Defends

Transcontinental Gas Pipe Line Corp. contends that its existing tariff provisions governing discount rates at secondary transportation points fully comply with the Federal Energy Regulatory Commission’s discount policy. But if necessary, the Williams pipeline said it is willing to remove certain words from its tariff to quell agency concerns about its discounting practices.

Duke Energy mounted a public defense of its investment-grade credit ratings on Tuesday by laying out the details of a three-year plan (2003-2005) to sell off billions of dollars in non-core assets, cut capital expenditures and pay down as much as $5.5 billion in debt over the period.

Pacific Gas and Electric Co. CEO Gordon Smith told analysts last Thursday that the PG&E Corp. utility subsidiary is unlikely to reach some type of settlement agreement with regulators similar to the one regulators reached with Southern California Edison. PG&E’s electric rates are a penny/kWh lower and its debt is much higher than Edison’s was at the time of the settlement, he said.

Pacific Gas and Electric Co. CEO Gordon Smith told analysts Thursday that the PG&E Corp. utility subsidiary is unlikely to reach some type of settlement agreement with regulators similar to the one regulators reached with Southern California Edison. PG&E’s electric rates are a penny/kWh lower and its debt is much higher than Edison’s was at the time of the settlement, he said.

The war of words continues between El Paso Corp. Chairman William Wise and major shareholder Oscar S. Wyatt Jr., the former chairman of The Coastal Corp., whose company merged with El Paso last year. A three-page letter sent last Tuesday by Wyatt, which took to task the senior management, mark-to-market accounting and off-balance sheet transactions, evolved into an 8-K filing with the Securities and Exchange Commission (SEC) Wednesday, where Wise defended his company’s businesses transactions, and assured regulators that all of the charges could be refuted.

The board of directors of the Natural Gas Supply Association (NGSA) issued a statement last Wednesday, pledging its “full confidence” in the “integrity and leadership” of the producer group’s president, R. Skip Horvath, who was accused of “financial misconduct” and violating internal control procedures in lawsuits brought by two former NGSA employees.

The board of directors of the Natural Gas Supply Association (NGSA) issued a statement late Wednesday, pledging its “full confidence” in the “integrity and leadership” of the producer group’s president, R. Skip Horvath, who was accused of “financial misconduct” and violating internal control procedures in lawsuits brought by two former NGSA employees.

In hearings begun last week concerning the inter-provincial boundary dispute between Nova Scotia and Newfoundland and Labrador — which could ultimately decide how oil and gas reserves offshore should be divided — Nova Scotia’s legal team told the arbitration tribunal that the current line is an “equitable offshore boundary,” and — “all other considerations are subordinate.”

In hearings begun Monday concerning the inter-provincial boundary dispute between Nova Scotia and Newfoundland and Labrador — which could ultimately decide how oil and gas reserves offshore should be divided — Nova Scotia’s legal team told the arbitration tribunal that the current line is an “equitable offshore boundary,” and — “all other considerations are subordinate.”