Winnipeg Free Press

Winnipeg Free Press (Newspaper) - December 12, 2000, Winnipeg, Manitoba Winniw Dick Mir 2000 business b7 cold snap pushes natural Gas to record Price by Nicole Ziegler Dizon new York natural Gas prices soared to a record High yesterday As a blizzard socked the Midwest and Central Canada and forecasts predicted bitter cold for at least the next few the soaring prices could almost immediately show up As unwelcome increases in some Consumers win Ter heating analysts natural Gas futures Rose As much As 13 per hitting a High of us per cubic feet of Gas in regular trading on the new York mercantile Exchange after surging As High As in electronic trading january natural Gas finished up cents to us per cubic natural Gas prices were about a year Phil vice president and senior Energy analyst at Ala Ron trading in said a storm that was expected to dump heavy Snow on Chicago and the great lakes Region of the and Canada raised fears that utilities May not have enough natural Gas stored up to get through a harsh natural Gas heats 90 per cent of the Homes in he cold weather in the Pacific Northwest states has also contributed to the Rise in he its More of a psychological situation than a real situation right Flynn i would expect that the first big break in the weather will bring a break in the another Factor in yesterdays gains was Federal regulators approval Friday of plans to lift Price Caps on wholesale California electricity to ease that states Power Flynn the order Means the us per megawatt hour limit for wholesale electricity can be exceeded if the Sellers can justify the natural once thought of mainly As a source for Winter has become a year round fuel used to Gen Erate the electricity that Powers Zircon i toners and but that Rise in use has not been accompanied by an equal growth in meaning the resource is in Short the latest weekly data released by the american Gas association showed a draw of 73 billion cubic feet from inventories of natural the decline was not As severe As some traders had feared but still has been driving prices higher because supplies Are consider ably lower than year ago Bill director of futures research at Edwards and sons in said the timing of yester Days snowstorm Early december has utilities concerned about shoring up their inventories Arent the tightest on but there Ogrady the Market is essentially auctioning off the last molecules of Supply to the High est Ogrady and Flynn said Consumers should be prepared for utilities to pass along the higher natural Gas prices in their heating Bills this in other trading at the new York Mer Cantile january crude Oil Rose to us a january unleaded gasoline was up cents to cents a gallon and heating Oil for january delivery Rose cents to cents us a associated press canine to go Hunting for Nickel Deposit Northeast of Thompson could be bigger than Voisey Bay by Murray Mcneill canine resources is launch ing a million exploration drilling project next month in Northern the Ontario based Junior mining com Pany said it plans to Drill 25 holes on its Binco Nickel property Over the course of this next Spring and the property is located Northeast of the Thompson Nickel which is one of the largest Nickel producing regions in the canine officials Are hoping to discover one or More Large Nickel deposits on the prop canine president Ted Ellwood said in a Telephone interview that mining Industry officials have Long believed the Thompson Nickel Belt extended East of so that where most of the exploration work has focused in the but new geological data unearthed Over the last couple of years suggests the Belt May extend to the Northeast of rather than to the so there Are Good geological reasons for looking in that Ellwood he said if Nickel deposits Are found in the it could prove to be an even big Ger find than the Voisey Bay Nickel Deposit in Northern Labrador because Voisey Bay is a single Deposit and this could be a Belt of that would have the interest of every major mining company in the he Ellwood said canine has spent about million Over the last three years to Advance the Binco project to the drilling he said company officials Hope to have All 25 holes completed by the end of next but a lot depends on How easily we can move Between Drill he Ellwood also noted if Nickel is found in the Rock at one of the Drill the company would expand the drilling activity at that location to try to deter mine the size of the so that could delay the completion of the other holes in the original drilling canine is continuing its exploration and development work on a proposed million Nickel and Copper mine in nop iming provincial Park near Lac do and with the further develop ment of a Cobalt refinery it acquired late last year near greatest restructuring Means companies Sisters a it Tomoi Kirifi a i or Vitillo a corporate restructuring at greatest life Assurance company announced late last week will mean the Winnipeg based life insurance company will become the rather than the Parent company to Denver based greatest life Annu Ity insurance both companies will continue to be owned by the Parent holding greatest life co whose shares Trade on the Toronto Stock Ray president and ceo of both greatest life co and greatest life Assurance said the restructuring had been in the works for Many years and it is not anticipated to produce any change in the Day today business of either the Canadian or american com this has really been going on since Mcfeeters the last operating division moved from Winnipeg to Denver in there was some tax benefits to having the company structured the Way it but those benefits have run prior to this recent the holding greatest owned 100 per cent of the Winnipeg operating greatest life Assurance and it in turn owned the Denver based greatest life annuity insurance now both the Winnipeg and Denver operating companies will be subsidiaries of greatest life co Mcfeeters said one of the motivations of disentangling the two operating companies was so that the company would not have to worry about complying with both Canadian and it will allow the company a Little More he nothing will change from the shareholders Point of they will still own the same it is a technical process that will have no direct Impact on in the Long term it will provide a Little More flexibility when it comes to mergers and staff end of feud clears Way for Pearson Airport expansion by Rob Ferguson Toronto the expansion of Pearson International air port got an important Takeoff clearance yesterday after two years of Legal feuding Between air Canada and the greater Toronto airports the two companies said yesterday they have signed a comprehensive letter of intent that settles All out standing issues Between including a lawsuit and damage under the air Canada has agreed to sell its stake in terminal 2 and a hangar that blocks the end of a new runway now being built to the airports in air Canada has agreed to collect an Airport improvement fee through its ticket sales if the airports authority decides to impose the said Lou chief executive of the airports a decision on the estimated at per is expected Early next getting air Canada on Board was important because its the major ten ant at accounting for 60 per cent of the Turpen if air Canada int Landing at our we dont have an he this agreement paves the Way to Complete the much needed Airport development program As rapidly As recognizing Toronto Sta Tus As a major International Gate the Deal must still be approved by the boards of both with final agreements being signed by the end of the Legal Battles began two years ago when the two companies went to court Over How much air the airports biggest would pay toward the the Canadas is expanding because its current Pas Senger volume of 28 million Passen Gers a year is expected to grow by another 24 million Over the next two construction on schedule the expansion plans include a new main growing to six run ways from the current four and a dual taxiway system to improve Airport traffic flow on the the project should be Complete by construction work has been going ahead on schedule during the the new terminals roof was recently a fifth runway running parallel to Highway 401 is now two thirds Complete and an infield cargo depot is almost Fin under yesterdays air Canada will be paid million by the air ports authority for terminal a recognition of the millions of dollars in upgrades such As baggage systems and ticket counters the airline made in the enter Over 80 new Nissan to select from 3 private lessons with video j 1rffi pull cart drop off your entries at my Gibbs Lombard under the Mchudson the Winnipeg free Box 231 r3c4a6 or 1355 Mountain a s my Gibbs s the free press Barry Darren Gibson Mcmillan shop where the pros Are name address phone deadline for entries december no Purchase contest rules Winner will be notified by Maxima Pathfinder Altima no finance payments or interest for 90 Days ;