Finances

This third winter of high natural gas prices could strain the finances of local distribution companies, especially if regulators fail to allow the timely pass-through of gas costs, according to a Standard and Poor’s report.

This third winter of high natural gas prices could strain the finances of local distribution companies, especially if regulators fail to allow the timely pass-through of gas costs, according to a Standard and Poor’s report.

Touting the deal as a means of strengthening its finances and operating efficiencies, PNM Resources filed its plans to acquire Texas-New Mexico Power’s parent, TNP Enterprises, with state regulatory commission in New Mexico and Texas on Thursday. Rate decreases for both natural gas and electric utility customers in the merged company are proposed by PNM for next year.

Jamie Olis, 38, a former tax executive for Dynegy Inc., was sentenced Thursday to 24 years in prison for his role in disguising the company’s finances within a transaction dubbed “Project Alpha,” which hid $300 million in debt.

Another former Enron Corp. official, who had overseen finances for its vast Enron North America operations, has agreed to cooperate with federal officials — and he is expected to be a valuable addition to the prosecution’s case against the bankrupt trader.

In a new report comparing five of the top diversified energy companies in the United States with investment-grade credit ratings, Standard & Poor’s Ratings Service (S&P) found that while the differences were many, all share qualities worth noting, and all contrast “sharply” with several peers that saw their ratings dive in the past year.

In a new report comparing five of the top diversified energy companies in the United States with investment-grade credit ratings, Standard & Poor’s Ratings Service (S&P) found that while the differences were many, all share qualities worth noting, and all contrast “sharply” with several peers that saw their ratings dive in the past year.

State regulatory commissions are expected to assert themselves “more vigorously” in the years to come regarding the operations and finances of U.S. electric utilities, according to a report published Thursday by Standard & Poor’s Ratings Services (S&P).

American Electric Power (AEP) has asked the Electricity Reliability Council of Texas (ERCOT) to determine which of its 16 natural gas-fired power plants in the state’s grid system, which have remained idle for most of this year, have to remain activated. AEP plans to mothball some or all of the Texas power plants by the end of the year if they are not on the state’s “reliability must run” (RMR) list, to boost the company’s bottom line.