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The Republican-crafted draft energy bill would require the Federal Energy Regulatory Commission to gather data on natural gas and electricity prices, according to Republican aides on Capitol Hill.

The Republican-crafted draft energy bill will require the Federal Energy Regulatory Commission to gather data on natural gas and electricity prices, according to Republican aides on Capitol Hill.

Despite a third straight triple-digit weekly storage injection (114 Bcf), natural gas futures surged Thursday in three distinct waves of short-covering and speculative buying. When the dust had settled and the orders counted at Nymex, the numbers were impressive: July natural gas futures rose 36 cents to close at $5.941, just off its new one-week high of $5.95. In contrast to the first three trading days of this week, volume at Nymex was heavy Thursday, with an estimated 92,607 contracts changing hands.

California customers may expect to collect as much as $3.3 billion in power refunds, slightly more than the $3 billion the state still owes to power generators but up from original calculations of $1.8 billion, under a decision Wednesday by FERC to recalculate its market cap for power sold during the western power crisis in 2000-2001. The refund amount is considerably less than state claims of $9 billion.

California customers may expect to collect as much as $3.3 billion in power refunds, slightly more than the $3 billion the state still owes to power generators but up from original calculations of $1.8 billion, under a decision Wednesday by FERC to recalculate its market cap for power sold during the western power crisis in 2000-2001. The refund amount is considerably less than state claims of $9 billion.

The “faith and trust” in the commercial reporting of the local cash price for natural gas has collapsed, according to Industrial Energy Consumers of America (IECA), whose members have suffered from the recent high gas prices.

The “faith and trust” in the commercial reporting of the local cash price for natural gas has collapsed, according to Industrial Energy Consumers of America (IECA), whose members have suffered from the recent high gas prices.

Duke Energy reported on Monday it would be willing to acceptless money for the power it sold in California during January andFebruary, as long as assurances are made by the CaliforniaIndependent System Operator (Cal-ISO) and the California PowerExchange (Cal-PX) that it will be paid. Duke said if guarantees aremade, it will waive the credit premiums on its bids and accept theFederal Energy Regulatory Commission’s (FERC) clearing price fortransactions during those months.

Coral Power LLC will supply the natural gas and collect thepower output of a 900 MW generating station to be built andoperated by Tenaska Alabama II Partners L.P., a limited partnershipcomprised of affiliates of Tenaska Inc. The two companies announcedyesterday they had executed an energy conversion agreement for thefacility to be located near Billingsley, AL. Coral plans to marketthe power throughout the Southeast. It is the second of this typeof agreement between Coral and Tenaska. The first was signed inAugust, 1999 for an 845 MW Tenaska Gateway Generating Station inRusk County, TX. The initial financing process for the project willbegin early next year with construction slated to begin in thesummer of 2001 and be completed for summer 2003.