History

FERC put an end to one of the most tortuous cases in its history Thursday, approving with one modification a $1.7 billion settlement of California’s allegations that an El Paso Corp. pipeline drove up natural gas prices in the state by withholding capacity during the state’s energy crisis, and that it gave preferential treatment to its power merchant affiliate during bidding on transportation capacity.

In a post-Enron market environment, interstate natural gas pipelines should be permitted to take into the account the creditworthiness of shippers when evaluating bids for transportation capacity on their existing systems, says the Interstate Natural Gas Association of America (INGAA).

In a post-Enron market environment, interstate natural gas pipelines should be permitted to take into the account the creditworthiness of shippers when evaluating bids for transportation capacity on their existing systems, says the Interstate Natural Gas Association of America (INGAA).

Calling it one of the most important annual meetings that the company has had in its history, Aquila CEO Richard Green Jr. started out by offering an apology to shareholders for the company’s poor performance. Over the past few years, Aquila shareholders have seen the stock price plummet over 90% and their dividends cut to the point of elimination.

Calling it one of the most important annual meetings that the company has had in its history, Aquila CEO Richard Green Jr. started out by offering an apology to shareholders for the company’s poor performance. Over the past few years, Aquila shareholders have seen the stock price plummet over 90% and their dividends cut to the point of elimination.

After blasting to a price level not seen in the nearly 13-year trading history of natural gas futures, the March 2003 contract sifted lower Tuesday in another session marked by hyper-volatility and 20+ cent bid-ask spreads. March futures closed at $9.577, up 44 cents for the day, but down almost $2.50 from its new all-time high at $11.899.

After enduring one of the worst years in its corporate history, Charlotte, NC-based Duke Energy reported it ended 2002 on a legal high note.

El Paso Energy Partners LP. (EPN) said last week that it has completed its $782 million acquisition of the San Juan Basin assets from El Paso Corp. EPN first announced the deal, which includes a 5,500-mile gathering system connected to 9,600 gas wells in northwestern New Mexico, in May (see NGI, June 3).

Speculative energy trading is history for American Electric Power (AEP), which said Thursday that the company will instead focus on asset-based energy trading and marketing geographically — wherever it has facilities — becoming more conservative, more cost efficient, more cash-wise and less growth oriented.