Running out of time to shore up its finances ahead of a bank facility expiration Dec. 22, Commerce Energy Wednesday announced an agreement to sell off most of its remaining customer base. Commerce has through Nov. 26 to carve out a deal with Universal Energy Group Ltd (UEG), according to Commerce CEO Gregory Craig.
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Stronger U.S. Dollar Lifts Canada’s Gas Exports
Deliveries to the United States tapered but favorable price and currency exchange trends kept Canadian natural gas exporters running in the black through the summer, igniting a drilling revival that has continued this fall.
Integrys, Enbridge Fined for Capacity-Release Violations
For running afoul of capacity release regulations, FERC Friday ordered Wisconsin-based marketer Integrys Energy Services Inc. (Integrys ESI) to pay a civil penalty of $800,000 and disgorge unjust profits of $194,505, and fined Enbridge Marketing (US) LP $500,000 to be paid within 10 days to the federal government.
Integrys, Enbridge Fined for Capacity-Release Violations
For running afoul of capacity-release regulations, FERC Friday ordered Wisconsin-based marketer Integrys Energy Services Inc.(Integrys ESI) to pay a civil penalty of $800,000 and disgorge unjust profits of $194,505, and fined Enbridge Marketing (US) LP $500,000 to be paid within 10 days to the federal government.
Midcontinent Avoids East Softness; Most of West Firm
This week’s overall cash market rally was running out of steam for the most part Wednesday as mostly moderate weather and brimming storage facilities took their toll on the majority of prices. However, most western points were able to rise due to rising heat levels in the desert Southwest, chilly weather in the Rockies and Pacific Northwest and the easing of some excess supply/storage constraints.
McCain Pledges to Attack Energy Problem on ‘Every Front’
Republican presidential contender John McCain and running mate, Alaska Gov. Sarah Palin, joined forces last week at the Republican National Convention to express their support for domestic oil and natural gas drilling.
Nevada PUC Looks at Future Natural Gas Prices
Running counter to the continuing global fossil fuel price trends, Nevada regulators last Tuesday held a public hearing looking at future natural gas prices as part of a rate decrease request from Sierra Pacific Power Co. The utility is proposing to lower its retail gas rates 5.53% and retail power rates 4.57%.
Bulls Still in Control as Futures Make New High for the Move
After recording a somewhat bearish trading day Tuesday, natural gas futures were back running with the bulls on Wednesday as the June contract recorded a new high for the move at $11.387 before settling at $11.327, up 17.7 cents from Tuesday’s close.
Futures Soar on Independence Hub Outage, Bullish Hurricane Forecast
Natural gas bulls had their way Wednesday as there was no lack of price-supporting news running around the market. The May natural gas futures contract notched a $10.100 high on the day before closing at $10.056, up 35.9 cents from Tuesday’s close.
Settlement Allows Allegheny Energy’s 4Q2007 Earnings to Jump 71%
Higher market prices, higher generation rates, increased retail sales and after-tax income related to the recent settlement of a long-running legal battle helped boost Allegheny Energy Inc.’s 4Q2007 earnings to $110.4 million (65 cents/share), up from $64.6 million (38 cents/share) in 4Q2006.