Prepared

Saying FERC staff has only “scratched the surface of the amount of material in hand,” a FERC staff member on Tuesday used prepared testimony to recommend further review of Enron Power Marketing Inc. (EPMI) energy trader audio tapes of telephone conversations [EL03-180, et al.].

It’s either “A Bipartisan Strategy to Meet America’s Energy Challenges,” prepared by a group of leading energy experts or a “Blueprint for Tax/Consumer-Funded Boondoggle….funded by left-wing foundations,” depending on whose press release you are reading.

It’s either “A Bipartisan Strategy to Meet America’s Energy Challenges,” prepared by a group of leading energy experts or a “Blueprint for Tax/Consumer-Funded Boondoggle….funded by left-wing foundations,” depending on whose press release you are reading.

ChevronTexaco Corp.’s stock restructuring deal with Dynegy Inc. may help it realize a gain in its third quarter income, and also help it book an increase in the value of its Dynegy securities in its second quarter report, the company said after the Dynegy announcement last week (see related story).

A preliminary vote tabulation prepared by an independent inspector has affirmed that shareholders voted to elect all 12 of El Paso Corp.’s board of director nominees at the annual meeting in June. On the day of the annual meeting, Ronald Kuehn Jr., El Paso’s interim CEO, announced that the board had been elected in a close vote (see Daily GPI, June 18).

As the Federal Energy Regulatory Commission prepared to act on its investigation into California’s charges of gas and electricity market manipulation, it ruled Friday it would release most of the company records submitted in the case on March 26 — the date scheduled for a decision — or later. The Commission’s issuance of the order Friday gives the companies time to press for injunctions against the release of confidential information.

Williams Cos. CEO Steve Malcolm said Friday the company is “prepared to do whatever it takes” to improve the company’s balance sheet, including selling more assets if the opportunity arises. However, he said the sale of the Kern River Gas Transmission system to a Berkshire Hathaway subsidiary — and an additional investment in Williams by the Warren Buffett-led company — affords it the opportunity to grow the business in the way it needs to grow.

Williams Cos. CEO Steve Malcolm said Friday the company is “prepared to do whatever it takes” to improve the company’s balance sheet, including selling more assets if the opportunity arises. However, he said the sale of the Kern River Gas Transmission system (see Daily GPI, March 8) now will put the company in a cash neutral position, affording it the opportunity to grow the business in the way it needs to grow.

After about a year delay, EnergyClear Corp. (ECC) finally is prepared to launch an over-the-counter energy clearinghouse in the second quarter. A separate operating company, which was formed in December 2000 by the Bank of New York, Prebon Yamane and Amerex, will support one of the first industry-sponsored OTC clearinghouses with comparison, netting and settlement of wholesale energy contracts. Initial products will include various electricity and natural gas forward contracts (see Daily GPI, Dec. 4, 2000).