Cuts

Washington state regulatory staff said it plans to recommend deep cuts in Puget Sound Energy’s (PSE) proposed $182 million natural gas and electric general rate increase request. The staff is recommending a total increase of a little more than $40 million annually to the three-member Washington Utilities and Transportation Commission (UTC). Bellevue, WA-based PSE proposed increasing retail gas utility rates by $30 million annually and electric rates by $152 million. Public comments are still being taken by the UTC, which will hold hearings on the rate case Feb. 1 and 15. The proposed rate changes are slated to take effect May 1.

The GOP-led House Appropriations Committee Tuesday last week voted out a $27.5 spending bill that makes deep cuts in funding for the Interior Department and Environmental Protection Agency (EPA) for fiscal year (FY) 2012.

A House Appropriations subcommittee Thursday voted out a $27.5 billion spending bill that cuts funding for the Interior Department and Environmental Protection Agency (EPA) in fiscal year (FY) 2012, and is favorable to oil and natural gas producers.

The tax break for high-cost natural gas wells in Texas — which is of particular importance to producers active in the state’s shale plays — continues to draw attention from lawmakers wrangling with a $27 billion budget shortfall.

House Democrats last Tuesday slammed Republicans’ proposed budget cuts in the continuing resolution (CR) that could hamper the ability of the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) to regulate the $300 trillion derivative swaps market during the during the current fiscal year, which began on Oct. 1.

House Democrats Tuesday slammed Republicans’ proposed budget cuts in the continuing resolution (CR) that could hamper the ability of the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) to regulate the $300 trillion derivative swaps market during the 2011 fiscal year (FY).

Joseph Martens, who was tapped by Gov. Andrew Cuomo on Tuesday to lead New York’s Department of Environmental Conservation (DEC), last year suggested the state wait until a federal study had been completed on hydraulic fracturing (hydrofracking) impacts to health and the environment before implementing rules for Marcellus Shale drillers.

Marcellus Shale drillers in Pennsylvania will gain a sympathetic ear in January when Gov.-elect Tom Corbett takes office.

Royalty cuts by the British Columbia (BC) government ignited natural gas production development with potential to match or exceed the supply addition represented by the proposed Alaska pipeline from the North Slope, Canadian industry analysts say.