Fast

Phoenix-based Pacific Texas Pipeline Corp. is rapidly moving toward a FERC certificate filing in the second quarter for its proposed $1 billion, 800-mile Picacho Pipeline system, which would extend from the Permian Basin in Texas to rapidly growing power generation, industrial and local utility markets in Arizona.

‘Not so fast’ was the overwhelming message given Friday as the federal judge handling the Enron Corp. securities lawsuit ruled against several major financial institutions, law firms and Arthur Andersen, denying most defendants’ motions to be dismissed from the case. With the move, Enron shareholders will be able to begin the process of depositions and evidence discovery in the case, according to the University of California, which is lead plaintiff in the shareholders’ class action suit against the one-time energy giant.

Elected officials in the fast-growing bedroom community of Corona, CA, voted unanimously late Monday night to pursue a takeover of Southern California Edison Co.’s distribution in its city of 138,000 residents, located 45 miles southeast of Los Angeles in neighboring Riverside County.

Despite the gains in the nearby crude oil pit and ahead of the coldest air expected thus far this season, natural gas futures tumbled lower Friday as weak longs headed for the exits ahead of the weekend and the December expiry Tuesday.

The December natural gas futures contract was fast out of the chute on its first day as prompt month Wednesday, gapping higher at the opening bell and quickly etching a new high for the week at $4.44. However, scale-up commercial selling was seen throughout the surge and was effective at limiting the market’s upside. December shuffled quietly lower in the afternoon, closing with a 12.8-cent gain for the session at $4.389. Trading was relatively light, with only 69,400 contracts changing hands.

After spending less than 5 minutes below $4.00 last Friday, natural gas futures rebounded convincingly yesterday as traders were once again hit with another bullish weather forecast to start the week. The resultant buying pressed prices higher throughout the trading session. A round of locally-led short-covering put a bow on it for bulls, as the November contract rallied at the close to settle at $4.176 on its penultimate trading day, up 14.8 cents from Friday and just a few ticks off its $4.19 high Monday. Considering it was the day before expiration, trading was light as just 84,638 contracts changed hands.

El Paso Natural Gas and affiliate El Paso Merchant Energy LP have called on FERC to issue a final decision by the end of the year on a Commission judge’s rulings that the pipeline withheld transportation capacity from customers during the California energy crisis and abused the agency’s market-affiliate rules.

El Paso Natural Gas and affiliate El Paso Merchant Energy LP have called on FERC to issue a final decision by the end of the year in the high-profile complaint case, which charges the El Paso pipeline with withholding capacity from customers during the California energy crisis and abusing the Commission’s market-affiliate rules.

Xcel Energy subsidiary NRG Energy is fast approaching the basement of junk bond ratings levels. Standard & Poor’s (S&P) lowered its credit ratings to CCC from B-plus last Thursday due to NRG’s urgent need to sell off a massive number of power generation assets in order to meet a $1.3 billion collateral payment deadline of Sept. 13 or convince lenders it will be able to make the payments soon. S&P also lowered its credit rating on NRG Northeast Generating LLC’s bonds and NRG South Central Generating LLC’s bonds to CCC.