Action

Energy trading companies should leap into action with “an aggressive compliance program in-house,” including a regimen of standards and procedures to weed out unacceptable market behavior, a veteran attorney in the regulatory arena told the mid-year meeting of the Energy Bar Association.

Energy trading companies should leap into action with “an aggressive compliance program in-house,” including a regimen of standards and procedures to weed out unacceptable market behavior, a veteran attorney in the regulatory arena told the mid-year meeting of the Energy Bar Association.

Pipeline safety legislation, separated out from the wreckage of the broad energy bill, made it through the Senate Wednesday night as stand-alone legislation (H.R. 3609). Proponents of the legislation were expecting the House also would vote it out before winding up its session Thursday night.

Following similar action taken by Moody’s Investors Service earlier in the week, Standard & Poor’s Ratings Services (S&P) said Thursday that it lowered its corporate credit rating on Peoples Energy Corp. to “A-” from “A+” with a current outlook of stable. The agency noted that Chicago-based Peoples Energy has about $946 million in outstanding debt. In addition, S&P lowered the corporate credit rating on Peoples Energy’s Peoples Gas Light & Coke Co. subsidiary to “A-” from “AA-“.

Following similar action taken by Moody’s Investors Service earlier in the week, Standard & Poor’s Ratings Services (S&P) said Thursday it is lowering its corporate credit rating on Peoples Energy Corp. to “A-” from “A+” with a current outlook of stable. The agency noted that Chicago-based Peoples Energy has about $946 million in outstanding debt. In addition, S&P lowered the corporate credit rating on Peoples Energy’s Peoples Gas Light & Coke Co. subsidiary to “A-” from “AA-“.

With little explanation for its action, the FERC announced last week it will allow a pilot program to expire, restoring price caps on short-term capacity release transactions, effective Sept. 30.

Commenting on FERC’s Sept. 5 order overturning “monopolistic” offshore gas pipeline rates imposed by the Williams Companies, Apache Corp. said Friday that the decision is a victory for consumers and producers everywhere.

Merrill Lynch & Co.’s agreement to pay $100 million in fines to New York and other states and to change the way it compensates its researchers has ended an investigation for one company, but it already is beginning to have a ripple effect on the rest of the sector. Following the decision to change the way it operates, Salomon Smith Barney (SSB) followed suit, acknowledging that Merrill Lynch had set an industry standard that should be followed.

Pushed into action by the current concerns regarding credit ratings within the energy industry, Topeka-based Western Resources said Friday that it has closed on two offerings of securities for $765 million to refinance its debt.