Refusing

An energy trader has filed a lawsuit against Dallas-based Energy Transfer Partners LP and affiliates for alleged manipulation of the prices of natural gas futures contracts on the New York Mercantile Exchange (Nymex).

A federal court in Washington, DC, Thursday denied a request to enjoin major gas producers from refusing to sell gas for delivery to a number of Midwest municipalities and from raising the average wellhead price above the year-end 2004 level of $5.85/Mcf for the municipalities until a pending lawsuit is resolved.

While refusing to throw in the towel on competition in U.S. electricity markets, the Electricity Consumers Resource Council (ELCON) last Monday asserted that today’s power markets are plagued by a series of problems — including an inadequate transmission grid and icy relations between federal and state regulators — that must be fixed if restructuring is to successfully advance in the country.

FERC last week ordered bankrupt Enron Corp. to pay penalties of $1,000 per day for failing to turn over evidence to a public utility in Washington State as part of an agency proceeding exploring the company’s exploitation of West Coast energy markets in 2000-2001.

After refusing to bow to weak weather fundamentals in the previous two days, prices practically did a curtsy for weather Friday with declines ranging from about a dime to a quarter. The softness was fairly homogenous across geographic areas, although Northeast citygates and several western points tended to garner most of the drops of 20 cents or more.

After refusing to testify against his co-workers, former Dynegy tax attorney Jamie Olis, one of the architects of Project Alpha, was sent to a minimum security federal prison in Texas Thursday to begin serving a 24-year sentence. He was convicted of conspiracy and five counts of securities, wire and mail fraud last year for helping push through the 2001 scheme.

After refusing to testify against his co-workers, former Dynegy tax attorney Jamie Olis, one of the architects of Project Alpha, was sent to a minimum security federal prison in Texas Thursday to begin serving a 24-year sentence. He was convicted of conspiracy and five counts of securities, wire and mail fraud last year for helping push through the 2001 scheme.

Although both sides are refusing to give any details, settlement talks between California and San Diego-based Sempra Energy are ongoing and could encompass claims that collectively represent $1-2 billion. A spokesman for state Attorney General Bill Lockyer confirmed Tuesday that talks are taking place but he would not characterize their current status.

Although both sides are refusing to give any details, settlement talks between California and San Diego-based Sempra Energy are ongoing and could encompass claims that collectively represent $1 to $2 billion, according to a Bloomberg News report Monday following a meeting with Bill Lockyer, California’s attorney general (AG). A state AG spokesman confirmed the accuracy of the report Tuesday, although he would not characterize the status of the talks or their current stage.