For the second time this month Pacific Gas and Electric Co. (PG&E) on Wednesday admitted in a filing with state regulators that it violated federal and state safety testing standards for a part of its distribution pipeline system in San Mateo, CA, within a few miles of the September, 2010 San Bruno transmission pipeline rupture and explosion. PG&E said it discovered the violation on part of an eight-inch diameter distribution feeder line Jan. 26, and took “immediate corrective action” the following day. The combination utility explained its error in a letter to Michelle Cooke, interim director of the California Public Utility Commission’s (CPUC) Consumer Protection and Safety Division. Under federal Department of Transportation standards and PG&E’s own state-mandated rules, pipe-to-soil measurements for corrosion must be completed every 75 days. The feeder main had last been tested Oct. 5 and should have been retested by the end of 2011. “Due to error and oversight, PG&E did not identify this issue as ‘reportable’ under the CPUC [rules] until after 10 days had elapsed,” the utility told the CPUC.
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January natural gas crept higher Tuesday as medium-term weather outlooks called for an uncertain cold spell and analysts admitted difficulty discerning natural gas’ next move. At the close January had added 2.6 cents to $3.487 and February had gained 3.3 cents to $3.523. January crude oil rose 29 cents to $101.28/bbl.
Penn Virginia Corp. CEO H. Baird Whitehead admitted to financial analysts last Thursday that the company is “essentially a one-trick pony at this moment” due to its heavy focus on the Eagle Ford Shale of South Texas. However, he said, “we think it’s a pretty good-looking pony.”
Penn Virginia Corp. CEO H. Baird Whitehead admitted to financial analysts Thursday that the company is “essentially a one-trick pony at this moment” due to its heavy focus on the Eagle Ford Shale of South Texas. However, he said, “we think it’s a pretty good-looking pony.”
A regulatory judge will decide the next moves in a case in which the utility has admitted to safety violations..
July natural gas futures retreated Tuesday as traders saw the market adjusting to cash quotes and admitted that much of Monday’s 32.5-cent advance was stop-loss orders getting hit and not the result of any fundamental change in the market. July futures fell 5.3 cents to $4.129 and August dropped 7 cents to $4.312. July crude oil eased 15 cents to $70.47/bbl.
Under intense cross-examination Thursday, Enron Corp.’s ex-treasurer admitted he had no notes or e-mails to support his testimony that ex-CEO Jeffrey Skilling committed fraud at the company. However, Ben Glisan Jr. told the jury, “the conversations were quite memorable.”
FERC is “quite close to being done” with its investigation of price manipulation in the natural gas industry, according to the director of the Commission’s Office of Market Oversight & Investigations (OMOI). William Hederman told a Houston audience last week that “barring major changes,” the investigation is “wrapping up.”
Former Enron Corp. Chairman and CEO Kenneth Lay admitted responsibility for his company’s bankruptcy last week, but he said he had not committed any crimes worthy of an indictment.
Sources cited increasing heat levels, particularly in the Midwest and Northeast, as the primary reason for fairly sizeable price rallies Tuesday at a majority of points. Only California, which was under a double-OFO whammy, saw moderate softening, although its depressant effect on western markets in general resulted in flat quotes for San Juan Basin and a few Rockies points.