Launched

In the first-ever probe of a company’s online trading system or its derivatives trading practices, the Commodity Futures Trading Commission (CFTC) has launched a full investigation into Enron Corp.’s commodities activities, centering on whether the former trading giant committed fraud or manipulated markets through improper trading on commodity exchanges. An Enron spokesman said the company would cooperate with the inquiry.

The slippery downhill slope on which prices were launched Wednesday, somewhat befittingly during the Winter Olympics in Salt Lake City, got steeper Thursday, especially for Northeast citygates. Most points saw drops ranging from about a nickel to a little more than a dime, with those on either side of a dime being most prevalent. But numbers in the warming Northeast dove by as much as 49 cents.

Enron Corp. reported Wednesday that the U.S. Securities and Exchange Commission (SEC) has launched a formal investigation into “certain of the matters that were the subject of recent press reports and that previously were the subject of an informal inquiry” — all centered on the company’s related-party transactions.

The New Power Co. (TNPC) has launched the Energy Saving Center, a group of online tools to help residential consumers and small commercial businesses reduce energy usage and costs. The company said key elements of the center are the home and business analyzers. These on-line audit tools, which are free, provide a top-to-bottom analysis of energy usage, and offer specific recommendations on behavior modification and products that can save energy, the company said. The products can then be purchased through the Energy Efficient Products Online store. The Home Analyzer allows residential consumers to learn how much money people in homes similar to theirs spend on energy. They can also uncover specific energy-saving opportunities in their own homes. Using the Business Analyzer, small businesses can choose to analyze one facility or multiple sites. TNPC said the tool examines each aspect of a business’ energy use — including which appliances or systems use the most energy — and provides customized analyses, recommendations, and a means to track their progress. The Energy Saving Center can be found on www.newpower.com.

Tulsa-based Williams on Monday launched uE, a cross-commodity price index for both spot and future energy prices, as a companion to its web-based EnergyNewsLive.com. Similar to the Dow Jones for equity markets, the Williams uE will offer an equivalent benchmark for the overall price of energy, measuring the price average of eight individual commodities: electricity, natural gas, unleaded gasoline, heating oil, ethane, propane, residual fuel and jet fuel.

Calgary-based Enbridge has launched a new company, Enbridge Atlantic Energy Services Inc., to sell natural gas commodity contracts to customers in New Brunswick. The company said last week that consumers who are considering the switch to natural gas for their heating needs now have more choices when purchasing their gas supply.

Calgary-based Enbridge Inc. reported on Wednesday that it has launched a new company, Enbridge Atlantic Energy Services Inc., to sell natural gas commodity contracts to customers in New Brunswick. The company said that consumers who are considering the switch to natural gas for their heating needs now have more choices when purchasing their gas supply.

No one appeared to be shocked when the September aftermarket got launched Friday with prices way below both bidweek and end-of-August levels. The double whammy of a long holiday weekend coupled with decidedly weak weather fundamentals proved to be a potent price-cutter. All Rockies/San Juan and a few other scattered points fell below $2. Rockies pipes were seeing their first sub-$2 averages since trading for June 11 flows.

El Paso Corp. officially launched its friendly C$347 million ($228 million) bid for Calgary’s Velvet Exploration Ltd. on Thursday, which, when completed, would give the Houston-based producer about 172 Bcfe more in net reserves, 59% natural gas, in the highly sought after Western Canadian Sedimentary Basin. The acquisition was announced earlier this month (see Daily GPI, June 15).