Prices shot higher by double-digit amounts nearly across the board Thursday as a palpable threat to Gulf of Mexico (GOM) production grew more intense, cash numbers had substantial support from the previous day’s 14.5-cent futures rise, and some regions such as the Midwest were heating up, although their contribution to cooling load was likely to be brief.
Palpable
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CPUC Approves Modified Settlement for PG&E Utility Bankruptcy Solution
In a packed business meeting in which anti-utility sentiments were palpable, California regulators Thursday narrowly (on a 3-2 vote) approved a modified settlement agreement for Pacific Gas and Electric Co. to emerge from bankruptcy, paying off $12 billion to its creditors and regaining an investment-grade credit rating. The action follows a last-minute compromise between the utility and the state’s leading utility consumer group, requiring state legislation to realize an estimated $1 billion in savings for PG&E’s retail electric utility customers.
December 19, 2003
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