Formerly

Responding to the financial strength of Loews Corp., Texas Gas Transmission LLC’s (formerly Texas Gas Transmission Corp.) new parent company, Moody’s Investors Service upgraded the pipeline company’s senior unsecured credit rating to Baa1 from B3. It also assigned a first-time rating of Baa2 senior unsecured to its new immediate parent company, holding company TGT Pipeline LLC. The rating outlooks for both companies are stable.

Responding to the financial strength of Loews Corp., Texas Gas Transmission LLC’s (formerly Texas Gas Transmission Corp.) new parent company, Moody’s Investors Service upgraded the pipeline company’s senior unsecured credit rating to Baa1 from B3. It also assigned a first-time rating of Baa2 senior unsecured to its new immediate parent company, holding company TGT Pipeline LLC. The rating outlooks for both companies are stable.

Federal investigators last week ordered Reliant Resources Inc. and CenterPoint Energy (formerly Reliant Energy Inc.) to cease violations of the anti-fraud and reporting/record-keeping requirements of federal securities laws as part of a settlement entered into between the Securities and Exchange Commission and the companies. No wrongdoing was admitted by the energy companies. No penalties were involved.

Federal investigators on Monday ordered Reliant Resources Inc. and CenterPoint Energy (formerly Reliant Energy Inc.) to cease violations of the anti-fraud and reporting/recordkeeping requirements of federal securities laws as part of a settlement entered into between the Securities and Exchange Commission and the companies. No penalties were involved.

While the company braces for a proxy battle at its next annual meeting, El Paso Corp. on Tuesday moved forward with its plan to sell $3.4 billion in assets this year. So far it has sold $1.5 billion in assets including the sale on Tuesday of interests in 275 coal bed methane and conventional gas wells in the Rosa Federal Unit located in San Juan and Rio Arriba Counties, NM, to the Sacramento Municipal Utility District (SMUD) for $135 million.

Jeffrey Richter, who formerly supervised the company’s West Power Trading Division for the California spot electricity market, pleaded guilty in San Francisco federal court Tuesday for conspiracy to commit wire fraud and for making false statements to federal officials. A U.S. attorney warned the investigation is continuing and there could be others involved.

Citing “extreme weather conditions moving into our service area,” CenterPoint (formerly Reliant) is limiting to primary firm obligations only in the Quadrangle (Line J, Line JM-1, Line T, Line BT-1 South and OM-1), Perryville Hub, Line AC, East Texas (AT-12, AM-47 and AT-5) and on the lines served off these systems. The alert is expected to remain in place until the weather improves. CenterPoint reminded all shippers and pool managers to have adequate supplies to meet deliveries, because it will not allow cumulative long positions to cover deliveries in the affected areas. The pipeline also said it is limiting receipts west of Amber Station (West 1 segment) to primary firm obligations only due to constraints at its Ada storage field in extracting maximum withdrawals during extreme peak conditions.

CenterPoint (formerly Reliant) declared a systemwide Critical Period effective Saturday until further notice, saying it required shippers and pool managers “to stay in balance and have adequate supplies to meet deliveries.”

CenterPoint Energy Inc. (formerly Reliant Energy) is committed to reducing its debt and becoming more financially flexible. However, the credit ratings downgrade by Moody’s Investors Services to “junk” status points out the numerous financial problems still ahead for the Houston-based utility.