Listening

Anyone watching and listening to energy markets knows that with higher and more volatile commodity prices comes the more frequent utterance of words such as “speculation” and “manipulation,” often in the same breath.

Anyone watching and listening to energy markets knows that with higher and more volatile commodity prices comes the more frequent utterance of words such as “speculation” and “manipulation,” often in the same breath.

ExxonMobil Corp.’s new CEO Rex Tillerson took it on the chin from disgruntled shareholders Wednesday listening to complaints about high fuel prices, exorbitant executive pay, underfunded pension plans and lack of a clear policy on alternative energy. But in the end, the protests — loud but mostly polite — failed to make much of a difference.

“Keep the lights on and keep the people warm. Keep listening to the customer…I think when we have failed to do that on both the power and gas side, industry has suffered and the country has suffered,” departing Chairman Pat Wood said when asked for his advice to commissioners and staff of the Federal Energy Regulatory Commission and the energy industry.

Feeling someone in Washington, DC, is finally listening to them, the 18-state Western Governors Association and its allies applauded the Senate’s adoption of an amendment last Thursday to the proposed energy bill that the governors believe will ensure a “regional role” in the development and enforcement of electricity grid reliability standards. Arizona’s Gov. Jane Dee Hull, chairperson of the Denver-based western governors’ group, called the action “good news for consumers and the industry.”

After listening to weeks of confusing and often mind-numbing testimony, FERC Chief Administrative Law Judge Curtis Wagner Jr. tossed parties a curve last week when he “strongly encourage[d]” them to reach a money settlement in the high-profile dispute in which El Paso Corp. affiliates are accused of engaging in illegal activity to inflate prices for natural gas in the California market.

If you made the trip to Capitol Hill or were listening over theWeb last Thursday, your jaw probably dropped a few inches whenChairman Thomas Bliley (R-VA) of the House Commerce Committeeannounced to a packed hearing room that he was postponing thescheduled markup on electric restructuring legislation until thisweek. At press time Friday, the committee hadn’t yet set a new datefor the markup, but an aide said the goal was to do it this week.

If you made the trip to Capitol Hill or were listening over theWeb yesterday, your jaw probably dropped a few inches when ChairmanThomas Bliley (R-VA) of the House Commerce Committee announced to apacked hearing room that he was postponing the scheduled markup onelectric restructuring legislation until next week.