Possibilities

Triangle Petroleum Corp. recorded the first profitable quarter in its history, is on track to meet its production goals and is excited about the possibilities from a joint venture (JV) in the Bakken Shale, officials said last week.

As the company continues to discuss merger possibilities with the Chicago Mercantile Exchange (CME), Nymex Holdings, parent company of the New York Mercantile Exchange Inc. (Nymex), on Friday reported record 4Q2007 and full-year 2007 revenues.

Admitting the possibilities for market abuse in its currentsystem, California’s Independent System Operator (Cal-ISO) lastweek responded to federal regulators’ criticism of its congestionmanagement approach. The ISO suggested interim changes for the restof this year while it works out a broadly based congestion plan.Both the Federal Energy Regulatory Commission and Cal-ISO agreedthere is “a serious flaw in the existing intra-zonal managementscheme” for the California grid operations.

Admitting the possibilities for market abuse in its currentsystem, California’s Independent System Operator (Cal-ISO) thisweek responded to federal regulators’ criticism of its congestionmanagement approach. The ISO suggested interim changes for the restof this year while it works out a broadly based congestion plan toaddress the admitted shortcomings in its zonal pricing approach.Both the Federal Energy Regulatory Commission and Cal-ISO agreedthere is “a serious flaw in the existing intra-zonal managementscheme” for the California grid operations.

As part of broad-based statewide investigation the first half of1999, California will explore possibilities for opening upelectricity distribution to competition as an extension of thestate’s ongoing energy industry restructuring. Potential impact onthe natural gas industry will be part of the investigation orderedearlier this month by the California Public Utilities Commission.