Same

On the same day that he was handed the reins of the Senate Energy and Natural Resources Committee, Senator Jeff Bingaman (D-NM) said that bipartisan legislation directing FERC to set cost-based rates to ensure just and reasonable wholesale energy prices in California could get consideration from the panel within the next couple of weeks. Separately, newly-minted Senate Majority Leader Tom Daschle (D-SD) made it clear earlier this week that he stands ready to support such legislation if FERC falls short of meeting its just and reasonable obligations.

California signed another nine long-term power contracts for 900 MW in May and state-wide demand dropped by 11% (3,500 MW) compared to the same month a year earlier, Gov. Gray Davis administration energy officials announced over the weekend in a conference call with reporters. Overall peak demand for electricity dropped 10%, they said.

House Democrats made clear yesterday that they favor some of the same actions as the Republicans to resolve the current energy crisis — improving the energy transmission/transportation infrastructure, increased drilling on public lands, expedited permitting for pipelines and production tax credits — but they insist these can be accomplished without compromising the environment.

The fading late-April swing market continued on a path of moderate softness Thursday. Except for plunges at some California points, where temperatures are cooling again after a flash of summer-like heat earlier in the week, other markets ranged from flat to down about 15 cents. A majority of declines were between a nickel and a dime.

For the first time all week, all markets were united on the samerising price page Friday. The Rockies and scattered other pointswere among the few failing to gain about 20 cents or more. NorthernCalifornia led the surge with PG&E citygate upticks of nearly$2.

The same day that Avista Corp.’s utility affiliate filed arequest for a natural gas price adjustment with the Oregon PublicUtility Commission, the state’s largest provider, Portland GeneralElectric, rescinded its own request last week for a 17.1% rate hikethat would have taken effect next month.

The same day that Avista Corp.’s utility affiliate filed arequest for a natural gas price adjustment with the Oregon PublicUtility Commission, the state’s largest provider, Portland GeneralElectric, rescinded its own request for a 17.1% rate hike thatwould have taken effect next month.

Both large and small exploration and production companies shoulduse the same philosophy to create value for their shareholders:manage the present to enable the future, advised Conoco Inc.Executive Vice President Robert McKee III at Arthur Andersen’sEnergy Symposium in Houston yesterday.

Following an East-West swing market division the day before,everybody was on the same page Tuesday. Except for merely smallgains at western points where Canadian gas is traded (i.e., Sumas,Stanfield, intra-Alberta), double-digit increases reigned. Octobernumbers also were reported rising.