Broad

FERC on Thursday accepted a broad settlement among California parties, Commission staff and Houston-based Reliant Energy valued at $512 million.

As part of a broad overview of the state’s updated Energy Action Plan (EAP II), a San Francisco-based environmental leader who strongly endorses the plan’s emphasis on giving first priority to energy efficiency and renewables threw his support to the need for new natural gas-fired power plants and eventually a coastal liquefied natural gas (LNG) facility.

“Broad upward price pressure” and changing market dynamics were among the leading highlights of a 255-page 2004 State of the Markets Report released last week by FERC’s Office of Market Oversight and Investigations (OMOI).

“Broad upward price pressure” across the energy market was a leading highlight of a 255-page 2004 State of the Markets Report by FERC’s Office of Market Oversight and Investigations (OMOI). The report, which was released at the Commission’s regular meeting on Wednesday, focused on a large number of important issues and trends in the energy market last year, among them being the 7% increase in natural gas prices, the 69% increase in coal prices and the 153% increase in emissions allowance prices.

Rep. Joe Barton (R-TX), who shepherded broad energy legislation through the House Energy and Commerce Committee last week, said following a meeting at the White House earlier this week that the House will pass the Republican-crafted energy bill by Thursday afternoon. House lawmakers clearly staked out their positions on the bill during the first day of debate on Wednesday.

The House Energy and Commerce Committee’s draft energy bill, which reportedly could go through the committee mark-up process next week, includes a broad array of measures aimed at speedily increasing natural gas supplies, including new royalty collection rules and incentives, expedited permitting for drilling, and removal of roadblocks to natural gas transportation, liquefied natural gas (LNG) terminaling and storage. It also includes a mandatory price reporting provision for natural gas.

In declaring that “four years of debate is enough,” President Bush Wednesday night urged both houses of Congress to pass broad energy legislation during the upcoming months.

An effort by Senate conferees to attach an estimated $12 billion, 10-year package of energy tax credits and incentives to broad corporate cut tax legislation fell flat Tuesday.

Senate and House conferees are expected to complete their negotiations on a broad corporate tax cut bill this week, but it’s unclear whether all or part of the $17-$18 billion in energy tax breaks and credits will survive.