Actions

The Department of Energy’s (DOE) inspector general has agreed to conduct a “preliminary inquiry” into allegations that FERC Chairman Pat Wood and Commissioner Nora M. Brownell gave advance notice to Wall Street analysts of how they intended to vote in pending high-profile cases involving manipulation of western energy markets, according to Sens. Joseph Lieberman (D-CT) and Maria Cantwell (D-WA).

Legal action against a just-retired state regulator, Henry Duque, ended last week when the California Supreme Court refused to take an appeal by the former commissioner’s opponents. However, the court roadblock prompted a powerful state legislator to propose a new law that in the future would automatically toss out a regulator caught voluntarily buying stock in a company that he or she regulated.

Legal action against a just-retired state regulator, Henry Duque, ended last week when the California Supreme Court refused to take an appeal by the former commissioner’s opponents, but the court roadblock prompted a powerful state legislator to propose a new law that in the future would automatically toss out a regulator caught voluntarily buying stock in a company that he or she regulated.

Coming in on the coat-tails of FERC’s pro-LNG actions last week, Houston-based Cheniere Energy Inc. said it has received a sizeable advance toward the development of its Freeport, TX, LNG receiving facility project. The company also appointed management for the project.

Coming in on the coat-tails of FERC’s pro-LNG actions Wednesday, Houston-based Cheniere Energy Inc. said it has received a sizeable advance towards the development of its Freeport, TX, LNG receiving facility project. The company also appointed management for the project.

Key energy stocks suffered a rout again on Wall Street in the opening days of July, with Williams descending briefly below $5, Dynegy Inc. bouncing around under $7 a share, and analysts predicting that more of the same was ahead. One analyst said she feared the credit rating agencies’ constant downgrading of the creditworthiness of energy traders, which has pushed stocks to record depths, could end up shattering the companies completely.

A six-page list released by the White House last week identifying numerous contacts between Bush administration officials and former energy giant Enron Corp. “does not by a long stretch” comply with the Senate’s subpoenas for more exhaustive records and documents, said a spokeswoman for Sen. Joseph Lieberman (D-CT).

Financial analyst Curt Launer of Credit Suisse First Boston has called on FERC to exercise “extreme caution over the next few months” in its regulatory rulings to avoid sending the already-embattled energy market into a further tailspin and compounding the uncertainty on Wall Street.

Financial analyst Curt Launer of Credit Suisse First Boston has called on FERC to exercise “extreme caution over the next few months” in its regulatory rulings to avoid sending the already-embattled energy market into a further tailspin and compounding the uncertainty on Wall Street.