The Commodity Futures Trading Commission (CFTC) and the U.S.Department of Justice are now after three people for allegedlymisappropriating energy futures trades from Coastal, defrauding thecompany of millions of dollars. Robert C. Rossi joins formerCoastal States Trading Corp. employee Steven G. Soule; and Kyler F.Lunman II, owner of Hold-Trade Inc. (Ltd.) as a respondent in thecase.
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The Massachusetts Department of Telecommunications and Energy(DTE) sent an order (File # 98-32-B) last Wednesday to all 10 stategas utilities, requiring them to deregulate service to residentialcustomers by 2004. The order directed gas utilities to work withmarketers on planning for a competitive market during the five-yeartransition. After the first three years of the program, the DTEsaid it will review the situation to determine if additionalefforts are needed to help spur competition. Massachusettscommercial and industrial consumers have had gas customer choicesince 1993.
The U.S. Department of the Interior’s Minerals ManagementService (MMS) served official notice Tuesday of its intentions tohold lease sale 181 for 5.949 million acres in the eastern Gulf ofMexico. The MMS issued a Call for Interest and Information and aNotice of Intent (NOI), which gives interested parties 60 days tocomment on the proposed sale. The MMS tentatively scheduled thesale for December 2001. An MMS spokesperson said no minimum bid hasbeen set.
Advanced turbine systems (ATS), including microturbines, andfuel cells, took the top dollars in the Department of Energyresearch, development and demonstration budget for FY99, accordingto a budget assessment by the American Gas Association. Overall,AGA estimated DOE’s research funding for natural gas set a newrecord at $246 million. That’s up from the $209 million in thisyear’s budget.
New Energy Ventures won a huge four-year power supply contractwith the Department of Defense that covers 1,200,000 MWh ofelectricity annually is worth $300 million. Among the servicesincluded in the contract are energy procurement and access to dailyincremental electric usage and demand data for each site via NewEnergy Ventures’ customer service Web site,http://www.nevservice.com.