Finance

The power industry should look to the Federal Energy Regulatory Commission, not Congress, to accomplish the restructuring of the electric power market, Dynegy Chairman Chuck Watson told a Washington audience Thursday. “FERC knows how to get things done.”

As part of a massive overhaul of El Paso Corp., conceived by the management team after the stock fell amid rumors of dubious debt transactions (a la Enron Corp.), the company made two major announcements last week: it simplified its balance sheet to remove any off-balance sheet debt, and it announced it will divest itself of $2.25 billion in assets by the second quarter in the Gulf of Mexico, Midcontinent and the Rocky Mountains to enhance its liquidity.

PSEG Global announced Wednesday that it has added George P. Schaefer, 50, to the company as senior vice president of finance and treasurer. Schaefer will focus on corporate and structured financing, financial planning, and asset and risk management. In addition, PSEG Global said he will assume responsibility for the asset management of the company’s investment in Texas Independent Energy (TIE), a joint venture established to develop, construct, own, and operate electric generation facilities in Texas. Schaefer formerly worked as an executive for Enron Corp. where he led a team in the structuring, negotiation and closing of electric generation and energy-related transactions. PSEG Global develops, owns and operates electric generation and distribution facilities in the U.S. and select international markets.

House Democrats made clear yesterday that they favor some of the same actions as the Republicans to resolve the current energy crisis — improving the energy transmission/transportation infrastructure, increased drilling on public lands, expedited permitting for pipelines and production tax credits — but they insist these can be accomplished without compromising the environment.

Southern Company launched a new subsidiary, Southern Power Co., last week that will own, manage and finance wholesale generating assets in the Southeast. The subsidiary will market to wholesale customers in the fastest-growing wholesale electricity market in the country, the company said.

Southern Company launched a new subsidiary, Southern Power Co.,this week that will own, manage and finance wholesale generatingassets in the Southeast. The subsidiary will market to wholesalecustomers in the fastest-growing wholesale electricity market inthe country.

To ease escalating natural gas prices that have resulted inplant shutdowns and job losses, Mexico’s Energy Ministry said lastweek that the government will offer long-term financing through2006 to help industries cope.

Tengasco, Inc. and its subsidiary, Tengasco Pipeline Corp.(TPC), have entered into a definitive agreement to finance thecompletion of TPC’s 58-mile intrastate Swan Creek natural gaspipeline system in Tennessee.

Tengasco, Inc. and its subsidiary, Tengasco Pipeline Corp.(TPC), have entered into a definitive agreement to finance thecompletion of TPC’s 58-mile intrastate Swan Creek natural gaspipeline system in Tennessee.