On the eve of emerging from Chapter 11 bankruptcy, Pacific Gas and Electric Co. announced last Wednesday it made 2003 local franchise fee and surcharge payments totaling $42 million in 49 California counties in which it operates. The payments, which were nearly equal for natural gas and electric facilities, represent a 22% increase over the combination utility’s 2002 payments. The fees are a percentage of gross receipts on the utility’s system that are paid to cities and counties for the “right to use public streets” in which to run gas and electric service pipes and wires, PG&E’s utility said in its announcement. The franchise fee surcharges are a percentage of the transportation and energy costs to customers choosing to buy their energy from third parties, or so-called “exit fees.”
Emerging
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PG&E Utility Makes $42 Million in Franchise Fee Payments
On the eve of emerging from Chapter 11 bankruptcy, Pacific Gas and Electric Co. announced Wednesday it made 2003 local franchise fee and surcharge payments totaling $42 million in 49 California counties in which it operates. The payments, which were nearly equal for natural gas and electric facilities, represent a 22% increase over the combination utility’s 2002 payments.
Xcel Sees NRG Emerging from Bankruptcy in November; Reaffirms Earnings Guidance
Xcel Energy CFO Richard Kelly told analysts Thursday that the company is confident its merchant power subsidiary, NRG Energy, will emerge from bankruptcy this fall, probably in late November. He said it was the company’s top priority to make that happen.
SoCalGas Recommended for $31 Million Reward for Past Supply Buying
The rich emerging from California’s tattered energy market may get richer later this year if California state regulators agree with an administrative law judge’s recommendation to reward Sempra Energy’s Southern California Gas Co. utility nearly $31 million for its gas-buying successes in 2001 that saved consumers an estimated $224 million in avoided wholesale costs for natural gas at a time when prices were skyrocketing.
SoCalGas Recommended for $31 Million Reward for Past Supply Buying
The rich emerging from California’s tattered energy market may get richer later this year if California state regulators agree with an administrative law judge’s recommendation to reward Sempra Energy’s Southern California Gas Co. utility nearly $31 million for its gas-buying successes in 2001 that saved consumers an estimated $224 million in avoided wholesale costs for natural gas at a time when prices were skyrocketing.
Strong Screen Helps Extend Cash Market Firmness
The cash market continued to be bolstered by a strong June gas futures contract Monday, emerging from the weekend with remarkably consistent across-the-board gains from about a dime to nearly 35 cents. Upticks at a majority of points were in the 15-25 cents range.
Record Results Seen by Some Producers, But Analysts Warn of Shortfall
The emerging first quarter reports show that overall, oil and natural gas production for many North American independents is setting a record pace. However, analysts looking at the deeper picture believe that while earnings are up and production may hit records, overall domestic production continues a slow slide, and no likely near-term solution is at the ready.
Most of Market Sees Little Price Change; Rockies Softer
Finding little of significance in new price influences upon emerging from the Easter weekend, virtually all of the cash market was content to mark time Monday. Outside of declines ranging to nearly a quarter in the Rockies, most other points stayed within about a nickel up or down from flat. There was a slight bias to the upside.
Micron Enviro Systems Uncovers ‘Major Play’ in North Central Texas
There still are new sources of natural gas in Texas according to emerging oil and gas company, Micron Enviro Systems (MSEV). The company announced that the Z2 well on the Green Ranch Prospect located in Stephens County has been successfully tested and appears to be a “major new gas formation” discovery.
Micron Enviro Systems Uncovers ‘Major Play’ in North Central Texas
There still are new sources of natural gas in Texas according to emerging oil and gas company, Micron Enviro Systems (MSEV). The company announced Monday that the Z2 well on the Green Ranch Prospect located in Stephens County has been successfully tested and appears to be a “major new gas formation” discovery.
