Claims

Stating that the local distribution company (LDC) story from the buyer’s perspective is one of “growth and more growth,” Nick Stavropoulos, president of KeySpan Energy Delivery New England, said that at the end of the day, LDCs will “remain the key link” to the natural gas customer, ensuring reliable gas service.

The Illinois Citizens Utility Board (CUB) said it believes that Nicor Gas should be fined $27 million for “lying” to state regulators in an alleged effort to hide a complicated scheme that used improper accounting procedures to defraud Illinois consumers at a time when customers were paying record high gas prices. The move comes as the latest shot fired in the ongoing feud between the utility watchdog group and the Naperville, IL-based utility.

The Citizens Utility Board (CUB) said it believes that Nicor Gas should be fined $27 million for “lying” to state regulators in an alleged effort to hide a complicated scheme that used improper accounting procedures to defraud Illinois consumers at a time when customers were paying record high gas prices. The move comes as the latest shot fired in the ongoing feud between the utility watchdog group and the Naperville, IL-based utility.

Claiming that the $3.5 billion punitive damages award to the state in a Mobile Bay royalties case was “without merit,” Exxon Mobil Corp. last week urged the Alabama Supreme Court to overturn the verdict by a lower court jury.

California regulators last week interpreted a ruling by the bankruptcy judge in the Pacific Gas and Electric Co. case as affirming their authority to enter into a proposed reorganization agreement with the utility. The judge denied a motion by the utility to toss out the California Public Utilities Commission’s alternative Chapter 11 reorganization plan for the PG&E utility. Hearings continue in a San Francisco federal bankruptcy court on the joint proposal by the CPUC and the official unsecured creditors’ committee.

After claiming last week that Hurricane Lili had sunk one of its rigs in the Gulf of Mexico, Rowan Companies Inc. said last week that a closer look revealed that the Rowan-Houston was involved in a “collision” resulting in the rig sinking. The company said the investigation is ongoing.

After claiming last week that Hurricane Lili had sunk one of its rigs in the Gulf of Mexico, Rowan Companies Inc. said Monday that a closer look reveals that the Rowan-Houston was involved in a “collision” resulting in the rig sinking. The company said the investigation is ongoing.

The Securities and Exchange Commission (SEC) agreed to a $3 million settlement with Dynegy Inc. Tuesday, settling the first of its far-reaching “round-trip” energy probes, as well as completing its scrutiny of an off-balance sheet transaction.

Dynegy Inc. last week said it would “vigorously contest” allegations by a former executive that he was fired for refusing to manipulate the company’s profits and losses in the third quarter of 2000. Bradley Farnsworth, former controller, filed the lawsuit Friday, claiming COO Steve Bergstrom asked him to engage in illegal practices involving natural gas trades in the United Kingdom. The lawsuit does not allege that Dynegy actually manipulated the books, and apparently, Farnsworth does not know if Dynegy had done so.