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 Electricity & Natural Gas Business:
Understanding It!
2003 and
Beyond
Robert E. Willett
Financial Communications
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496 pp., hardcover, 8½ x 11
21 chapters, 23 tables, 85 figures
9 appendices,
ISBN: 1930578024
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Series Reviews
Electricity & Natural Gas Business: Understanding It! 2003 and Beyond
Of interest to activists, attorneys, gas and power executives, analysts, buyers and suppliers, and regulators, this volume offers in-depth treatment of issues facing the electric and gas industries, with coverage of gas supply and production, standard market design strategies, advice on doing business with regulators, and international issues. Some specific topics include recent FASB rulings affecting valuations, the future of coal gasification, the role of international commercial arbitration, political risk and terrorism, and public interest utilities. Editor Willett is associate publisher of Natural Gas & Electricity magazine.
—Book News, Inc. (June 2003)
“It has a lot of useful information in it."
—Pat Wood III, (2003)
chairman, Federal Energy Regulatory Commission
Natural Gas & Electric Power Industries Analysis, 2002
[For] policy-oriented professionals, a good part of the value of Willett’s compilation may lie in those articles analyzing industry data and trends which may serve as a useful building block in understanding and influencing energy policy. Useful surveys cover the state of the market for emissions trading, distributed generation and wind power. On the state of federal regulation, FERC Commissioner William Massey has authored a piece outlining RTO development and challenges. For those eyeing the international scene, the volume includes surveys of European, and South and Central American markets. An interesting study of natural gas transmission capacity in California at the time of that state’s electricity crisis is advanced. The volume ends with a provocative piece by former FERC Commissioner Charles Stalon lamenting the absence of federal legislation clearly establishing FERC’s authority to regulate regional electric markets... As a survey of its contents suggests, Natural Gas & Electric Power Industries Analysis contains some useful and thought-provoking material.
— Jonathan D. Schneider, Partner, Huber Lawrence & Abell, Washington
Energy Law Journal
(Fall 2002)
This excellent book consists of twenty-three essays covering the main developments affecting the gas and electricity industries in the past year...There are two appendices devoted to the basic structure and regulation of the natural gas and electricity industries respectively. Each essay has a different author(s).
The essays cover virtually every key issue from the basics of supply/ demand to the corporate strategies necessary to find an edge in today's complex marketplace. There are chapters on the regulatory framework covering gas and electricity…The section on European gas contains forecast data to 2020...
Quibbles are relatively minor when set against the totality of a very good book that covers all aspects of the natural gas and electricity sectors in one volume. There are few places where so much debate on current issues can be found.
—Neil Atkinson, Journal of Energy Literature 8, no. 2 (December 2002), 106.
Natural Gas & Electric Power Industries Analysis (2002), published by Financial Communications Company, is the first in what looks certain to become a standard reference point for those involved in the international gas industry…The editors hope it will be used as a resource by a broad range of professionals interested in the energy industry. Appendix 1 points out: “As was observed during the energy crisis in California in 2000 and 2001, the nation’s energy challenges are now of significant interest to many professionals, including those in press and politics, who have little background in the industry.”
The book is divided into seven sections, including the titles ‘Industry Growth and Consolidation Continue’, ‘International’ and ‘Federal Oversight of Electricity and Gas’. Read together, they give the reader a thorough picture of the state of the US gas and power markets by analysing their development and events of note in their history, such as the California power crisis, and by comparing the US to what is going on in Europe.
Each section contains a number of chapters written by different contributors selected from a wider range of industry notables, including Dr.Michelle Michot Foss, director of the Energy Institute at the University of Houston, William Massey, a commissioner of the Federal Energy Regulatory Commission, and Rae McQuade, executive director of the Gas Industry Standards Board in Houston.
There is also a ‘Technology’ section, added in response to reader interests shown in a reader survey, which shows how technology is reshaping the gas and electricity industries…
The international section focuses on opportunities in Europe, and takes a long, hard look at Mexico and Latin America. The chapters, with their extensive statistical analysis, make vital reading for readers interested in those areas.
One long-term trend identified in the book is the upward scaling of gas prices relative to oil. Carl Swanson, president of Swanson Energy Group, writes a chapter in which he predicts relatively rapid gas demand growth over the next ten to twenty years due to a large increase in gas-fired power generation. The long-running question of where the US will get its supply from is discussed from another view.
Overall the book provides a comprehensive analysis of US and international gas markets, and makes a thorough reference point.
—economatters, (U.K.), July 2002
"Virtually all of the employees who have received this book have commented favorably and enthusiastically about its quality and comprehensiveness. While the book does appeal to sophisticated, experienced people, it has also proven its worth as an excellent primer for the new talent arriving in the BP marketing organization. It provides a breadth and depth of information and analysis on industry issues that allows new employees to understand immediately many of the key trends and influences that impact our business. We wholeheartedly recommend its use for all levels of experience and expertise."
—Barbara S. Springer
human resources manager,
BP Energy Company
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Natural Gas Industry Analysis
“Contributors from the energy industry, meteorologists, and academic researchers in a number of fields examine various aspects of the market. The general themes are continued growth and consolidation of the industry, technology and marketing science, international dimensions, federal and state oversight, and the lasting effects of recent crises and scandals. Natural Gas Industry Analysis (2000-2001) contained [a great deal of] information about electricity [and thus] the second annual volume was retitled and somewhat expanded to accommodate.”
—Book News (Fall 2002)
…a comprehensive resource…
The 408-page hardcover is divided into six sections, with chapters written by a wide variety of experts from the industry, including regulators and attorneys [among others].
The book includes graphs, tables, and charts, and the commentaries are extensively footnoted and annotated.
— Monica Perin, “Energy Notes,” Houston Business Journal
NEW ANNUAL SERIES EXAMINES ITEMS CRUCIAL TO DISTRIBUTORS AND OTHERS
Natural Gas Industry Analysis, a new annual series from a Houston energy publisher, Financial Communications Company, examines in detail a number of serious issues that currently confront the natural gas industry. The current edition is 408 pages. Its 24 chapters were written by a collection of 34 experienced authors, including some well-known industry commentators.
The book starts with a five-chapter section about the new relationship with the electric industry. Then follows a four-chapter marketing section and a three-chapter section about international natural gas transactions. The other sections are federal regulation (seven chapters) and state regulation (four chapters). A final chapter identifies the goals of the natural gas industry and assesses the industry's progress toward those goals.
Editor Bob Willett has hit the nail directly on the head with this selection of topics. For example, the focus section about the new relationship with the electric industry examines not only the origins and nature of convergence but also mergers, the real nature of electric generation demand for gas, cutting-edge experience about state-level unbundling, and the harmonizing effect that the Gas Industry Standards Board will have on the this relationship. This section and many other chapters scattered throughout the book should be useful to those interested in electric power as well as those who wish to concentrate on gas. However, this focus on electric, though important, is only one of the book's strong points: questions of marketing, international gas, federal regulation, and state regulation are thoroughly and expertly covered in multichapter sections.
All chapters are written by veterans in their field. Every chapter seems to have at least one author with at least 10 years' experience; many have more than one such recognized expert. Thus, Willett presents us with a high-quality lineup throughout the book, no small feat considering the time demands on such authorities.
Thus book's material is current and detailed but clearly presented and easy to read. Cites, graphics, tables, and appendices are abundant. Finally, for page-hoppers, each chapter stands alone, and should be useful to veterans as well as those new to the industry.
Overall, I consider it a valuable, unique addition to the body of energy information.
More information is available from the publisher (713 334 1566) or at the book's web page, www.atlasbooks.com/marktplc/00497.htm.
— A. Karen Hill, vice president regulatory affairs, American Gas Association, for review in
American Gas (official publication of the American Gas Association)
…audience should find this overall effort compelling.
Good cover design and excellent overall writing help tell the story of gas [and power].
— Reviewers' comments, Writer's Digest, with Certificate of Merit, in the magazine's annual awards competition for books that are edited and published by the same private entity (May 2001)
A rare technical book that seems to serve its purpose. [Graphics were] pleasing/interesting in appearance and … evoked a positive response.
— Reviewers' comments for 2001 Benjamin Franklin Awards for
books from smaller publishers (Publishers Marketing Association, June 2001)
Bookviews does not normally receive highly technical books, but one arrived that was so good I cannot resist telling you about it. Natural Gas Industry Analysis: For Gas Year 2000-2001 edited by Robert E. Willett. ($139.95, Financial Communications Company, 7887 San Felipe, Suite 122. Houston, TX 77063) It is the first of an annual series that examines this essential element of the nation’s energy requirement discussing every aspect of it. From brownouts in California to rising prices for power nationwide, this is the kind of information needed to make the decision that will affect the future.
— Alan Caruba in Bookviews.com, October 2001:
All of those interested in the domestic energy landscape should welcome Natural Gas Industry Analysis: For the Gas Year 2000-2001. Editor Bob Willett has done a fine job of assembling some of the finer energy minds in the country to give us some interesting readings on where we are going. All the bases get covered. The macro trends of Unbundling, Convergence, Consolidation and Convergence are all there. Because none of these trends are close to being finished, Industry Analysis provides both landmarks and a roadmap through some fairly difficult terrain.
Analysis is divided into six parts, with 24 pieces dealing with such matters as the gas-power interface and BTU marketing issues: ratemaking trends and the proposed New World Order---at least from a regulatory viewpoint; along with some good profiles on Canada and Mexico. The approaches range from the general to the very particular. Do you want to learn more about spark spreads and derivatives? You may have come to the right place. These two pieces may be worth the price alone.
This reader found the articles on regulatory trends to also be particularly insightful. Rick Smead always does a good overview on rate design, and this piece is no exception. Innovative regulation used to be considered an oxymoron. But the need for more rate flexibility to satisfy both trading floor and peak day needs induced by the rush to gas –fired generation was never greater. Ed Grenier and his legal associates provide a fine update on the Industrial sector, and how it is coping with the changing regulatory profile prompted by Order 637 and other FERC initiatives. Another very timely topic, and surprisingly well written for lawyers, is an overview of both federal and state litigation issues. Richard Morgan and his fellow attorneys do the Lord’s work in illuminating the recent evolution in rate-of-return trends at the FERC. It has been an unfortunate investing reality that Allowed ROEs have been only one-half to two-thirds of those realized by Corporate America over the 1990s. This is changing for the better at the FERC level, but there is a lot of catching up to be done at the state PUC level, and in both LDC and Electric arenas. Canada has been so far behind that utility investors there are literally an endangered species.
Readers also should be enlightened by the pieces done on Canada, Mexico, and East Asia. Arlon Tussing and John Tichotsky are particularly insightful about the Far East. The potentials are vast; and so are the risks. Len Coad presents an interesting frontier thesis on the end of an era for Canadian gas supply. Have we seen the best out of the Western Canadian Sedimentary basin? The Alliance pipeline project will point the way here. Natural declines in the WCSB are nearly as bad as those in the Lower 48.
There are some very fundamental issues addressed in Industry Analysis. Perhaps the most important is focused on the much vaunted 30-tcf-a-year demand target for 2010 (or 2015, depending on the writer). James Kendell of the EIA makes a strong case that supply will meet demand, particularly if technology continues to advance. Who the players will be is another matter: and in two articles, the realities of convergence are ably discussed. Michael Waller and Rodger Kershner walk us through the legal brambles of convergence, and define the realities beyond the shallow perceptions of Wall Street. The massive M&A trends in the gas and power businesses are debated ably by Gerald Klenner and Marko Schulz of McKinsey & Co. They make some worthwhile points about whether the merger wave has really been successful, and whether the ends justify the means.
Industry Analysis is generally well written, and well packaged with very informative graphs and tables. As ever, it is a worthwhile learning experience, even for the hardened veterans of the legal and restructuring battles of the 1980s and 1990s.
— John Olson, senior vice president, Sanders Morris Harris, Houston, also Institutional
Investor “All-American Analyst” for natural gas, appearing in April 2001 Pipeline and Gas Journal
Robert Willett’s Natural Gas Industry Analysis For Gas Year 2000-2001, the first volume in a new series, represents an ambitious effort in an industry experiencing rapid and significant change. The Preface expresses the modest goal of attempting, “within space limitations,” “to provide the reader with some idea of the state of affairs and direction of important, wellhead to burnertip industry areas.”... Necessarily, the work does not discuss all areas of the industry, nor does it address them with equal detail and vigor. For an industry in which old specialties are merging and new business practices demand attention, this volume should provide insights for both newcomers and experienced hands...
In Part 2, “Marketers and Markets,” ...[t]he chapter on futures and options discusses not only the growing role of these instruments in the business, but provides a useful introduction and primer on the nature and use of these financial tools... Under the “International” heading of Part 3, ...the additional piece on East Asian supply and demand (Tussing and Tichotsky) may be of greater interest to the domestic industry observer than first meets the eye, given the recent re-certification of existing LNG import facilities and announcements of revived interest in new import facilities. The chapters addressing antitrust and regulatory issues, Part 4, encompass a wide range of topics. Although these chapters are aimed at the nonspecialist, even experienced FERC watchers will find interesting points... Readers of the Energy Law Journal are unlikely to need all of the information in this book, but even the keenest industry watcher will find it a source of many interesting and useful chapters.
— Christopher J. Barr, of the Energy Practice Group of the law firm of Morgan, Lewis & Bockius LLP, Washington, D.C., reviewing in Energy Law Journal (Spring/Summer 2001).
I thoroughly enjoyed the new series and even learned a few things along the way. If the authors in the book’s special section on the new relationship with the power industry are right, [the publisher] may want to consider renaming the book next time around to Natural Gas and Electric Industries Analysis. This edition already goes a long way toward bridging the gap between or “converging” the two industries. It is the first attempt I have seen to explain why this convergence is happening as well as offering some of its possible pitfalls.
I especially enjoyed the first half of the book and those chapters that deal with hot topics in the gas industry today, such as M&A’s, convergence with the electric industry, risk management and marketing, asset option deals and new opportunities in Eastern Asia. That is not to discount the rest of the book, which addresses the “bread and butter” regulatory topics with dispatch. There are several chapters scattered throughout the book that I can envision readers revisiting several times over the years. Those chapters are primers on some of the more complex aspects of the industry. For example, chapters 6, 8, 9, 13, 14, 16 and 21 on marketing, spark-spread, risk management tools, the history of federal gas regulation, ratemaking, antitrust and unbundling using performance-based regulation, respectively, provide good reference materials to have on your shelf permanently. Having all the charts and tables the authors rely on together in one book also makes this a valuable asset. The addition of a table of charts in this edition is a wise move. The book is also chock-full of updates on natural gas issues from the last year, including recent Canadian, Mexican and FERC regulatory changes, natural gas litigation decisions and state regulatory trends. Although generally short on predictions about the future, a few chapters offer advice or expectations on matters as diverse as power marketing contracting, M&A’s, marketing, pipeline industry structure and future natural gas demand….
In conclusion, I would recommend the Natural Gas Industry Analysis: For the Gas Year 2000-2001 to a number of audiences. Namely, those who have no understanding of the industry and would like to know what it is about and what issues are hot, to those who like to keep abreast of the industry but do not follow it day-to-day, to non-lawyers in the industry who either want to know what legal issues face the industry or want to understand a different aspect of the industry, and to those professional service providers who have niche practices within the industry who want to get a broader perspective quickly. The book is bargain-priced so that most companies and individuals with an interest in the natural gas industry should make this a mainstay in their yearly library purchases.
— Cynthia L. Quarterman, Esq., Steptoe & Johnson LLP,
Washington, D.C., formerly, director, Minerals Management Service
ORDER | SUMMARY | EDITOR & Contributors | SERIES REVIEWS | Contents (PDF file)
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