Faces

The proxy battle that began Tuesday for control of El Paso’s board is unlikely to be forestalled by the actions last week of El Paso’s directors, according to analysts. El Paso CEO Williams Wise stepped down despite earlier plans to retire at the end of the year and the company named director Ronald Kuehn, a former Sonat executive, as its new CEO.

Going forward the restructured energy industry is going to have some unfamiliar names and faces and they’ll be operating with new ground rules, William Hobbs, president and CEO of Williams Energy Marketing and Trading told state regulators meeting in Chicago last Tuesday.

Going forward the restructured energy industry is going to have some unfamiliar names and faces and they’ll be operating with new ground rules, William Hobbs, president and CEO of Williams Energy Marketing and Trading told state regulators meeting in Chicago Tuesday.

Closing down what was once the crown jewel and future of the company, Aquila Inc. said Tuesday that it is officially exiting the wholesale energy marketing and trading business operated by its Aquila Merchant Services subsidiary by the end of the third quarter. The company targeted “late September” for a complete exit from the segment.

Energy trading leader Mirant Corp.’s stock was pelted on Wall Street last week after it disclosed that the Atlanta district office of the Securities and Exchange Commission (SEC) had opened an informal inquiry into the company’s accounting and trading activities. The stock of the Atlanta-based company was trading at about $3.10 a share mid-day Friday, down from the closing price of $3.49 for the prior week.

Energy trading leader Mirant Corp.’s stock was pelted on Wall Street Monday after it disclosed that the Atlanta district office of the Securities and Exchange Commission (SEC) had opened an informal inquiry into the company’s accounting and trading activities. The stock of the Atlanta-based company fell 56 cents, or 16%, to close at $2.93 a share.

Pressure from within and outside the Senate grew last week to either defeat or bury a controversial amendment to the omnibus energy bill (S. 517) that seeks to regulate the trading of over-the-counter (OTC) energy and metals derivative transactions.

As he started his first day on the job Monday, newly appointed California Public Utilities Commission member Michael Peevey faced a chorus of criticism from consumer groups challenging his objectivity, given his recent history as a utility and energy services senior executive. Peevey asked his critics not to “stereotype” him, and proceeded with cutting his ties to any energy industry executive and/or board positions, or stock ownership that would cause conflicts-of-interest questions.

Natural gas shippers face extra costs of C$275 million (US$172 million) per year as a result of proposals by TransCanada PipeLines, according to calculations by an irate Canadian Association of Petroleum Producers. In written preliminaries for hearings before the National Energy Board that promise to be long and hot after they start Feb. 19, CAPP calls TransCanada’s financial requests “grossly excessive.” Other protesters, while more diplomatic, are also firm — including Mirant Canada Energy Marketing Ltd.