Operator

FERC last week broadened the bid-cap authority of the NewEngland Independent System Operator (ISO) to the chagrin of largepower marketers and utilities operating within the New EnglandPower Pool (NEPOOL).

California’s State Auditor General formally began contacting the state’s nonprofit electric grid operator (Cal-ISO) and wholesale spot power market (Cal-PX) Wednesday in a state legislature-ordered investigation that could lead to the merger of the two entities. The state’s electricity price spikes and supply shortfall this summer prompted legislative action in August ordering the probe.

California’s State Auditor General formally began contacting thestate’s nonprofit electric grid operator (Cal-ISO) and wholesalespot power market (Cal-PX) Wednesday in a state legislature-orderedinvestigation that could lead to the merger of the two entities.The state’s electricity price spikes and supply shortfall thissummer prompted legislative action in August ordering the probe.

As Altrade Power nears its one-year birthday, its operator Altrareleased some of the transaction statistics of the independentonline energy trading exchange. August saw personal bests beingbroken by the online trading platform in power, natural gasliquids, and natural gas, the company said.

Independent oil and gas operator Central Resources entered intotwo definitive sale agreements to sell specific oil and gasproperties and related facilities located in West Texas, themid-continent and Rockies areas, the four corners area and alongthe Texas, Louisiana and Mississippi Gulf Coast. Total proceedsfrom the sale are estimated at $70 million. Denver-based CentralResources CEO Paul Zecchi said the company will use the cashproceeds on “future acquisition and development opportunities”domestically as well as internationally. The sale transactions wereeffective on June 1, and are expected to be completed inmid-to-late September.

As Altrade Power nears its one-year birthday, its operator Altrareleased some of the transaction statistics of the independent onlineenergy trading exchange. August saw personal bests being broken by theonline trading platform in power, natural gas liquids, and naturalgas, the company said (see Daily GPI,Oct. 25, 1999).

The California Electricity Oversight Board has called on FERC toorder the state Independent System Operator (Cal-ISO) to maintainexisting bid caps on wholesale energy, ancillary services andreplacement reserves until the Commission completes its probe ofthe California bulk market, initiates reforms and finds the marketsto be “workably competitive.”

FERC yesterday ordered a formal investigation of the electricrates and the structure of the California’s Independent SystemOperator (Cal-ISO) and Power Exchange (Cal-PX), as well asmarket-based sellers in the state.

Given that the New York Independent System Operator (NYISO) isalready working to remedy market flaws in its system, FERC hasrejected the relief sought by Niagara Mohawk Energy Marketing Inc.(NIMO Marketing) in connection with the NYISO’s software-relatedfailure to export power to the Pennsylvania-New Jersey-Maryland(PJM) system in early May.