Rule

The Federal Energy Regulatory Commission is likely to initiate a generic rulemaking addressing natural gas interchangeability and quality standards if industry sectors fail to achieve a consensus on these separate yet related issues, said Commissioner Suedeen Kelly last Tuesday.

The Federal Energy Regulatory Commission is likely to initiate a generic rulemaking addressing natural gas interchangeability and quality standards if industry sectors fail to achieve a consensus on these separate yet related issues, said Commissioner Suedeen Kelly Tuesday.

A California Superior Court in San Diego is expected to rule the first week of December in the $1.6 billion settlement between El Paso Corp. and four western states, the principal one being California. Two separate court approvals are needed before the Federal Energy Regulatory Commission-approved deal can be made final, both of which could come before the end of the year.

Los Angeles, CA–(NGI News)–Nov 26, 2003–A California Superior Court in San Diego is expected to rule the first week of December in the $1.6 billion settlement between El Paso Corp. and four western states, the principal one being California. Two separate court approvals are needed before the Federal Energy Regulatory Commission-approved deal can be made final, both of which could come before the end of the year.

A bankruptcy court judge has said he will rule Nov. 5 on Mirant Corp.’s request to have actions against its current and former officers and directors and those of its former parent, Southern Co. stayed until the bankruptcy is resolved. The bankruptcy court judge in Fort Worth, TX issued a temporary stay of those actions Thursday. While court actions against a company engaged in an Chapter 11 bankruptcy reorganization are automatically stayed, those against company individuals could proceed unless the judge rules them out. Mirant asked that the stay be granted to allow company officials to work on the reorganization. Also, the outcome of individual trials could have a bearing on actions against the company at a later date. Earlier last week the court granted Mirant $500 million in debtor-in-possession (DIP) financing, to be provided through a loan from General Electric Capital Corp., to supplement its cash on hand to fund its merchant power and marketing and trading operations. (see Daily GPI, Oct. 22).

FERC last week issued an order allowing the California Independent System Operator (CAISO) to eliminate on an expedited basis the requirement that bids be limited to $0/MWh if submitted into the CAISO real-time energy market by generation facilities that are located beyond the grid operator’s control area.

FERC plans to rule on the “Big Four” cases dealing with the alleged manipulation of the California natural gas and electricity markets at its next regular meeting on March 26, Chairman Pat Wood said last Wednesday.

The U.S. Supreme Court last Monday declined to hear a recent challenge to a lower court’s ruling affirming that transfers of electric generating facilities between public utilities are not subject to FERC’s review under section 203 of the Federal Power Act (FPA).

Despite the release of a storage report featuring a larger-than-expected 48 Bcf injection, natural gas futures spiked to new 16-month highs Thursday morning amid a frenzy of buying from all market segments — funds, locals and commercials. Modest profit-taking trimmed gains in the afternoon, but the was unable to erase bulls’ work. At $4.299, November finished 7.2 cents higher for the session.