React

It didn’t take long for the natural gas industry and energy insiders to react to a New York Times (NYT) story on Sunday, which cited unnamed industry and government sources describing the shale gas industry as a “Ponzi” scheme with a future similar to Enron Corp. and the bursting of the dot.com bubble.

San Diego, CA-based Sempra Energy’s two utilities are the first in California to react to the increasingly sour economy in its headquarters state and nationwide, urging its retail utility customers Wednesday to seek various assistance programs offered by the utilities — Southern California Gas Co. (SoCalGas) and San Diego Gas and Electric Co. (SDG&E).

Municipals on the losing end of a price spike sparked by an erroneous storage report petitioned FERC commissioners Friday to act immediately to require daily storage reports. Joining industrial and chemical customers who issued their protests a day earlier, the American Public Gas Association (APGA) said consumers will pay almost a billion extra dollars for their natural gas in December due to the incorrect report, which was released just prior to Thanksgiving (see Daily GPI, Dec. 3).

Municipals on the losing end of a price spike sparked by an erroneous storage report petitioned FERC commissioners Friday to act immediately to require daily storage reports. Joining industrial and chemical customers who issued their protests a day earlier, the American Public Gas Association (APGA) said consumers will pay almost a billion extra dollars for their natural gas in December due to the incorrect report, which was released just prior to Thanksgiving (see Daily GPI, Dec. 3).

“Show me the money” continued to be the refrain from California state officials from the governor on down in the wake of the Federal Energy Regulatory Commission’s conclusion that wholesale energy markets were significantly manipulated in 2000-2001. Duke Energy claimed vindication, while companies cited claimed FERC’s evidence was distorted. And there was a concerted groan from all sides who are desperately waiting for the fat lady to sing.

“Show me the money” continued to be the refrain from California state officials from the governor on down in the wake of the Federal Energy Regulatory Commission’s conclusion that wholesale energy markets were significantly manipulated in 2000-2001. Duke Energy claimed vindication, while stock prices of Mirant, Reliant Resources and Dynegy took large hits, and a state legislative leader said the unfolding saga of the past energy crisis is “far from over.”

Futures traders spent most of Monday in a “wait’n-see position”poised to react quickly if the market broke in either direction.However, no fresh news could be gleaned from yesterday’s market andas a result the market took what has become the path of leastresistance lately to move lower in quiet trade. The Septembercontract slipped 2.1 cents to $1.926.