Platts Global Energy said it has received a subpoena from the Commodity Futures Trading Commission (CFTC) for documents, employee information, policies and customer lists for price reports it publishes in its energy publications. The subpoena is part of a broad investigation of energy trading practices the CFTC is conducting, that was sparked by disclosures about Enron. A number of energy companies already have provided information to the CFTC. Two companies, Dynegy and AEP have admitted they provided false data to some price reporting publications. The companies have not publicly identified the false reports by time or location, nor is there any information as to whether the false reports were used by the publications, which have screening methods to eliminate suspect information. The subpoena seeks a list of current and former Platts employees “responsible for gathering, editing, verifying and publishing the information” and policies and training manuals for new price reporters. It also demands notes and other records of third-party services used in price gathering, and any information that “indicates any person’s knowledge of false, inaccurate or otherwise incorrect pricing and volume information,” Platts said.
Commodity
Articles from Commodity
Calpine: Long-Term Contracts Replacing Merchant Power Markets
The power industry is returning to more than just a “commodity business,” and long-term contracts, low-cost supplies and strategic plant locations are going to increasingly determine winners and losers in the industry, according to a Calpine Corp. senior executive who spoke last Wednesday at the three-day Lehman Brothers “CEO Energy/Power Conference” in New York City.
Burlington’s 2Q Earnings Fall 26% on Lower Prices
Higher production by Burlington Resources failed to offset lower commodity prices during the second quarter, as the company reported a 26% drop in net income to $170 million, or $0.84 per diluted share, compared to $231 million, $1.10/share in 2Q2001.
Burlington’s 2Q Earnings Fall 26% on Lower Prices
Higher production by Burlington Resources failed to offset lower commodity prices during the second quarter, as the company reported a 26% drop in net income to $170 million, or $0.84 per diluted share, compared to $231 million, $1.10/share in 2Q2001.
CFTC Subpoenas Trading Records of Dynegy, Reliant and Portland General
The Commodity Futures Trading Commission (CFTC) has subpoenaed more than two years of energy trading records from embattled Dynegy Inc., Reliant Resources and Enron affiliate Portland General Electric as part of its parallel investigation into sham natural gas and power round-trip, or “wash,” trading transactions. Spokane, WA-based Avista Corp. had disclosed earlier that it was the target of a CFTC subpoena as well (see NGI, June 24).
Simmons Raises Price Forecast Based on World Oil Market
Even though it says “accurate and precise prediction of commodity prices is futile,” Simmons & Co. International nevertheless makes a stab at it, increasing its natural gas price forecast for 2002 from $2.25/Mcf to $2.90/Mcf, in line with a rise in the forecast for crude oil from $21 a barrel to just over $24 a barrel.
Utilities to Give Less Attention to Merchant Activities, More to Core Business
Blame it on Enron Corp.’s collapse or commodity prices that have dropped from the heavens, but whatever the reason, utility executives are rethinking their once lofty notions of the merchant energy side of the business and instead have begun to turn more attention to their core generation businesses — a strategy change that has occurred in just one year.
Utilities to Give Less Attention to Merchant Activities, More to Core Business
Blame it on Enron Corp.’s collapse or commodity prices that have dropped from the heavens, but whatever the reason, utility executives are rethinking their once lofty notions of the merchant energy side of the business and instead have begun to turn more attention to their core generation businesses — a strategy change that has occurred in just one year.
ICE Gas Volumes Rise 37% from Dec. Levels, Power is Up 51%
Activity continues to grow by leaps and bounds on the IntercontinentalExchange (ICE) commodity marketplace as traders who formerly did a significant amount of their business on EnronOnline flock to the ICE platform. The company said average daily activity systemwide is up 30% compared to only one month ago. A total of 630 Bcf of gas was traded on Jan. 9 alone, and 17 million MWh was traded on Jan. 14, setting a new daily record.
ICE Gas Volumes Rise 37% from Dec. Levels, Power is Up 51%
Activity continues to grow by leaps and bounds on the IntercontinentalExchange (ICE) commodity marketplace as traders who formerly did a significant amount of their business on EnronOnline flock to the ICE platform. The company said average daily activity systemwide is up 30% compared to only one month ago. A total of 630 Bcf of gas was traded on Jan. 9 alone, and 17 million MWh was traded on Jan. 14, setting a new daily record.
