Maryland

The U.S. Bankruptcy Court for the District of Maryland, Greenbelt Division last week approved National Energy & Gas Transmission Inc.’s (NEGT) plan of reorganization, paving the way for the power generation, marketing and pipeline company to emerge from bankruptcy in the next couple months. The company expects the plan to become effective by the end of May or early June.

The U.S. Bankruptcy Court for the District of Maryland, Greenbelt Division has approved National Energy & Gas Transmission Inc.’s (NEGT) plan of reorganization, paving the way for the power generation, marketing and pipeline company to emerge from bankruptcy in the next couple months. The company expects the plan to become effective by the end of May or early June.

With the opening of the Dominion Cove Point LNG LP facility in Maryland, liquefied natural gas imports will double this year, becoming about 5% of total U.S. natural gas supply if fully utilized, according to a report by Lehman Brothers analysts.

With the opening of the Dominion Cove Point LNG LP facility in Maryland, liquefied natural gas imports will double this year, becoming about 5% of total U.S. natural gas supply if fully utilized, according to a report by Lehman Brothers analysts.

The Dominion Cove Point LNG LP facility on Maryland’s eastern shore has been authorized to begin service following approval by FERC last week. The formerly mothballed terminal received its commissioning liquefied natural gas (LNG) shipment in July, and service was expected to begin this month (see Daily GPI, July 28).

The Cove Point liquefied natural gas (LNG) terminal on the eastern shore of Maryland was scheduled to undergo an inspection by FERC Wednesday and by the U.S. Coast Guard today. If all goes well, the mothballed terminal could receive a test LNG cargo on Friday, according to Dan Donovan, a spokesman for Dominion Resources, parent of Dominion Cove Point. He said the company also may consider plans later in the year to expand the plant and possibly its pipeline system to the Northeast gas grid.

Capping a nail-biting day for Allegheny Energy investors, the Maryland-based power company last Tuesday offered up good news for its shareholders. Allegheny said that based on substantial progress made in negotiations with lenders, two of its subsidiaries received extensions on waivers from bank lenders under their credit agreements through the end of this month.

Gas industry consultant Benjamin Schlesinger, president of Maryland-based Schlesinger and Associates, believes that federal regulators may require all natural gas companies to begin reporting their transactions to FERC in a way similar to what electric companies already do on a quarterly basis. Schlesinger, a 30-year gas industry veteran and former vice president at the American Gas Association, said in an interview that he wouldn’t be surprised at all if FERC issued a notice of proposed rulemaking on the matter sometime between now and December.

Before its sudden downfall, Enron remained at the top of the charts in energy trading and marketing, holding the lead for most of the history of NGI’s ranking of the largest gas marketing companies by volumes sold. It held that spot in the third quarter, but that soon will change, and the impact of Enron’s fall probably will reduce transaction volumes among the other top marketers in the near term, according to Ronald Barone of UBS Warburg.