Investigation

After a three-year investigation, an administrative law judge (ALJ) at the California Public Utilities Commission (CPUC) issued a proposed order last week, concluding that Southern California Gas Co. (SoCalGas) manipulated its incentive gas-buying program and abused its market power to drive up gas prices and increase price volatility at the Southern California-Arizona border in 2000 and 2001.

After a three-year investigation, an administrative law judge (ALJ) at the California Public Utilities Commission (CPUC) issued a proposed order Tuesday, concluding that Southern California Gas Co. (SoCalGas) manipulated its incentive gas-buying program and abused its market power to drive up gas prices and increase price volatility at the Southern California-Arizona border in 2000 and 2001.

After a three-year investigation, an administrative law judge (ALJ) at the California Public Utilities Commission (CPUC) issued a proposed order Tuesday, concluding that Southern California Gas Co. (SoCalGas) manipulated its incentive gas-buying program and abused its market power to drive up gas prices and increase price volatility at the Southern California-Arizona border in 2000 and 2001.

Kenneth Rice, 45, who formerly was co-CEO of Enron Corp.’s broadband division, pleaded guilty on Friday to one count of securities fraud. He agreed to pay a $13.7 million fine, and now faces up to 10 years in prison. Sentencing is set for Jan. 31, 2005.

Kenneth Rice, 45, who formerly was co-CEO of Enron Corp.’s broadband division, pleaded guilty on Friday to one count of securities fraud. He agreed to pay a $13.7 million fine, and now faces up to 10 years in prison. Sentencing is set for Jan. 31, 2005.

Montana’s Public Service Commission (MPSC) has unanimously approved a stipulation and settlement agreement over the pending investigation by the state Consumer Counsel of NorthWestern Energy’s utility operations in the state. The regulators’ action resolves outstanding issues between the South Dakota-based utility holding company and the Montana over the NorthWestern’s proposed Chapter 11 bankruptcy reorganization plan.

Even with the growing Securities and Exchange Commission (SEC) investigation into reserve revisions, which to date has put the spotlight on El Paso Corp. and Royal Dutch/Shell Group, investors appear to place minimal value on undeveloped reserves “proven or otherwise,” which lends support to a “going concern” equity return valuation approach, according to an energy report.

Even with the growing Securities and Exchange Commission (SEC) investigation into reserve revisions, which to date has put the spotlight on El Paso Corp. and Royal Dutch/Shell Group, investors appear to place minimal value on undeveloped reserves “proven or otherwise,” which lends support to a “going concern” equity return valuation approach, according to an energy report.

The Kansas Corporation Commission (KCC) on Monday launched an investigation examining the establishment of standards and criteria for financially weakened gas and electric utilities “to assure retail customers continuity of service, including, in particular, continuity in the quality of that utility service.”