Landed

Nearly a week after a bill that would temporarily block hydraulic fracturing (fracking) in the Empire State landed on his desk, New York Gov. David Paterson has not decided if he will sign or veto the legislation.

Eight weeks after resigning as chairman of the Federal Energy Regulatory Commission (FERC) (see Daily GPI, March 10), Joseph Kelliher has landed with FPL Group Inc. in a newly created position to lead its federal regulatory team. Kelliher, who had been a FERC commissioner from November 2003 until mid-March 2009 and chairman from July 2005 until January 2009, has joined FPL as executive vice president, federal regulatory affairs, overseeing all aspects of the company’s federal energy regulatory policy. Kelliher will report to FPL CEO Lewis Hay III. “Federal regulatory issues are increasingly complex and affect the company in new ways as we have grown to encompass energy operations in 27 states,” Hay said. “As America’s most forward-looking energy company, we feel an obligation to provide leadership and a strong point of view to the shaping of federal energy policy while also demonstrating our commitment to compliance and strong governance. There are few who can match the breadth and depth of knowledge and experience that Joe will bring to this role.” Juno Beach, FL-based FPL has approximately 39,000 MW of generating capacity and more than 15,000 employees in 27 states and Canada. The company’s principal subsidiaries are NextEra Energy Resources LLC, the largest generator in North America of renewable energy from the wind and sun; and Florida Power & Light Co., which serves 4.5 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the country.

Chesapeake Energy Corp., whose stock price has been pummeled in the last couple of months, caught a break on Thursday after it landed a fresh line of credit for a new midstream spin-off and after the market responded positively to rumors that BP plc, already a joint partner, may be eyeing some of its natural gas assets.

The generating capacity boom may have crash landed, but energy markets should begin to renew their interest in building as soon as 2007, according to a report by Energy Security Analysis Inc. (ESAI). However, the Wakefield MA-based analysts said actual market conditions to support cash flow needs for new generators may not return until 2009.

Just when the embezzlement scandal that landed the former president of the Natural Gas Supply Association (NGSA) in prison two years ago was becoming a faint memory, two lawsuits have been filed in Superior Court in the District of Columbia that accuse the producer trade group’s current president, R. Skip Horvath, of “financial misconduct” and violating internal control procedures.

Just when the embezzlement scandal that landed the former president of the Natural Gas Supply Association (NGSA) in prison two years ago was becoming a faint memory, two lawsuits have been filed in Superior Court in the District of Columbia that accuse the producer trade group’s current president, R. Skip Horvath, of “financial misconduct” and violating internal control procedures.

Once it acquires Eastern Enterprises, KeySpan Corp. will havelanded a big fish with a full belly as the Weston, MA-based holdingcompany is just now about to digest its third LDC acquisition inless than two years. The friendly deal, announced yesterday, hasEastern going for $64/share or about $2.5 billion.

Once it acquires Eastern Enterprises, KeySpan Corp. will havelanded a big fish with a full belly as the Weston, MA-based companyis just now about to digest its third LDC acquisition in less thantwo years. The friendly deal, announced yesterday, has Easterngoing for $64/share or about $2.5 billion.

Aquila Energy landed a whopper supply deal last week withChicago-based ComEd, one of the largest electric utilities in thecountry. The contract is for up to 625,000 Dth/d and Aquila said itis the largest single natural gas contract that has ever beenarranged in the energy industry. Although terms of the one-yeartransaction were not released, marketing sources and NGI’s pricingstaff confirmed the deal is tied to NGI’s Chicago cash index, oneof the most widely used indexes in the industry.