2001

The American Gas Association (AGA) confirmed that it will continue its weekly storage report until May 1, following requests by the U.S. Department of Energy, the Federal Energy Regulatory Commission and the Commodity Futures Trading Commission. To further smooth the transition, the Energy Information Administration (EIA) said in a separate announcement that when it takes up the survey in May it will provide weekly estimates of working gas levels in the same three regions of the United States for which AGA has provided estimates (see NGI, Nov. 19).

The American Gas Association (AGA) confirmed that it will continue its weekly storage report until May 1, following requests by the U.S. Department of Energy, the Federal Energy Regulatory Commission and the Commodity Futures Trading Commission (see Daily GPI, Dec. 3). To further smooth the transition, the Energy Information Administration (EIA) said in a separate announcement that when it takes up the survey in May it will provide weekly estimates of working gas levels in the same three regions of the United States for which AGA has provided estimates.

Precipitated by the fall of two California utilities and Enron Corp., Moody’s Investors Service said Friday it will increase its global analytical focus on the credit risk implications of “rating triggers” written into a borrower’s debt securities or other contracts because they may cause unintended and “highly disruptive consequences” for both borrowers and lenders. In some cases, warned Moody’s, the rating triggers could lead to “mutually assured destruction” including defaults and bankruptcies.

Proposed tariff changes that could jeopardize the future existence of the controversial full-requirements (FR) contracts on El Paso Natural Gas came under attack last week from the pipeline’s East-of-California (EOC) customers.

Proposed tariff changes that could jeopardize the future existence of the controversial full-requirements (FR) contracts on El Paso Natural Gas have come under attack from the pipeline’s East-of-California (EOC) customers.

Senate Majority Leader Tom Daschle (D-SD) said Tuesday that Senate action on energy legislation is not going to happen this year, but Sen. Frank Murkowski (R-AK) remains undeterred.

Dynegy Chairman Chuck Watson said last Wednesday his company was “encouraged” by Enron’s success in extending a deadline on a $690 million obligation until mid-December and is “working to accelerate the regulatory approvals required to complete the merger with Enron Corp.” in light of the continuing free fall of Enron’s stock. The stock fell more than $2 early Wednesday morning to $4.75 but moved back above $5 following Enron’s announcement that it was able to find some breathing room.

Kansas City, MO-based UtiliCorp United Inc. has asked the Federal Energy Regulatory Commission for authorization “as soon as practicable” to re-acquire the nearly 20% interest in its natural gas and power marketer, Aquila Inc., that it sold to the public earlier in the year. Upon the completion of the transaction, the company plans to adopt Aquila as its corporate name possibly as early as the first quarter of 2002.

Sen. Larry Craig (R-ID) filed the House comprehensive energy bill, H.R. 4, on the Senate floor Wednesday to become an amendment to the Democratic economic-stimulus package that was under consideration. That was the good news.