Outlines

The Federal Energy Regulatory Commission staff has recommended that the Commission set requirements for natural gas price publications to use in conducting their price surveys, which the Commission then would review before allowing jurisdictional companies to use the published prices in any rate formulas.

Calgary-based Promax Energy Inc. said Thursday that it has drilled a “significant” new Manville channel discovery well in southern Alberta. Drilled late in 2002, the Promax-owned natural gas well tested at an absolute open flow rate of 17.7 MMcf/d following a single point flow and build up test.

Calgary-based Promax Energy Inc. said Thursday that it has drilled a “significant” new Manville channel discovery well in southern Alberta. Drilled late in 2002, the Promax-owned natural gas well tested at an absolute open flow rate of 17.7 MMcf/d following a single point flow and build up test.

El Paso Electric said Friday that it anticipates a final FERC ruling on its western energy crisis settlement no later than the end of 2003. EPE held a conference call to discuss and clarify the FERC trial staff settlement announced Thursday that resolves issues arising from the Federal Energy Regulatory Commission’s investigation into the company and Enron Corp (see Daily GPI, Dec. 6).

Speaking on his company’s pending mega-merger with Phillips Petroleum, Conoco CEO Archie Dunham told a Houston civic association that size does not matter much in a corporate merger; it’s how well the companies fit together that is important.

Officials from FirstEnergy’s nuclear operations division told the Nuclear Regulatory Commission (NRC) Wednesday they would submit a detailed plan in two weeks for repair of the corroded Davis-Besse reactor head in Ohio, with a goal of having the 883 MW unit back on line in July.

Duke Energy Chairman Richard B. Priory said it’s about time that corporate America acknowledge the crisis in investor confidence and work to repair trust with the public. He pointed to a recent Gallop poll in which 75% of the respondents said they believe that questionable financial practices occur at many large corporations.

“The breach of trust is deep and wide,” Priory said in a speech to the Economic Club of Detroit. “Business today is suffering from a crisis in confidence. This is no wake up call; it’s a screeching red alert.” Shareholder confidence is at an all-time low, he said.

Andrew Fastow, the 39-year-old former CFO for Enron Corp. who has become a central figure in the company’s dubious off-balance sheet transactions and earnings discrepancies that precipitated a stunning bankruptcy in six weeks time, held a telecast press conference from his attorney’s office in New York City, to quell rumors that he was “missing in action.” However, Fastow was there in body only, with his high-powered attorney, David Boies, doing most of the talking.