Investigations are ongoing into “others” who may have been involved in a series of complex energy trades better known at Dynegy Inc. as Project Alpha, according to a Fort Worth-based Securities and Exchange Commission (SEC) official. The SEC official said “further action is likely” after three former Dynegy accountants were charged with criminal fraud on Thursday.
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Transco, El Paso Settlements Top OMOI’s First-Year Success List
The two biggest success stories of FERC’s Office of Market Oversight and Investigations (OMOI) during its first year were a record $20 million civil penalty brought against Transcontinental Gas Pipe Line Corp. for engaging in marketing affiliate abuse, and a $1.7 billion settlement to resolve charges that El Paso Corp. drove up natural gas prices in California during the state’s energy crisis, said OMOI Director William F. Hederman last Tuesday.
Transco, El Paso Settlements Top OMOI’s First-Year Success List
The two biggest successes of FERC’s Office of Market Oversight and Investigations (OMOI) during its first year were a record $20 million civil penalty brought against Transcontinental Gas Pipe Line Corp. for engaging in marketing affiliate abuse, and a $1.7 billion settlement to resolve charges that El Paso Corp. drove up natural gas prices in California during the state’s energy crisis, said OMOI Director William F. Hederman Tuesday.
Californians, Industry React to FERC Investigations
“Show me the money” continued to be the refrain from California state officials from the governor on down in the wake of the Federal Energy Regulatory Commission’s conclusion that wholesale energy markets were significantly manipulated in 2000-2001. Duke Energy claimed vindication, while companies cited claimed FERC’s evidence was distorted. And there was a concerted groan from all sides who are desperately waiting for the fat lady to sing.
Sempra Completes Buy of CMS Trading Book
CMS Marketing, Services and Trading (MST), shadowed by federal investigations into sham energy trading transactions last year, has completed the sale of its wholesale natural gas trading book to Sempra Energy Trading for $18 million.
Industry Briefs
The staff of the Federal Energy Regulatory Commission has updated the agency’s guidelines for reporting the results of investigations of cultural resources (i.e. historic properties), which are carried out for new pipeline projects. For details about the guideline changes, go to the Commission’s home page at http://www.ferc.fed.us.
CA Legislative Probe of Energy Markets to Continue Next Year
For industry sources hoping for a winding down, if not conclusion, of California’s ongoing energy investigations, a state lawmaker told an industry meeting in San Francisco last Thursday that the beat will go on and on, but how soon any conclusions are drawn is anyone’s guess.
With Some Exceptions, Major Energy Companies Certify Financial Results with SEC
Despite being the target of multiple federal investigations into potential trading irregularities, the majority of energy companies reported last week that they certified the accuracy of financial information contained in their second-quarter 10-Q filings and their annual 10-K filings for 2001 in compliance with the Securities and Exchange Commission (SEC) regulations.
With Few Exceptions, Energy Companies Certify Financial Results with SEC
Despite being the target of multiple federal investigations into potential trading irregularities, the majority of energy companies reported Wednesday that they certified the accuracy of financial information contained in their second-quarter 10-Q filings and their annual 10-K filings for 2001 in compliance with the Securities and Exchange Commission (SEC) regulations.
SEC Opens Inquiries into ‘Wash’ Trades of El Paso, Duke Energy
As if the investigations facing them and other western suppliers at the Federal Energy Regulatory Commission weren’t enough, energy giants El Paso Corp. and Duke Energy confirmed Friday that they have received informal inquiries from the Securities and Exchange Commission (SEC) about their round-trip, or “wash,” trading activities.