Reverses

ExxonMobil had presented its case for appeal to the state’s high court in April, arguing that the punitive damages awarded to the State of Alabama in December 2000 were “without merit” (see NGI, April 29).

The Alabama Supreme Court on Friday reversed a $3.5 billion judgment against ExxonMobil Corp. regarding a dispute over Mobile Bay, AL royalties. The case will be sent to a lower court for retrial, ExxonMobil said.

The U.S. Court of Appeals for the District of Columbia Circuit last Friday issued a ruling siding with Idaho Power in its challenge of two previous FERC orders that effectively blocked the power company from entering into a 10-year power deal to sell electricity to Idaho Power’s merchant group (IP Merchant).

Favorable weather and lower interest rates helped natural gas distributor NiSource Inc. reverse year-ago quarterly losses. The Merrillville, IN-based company, which serves 3.7 million natural gas and electric customers from the Gulf Coast through the Midwest to New England, reported 3Q net income of $23.2 million (11 cents a share), compared with a net loss of $21 million (minus 10 cents) for the same period of 2001.

Favorable weather and lower interest rates helped natural gas distributor NiSource Inc. reverse year-ago quarterly losses. The Merrillville, IN-based company, which serves 3.7 million natural gas and electric customers from the Gulf Coast through the Midwest to New England, reported third quarter net income of $23.2 million (11 cents a share), compared with a net loss of $21 million (minus 10 cents) for the same period of 2001.

In a reversal of its prior position, a federal appeals court has upheld FERC’s decision on remand reaffirming Tennessee Gas Pipeline’s switch in 1996 to the more competitive net-present-value (NPV) method for allocating pipeline capacity and primary receipt/delivery points on its system. Prior to 1996, the pipeline had offered capacity and primary points on a less competitive “first come, first-served” basis.

The small group of analysts who were thought to be crazy just two months ago when they predicted the gas storage deficit compared to levels last year would be erased in short order, are now proving to be soothsayers. As of last week’s American Gas Association storage report, the deficit level shrank to only 36 Bcf on May 23 from 404 Bcf on March 28.

The small group of analysts who were thought to be crazy just two months ago when they predicted the gas storage deficit compared to levels last year would be erased in short order, are now proving to be soothsayers. As of this week’s American Gas Association storage report, the deficit level shrank to only 36 Bcf on May 23 from 404 Bcf on March 28.