As the implementation deadline for the expanded standards of conduct drew near last Wednesday, the Federal Energy Regulatory Commission responded to a host of requests for waivers and exemptions from all or some of the requirements under the standards of conduct governing the relationships between regulated natural gas/electric transmission providers and their affiliates. And more requests are pending.
Drew
Articles from Drew
PG&E’s $83 Million in Executive Bonuses Draws More Fire
As the first week of the New Year drew to a close, increasing scrutiny by local news media and state regulators threatened to unravel the end-of-year decision by PG&E Corp. and its utility to move ahead with distributing $83 million in bonuses to 17 top executives in the corporation and Chapter 11 bankruptcy bound utility and merchant energy units. When and how the proceeds from so-called “phantom” stock options will be distributed was still undetermined.
PG&E’s $83M in Executive Bonuses Draws Fire
As the first week of the New Year drew to a close, increasing regulatory and media scrutiny threatened to unravel the end-of-year decision by PG&E Corp. and its utility to move ahead with distributing $83 million in bonuses to 17 top executives in the corporation, including those at its bankrupt utility subsidiary and merchant energy unit. When and how the proceeds from so-called “phantom” stock options will be distributed was still undetermined.
Power Struggle Takes Shape Within CPUC
While California regulators drew more attention for what they didn’t do at Thursday’s twice-a-month business meeting, the increasingly split five-member panel did approve a multi-billion-dollar set of energy efficiency programs for local government and community groups statewide as well as a crucial service agreement between Pacific Gas and Electric Co. and the state power-buying agency. However, the verbal jabs commanded more attention.
Rating Agencies Negative Toward Southwestern Gas Companies
Two medium-size natural gas companies in the Southwest drew negative attention from the rating agencies last week, with Moody’s Investor Services reviewing Salt Lake City-based Questar Corp. for a possible downgrade and Standard & Poor’s assigning a negative outlook to Las Vegas, NV-based Southwest Gas Corp., noting its “strong, diverse and growing gas market” is offset by what S&P called “a highly political regulatory environment.”
MMS Central Gulf Lease Sale Draws $363M in High Bids
The Minerals Management Service’s (MMS) lease sale last Wednesday in the Central Gulf of Mexico (Sale 182) drew high bids of $363.2 million from 77 companies, with Phillips Petroleum emerging as the highest bidder on a single block at $17.6 million. Dominion Exploration & Production, however, was the heaviest overall spender, shelling out $37.02 million on 37 blocks.
Senate Divided over Renewable Energy Mandate, Derivatives
Republican and Democratic senators Tuesday drew lines in the sand over key amendments to strike a federal mandate for renewable energy from the omnibus energy bill (S. 517), and to regulate trading of over-the-counter (OTC) energy derivatives.
Eastern Gulf Sale Draws $341 Million in High Bids from 14 Producers
Downsized Eastern Gulf of Mexico Lease Sale 181 drew 190 bids from 14 exploration and production companies on Wednesday, the Department of the Interior’s Minerals Management Service reported. High bids totaling $341 million were made on 95 tracts out of the 233 tracts offered.
Oklahoma Gets Cold Feet on Electric Deregulation Deadline
Oklahoma Attorney General Drew Edmondson has asked the stateSenate to postpone the July 2002 deadline for deregulatingOklahoma’s electricity market in light of power market problems andhigh prices in deregulated states such as California, New York andMontana.
Oklahoma Gets Cold Feet on Deregulation
Oklahoma Attorney General Drew Edmondson has asked the stateSenate to postpone the July 2002 deadline for deregulatingOklahoma’s electricity market in light of power market problems andhigh prices in deregulated states such as California, New York andMontana.