Following a review of accounting statements between 1999 and 2003, El Paso Corp. on Tuesday affirmed that its financial statements likely will be restated to eliminate hedge accounting for some of its past natural gas transactions. The company already had indicted in late May that the downward revisions to its natural gas and oil reserves earlier this year would require financial restatements (see Daily GPI, June 1).
Affirmed
Articles from Affirmed
FERC Orders Enron to Forfeit $32.5M in ‘Unjust Profits’
FERC last Thursday affirmed the findings of an administrative law judge (ALJ) and ordered Enron to forfeit $32.5 million in unjust profits because it violated its market-based rate authority. The Commission’s order opened the door to further disgorgement of profits, to be turned back to customers, pending an administrative proceeding.
July 26, 2004
FERC Stands By Interim Market Power Screens
FERC on Thursday issued an order in which the federal agency affirmed interim market power screens the Commission adopted in April, but FERC also sought to clarify implementation issues regarding the screens and the associated market-based rates process.
July 12, 2004
FERC Upholds Rulings on Suspended Shipper Liability, Interest on Security Payments
The Federal Energy Regulatory Commission has affirmed several key rulings involving creditworthy issues that are favorable to shippers on Tennessee Gas Pipeline Co.
November 3, 2003
FERC Upholds Rulings on Suspended Shipper Liability, Interest on Security Payments
The Federal Energy Regulatory Commission has affirmed several key rulings involving creditworthy issues that are favorable to shippers on Tennessee Gas Pipeline Co.
October 28, 2003
Preliminary Tally Affirms El Paso Board Election
A preliminary vote tabulation prepared by an independent inspector has affirmed that shareholders voted to elect all 12 of El Paso Corp.’s board of director nominees at the annual meeting in June. On the day of the annual meeting, Ronald Kuehn Jr., El Paso’s interim CEO, announced that the board had been elected in a close vote (see Daily GPI, June 18).
July 16, 2003
S&P Affirms AGL’s Credit; Notes Increased Risk From Nonregulated Operations
Standard & Poor’s Ratings Services (S&P) said Friday that it has affirmed its ‘A’ corporate credit rating on AGL Resources Inc. and its subsidiaries based on the organization’s solid operating performance, continued conservative financial management and maintenance of its current level of business risk.
June 30, 2003
S&P Revises NiSource Outlook to ‘Stable’
Standard & Poor’s Ratings Services (S&P) said Tuesday that it affirmed its ‘BBB’ corporate credit ratings on holding company NiSource Inc. and its subsidiaries and upgraded its outlook from ‘Negative’ to ‘Stable.’
June 18, 2003
S&P Removes Williams from CreditWatch
Standard & Poor’s Ratings Service (S&P) on Friday affirmed its “B+ long-term corporate credit rating on The Williams Cos. Inc., and removed the company and its subsidiaries from CreditWatch with negative implications, where they were placed July 23, 2002. S&P kept its negative outlook on the company.
May 27, 2003
Commission Wraps Up California Price Mitigation
The Federal Energy Regulatory Commission Wednesday generally re-affirmed key earlier decisions on price mitigation measures for California and the West, making minor modifications in a sweeping clean-up order encompassing a number of dockets in its year-and-a-half long battle to subdue the western power crisis.
December 24, 2001
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