Last week was an active one for the Federal Energy Regulatory Commission. The staff heading up the agency’s three-month probe into price-manipulation activities widened its inquiry to include questionable “wash” trading transactions, targeting natural gas and power suppliers in Texas and western energy markets. At the same time, it was inundated with energy suppliers’ almost-blanket denials that they used apparently deceptive Enron-style trading practices in California and other western markets during the critical 2000-2001 period.
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FL Gov. Bush, Graham Huddle over Lease Buy-Back
Florida Gov. Jeb Bush has signaled that he will step up efforts to lobby his brother’s administration to deny drilling permits in the Destin Dome gas field off of the state’s coast, where three major producers own 11 leases that have sat idle for more than a decade.
Pepco Eyes Conectiv, WSJ Reports
Officials at Potomac Electric Power Co. (Pepco) would notconfirm nor deny a report in The Wall Street Journal last week thatPepco has made an offer to buy Delaware-based Conectiv Inc. for $2billion in cash and stock. A spokesman said it might be a good ideato check back with the Washington, D.C.-based utility this week.The Journal reported the deal would be announced within a few days.
Pepco Eyes Conectiv, WSJ Reports
Officials at Potomac Electric Power Co. (Pepco) would notconfirm nor deny a report in The Wall Street Journal yesterday thatPepco has made an offer to buy Delaware-based Conectiv Inc. for $2billion in cash and stock. A spokesman said it might be a good ideato check back with the Washington, D.C.-based utility next week.The Journal reported the deal would be announced within a few days.
Storage and Weather Deliver Market a One-Two Combo
Few can deny that the two biggest factors influencing prices inthe volatile natural gas futures arena are storage and weather.Accordingly, a combination of record cold temperatures andlarger-than-expected storage withdrawals through November andDecember caused natural gas prices to more than double, leavingregulators stunned and sending buyer to the poor house. And whileit is doubtful that natural gas prices will return the ol’two-dollar days anytime soon, the futures market did take solid ahit yesterday and yes, storage and weather were to blame.
FERC Asks Court to Deny Edison Petition for Relief
Southern California Edison’s petition asking a federal appealscourt in Washington, D.C. to force FERC to reinstitutecost-of-service rates for electricity sales in the Californiamarket is impracticable, legally indefensible and not in thepublic’s best interest, the Commission said.
Stay Sought of NE Pipe Projects if Rehearing Denied
If FERC should deny rehearing of the interim order approvingIndependence Pipeline and the MarketLink expansion, Texas EasternTransmission (Tetco) and Rep. William J. Pascrell (D-NJ) separatelyhave asked for a stay of the decision pending a judicial review.
Stay Sought of NE Projects if Rehearing Denied
If FERC should deny rehearing of the interim order approvingIndependence Pipeline and the MarketLink expansion, Texas EasternTransmission (Tetco) has asked for a stay of the projects pendingjudicial review.
Destin Pleads to Keep Blanket Certificate Authority
Destin Pipeline Co. L.L.C. has beseeched FERC not to suspend itsPart 157 blanket certificate authority for six months, which woulddeny it access to the more streamlined certificate procedures forconstructing projects during that period. Without it, the pipelinewould have to seek Section 7 approval under the Natural Gas Act(NGA) for each project at the Commission.
NE Hub Opposes Stay of Storage Project
NE Hub Partners L.P. has asked FERC to deny a partial stayrequest of Penn Fuel Gas Inc. that, if granted, would prevent itfrom starting construction on a major underground storage projectin northern Pennsylvania.