November

Pepco Energy Services Inc. has called on FERC to conduct an investigation into the “serious problems” that allegedly occurred during a November capacity auction by Columbia Gas Transmission, which it said ultimately led to the rejection of valid bids made by Pepco and capacity being awarded to another shipper.

The Energy Information Administration (EIA) in its Short-Term Energy Outlook for November has raised its projections for average spot natural gas prices this year and next now that the winter heating season has officially gotten under way and industry begins to draw down the bulging storage levels that have helped to depress prices over the past couple of months.

The CEO of New York-based hedge fund Third Point LLC, which in November purchased a substantial stake in Pogo Producing Co. (see NGI, Nov. 27), on Friday demanded the company initiate a process to sell the company “in whole or part.” In a letter, Third Point CEO Daniel S. Loeb called the track record of Pogo’s CEO “long and meager” and said it was time for a change.

The CEO of New York-based hedge fund Third Point LLC, which in November purchased a substantial stake in Pogo Producing Co. (see Daily GPI, Nov. 27), on Friday demanded that the Pogo board initiate a process to sell the company “in whole or part.” In a letter, Third Point CEO Daniel S. Loeb called the track record of Pogo’s CEO “long and meager” and said it was time for a change.

With mother nature largely in control of the natural gas market, forecasting prices can be a real headache. Winter Henry Hub prices (November-March), for example, could average anywhere from $4 to $11.50, depending on whether temperatures are 13% warmer than normal or 12% colder than normal this winter, Energy and Environmental Analysis Inc. (EEA) said in its latest Monthly Gas Update. EEA’s best guess is an $8.48 winter average at the hub.

With mother nature largely in control of the natural gas market, forecasting prices can be a real headache. Winter Henry Hub prices (November-March), for example, could average anywhere from $4 to $11.50, depending on whether temperatures are 13% warmer than normal or 12% colder than normal this winter, Energy and Environmental Analysis Inc. (EEA) said in its latest Monthly Gas Update. EEA’s best guess is an $8.48 winter average at the hub.

The California Public Utilities Commission (CPUC) Thursday unanimously agreed to oppose a November statewide ballot measure (Proposition 90) to curb eminent domain seizures of private property because it could cost utilities and their customers tens of millions of dollars. New electric transmission line projects, and other infrastructure upgrades, could be delayed or halted, the five-member CPUC said.

A final environmental impact report (EIR) for the proposed liquefied natural gas (LNG) receiving terminal in Long Beach, CA, harbor has been pushed back to November, a spokesperson for the Port of Long Beach told NGI Wednesday, noting that the public comments were more extensive than previously expected. A final EIR was scheduled for release this month.

A statewide November California ballot measure aimed at curbing eminent domain powers (Proposition 90) threatens to have “significant impacts” on the California Public Utilities Commission (CPUC) and the private-sector utilities that it regulates, CPUC President Michael Peevey said Thursday during a review of the measure by the regulatory panel’s chief counsel.