FERC last Wednesday approved a combined settlement between El Paso Electric Co., the California attorney general, the California Electricity Oversight Board (CEOB) and FERC trial staff aimed at resolving allegations that the utility colluded with Enron during California’s energy crisis to manipulate the wholesale market and artificially inflate prices.
Oversight
Articles from Oversight
Senate Blocks Oversight of OTC Energy Derivatives for Second Time
An amendment sponsored by Sen. Dianne Feinstein (D-CA) to regulate the trading of over-the-counter (OTC) energy derivatives was shot down last Wednesday, marking the second defeat for the controversial proposal.
Transco, El Paso Settlements Top OMOI’s First-Year Success List
The two biggest success stories of FERC’s Office of Market Oversight and Investigations (OMOI) during its first year were a record $20 million civil penalty brought against Transcontinental Gas Pipe Line Corp. for engaging in marketing affiliate abuse, and a $1.7 billion settlement to resolve charges that El Paso Corp. drove up natural gas prices in California during the state’s energy crisis, said OMOI Director William F. Hederman last Tuesday.
CA Wants Market Abuse Evidence Included in FERC Contract Case
The California Public Utilities Commission (CPUC) and the California Electricity Oversight Board (CEOB) last Tuesday asked FERC to reopen the record in a proceeding involving the agencies’ challenge to several power contracts entered into by the California Department of Water Resources (CDWR) and various power suppliers during the state’s 2000-2001 energy crisis.
Transco, El Paso Settlements Top OMOI’s First-Year Success List
The two biggest successes of FERC’s Office of Market Oversight and Investigations (OMOI) during its first year were a record $20 million civil penalty brought against Transcontinental Gas Pipe Line Corp. for engaging in marketing affiliate abuse, and a $1.7 billion settlement to resolve charges that El Paso Corp. drove up natural gas prices in California during the state’s energy crisis, said OMOI Director William F. Hederman Tuesday.
House Proposal to Place CA Gas Pipes Under FERC Oversight Attacked
A House lawmaker from Texas quickly withdrew a proposal Tuesday to put all natural gas pipelines in California under the jurisdiction of FERC after he came under a barrage of criticism from his colleagues.
FERC Concerned With ‘Financial Health’ of Market Participants
While U.S. power markets remain in “fair to good condition,” FERC’s Office of Market Oversight and Investigations (OMI) remains concerned about “continued deterioration in the financial health of market players,” and what that is doing to market liquidity, OMI Chief Bill Hederman said last Wednesday.
Duke’s Market-Based Rate Authority Under Fire in CA
The California Electricity Oversight Board (CEOB) asked FERC to revoke the market-based rate authority of several Duke Energy affiliates to sell energy and ancillary services in California, arguing that conditions in the state’s troubled energy markets have “changed dramatically” since the Commission first gave market-based rate authority to sellers of power in California’s wholesale energy markets.
NM Pipe Safety Bill Sails through House
Intrastate pipeline safety legislation, which would give New Mexico authorities more oversight over lines running through the state, received unanimous support from the state’s House last week. The bill comes six months after El Paso Natural Gas Co.’s South Mainline near Carlsbad exploded killing 12 people from an extended family who were camping on the Pecos River (see NGI, Sept. 4, 2000).
NM Pipe Safety Bill Sails through House
Intrastate pipeline safety legislation, which would give NewMexico authorities more oversight over lines running through thestate, received unanimous support from the state’s House this week.The bill comes six months after El Paso Natural Gas Co.’s SouthMainline near Carlsbad exploded killing 12 people from an extendedfamily who were camping on the Pecos River (see Daily GPI, Aug. 22,2000).