Private

Duke Energy on Wednesday completed the sale of its exploration and production subsidiary, Duke Energy Hydrocarbons LLC (DEH), to a private company for $83 million.

In an effort to expedite regulatory approval of CMS’ sale of Panhandle Eastern Pipe Line and subsidiaries, AIG Highstar Capital LP., a private equity fund sponsored by American International Group, has decided to withdraw from the transaction, making Southern Union the sole purchaser of the interstate gas pipeline business.

California’s coalition of state government agencies and private-sector utilities late Friday asked the Federal Energy Regulatory Commission to reconsider its March 26 ruling on future wholesale power refunds to consider all of the additional evidence the state coalition provided early in March. The move came three days after FERC granted a rehearing on the narrower issue of the natural gas pricing formula used in the refund case.

Calgary-based Endev Energy Inc. announced Friday that it has acquired five small private companies for C$11.5 million. The companies jointly own an interest in nine oil and gas producing properties located in Alberta.

Five major energy companies are the majority of the private-sector firms signing a consent decree with California state officials Thursday to clean up a 38-acre toxic waste site in Huntington Beach, CA, that was abandoned nearly 20 years ago and has sat vacant. Gov. Gray Davis announced the agreement, calling it a “significant achievement.”

Bullied by sudden and seldom-seen agreement between private and governmental weather forecasting agencies last week, natural gas futures spiked 40-50 cents higher Wednesday evening and Thursday as traders initiated long positions that they had liquidated over the past several weeks.

Apache Corp. said Tuesday it has acquired producing properties in South Louisiana valued at $260 million from an undisclosed private company, a move it predicts will boost its domestic natural gas production by more than 10%.

Under a new California law passed this year (SB 39XX) to tighten private sector power plant maintenance and operating standards, a newly created three-person committee will meet next week to begin a two-month process for cranking out the tougher state standards early next year. The California Independent System Operator (CAISO) will submit draft rules for the committee’s initial review Dec. 20.

Natural gas futures exploded to the upside Tuesday morning as traders reacted to private weather forecasts suggesting the December thaw will be short-lived, and temperatures will return to below normal by the end of the month. After gapping higher at the opening bell, the market was quickly whisked above recent highs by buy stop-loss orders positioned in the mid to upper $4.40s. The January contract finished at $4.636, up 27.7 cents for the session and within easy striking distance of six-week contract highs at $4.66.