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FERC last Thursday agreed to defer action in high-profile complaint case alleging gas price manipulation until June 4 to allow El Paso Corp. and California parties time to finalize their settlement and submit it to the agency, but it wasn’t happy about it.

Citing the uncertainty looming over the high-profile complaint case against El Paso Corp. at FERC, Moody’s Investors Service cut the senior unsecured debt ratings of the Houston-based energy corporation and its subsidiaries to junk status, or Ba2 from Baa3 last Tuesday, and also assigned a senior implied rating to El Paso of Ba1. It put the ratings outlook for embattled El Paso at negative.

Citing the uncertainty looming over the high-profile complaint case against El Paso Corp. at FERC, Moody’s Investors Service downgraded the senior unsecured debt ratings of the Houston-based energy corporation and its subsidiaries to junk, or Ba2 from Baa3 Tuesday, and also assigned a senior implied rating to El Paso of Ba1. It said the rating outlook for embattled El Paso was negative.

The Federal Energy Regulatory Commission on Wednesday rejected requests to reschedule oral arguments in the high-profile complaint case pitting the California Public Utilities Commission (CPUC) against El Paso Corp.

FPL Group last week raised its full-year 2002 earnings forecast by about 5 cents a share, and now expects earnings through next year will be on the rise as well. As it had expected, the third quarter was hit with charges in its unregulated power group and mark-to-market accounting, which pushed earnings down 55% over the same period of 2001. Minus the charges, FPL surpassed Wall Street estimates.

FERC will issue a final report on the results of its high-profile investigation into manipulation of energy prices in western markets either by the end of the year or in mid-February 2003 at the latest, Chairman Pat Wood told energy analysts and executives last week.

The Federal Energy Regulatory Commission will issue a final report on the results of its high-profile investigation into manipulation of energy prices in western markets either by the end of the year or in mid-February 2003 at the latest, Chairman Pat Wood told energy executives Wednesday.

Although it does not say much about its oil-related operations externally, some crude oil profit-taking is ongoing within the expanding San Diego-based Sempra Energy holdings, known mostly for having the largest retail utility customer base in the nation. In reports to internal audiences in recent months, Sempra has talked up its oil/gas mineral rights covering 5.2 million acres across 31 states, and most recently a 21-year record oil trading volume (Jan. 7) that its trading unit helped the International Petroleum Exchange (IPE) achieve.

Although it does not say much about its oil-related operations externally, some crude oil profit-taking is ongoing within the expanding San Diego-based Sempra Energy holdings, known mostly for having the largest retail utility customer base in the nation. In reports to internal audiences in recent months, Sempra has talked up its oil/gas mineral rights covering 5.2 million acres across 31 states, and most recently a 21-year record oil trading volume (Jan. 7) that its trading unit helped the International Petroleum Exchange (IPE) achieve.