Lawmakers

FERC Chairman Pat Wood last Wednesday told federal lawmakers his agency hopes to be able to hand over to Congress in the next two weeks an interim report on the status of its five-month investigation into allegations that suppliers manipulated natural gas and electricity prices in California and other western energy markets.

FERC Chairman Pat Wood on Wednesday told federal lawmakers his agency hopes to be able to hand over to Congress in the next two weeks an interim report on the status of its five-month investigation into allegations that suppliers manipulated natural gas and electricity prices in California and other western energy markets.

FERC Chairman Pat Wood on Wednesday told federal lawmakers his agency hopes to be able to hand over to Congress in the next two weeks an interim report on the status of its five-month investigation into allegations that suppliers manipulated natural gas and electricity prices in California and other western energy markets.

President Bush has called on the U.S. Senate to take “quick action” on a comprehensive energy bill when lawmakers begin debate on the measure this week.

Anadarko CEO Robert J. Allison, speaking at last week’s Rocky Mountain Natural Gas Strategy Conference, said he believes that in the long term, natural gas prices will stabilize in the $4-$6 Mcf range, although he noted that “$3 is still a pretty darn good gas price” in the overall scheme of things.

A western senator yesterday urged Capitol Hill lawmakers not to spend too much time on the issue of drilling in the Arctic National Wildlife Refuge because, he cautions, it’s not going to get through Congress.

In an ironic twist of fate, California lawmakers have succeeded in deterring construction of new generation at the same time they are trying to solve their state’s energy shortage. Mirant Corp. said on Friday it will delay construction on its approved 530 MW expansion at its Contra Costa power plant because of market uncertainty. The plant received its permit May 29.

While California state lawmakers finally rushed to deal with theshort-term power supply crisis on Friday, the financial conditionof Southern California Edison (SCE) and Pacific Gas & Electricmoved closer to the terminal stage. So far the measures passedappear inadequate to cure the utilities’ financial woes, accordingto many observers. Unless creditors see some ray of hope incontinuing legislative action they soon could force the utilitiesinto bankruptcy.

California lawmakers and regulators — testifying in a publicsession two months before the general election — heaped the blamefor the state’s skyrocketing power prices on the Federal EnergyRegulatory Commission.