Asks

FERC is not doing its job if it hides behind the letter of thelaw and refuses to recognize abuses of market power merely becausethe abusers are staying within the bounds of maximum lawful rates.That was the decision on April 9 of the D.C. Court of Appeals,which found an order by the Federal Energy Regulatory Commission ina case involving rates charged by Southern California Gas”arbitrary and capricious.” (Southern California Edison v. FERC,No. 97-1699). Now Exxon Co. U.S.A. has asked FERC to reopen a caseinvolving Dynegy’s long-term leasing of unsubscribed capacity on ElPaso Natural Gas (RP97-287-010), saying the two cases are directlyrelated.

The cash market shrugged off what many considered a bearishstorage withdrawal report and maintained what has become February’sstatus quo Thursday: flat pricing with mostly tight ranges. Sourceswere dismayed to admit their general expectation Wednesdayafternoon of falling prices Thursday was off the mark. “Nothingseems to be moving this market in any direction,” a marketer in theWest said.