Note

(Editor’s Note: This story originally ran in the March 7 edition of Daily GPI)

(Editor’s Note: This story originally ran in the March 7 edition of Daily GPI)

NGPL reported receiving notification that there will be no upstream processing at inputs into the Louisiana Line for January. Absent mitigating actions acceptable to the pipeline, effective Jan. 1 until further notice NGPL may not confirm nominations of any gas source for receipt into the Louisiana Line (Segments 23, 24 and 25) that would cause the line’s gas quality blend to exceed 1,050 Btus per cubic foot. See the bulletin board for details.

Merrill Lynch said in an equity research note that at least 7,000 MW of nearly built power generation has been canceled. In fact, of the 7,000 MW, nearly 75% was more than 20% completed. Another 5,800 MW of already completed plants has been mothballed, and an additional 25,000 MW of proposed generation has been taken off the drawing board.

CenterPoint Energy Inc. (formerly Reliant Energy) is committed to reducing its debt and becoming more financially flexible. However, the credit ratings downgrade by Moody’s Investors Services to “junk” status points out the numerous financial problems still ahead for the Houston-based utility.

The October aftermarket opened on a heavily bullish note at eastern, southwestern and California points Monday with cash prices shooting up between about a quarter and a little more than 50 cents. However, Rockies numbers were flat to down as much as 20 cents, one source said. Lili officially became a hurricane — the fourth of the 2002 Atlantic season — Monday morning and was staying on a track similar to the one that Isidore followed before it caused widespread production outages in the Gulf of Mexico last week.

The September aftermarket got launched on a generally softening note Friday. Most points fell between about a nickel and a quarter from end-of-August levels, and also started out anywhere from about 15 cents to more than 50 cents below their first-of-month indexes. (Trading was done for the Sunday-Tuesday period since deals had been cut on Thursday for the last two days of August.)

After seeing its corporate credit rating downgraded to “junk status” and its stock fall to 78 cents at one point last week, embattled Williams Cos. Inc. got some much-needed good news on Friday. First, it announced it had reached a deal in principle with California and other parties, including Oregon and Washington, to resolve all outstanding litigation/claims and the hotly disputed issue of refunds for power overcharges, and then FERC signaled it probably would not strip the company of its license to sell electricity at unregulated rates

After seeing its corporate credit rating downgraded to two levels below “junk status” and its stock skid to a low of 78 cents at one point last week, Williams Cos. Inc. got some much-needed good news Friday. First, the company announced it had reached an agreement in principle with California and a number of other parties, including Washington and Oregon, on a settlement to resolve all outstanding litigation/claims and refunds for electricity overcharges, and then FERC signaled it probably would not strip Williams of its license to sell power at unregulated rates.