Loses

The latest question revolving around Houston and the energy trading community as the week begins is how low can Enron Corp.’s stock go? On Monday, the stock dropped to a low not seen since 1994, failing to boost investor confidence as it lobbied banks for a new credit line. As investors bailed, Moody’s Investor Service cut the energy trader’s long-term debt ratings, and by the time the New York Stock Exchange had closed, Enron had fallen another 10.9%, losing $1.60 to stand at $13.95.

Florida Gas Transmission (FGT) has advised FERC that marketersEnron North America Corp. and Dynegy Marketing and Trade havedropped out of its Phase V expansion project in the wake of aFlorida Supreme Court decision in April that dealt a serious blowto the development of merchant power in the state.

Florida Gas Transmission (FGT) advised FERC last week thatmarketers Enron North America Corp. and Dynegy Marketing and Tradehave dropped out of its Phase V expansion project in the wake of aFlorida Supreme Court decision in April that dealt a serious blowto the development of merchant power in the state.

The major rally that lifted the July contract 35.5 cents to$4.398 on Monday, gave way following some selling pressure earlyTuesday morning. After reaching a high of $4.505, July tumbled 26cents to a low of $4.245, and ended the day down 10.4 cents to$4.294. Volume was heavier than on Monday with 100,223 contractschanging hands.

TransCanada PipeLines Ltd. won a reprieve from a feared revenuehemorrhage but lost a battle for rights to administer strongmedicine of its own making against recurrences of the threat. In aruling on lengthy, hard-fought winter hearings, the National EnergyBoard authorized TransCanada to raise floor prices forinterruptible delivery service on excess capacity to 80% of ratesfor firm service from 50%, effective May 1. But the NEB rejectedpleas by the pipeline to decide independently on setting variableminimum charges on leftover space depending on its reading ofmarket conditions.

TransCanada PipeLines Ltd. won a reprieve from a feared revenuehemorrhage but lost a battle for rights to administer strongmedicine of its own making against recurrences of the threat. In aruling on lengthy, hard-fought winter hearings, the National EnergyBoard authorized TransCanada to raise floor prices forinterruptible delivery service on excess capacity to 80% of ratesfor firm service from 50%, effective May 1. But the NEB rejectedpleas by the pipeline to decide independently on setting variableminimum charges on leftover space depending on its reading ofmarket conditions.

Independent gas marketer Apollo Gas says it will appeal theAlberta government’s decision to yank its license over consumercomplaints about the manner in which it solicited business. Thelicense was revoked effective April 1; however, the company hasbeen issued a two-month conditional license so it can supply gas toexisting customers until May 31. After that, Apollo may sell itscontracts “at the agreed-upon price” to another marketer or alloweach account to revert back to the customer’s original utility.

Independent gas marketer Apollo Gas says it will appeal theAlberta government’s decision to yank its license over consumercomplaints about the manner in which it solicits business. Thelicense was revoked effective April 1; however, the company hasbeen issued a two-month conditional license so it can supply gas toexisting customers until May 31. After that, Apollo may sell itscontracts “at the agreed-upon price” to another marketer or alloweach account to revert back to the customer’s original utility.

Koch Gateway Pipeline last week lost out in its years-long questat FERC to be the first major interstate pipeline to winmarket-based rates for its primary firm and interruptibletransportation services on a system-wide basis. The issue is nowripe for court review.