Considering

U.S. Rep. John E. Peterson (R-PA) is considering introducing a bill that would bar new construction of natural gas-fired power generation facilities and would establish a seven-member independent commission to undertake a “comprehensive analysis” of gas supply and demand issues in the United States.

House Rep. John E. Peterson (R-PA) is considering introducing a bill that would bar new construction of natural gas-fired power generation facilities and would establish a seven-member independent commission to undertake a “comprehensive analysis” of gas supply and demand issues in the United States.

The Minerals Management Service (MMS) plans to hold four public workshops across the country in the next three weeks to hear from the public about possibly revising the 15-year-old Federal Gas Valuation Rule, used to determine royalties due on natural gas from federal leases.

Northeast citygates soared Monday, topping out at $9.00 in New England. That seemed natural, considering that the Northeast and Midwest were experiencing their worst siege of cold so far this winter, and chilly temperatures dominated most of the weather picture elsewhere.

CMS Energy Corp., which hinted earlier this month that it was working to sell Panhandle Eastern Pipeline, apparently has received at least three bids and interest by a few others to buy the natural gas interstate system, valued at more than $1.5 billion (see Daily GPI, Nov. 15). Suitors with offers on the table are said to be TransCanada PipeLines Ltd., Sempra Energy and American International Group (AIG).

CMS Energy Corp., which hinted earlier this month that it would sell its Panhandle Eastern Pipeline, apparently has received at least three bids as well as interest by a few others to buy the natural gas interstate system, valued at more than $1.5 billion (see Daily GPI, Nov. 15 ). Suitors with offers on the table are said to be TransCanada PipeLines Ltd., Sempra Energy and American International Group (AIG).

The strength of the upstream sector holds the key to the performance of integrated oil and gas companies going forward, as poor quarterly earnings and lower forecasts going into 2003 require independents and majors to rethink their operating strategies.

In an amicus court briefing by the U.S. Department of Labor, federal officials considering a motion to dismiss a class-action lawsuit over alleged mismanagement of Enron Corp.’s 401(k) losses have indicated that former Enron Chairman Kenneth Lay and other Enron executives could be held personally liable for millions of dollars in the fund losses. The brief was filed by the Labor Department on behalf of former Enron employees and retirees who participated in three benefit plans sponsored by Enron.

In an amicus court briefing by the U.S. Department of Labor, federal officials considering a motion to dismiss a class-action lawsuit over alleged mismanagement of Enron Corp.’s 401(k) losses have indicated that former Enron Chairman Kenneth Lay and other Enron executives could be held personally liable for millions of dollars in the fund losses. The brief was filed by the Labor Department on behalf of former Enron employees and retirees who participated in three benefit plans sponsored by Enron.