Faces

Independent Energy Holdings PLC, an electric generating andelectric marketing company, has found itself the target of afederal class action lawsuit for stock fraud brought by thecompany’s shareholders, according to law firm Berman DeValerio& Pease LLP.

Independent Energy Holdings PLC, an electric generating andelectric marketing company, has found itself the target of afederal class action lawsuit for stock fraud brought by thecompany’s shareholders, according to law firm Berman DeValerio& Pease LLP.

The natural gas industry should be prepared to face customer uproar and attempts to impose price caps, similar to those seen this summer in San Diego, if the upcoming winter is cold enough and prices continue to hit new highs. That was the warning sounded by government and industry representatives at the crisis “summit” sponsored by the Interstate Oil and Gas Compact Commission (IOGCC) last week in Columbus, OH.

A funny thing happened on the way to the FERC last week: prospective Independence and SupplyLink shipper Duke Energy defected, but Dynegy quickly filled in the gap as the proposed new long-haul projects re-formed their ranks and marched toward this week’s open meeting.

A funny thing happened on the way to the FERC: prospectiveshipper Duke Energy defected, but Dynegy quickly filled in the gapas the proposed new long-haul Independence and Supplylink pipelineprojects re-formed their ranks and marched toward this week’s openmeeting.

A class action lawsuit alleging that KN Energy Inc., now KinderMorgan Inc., violated federal securities laws, committed fraud andmisrepresented itself has been filed in U.S. District Court for theDistrict of Colorado by a Denver law firm. Dyer & Shuman LLPsaid it had filed the lawsuit on March 8 on “behalf of persons whopurchased or otherwise acquired the shares of KN EnergyInc…between March 19, 1997 and March 9, 1999.”

A class action lawsuit alleging that KN Energy Inc., now KinderMorgan Inc., violated federal securities laws, committed fraud andmisrepresented itself has been filed in U.S. District Court for theDistrict of Colorado by a Denver law firm. Dyer & Shuman LLPsaid it had filed the lawsuit on March 8 on “behalf of persons whopurchased or otherwise acquired the shares of KN EnergyInc…between March 19, 1997 and March 9, 1999.” Kinder Morgan hadno comment on the lawsuit.

Atlanta Gas Light (AGL) announced last week that it will refund$34 million to its former retail customers. The $26 per customerrefund will be issued by the 13 marketers in AGL’s serviceterritory during the May/June billing cycle.

The merger of BP Amoco and Atlantic Richfield Co. (Arco) becamesignificantly more complicated last week. Now the companies facefederal and state opposition, but they’ve added one formerchallenger to their camp.