Two weeks after Perry Gas filed for bankruptcy and sued its retailclient billing provider, PowerTrust.com, the marketer confirmed it hasdropped the lawsuit and is selling its residential energy marketingunits to that same provider (see Daily GPI, Aug. 31).
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PowerTrust.com to Acquire Perry Gas Subsidiaries
Two weeks after Perry Gas filed for bankruptcy and sued its retail client billing provider, PowerTrust.com, the marketer confirmed it has dropped the lawsuit and is selling its residential energy marketing units to that same provider (see NGI, Sept. 4).
Alliant Invests $10 Million in Venture Fund
Alliant Energy Resources Inc. has dropped a $10 millioninvestment into Nth Power Technologies Fund II, LP, a venturecapital fund that invests in emerging opportunities fromrestructuring in the energy industry both domestically andinternationally.
High Prices Hurt Texas, Nation’s Economy
Importing natural gas into Texas? Could the possibility evenexist? Unless the state’s oil patch has a revival in the nextcouple of years, a new study predicts that Texas soon will beconsuming more gas than it produces, pumping up the possibility oftransporting gas into the state that has long boasted its status asthe energy capital of the country.
Bliley Postpones Electric Bill Markup
If you made the trip to Capitol Hill or were listening over theWeb yesterday, your jaw probably dropped a few inches when ChairmanThomas Bliley (R-VA) of the House Commerce Committee announced to apacked hearing room that he was postponing the scheduled markup onelectric restructuring legislation until next week.
Futures Yo-Yo as Bulls Regain Control
Fueled by follow-through selling on the heels of Wednesday’slate-day sell-off, natural gas futures dropped lower yesterdaymorning only to rebound slightly in the afternoon. A uniform1.9-cent loss was seen in each of the four front months, led by theJune contract, which finished at $3.107.
Houston Jury Raps HL&P With $30M in Damages
The other shoe – five times larger than the first – dropped onReliant Energy’s Houston Lighting & Power Co. (HL&P) lastweek in a case that found the utility defrauded three Texas citiesof fees owed for its exclusive right to sell electricity. Adistrict court jury in Houston awarded the three cities $10 millioneach in punitive damages. That’s on top of $4.2 million in actualdamages (about $6 million including interest and attorneys’ fees)awarded two weeks ago.
Dynegy’s Stock Falls Despite Bullish Forecast
Demonstrating the volatile nature of the stock market this week,Dynegy’s stock price dropped almost 7% yesterday despite ChuckWatson, CEO of Dynegy, announcing that the company expects firstquarter earnings to be 20% higher than industry estimates.
Houston Jury Hits HL&P With $30M Damages
The other shoe – five times larger than the first – dropped on Reliant Energy’s Houston Lighting & Power Co. (HL&P) Tuesday in a case that found the utility defrauded three Texas cities of fees owed for its exclusive right to sell electricity. Yesterday, a district court jury in Houston awarded the three cities $10 million each in punitive damages. That’s on top of $4.2 million in actual damages (about $6 million including interest and attorneys’ fees) awarded last week (see Daily GPI April 3).
Calpine Reiterates Strategy After Stock Plunge
Stung by a negative financial report from an independentnewsletter that dropped its stock price 17%, San Jose, CA-basedCalpine Corp. reacted quickly last week to reiterate its aggressivestrategy for developing groups of gas-fired merchant power plantsthroughout the U.S. over the next five to 10 years. It also said itwould continue to grow its related power and gas marketingoperations.