Counter

After its board vetted potential counter offers from other sources and found nothing better, Puget Sound Energy (PSE) Monday filed for approval of its $7.4 billion merger with a private equity consortium with the Washington Utilities and Transportation Commission. The merger with North American infrastructure investors led by a New York City unit of Australian-based Macquarie Infrastructure Partners (MIP) was announced Oct. 26.

In a move designed to develop the electronic marketplace for over-the-counter (OTC) energy options, IntercontinentalExchange Inc. (ICE) said last week it plans to acquire the assets of OTC brokerage Chatham Energy Partners LLC for an undisclosed amount. The possibility of cracking the complex code for taking any form of options on-line could remove the last prop keeping the open outcry energy pit trading alive on the New York Mercantile Exchange’s (Nymex) trading floor, according to some traders.

In a move designed to develop the electronic marketplace for over-the-counter (OTC) energy options, IntercontinentalExchange Inc. (ICE) said Monday it plans to acquire the assets of OTC brokerage Chatham Energy Partners LLC for an undisclosed amount. The possibility of cracking the complex code for taking any form of options on-line could remove the last prop keeping the open outcry energy pit trading alive on the New York Mercantile Exchange’s (Nymex) trading floor, according to some traders.

Electronic energy marketplace IntercontinentalExchange (ICE) last week reported annual volume and commission records in its futures and over-the-counter (OTC) businesses. For the ninth consecutive year, the Atlanta-based company reported that ICE Futures — the company’s futures business segment — established an annual volume record, with traded contract volume in 2006 exceeding the previous record set in 2005 by more than 120%.

Electronic energy marketplace IntercontinentalExchange (ICE) on Wednesday reported annual volume and commission records in its futures and over-the-counter (OTC) businesses. For the ninth consecutive year, the Atlanta-based company reported that ICE Futures — the company’s futures business segment — established an annual volume record, with traded contract volume in 2006 exceeding the previous record set in 2005 by more than 120%.

The IntercontinentalExchange continued its upward surge of futures trading activity and commissions on its over-the-counter (OTC) business with new records in both areas in September. It was the ninth consecutive record month for ICE futures. At the same time the rival New York Mercantile Exchange (Nymex) reported that as of Sept. 29, trading in a number of areas in the first nine months of 2006 had exceeded totals traded in all of 2005.

This week’s modest rise in cooling load was unable to counter the negative influences of a prior-day screen drop of 16 cents and continuing warnings of potential severe price weakness down the road due to rapidly dwindling storage injection capacity. The result was cash price declines across the board Tuesday.

The IntercontinentalExchange (ICE) announced plans Tuesday to introduce more than 50 additional cleared contracts in its over-the-counter (OTC) markets during the first half of 2006, with the first 10 contracts expected to be available for trade beginning Friday, March 3.

The cash market finally made it unanimous. Following four days in which a few points had run counter to the prevailing trend up or down each day, all prices were moving in the same direction Friday — way down. The major softening had been predictable in light of the screen’s dive of nearly 81 cents Thursday and forecasts of moderate to cool temperatures in most areas for the weekend.