Quality

Dual proposals by Michigan Consolidated Gas (MichCon) to lower commodity costs and raise distribution charges will in the long run increase monthly gas bills for the typical residential customer by 7% on an annualized basis.

Mirant Corp., which made a Chapter 11 bankruptcy filing on July 14, reported a first quarter net loss of $28 million, or a loss of 7 cents/share, which was substantially larger than its restated net loss of $10 million, or 6 cents/share, for the first quarter 2002. In addition, Mirant restated prior financial results in amended 10-Qs for each of the first, second and third quarters of 2002, as well as an amended 2002 Form 10-K for its Mirant Americas Generation LLC subsidiary.

The White House Council on Environmental Quality and the Task Force on Energy Project Streamlining have scheduled a meeting on Aug. 26 in Denver to discuss the formation of the Rocky Mountain Energy Council (RMEC), a state-federal partnership that would look for ways to streamline government handling of renewable and nonrenewable energy production and transmission projects. The RMEC is expected to have its first meeting before the end of the year, according to a Federal Register notice.

The White House Council on Environmental Quality and Task Force on Energy Project Streamlining has scheduled a meeting on Aug. 26 in Denver to discuss the formation of the Rocky Mountain Energy Council (RMEC), a state-federal partnership that would look for ways to streamline environmentally government handling of renewable and nonrenewable energy production and transmission projects. The RMEC is expected to have its first meeting before the end of the year, according to a Federal Register notice.

Saying Questar Crossover 16 receipt point gas quality was tested and adheres to its tariff standards (see Daily GPI, May 7), Northwest resumed accepting nominations there in Wednesday’s intraday cycle.

NGPL said gas quality problems that arose at two receipt points over the weekend have been resolved. It was scheduling at normal levels Monday for the Enogex-Latimer and EPGT-Panola points in Latimer County, OK and Panola County, TX respectively.

The Oil & Gas Asset Clearinghouse will hold its next Hybrid Live Floor/Internet Auction, offering 1,525 quality oil and gas properties combined into 253 lots, at the George R. Brown Convention Center in Houston on Jan. 30. For the third consecutive year, the clearinghouse has been selected to hold an auction in conjunction with the North American Prospect Expo (NAPE). Properties in the auction are located in 15 states. Sellers include BP, 3-TEC Energy, PITCO, Redstone Energy, Bass Enterprises, Permian Basin Acquisition Fund, Delta Petroleum, Yuma, Casillas Petroleum and many others. Some of the more notable properties being offered include Red River Production’s Ladder Creek Field in Cheyenne County, CO; Southwestern Energy’s Wattenberg Field in Weld County, CO; Harris Oil & Gas’ Victory Field in Haskell and Morton Counties, KS; and Bass Enterprises’ Leleux Field in Acadia Parish, LA. The properties can be previewed online through Data Room Explorer hosted on the Petroleum Place web site (www.petroleumplace.com). Data rooms, including complete seller files for most of the notable properties, are open through Jan. 27. Call the clearinghouse at (281) 873-4600 to schedule a data room appointment. A pre-sale conference will be held Jan. 29 at the convention center from 8 to 5 p.m. All seller files will be available for review at that time.

The White House Council on Environmental Quality (CEQ) announced last week 10 federal agencies have signed an agreement aimed at improving interagency coordination and cooperation in the permitting of natural gas transmission pipelines.

Citing the downgrade of El Paso Energy Corp. as part of the reason for its action, Moody’s Investors Service downgraded the senior secured debt of a MidAmerican Energy Holdings Co. subsidiary that owns and operates a 537 MW natural gas-fired combined cycle generation plant located in the Midwest.