Concern

Citing its concern that the company’s plan to reduce debt may be overly optimistic, Standard & Poor’s Ratings Services (S&P) on Tuesday dropped the corporate credit ratings on Duke Energy Corp. and its subsidiaries to BBB from BBB+.

As the budget deficit becomes a top concern of Republicans on Capitol Hill, Senate Energy and Natural Resources Committee Chairman Pete Domenici (R-NM) signaled Monday that he plans to significantly scale back the cost of the $31 million omnibus energy bill and send a leaner measure to the Senate floor later this month.

Two House lawmakers who voted against the omnibus energy bill have expressed concern that the Department of Energy (DOE) may be illegally using department appropriations to carry out a “coordinated grassroots lobbying effort” to cinch passage of the measure when the Senate returns in late January.

With the high cost of natural gas a major customer concern across the country as the nation approaches the winter heating season, Vectren Corp. informed its utility customers that although higher gas prices are in store, gas bills might be lower than last year due to milder temperatures.

Spanish-Argentine energy concern Repsol-YPF SA said Friday it is committing $170 million over the next three years to produce natural gas in the Burgos Basin of Mexico after being awarded the first multiple service contract (MSC) by Petroleos Mexicanos (Pemex).

With the high cost of natural gas continuing to be a major customer concern across the country as the nation approaches the winter heating season, Vectren Corp. informed its utility customers that although higher gas prices are in store, gas bills might be lower than last year due to milder temperatures.

Spanish-Argentine energy concern Repsol-YPF SA is expected to be awarded Mexico’s first multiple service contract (MSC) on Thursday, as the country takes its first major step toward allowing private investment in its upstream sector.

As concern grows about the potential for high winter natural gas prices, the five commissioners of the Pennsylvania Public Utility Commission (PUC) said they will preside over a public hearing on the issue on Sept. 18. The hearing will review current gas prices, discuss the forecasted supply and demand, outline programs to help consumers and increase consumer awareness related to gas prices for this winter.

A top Canadian agricultural concern, Cargill Ltd., reported last Wednesday that it closed a deal to buy Mirant Corp.’s Canadian natural gas aggregator services contracts and a major slice of its gas transportation and storage contracts. Terms of the sale, which was first announced in May, were not disclosed.