Path: bloom-picayune.mit.edu!snorkelwacker.mit.edu!news.media.mit.edu!americast.com!americast.com!usa-post Newsgroups: usa-today.energy,americast.usa-today.energy From: usa-post@AmeriCast.Com Organization: American Cybercasting Approved: usa-post@AmeriCast.com Subject: energy Thu, Sep 17 1992 Date: Thu, 17 Sep 92 04:53:17 EDT Message-ID: 09-17 0000 DECISIONLINE: Energy USA TODAY Update Sept. 17, 1992 Source: USA TODAY:Gannett National Information Network CRUDE OIL FINISHES HIGHER: Crude oil for October delivery closed higher Wednesday on the New York Mercantile Exchange. Crude oil for delivery in October closed 21 cents higher at $22.39 a barrel, the first time it settled above $22 since late June. Oil products ended little changed at the New York Mercantile Exchange. OPEC's meeting in Geneva helped drive October crude prices higher. REFINED PRODUCTS CLOSE MIXED: Heating oil for October delivery settled 0.05 cent lower at 63.04 cents a gallon and unleaded gasoline for delivery in October closed 0.06 cent higher at 60.89 cents a gallon Wednesday on the New York Mercantile Exchange. October natural gas closed 2.5 cents higher at $2.269 per million metric BTUs after setting a new high at $2.275. FLEET MANDATE SPOOKS COMPANIES: Companies with vehicle fleets Wednesday asked Congress to drop provisions of an energy bill that would require 70% of those fleets to run on low-polluting fuels by 2000. The National Association of Fleet Administrators appealed by letter to Sen. J. Bennett Johnston, D-La., for Congress to consider incentives instead of mandates - such as high-occupancy-vehicle lanes and tax credits. (For more, see special Fuels package below.) TUCSON ELECTRIC SETTLES LAWSUIT: SCECorp and Southern California Edison said Wednesday they have agreed to settle a lawsuit filed by Tucson Electric Power Co. SCECorp and Southern California Edison will pay Tucson Electric $25 million in settlement of claims of interference with the 1988 merger agreement between Tucson Electric and San Diego Gas & Electric Co., plus $15 million for litigation. NORTH SEA SALE AGREED UPON: Marathon Oil Company Wednesday announced that five members of the Brae Group have reached agreement with National Power PLC for the sale of gas from the Brae fields in the United Kingdom sector of the North Sea. The quantity of gas involved is 50 million cubic feet per day over a 15-year delivery period, with first delivery to commence in the second half of 1994. UTILITIES TO HELP IN HAWAII: Citizens Utilities said Wednesday that support from mainland utilities for their Kauai Electric Division should arrive early Thursday. Utility linemen, supervisors, support personnel and equipment from Southern California Edison are scheduled to be transported to Hawaii on Air Force cargo planes. Pacific Gas & Electric also plans to send support. SIEMENS GETS ORDER FROM TAIWAN: Siemens Wednesday announced a $700 million order from Taiwan Power Company. The unfired combined-cycle Nan Pu power plant, to be built in Kaoshiung in southwest Taiwan, will have three 285 megawatt units for a total capacity of 855 MW. Each unit will consist of two V84.2 gas turbines and one steam turbine, which will use gas turbine exhaust to generate power. NOVA FILES TO SELL SECURITIES: Nova Corp. of Alberta Wednesday filed with the Securities and Exchange Commission to sell up to $600 million of debt securities and warrants to purchase debt securities. Nova said it may issue the securities periodically on terms to be released at the time of the sale. Proceeds will be used to repay bank loans and finance capital expenditures, among other moves. PARKER CASH FLOW COULD IMPROVE: Parker & Parsley Petroleum Co.'s cash flow could exceed analysts' estimates because of the rise in natural gas prices, according to its chief executive, Scott Sheffield. Sheffield said Wednesday the price Parker & Parsley receives for gas could rise to $1.95 per 1,000 cubic feet in the second half of the year from the current average of $1.65 per 1,000 cubic feet. ALAWEST TO BUY COAL PROPERTIES: Alawest Inc. Wednesday agreed to buy coal properties jointly owned by LTV Corp., Acme Metals Inc. and Stelco Inc. The property was for sale in a bankruptcy auction. Alawest agreed to $7.5 million, well above the $1.9 million agreed to by TTMAR Inc., the contract purchaser of the property. Alawest will assume responsiblity for any outstanding environmental liability suits. TEMPORARY HIKES IMPROVED: The Iowa Utilites Board has approved temporary rate increases for natural gas customers of Iowa Electric Light and Power Company and Iosa Southern Utilities. The exact amounts were not released Wednesday. The temporary increases are while the board considers the companies' requests to raise overal rates. Iowa Electric wants a 5.9% hike; Iowa Southern, 6.2%. SPECIAL PACKAGE ON FUELS: EVERY SECTOR TO BE AFFECTED: The House and Senate have passed versions of a bill that would regulate virtually every sector of the energy industry, including natural gas pipelines, nuclear power plants, electric utilities and oil drilling. The bill also includes provisions on converting vehicle fleets to run on low-polluting, alternative-fueled vehicles. That provision has stirred companies to action. JOHNSTON GETS THE APPEAL: Companies with vehicle fleets have appealed to Sen. J. Bennett Johnston, D-La., for Congress to consider alternatives to making 70% of those fleets run on alternative fuels. Johnston is chairman of the Senate Energy and Natural Resources Committee. He claims alternative-fuel mandates in the Senate bill would put 4 million new low-polluting vehicles on the road by 2000. CONVERSION WOULD BE GRADUAL: Under provisions of the Senate bill, federal agencies, states, municipalities and private companies with at least 50 vehicles would have to convert part of their fleet to alternative-fueled vehicles. By 1996, 25% of the vehicles must run on alternative fuels, such as natural gas, ethanol (made from corn), methanol (a methane gas derivative), electricity, propane or hydrogen. (End of package.) Energy Editor: Beth Mann. (1-919-855-3491) Making copies of USA TODAY Update (Copyright, 1992) for further distribution purposes violates federal law. This article is copyright 1992 Gannett News Service. Redistribution to other sites is not permitted except by arrangement with American Cybercasting Corporation. For more information, send-email to usa@AmeriCast.COM