presse  Russia sees a "gas alliance" with former Soviet republics in Central Asia as a "magic wand" that could help to combat the creeping US presence in the region as a result of the Afghan war, according to analysts.  Contact Wants Gas Regulation Feb 14, 2002 - The Dominion  CONTACT ENERGY is calling for regulation of gas pipeline companies and separation of gas retailing from gas distribution, in a submission to the Government's gas review.  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 CENTRALï¿½S GOT IT! 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