Dominion Resources Inc. has agreed to pay $4.25 million in civil penalties to settle charges that it reported false information on natural gas trades to published price indexes over a two-year period, the Commodity Futures Trading Commission (CFTC) said Wednesday.
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FERC Staff, Others Enter Western Energy Deal Settlements With Enron
Enron Corp. on Friday said that it has reached agreements to settle all civil and contractual claims between the company, including certain of its subsidiaries, and three parties — FERC trial staff, the city of Santa Clara, CA, and Valley Electric Association Inc.
Final Bitumen Ruling Affirms Alberta Gas Producers Must Give Up 917 Wells
A seven-year civil war in the Alberta energy industry ended with a provincial decision that affirms that natural gas producers must give up 917 gas wells capable of producing 120 MMcf/d because the wells threaten future oilsands development.
CFTC Fines Former Oneok Gas Trader in Fraudulent Scheme
The Commodity Futures Trading Commission (CFTC) last week ordered a former natural gas trader for Oneok to pay $25,000 in civil penalties and $31,000 in restitution for his role in a fraudulent scheme to skim profits from Oneok’s natural gas futures contracts trading on the New York Mercantile Exchange.
CFTC Fines Former Oneok Gas Trader in Fraudulent Scheme
The Commodity Futures Trading Commission (CFTC) on Monday ordered a former natural gas trader for Oneok to pay $25,000 in civil penalties and $31,000 in restitution for his role in a fraudulent scheme to skim profits from Oneok’s natural gas futures contracts trading on the New York Mercantile Exchange.
People
The California Public Utilities Commission Thursday tapped a veteran state civil service executive as its executive director replacing Bill Ahern who retired suddenly in June. The five-member panel named Steve Larson, currently the executive director at the California Energy Commission, to take on its chief operating officer role, effective July 15. With more than 35 years of state service in agencies and the state legislature, Larson is viewed as very knowledgeable about the workings of state government and the legislature. Prior to his energy commission position as that body’s CFO, Larson spent many years in the finance department and before that, 17 years as the chief consultant on the state Senate Budget Committee. Larson hold a bachelor’s degree in philosophy/psychology and a master’s in history — all from San Jose State University, and he served two years in the Peace Corps in Guyana. CPUC President Michael Peevey said Larson has an “impressive work history,” along with “proven leadership skills.” He expects Larson to help the CPUC set and meet its goals. Larson said he is very aware of the issues the CPUC is facing and is ready to put his experience to use at a new state assignment.
CFTC Targets Western Gas, NRG Energy for False Gas Price Reporting
Western Gas Resources, a Denver, CO-based independent gas producer, agreed last Thursday to pay a civil penalty of $7 million in a settlement with the Commodity Futures Trading Commission (CFTC) to resolve charges of attempted manipulation and reporting of false information by traders on natural gas transactions in the 1999-2002 time period.
Enron Trials May Begin in October 2005
A federal judge in Houston is considering a proposal to schedule October 2005 as the beginning of civil trials against Enron Corp., its former executives and investment firms. U.S. District Judge Melinda Harmon had put all of the Enron-related lawsuits on hold until she had reviewed the defendants’ requests to dismiss them.
Dynegy Has Solid Week but Investor Confidence Still Shaky
Dynegy Corp. executives have to be scratching their heads at what it’s going to take to restore investor confidence. The Houston-based energy trader by all accounts had a stellar week: a bold restructuring plan to shed non-core assets, sale of 25 million shares of its stock, winning the first legal round in battle with Enron Corp., and an expanded multi-year natural gas marketing agreement with ChevronTexaco.
Interior’s Norton a No-Show at Contempt Trial
The civil contempt trial of Interior Secretary Gale Norton got under way last Monday in federal court in Washington, DC, with the lead attorney for Native Americans declaring that Norton and the department “have abused this court” and the “integrity of the judicial process” by failing to comply with orders in 1999 that directed the agency to clean up its management of individual Indian trust accounts.