Reveals

Sen. Pete Domenici (R-NM) expressed concern Thursday that patience may be growing short for the Senate to pass energy legislation in a comprehensive form.

As the Federal Energy Regulatory Commission prepared to act on its investigation into California’s charges of gas and electricity market manipulation, it ruled Friday it would release most of the company records submitted in the case on March 26 — the date scheduled for a decision — or later. The Commission’s issuance of the order Friday gives the companies time to press for injunctions against the release of confidential information.

As the Federal Energy Regulatory Commission prepared to act on its investigation into California’s charges of gas and electricity market manipulation, it ruled Friday it would release most of the company records submitted in the case on March 26 — the date scheduled for a decision — or later. The Commission’s issuance of the order Friday gives the companies time to press for injunctions against the release of confidential information.

The Federal Energy Regulatory Commission revealed Thursday a previously confidential report it completed before entering into a refund and consent agreement with Williams Energy Marketing and Trading Co. for its management of AES Corp. generating capacity last year. The settlement came after the Commission had issued a show cause order accusing the two companies of withholding generating capacity to drive up power prices in California (see Daily GPI, May 2, 2001).

With an informal inquiry under way by the Securities and Exchange Commission (SEC), Reliant Resources Inc. CEO Steve Letbetter revealed last week that the company suspended an employee in its accounting department and another employee in the risk management division who apparently were involved in the company’s earnings restatement, first announced in February. Reliant Resources said earlier this month that the SEC had launched in informal inquiry, but the CEO said he was unaware of any outstanding issues.

The currency devaluation instituted last Sunday in Argentina is expected to impact both the sales and costs of Dallas-based Pioneer Natural Resources Co., which has 17% of its oil and gas reserves in the South American country. The company expects it will likely recognize non-cash charges to reflect the impact of the peso devaluation, but it is too early to assess what those charges may be.

Despite the recent topsy-turvy events that have plagued the energy industry over the past couple of months, AEC’s board of directors said Monday that it has approved the company’s 2002 capital budget and confirmed that AEC is on course to achieve its strategic growth plans through 2004.

California regulators and two state utilities have asked FERC Chief Administrative Law Judge Curtis Wagner to admit a highly sensitive internal memorandum, that allegedly demonstrates the intimate working relationship between parent El Paso Corp. and affiliates El Paso Natural Gas and El Paso Merchant Energy Co. (EPME), into the record of the high-profile proceeding exploring charges of affiliate abuse.

California regulators and two state utilities have asked FERC Chief Administrative Law Judge Curtis Wagner to admit a highly sensitive internal memorandum, that allegedly demonstrates the intimate working relationship between parent El Paso Corp. and affiliates El Paso Natural Gas and El Paso Merchant Energy Co. (EPME), into the record of the high-profile proceeding exploring charges of affiliate abuse.