Cleared

A bill proposing to significantly alter the make-up of a Colorado commission that manages oil and natural gas operations, as well as to redefine the term “waste,” cleared the state House Friday. A spokesman for the Colorado Oil and Gas Association (COGA) called it “one of the more dramatic pieces of legislation” that the energy industry is facing nationwide.

A bill proposing to significantly alter the make-up of a Colorado commission that manages oil and natural gas operations, as well as to redefine the term “waste,” cleared the state House Friday. A spokesman for the Colorado Oil and Gas Association (COGA) called it “one of the more dramatic pieces of legislation” that the energy industry is facing nationwide.

After breaking the April natural gas futures contract below support at $7.100 late last week, the bears cleared another hurdle on Monday in penetrating the $7 level and settling the contract at $6.912, down 17.1 cents on the day. Whether or not it retains a $6 handle depends on what kind of weather rolls in over the next week, which is still open to debate.

Green Bay, WI-based WPS Resources Corp.’s $1.52 billion acquisition of Chicago-based Peoples Energy Corp. cleared its final hurdle last Thursday as the Public Service Commission of Wisconsin (PSCW) gave its verbal approval to the proposed merger of the companies, which was first announced on July 10, 2006 (see NGI, July 10, 2006; July 17, 2006). The companies said the transaction will close following the commission’s written order, which is expected to be issued Feb. 16. Upon closing, the new company will be known as Integrys Energy Group Inc., and will trade on the New York Stock Exchange under the symbol TEG. The combined company will have assets of about $10.3 billion and its market capitalization is expected to exceed $4 billion. On the regulated side, the company will have more than 1.6 million natural gas customers and nearly half a million electric customers, with operations in four states: Illinois, Wisconsin, Michigan and Minnesota.

Green Bay, WI-based WPS Resources Corp.’s $1.52 billion acquisition of Chicago-based Peoples Energy Corp. cleared its final hurdle Thursday as the Public Service Commission of Wisconsin (PSCW) gave its verbal approval to the proposed merger of the companies, which was first announced on July 10, 2006 (see Daily GPI, July 7, 2006; July 11, 2006). The companies said the transaction will close following the commission’s written order, which is expected to be issued Feb. 16.

Lax enforcement of antitrust laws by federal regulators cleared the way for the mega-mergers of oil and natural gas companies in the late 1990s and early 2000s that in part may have contributed to the run-up in energy prices over the past couple of years, state attorney general officials and antitrust lawyers told the Senate Judiciary Committee Tuesday.

Trunkline LNG said the Calcasieu Ship Channel and Industrial Canal were cleared for vessel transit to its LNG receiving terminal at Lake Charles, LA effective Monday. Users of the ship channel can obtain current information from the Lake Charles Pilots at (337) 436-0372, Trunkline LNG said.

Columbia Gulf Transmission Co. on Thursday asked FERC to reconsider and stay a July decision that cleared the way for Tennessee Gas Pipeline to build an interconnect to the Columbia Gulf-operated portion of a transportation system along the coast of Louisiana that the two pipelines jointly maintain and operate.

In another sign PG&E has fully cleared its post-Chapter 11 bankruptcy, utility officials lowered the amount of the energy recovery bonds that will be sold later this year by more than $300 million, meaning they will total about $800 million rather than the previously estimated $1.1 billion. A series of settlements of suppliers’ outstanding claims against the utility has permitted the reduction.