Positive

Pacific Gas & Electric declared a systemwide Stage 2 high-inventory OFO for today. The tolerance for positive daily imbalances was as tight as possible at zero; the penalty for excess gas is $1/Dth.

Williams ended a rocky week Friday with two major credit ratings agencies split on how to evaluate its obligations to its spin-off, Williams Communications Group (WCG), and at least five class action lawsuits filed claiming it misrepresented those obligations. Late Friday Moody’s Investors Service confirmed the ratings of the parent company (WMB, Baa2 senior unsecured) and its subsidiaries. Moody’s also confirmed the Baa3 debt rating of Williams Communications Group (WCG) Note Trust, a third-party special purpose vehicle to which Williams has a contingent obligation. In addition Moody’s said the rating outlook for both entities are stable.

A slightly more positive set of weather fundamentals kept flat numbers dominant in weekend trading Friday. There was a slight bias toward the downside, but few points fell by more than 1-2 cents.

Pacific Gas & Electric issued a systemwide Stage 2 high-inventory OFO for Friday but did not extend it to Saturday. The order had $1/Dth penalties for positive imbalances exceeding a stringent 1% tolerance.

Pacific Gas & Electric issued a systemwide Stage 2 high-inventory OFO for Saturday with $1/Dth penalties for positive daily imbalances exceeding a 2% tolerance.

Pacific Gas & Electric declared a systemwide Stage 3 high-inventory OFO for today with $5/Dth penalties for positive daily imbalances exceeding a 5% tolerance. Southern California Gas extended a similar Overnominations Day notice that had begun Thursday through at least today. SoCal’s OFO penalizes shippers for delivering into the system more than 110% of their actual usage. Violators pay a buyback tariff that is the lower of either SoCal’s lowest incremental gas purchase cost or 50% of its core subscription procurement charge.

Pacific Gas & Electric issued a systemwide Stage 2 high-inventory OFO for Saturday. Penalties were $1/Dth for positive daily imbalances exceeding what traders considered a very lenient tolerance of 11%. SoCalGas extended an Overnominations Day declaration into a second day Saturday.

Pacific Gas & Electric declared a systemwide Stage 2 high-inventory OFO for Saturday with $1/Dth penalties for positive daily imbalances exceeding a 3% tolerance.

Pacific Gas & Electric issued a systemwide Stage 3 high-inventory OFO for Saturday. It carries penalties of $5/Dth for positive daily imbalances exceeding a 9% tolerance.