With the distraction of the Democratic Convention in town thisweek, Los Angeles elected officials face a critical vote today onthe city’s future strategy for remaining relatively energyindependent through its operation of the nation’s largest municipalelectric utility.
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Residentials Face High Winter Gas Prices
State regulators, LDCs, utilities and industry analysts have allsprung into action to prepare residential customers for muchhigher natural gas bills next winter, especially if powergeneration demand for gas continues unabated and the winter weatherturns unusally cold.
PG&E Power Plant Plans Pass One Test, Face Many Others in AZ
PG&E Corp. is the latest energy giant to seek a toehold inthe fast-growing Arizona merchant power plant market, gaining aninitial state approval last week, but facing up to a half-dozencounty, state and federal environmental reviews for a proposed $500million, 1,040 MW natural gas-fired plant near Phoenix.
CMS Drops Tracking Stock Launch
In a complete about-face, Dearborn, MI-based CMS Energy Corp.has jettisoned major financial restructuring plans to create atracking stock for its Consumers Energy unit. Low stock marketvaluations of utility companies forced the decision, according tocompany officials, and instead CMS plans to gain $700 million byselling some non-strategic assets and reducing its debt – a planexpected to offer more value to shareholders. The news comes alongwith word that first-quarter earnings were down to 70 cents perdiluted share, compared with 80 cents per diluted share for thesame period in 1999.
Fickle Southern Now Backs Petal’s Project
In a complete about-face, Southern Company now appears to be astrong champion of an amended deliverability expansion of Petal GasStorage LLC and has asked FERC to process the application as”quickly as practicable.”
Oneok Undaunted Despite ACC Setback
Oneok said yesterday that it remained steadfast in its desire tomerge with Southwest Gas, even in the face of a recommendation bythe Arizona Corporation Commission (ACC) staff to delay thetransaction. The Oklahoma-based company said the ACC staff decisionwas swayed by a “spurned suitor” and although no names arementioned, Southern Union Co. is the likeliest candidate for thespoiler role. The ACC did not return NGI’s calls before press time,and Southern Union is bound by court order not to discuss themerger.
CA Attorney General Vows Closer Scrutiny of Mega-Mergers
The mega-merger candidates in the production industry face anuphill battle in California, according to the state’s attorneygeneral, who promised close scrutiny of their transactions lastweek. With a new study on the causes of a gasoline price spikesthis summer in hand, Attorney General Bill Lockyer said there’s adistinct lack of oil industry competition in the state.
Pipeline Certificate Process Gets Face-Lift
Regulations pertaining to the construction of new pipelineprojects took the spotlight at FERC last week, with the Commissionissuing a final rule aimed at updating and streamlining thecertificate process for new projects, while at the same timeproposing an initiative that would give landowners greaterparticipation in the process.
FGT Holds Open Season in Face of Two Competitors
Florida Gas Transmission (FGT) is holding an open season through April 30 for another expansion, its Phase V project, an alternative to two major Gulf-crossing pipeline competitors, the Buccaneer and Gulfstream pipelines, proposed by Williams and Coastal, respectively.
INGAA: It Will Be Tough to Meet a 30 Tcf Market
A 30 Tcf market is “widely anticipated and economicallypossible” by 2010, but it will not be achieved easily as allsegments of the natural gas industry will face considerablefinancial and infrastructure challenges to help supply and servethat demand, said a study issued by the INGAA Foundation Inc. onMonday.