Launching

FERC said Wednesday it is launching a broad-based review of its information-collection activities to determine what additional data it will need to bolster its oversight and monitoring of the electricity and natural gas industries. The effort is in part a response to unfavorable General Accounting Office (GAO) reports last year and in 2002, which found the Commission’s oversight and enforcement record to be lax.

Dynegy Inc. last week began climbing out of its deep debt-filled hole, launching a major junk bond refinancing project as well as a stock restructuring deal to pay off a credit line with ChevronTexaco Inc., its largest shareholder. If the transactions are completed as envisioned, Dynegy’s debt maturities would be “significantly” reduced over the next few years, including a portion of its recently restructured $1.66 billion credit facility and the secured financing of its Midwest generation assets.

FERC late Thursday said that it is launching an investigation as a result of allegations that former Enron CFO Andrew Fastow and Enron executive Michael Kopper created partnerships to mask the former energy trading giant’s stake in three wind power farms.

FERC late Thursday said it is launching an investigation as a result of allegations that former Enron Chief Financial Officer Andrew Fastow and Enron executive Michael Kopper created partnerships to mask the former energy trading giant’s stake in three wind power farms.

PG&E Corp.’s Bethesda, MD-based merchant energy operator, the National Energy Group (NEG), announced Thursday it is launching cutbacks that will include laying off some of its top executives, but will not materially impact its trading operations.

Despite launching an ambitious restructuring plan to boost liquidity by $2 billion and carry it safely into 2003, Dynegy was hit with further downgrades by all three credit ratings’ services, and its stock dipped precipitously low as the week progressed.

Traders found a mixed bag in launching the March aftermarket Thursday. Although swing prices began the month handily above indexes, they were generally flat to end-of-February numbers, but with sizeable variations to both the downside and upside.

Add the U.S. Treasury to the long list of institutions launching investigations in the wake of Enron Corp.’s collapse. U.S. regulations that protect investors are being reviewed by the department, Treasury Secretary Paul O’Neill said Sunday. O’Neill, speaking on NBC’s “Meet the Press,” said “it is not clear whether the company fulfilled all of its obligations under the existing rules,” regarding rules that allowed Enron’s management to sell stock while its employees were barred from doing the same thing.

Southern California Gas Co. said it is launching an informationcampaign this week to raise awareness of high natural gas prices.The campaign will include ads in major local newspapers and onradio stations, inserts in gas bills and direct mailings to alertcustomers to higher gas prices, explain the reasons for theincreases and outline their options to take greater control oftheir gas bills. SoCalGas is projecting that a monthly natural gaswinter bill for a typical residential customer will increase about$20, to $70 from $50. The company noted that unusually high demandthis summer has resulted in lower-than-expected gas storage levelsnationwide. This summer’s peak usage of natural gas on SoCal’ssystem for the first time exceeded the previous winter’s peak.SoCalGas is the nation’s largest gas distribution utility serving18 million consumers through 5 million meters. The company’sservice territory encompasses 23,000 square miles throughoutcentral and Southern California.