Responded

Sen. Jeff Bingaman (D-NM) in a letter to the White House Wednesday outlined “13 specific steps” that President Bush could take using his existing authority to cut high-flying prices for natural gas and gasoline.

Transcontinental Gas Pipe Line Corp. and Trunkline Gas pipeline contend that their existing tariff provisions governing discount rates at secondary transportation points fully comply with the Federal Energy Regulatory Commission’s discount policy. But if necessary, Transco, a Williams pipeline, said it was willing to remove certain words from its tariff to quell agency concerns about its discounting practices.

El Paso Corp.’s board responded last Thursday to accusations that directors, faced with possible ouster at the company’s shareholder meeting this year, may vote out generous severance packages for displaced officers to dampen any drive by stockholders to unseat the board.

El Paso Corp.’s board responded Thursday to accusations that directors, faced with possible ouster at the company’s shareholder meeting this year, may vote out generous severance packages for displaced officers to dampen any drive by stockholders to unseat the board.

Kansas City, MO-based Aquila Inc. responded to Thursday’s 52% drop in its share price by restating its confidence in its liquidity position, credit standing and its preparedness for any sudden collateral requirements in the event of a credit ratings downgrade to junk status.

Kansas City, MO-based Aquila Inc. responded to last Thursday’s 52% drop in its share price by restating its confidence in its liquidity position, credit standing and its preparedness for any sudden collateral requirements in the event of a credit ratings downgrade to junk status. Aquila currently is rated only one notch above junk status by Moody’s Investors Service and Fitch Ratings and two notches above junk by Standard and Poor’s.

Bankruptcy-consumed Pacific Gas and Electric Co. last week responded to state regulatory requirements by notifying the consumer branch of the California Public Utilities Commission of its intent to file a 2003 general rate case for $478 million, taking up the slack from reductions in the 4-cent/kWh surcharge that has been effective since mid-2001.

Williams Cos. and Dynegy Corp. responded quickly to stories alleging certain activities that appeared last Wednesday in the Wall Street Journal, with spokesmen for both companies calling the two separate stories misleading. Williams reported it was not being investigated by the Securities and Exchange Commission (SEC), noting that a review by the SEC of third quarter results of 2001 found the company did not have to make any financial adjustments. Dynegy, scrutinized for a transaction that was approved by two separate accounting firms, said the Journal had “unfairly mischaracterized the transaction and chose to question its intent.”

Billing them as “two new whistleblowers,” California political officials responded last week to heavy counterattacks in the news media by Duke Energy North America, which strongly argues it has done nothing wrong. The state politicians brought forth two additional former power plant workers who allege wrongdoing by Duke in the operation of a San Diego County generation plant.