With its board having recently dismissed its CEO/founder and Wall Street expecting a bankruptcy filing soon, San Jose, CA-based Calpine Corp. received a reprieve of sorts in a Delaware court on Friday, giving the company until Jan. 22 to return $313 million to bondholders from the sale last summer of substantially all of it oil and natural gas assets. Whether the added seven weeks will allow the national power plant developer/operator to avoid a cash implosion was unclear Friday, but the company’s financial situation appeared to be worsening almost daily.
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New Storm Worries Spur Dollar-Plus Spikes
Whether you dismissed it as “storm hype” or considered it a justifiable reason for concern that hurricane-devastated Gulf Coast supplies faced the possibility of another major hit late this week, one thing was for certain. The Monday morning formation of Tropical Storm Wilma in the western Caribbean Sea was the primary reason for cash market spikes Monday that were around or exceeded a dollar in most cases.
NGI The Weekly Gas Market Report
10th Circuit Court Dismisses as Moot Appeal of Ban on ‘Roadless’ Rule
The U.S.Court of Appeals for the 10th Circuit last week dismissed as moot an appeal of a lower court’s decision in 2003 that permanently enjoined the enforcement of the Clinton administration’s “roadless” rule, which had placed more than 58 million acres of forest lands off limits to energy exploration and production, logging and other activities.
Futures Bide Time Wednesday Ahead of Fresh Storage News
Choosing to travel their own road Wednesday, July natural gas futures dismissed August crude’s near $1.00 decline and settled 3.2 cents lower at $7.442. Trading was relatively quiet as the prompt month kept within a thin range from $7.39 to $7.53 and traders noted that there did not seem to be any motivation in either direction.
Court Dismisses Lawsuits Calling for Disclosure of Energy Planners’ Deliberations
On its second go-round the District of Columbia Court of Appeals last Tuesday dismissed lawsuits that sought to force Vice President Dick Cheney to turn over records and documents disclosing the names of energy companies and attending task force deliberations that crafted the 2001 national energy policy.
Court Dismisses Lawsuits Calling for Disclosure of Energy Planners’ Deliberations
On its second go-round the District of Columbia Court of Appeals Tuesday dismissed lawsuits that sought to force Vice President Dick Cheney to turn over records and documents disclosing the names of energy companies and lobbyists participating in task force deliberations that crafted the 2001 national energy policy.
Cross Timbers, Transwestern Settle Transmission Credit Complaint
FERC has dismissed a complaint filed by Cross Timbers Energy Services, Inc. against Transwestern Pipeline after the two parties reached an agreement involving credits for firm shippers whose transportation is interrupted by maintenance.
FERC Says PD Unnecessary for Massachusetts LNG Project and Others
Carrying out its new policy on liquefied natural gas (LNG) projects, FERC last Wednesday dismissed a request by Weaver’s Cove Energy, a proposed Massachusetts’ LNG terminal, for a preliminary determination (PD), saying essentially that it was an unnecessary step for the project and others like it.
FERC Says PD Unnecessary for Massachusetts LNG Project and Others
Carrying out its new policy on liquefied natural gas (LNG) projects, FERC on Wednesday dismissed a request by Weaver’s Cove Energy, a proposed Massachusetts’ LNG terminal, for a preliminary determination (PD), saying essentially that it was an unnecessary step for the project and others like it.
Aquila Dismisses Allegations of Accounting Improprieties But Launches Internal Probe
Aquila officials have dismissed allegations in an anonymous letter from a group of the company’s own employees that charges that company executives falsified earnings and manipulated corporate accounting in an effort to boost executive compensation. The letter has been forwarded to a special audit committee for an investigation, and the audit committee has notified the Securities and Exchange Commission of the matter.