Owner

Reaffirming PJM’s current “license plate” rate design for allocating the cost of existing facilities and new owner-initiated facilities, FERC late last week reversed the findings of an administrative law judge (ALJ) in a July 2006 initial decision. The judge had found that utilities should pay a uniform “postage stamp” rate for access to the regional transmission grid.

Pirate Capital LLC, owner of about 17.6 million shares of Aquila Inc. — the target of two friendly acquisitions announced this week — said Friday it opposes Aquila’s proposed deals with Great Plains Energy and Black Hills Corp. (see Daily GPI, Feb. 8).

New York Mercantile Exchange owner Nymex Holdings Inc. said late last month that it expects to raise $288-312 million through the offering of six million shares of the company’s stock at its upcoming initial public offering (IPO).

New York Mercantile Exchange owner Nymex Holdings Inc. said late last month that it expects to raise $288-312 million through the offering of six million shares of the company’s stock at its upcoming initial public offering (IPO).

El Paso Corp.’s exploration and production subsidiary on Friday agreed to pay $255 million to acquire Laredo Energy III LP, which operates and is majority owner of some producing properties and undeveloped acreage in Zapata County, TX. The assets have current net production of 18 MMcfe/d, with estimated proved reserves of 84 Bcfe. About 73% of the proved reserves are undeveloped.

The Supreme Court last week rejected pipeline owner El Paso Corp.’s petition for a review of a Louisiana court ruling that denied the company a refund of overpayments on property taxes that allegedly were caused by the state’s discriminatory assessment of pipelines.

The Supreme Court earlier this week rejected pipeline owner El Paso Corp.’s petition for a review of a Louisiana court ruling that denied the company a refund of overpayments on state property taxes that allegedly were caused by the discriminatory assessment of pipelines.

Baker Hughes said it expects to record a pre-tax gain of $1.74 billion from the sale of its 30% minority stake in seismic operator WesternGeco to co-owner Schlumberger for $2.4 billion in cash. Baker Hughes intends to use the proceeds to buy back stock. Cash proceeds, net of tax, are expected to be $1.8 billion.

Natural gas pipeline owner Williams Cos. moved into the financial win column in the 2004 fourth quarter from the year-earlier period due to a gain associated with an insurance arbitration award and reduced debt levels.