Dynegy Inc.’s two-year restructuring struggle paid handsome returns in the third quarter, with the Houston-based company reporting profit nearly 16 times above the same period a year ago, and well above analyst forecasts. The company now expects 2004 earnings to range between 20-25 cents — busting an earlier guidance of 3-8 cents.
Powers
Articles from Powers
El Paso Powers Up Line 2000 Capacity Expansion
El Paso told shippers on its southern mainline that on May 1 it will be adding 100 MMcf/d of new firm transportation capacity in Phase II of its Line 2000 Power-Up project, which was started in February with a 120 MMcf/d Phase I expansion. Phase III is expected to follow with another 100 MMcf/d.
El Paso Powers Up Line 2000 Capacity Expansion
El Paso told shippers on its southern mainline that on May 1 it will be adding 100 MMcf/d of new firm transportation capacity in Phase II of its Line 2000 Power-Up project, which was started in February with a 120 MMcf/d Phase I expansion. Phase III is expected to follow with another 100 MMcf/d.
FERC Seeks Comment on Enforcement Powers in California
In its report on western energy market manipulation, FERC staff concluded the agency has sufficient authority under the CAISO and now-defunct Cal-PX Market Monitoring and Information plans (MMIP) to take enforcement action against “bad actors” in the California energy markets. The Commission, however, requested last week that industry comment on staff’s interpretation of the extent of FERC’s authority under the MMIP.
FERC Seeks Comments on Its Enforcement Powers in California
In FERC’s report on western energy market manipulation that was issued last week, agency staff concluded the Commission had sufficient authority through the CAISO and now-defunct Cal-PX Market Monitoring and Information plan (MMIP) to take enforcement action against the “bad actors” in the California energy markets. FERC on Wednesday requested industry comments on staff’s interpretation of the extent of FERC’s authority under the MMIP.
FERC Strips Transwestern of Negotiated-Rate Power, Orders Refunds, NOI
In a rare flexing of its disciplinary powers, the Federal Energy Regulatory Commission last week suspended for one year the authority of Enron subsidiary Transwestern Pipeline Co. to negotiate rates based on basis differentials and ordered shipper refunds for excess charges, which at times reached 100 times the maximum regulated rate during the California energy crisis in 2000-2001. The Commission also issued a draft notice of inquiry (NOI) into all negotiated-rate transportation deals that are tied to basis differentials.
Bill Would Expand FERC’s Criminal, Civil Penalty Powers
Sen. Dianne Feinstein (D-CA) offered legislation last week to significantly broaden the Federal Energy Regulatory Commission’s authority to impose criminal and civil penalties for illegal activities in both natural gas and electricity markets. Sen. Jeff Bingaman (D-NM), chairman of the Senate and Natural Resources Committee, indicated House-Senate conferees may consider folding the Feinstein measure into the omnibus energy bill.
Texas Powers Past Pennsylvania in Electric Deregulation Index
Texas leads the nation in electricity restructuring, overtaking Pennsylvania, according to the latest edition of the Retail Energy Deregulation Index (RED Index), which was released last Monday by the Center for the Advancement of Energy Markets (CAEM). The 2001 index shows that despite California’s well-publicized troubles and the impact of the Enron collapse, the U.S. and Canada continue to make progress on electric restructuring.
Senate Short-Circuits Efforts to Expand FERC Powers
The Senate last week scaled back proposals in its omnibus energy bill that sought to expand the authority of the Federal Energy Regulatory Commission to review energy mergers, remedy “unjust” electricity rates, award market-based rate authority and order the construction of transmission facilities.
Senate Short-Circuits Efforts to Expand FERC Powers
The Senate has scaled back proposals in its omnibus energy bill that would have expanded the authority of the Federal Energy Regulatory Commission to review energy mergers, remedy “unjust” electricity rates, award market-based rate authority and order the construction of transmission facilities.