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The staff of the Federal Trade Commission’s (FTC) Bureau ofEconomics and of Policy Planning said it generally supports theshort-term and long-term remedies that FERC has identified for theCalifornia power market but believes FERC should provide moreconcrete advice on how best to configure the organization that willoperate and control the transmission grid in the state. In commentsfiled with FERC this week, the FTC said FERC should considercreating a benchmark or a baseline of characteristics andoperations for regional transmission organizations that can be usedas a starting point as part of its revisions to California’swholesale electric power market rules and institutions. Inaddition, the comments suggest refinements to FERC’s proposedremedies to ensure that market power is not exercised in wholesaleelectric power markets, to the detriment of consumers. FERC OrderProposing Remedies for California Wholesale Electric Markets wasreleased Nov. 1 (see Daily GPI, Nov. 2). The order was intended toremedy deficiencies in market rules and institutions that havecontributed to recent reliability difficulties and high prices forelectric power in California.
Vintage Petroleum is buying all of the common stock of CometraEnergy (Canada) Ltd. for $46.3 million in cash (C$71 million) fromElectrafina, which is part of Groupe Brussels Lambert SA. Thetransaction is scheduled to close on Dec. 8 with an effective dateof Sept. 1. “The acquisition of Cometra marks our initial entryinto Canada and Trinidad. It also establishes Western Canada as anew core area for Vintage, complementing our existing coreoperating areas in the U.S., Argentina, Bolivia and Ecuador,” saidS. Craig George, CEO. The Cometra properties consist of 13producing fields in Alberta and British Columbia with additionalfields in Saskatchewan, certain processing and pipeline facilitiesand 146 thousand net undeveloped acres. Vintage will operate 50% ofthe wells, which have a total current net daily productionaveraging 12 MMcf and 635 barrels of light crude.
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