Consideration

There is such a thing as too much transparency, the U.S. Justice Department told FERC in comments on the Commission’s consideration of how to use its new responsibility to ensure market transparency under the Energy Policy Act of 2005. Justice advised that dissemination of company-specific or transaction-specific information could harm consumers by allowing companies to coordinate activities and drive prices up [AD06-11].

FPL Group is suing the state of Maryland and its public service commission (PSC) to hasten consideration of its pending merger with Constellation Energy Group.

Denver-based Gasco Energy Inc. on Wednesday agreed to purchase Brek Energy Corp. for equity consideration of approximately 11 million shares of Gasco common stock, which were estimated to be worth $30 million based on the closing price on Sept. 20. The acquisition is expected to simplify Gasco’s acreage portfolio by absorbing a working interest partner that previously owned 14% of its working interest in undeveloped acreage in both Utah and Wyoming.

California Gov. Arnold Schwarzenegger last week urged Congress not to “weaken federal protections against offshore oil drilling” in the ongoing consideration of the Deep Ocean Energy Resources Act. Schwarzenegger sent letters to Senate members on the House passage of the bill, along with a copy to Rep. Richard Pombo (R-CA), a chief proponent of the measure.

California Gov. Arnold Schwarzenegger Wednesday urged Congress not to “weaken federal protections against offshore oil drilling” in the ongoing consideration of the Deep Ocean Energy Resources Act. Schwarzenegger sent letters to Senate members on the House passage of the deep ocean act, along with a copy to Rep. Richard Pombo (R-CA), a chief proponent of the measure.

Fort Worth-based XTO Energy Inc. agreed to buy privately held Peak Energy Resources Inc., a Barnett Shale producer, for equity consideration of 2.555 million shares of XTO common stock, valued at $105 million.

FERC Chairman Joseph Kelliher on Monday said that the Commission will convene a special Feb. 2 public meeting limited to consideration of items related to the Energy Policy Act of 2005 (EPAct).

Steve Poizner, a Silicon Valley telecommunications multi-millionaire entrepreneur, withdrew his name on Wednesday from consideration to fill one of the five seats on the California Public Utilities Commission (CPUC), citing too many conflicts with his rich and varied personal investment portfolio. Poizner, an unsuccessful candidate for an elected state legislative seat two years ago, said he plans to run next year for the state Insurance Commissioner’s post.

Steve Poizner, a Silicon Valley telecommunications multi-millionaire entrepreneur, withdrew his name on Wednesday from consideration to fill one of the five seats on the California Public Utilities Commission (CPUC), citing too many conflicts with his rich and varied personal investment portfolio. Poizner, an unsuccessful candidate for an elected state legislative seat two years ago, said he plans to run next year for the state Insurance Commissioner’s post.