Defends

El Paso Corp. CEO Doug Foshee, addressing concerns highlighted at last month’s annual meeting, admitted Thursday in a lengthy letter to shareholders that the financial restatements by the company this year are unacceptable. But Foshee said he would “not offer the cold comfort of an excuse.” Instead, he highlighted improvements over the past year, and said the board “wanted to provide the best assurance we can that this situation will not occur again, and to ensure that El Paso will continue on its road to recovery.”

El Paso Corp. CEO Doug Foshee, addressing concerns highlighted at last month’s annual meeting, admitted Thursday in a lengthy letter to shareholders that the financial restatements by the company this year are unacceptable. But Foshee said he would “not offer the cold comfort of an excuse.” Instead, he highlighted improvements over the past year, and said the board “wanted to provide the best assurance we can that this situation will not occur again, and to ensure that El Paso will continue on its road to recovery.”

Following the disclosure Thursday that last week’s outsized storage withdrawal report was erroneous, industrial customers immediately called for a change to daily storage reporting and reforms to the natural gas trading rules on the New York Mercantile Exchange (Nymex), while the Energy Information Administration (EIA) defended its processing of storage information.

Following the disclosure Thursday that last week’s outsized storage withdrawal report was erroneous, industrial customers immediately called for a change to daily storage reporting and reforms to the natural gas trading rules on the New York Mercantile Exchange (Nymex), while the Energy Information Administration (EIA) defended its processing of storage information.

Atlanta Gas Light Co. (AGLC) last week fired the latest volley in its battle with Scana Energy Marketing over rights to the interstate pipeline capacity feeding the AGLC system and the deregulated Georgia retail market. AGLC blasted Scana for attempting to enmesh in the capacity fray an AGLC deal to buy out connections to the Southern Natural Gas system.

Atlanta Gas Light Co. (AGLC) earlier this week fired the latest volley in its battle with Scana Energy Marketing over rights to the interstate pipeline capacity feeding the AGLC system and the deregulated Georgia retail market. AGLC blasted Scana for attempting to enmesh in the capacity fray an AGLC deal to buy out connections to the Southern Natural Gas system.

Leaving analysts and the press equally befuddled, Canadian Superior said the abandonment of the El Paso Mariner I-85 well in the Atlantic Ocean off Nova Scotia, following 3-1/2 months of drilling, was actually not out of the ordinary when dealing with a new prospect.

While states should be given plenty of leeway in deciding whether they need additional power supplies, FERC is legally bound under the Federal Power Act (FPA) to step in and review the possible competitive impacts of a vertically-integrated utility’s decision to purchase generation assets, FERC Commissioner Joseph Kelliher told a gathering of investment professionals last Thursday.

Northern Natural Gas pipeline called on FERC last week to close the agency’s show-cause proceeding and dismiss a related complaint case brought against it by two Midwest cogenerators, claiming that the transportation letter agreements negotiated with the cogenerators were lawful and did not restrict competition.