Self

John Special, a self-described gas futures trader claiming to have been damaged by Amaranth Advisors LLC’s alleged manipulation of natural gas prices, has filed a class action lawsuit against the failed hedge fund and several others, including former Amaranth trader Brian Hunter.

The self-styled “Panhandle complainants” and regulators from Michigan, Kansas and Missouri last week protested Southwest Gas Storage’s filing of a Section 4 rate hike, which they contend is designed to intentionally thwart FERC action in an ongoing Section 5 complaint case in which customers have accused the storage provider of charging excessive rates.

The self-styled “Panhandle complainants” have called on FERC to grant their motion for interim rate relief and to take expedited action in an ongoing complaint case against Southwest Gas Storage. Missouri regulators also urged the agency to take swift action in the case.

The self-styled “Panhandle complainants” have called on FERC to reject a cost-and-revenue study submitted by Southwest Gas Storage and to provide interim rate relief for storage customers, saying that the study does not represent a true picture of the company’s cost-of-service because it includes costs related to a new project at its North Hopeton storage field in Oklahoma. The project application, which was filed after FERC ordered the cost-and-revenue study, skews the cost data, the complainants said.

North America’s natural gas supplies are enough to keep it self sufficient — but not in the long run. By 2030, North America will emerge as a major liquefied natural gas (LNG) importer, according to the International Energy Agency (IEA), which last week released its 2006 World Energy Outlook (WEO). By 2030, LNG imports will meet 16% of total gas needs worldwide, and North America is expected to become the largest importer in the next 25 years.

North America’s natural gas supplies are enough to keep it self sufficient — but not in the long run. By 2030, North America will emerge as a major liquefied natural gas (LNG) importer, according to the International Energy Agency (IEA), which has released its 2006 World Energy Outlook (WEO). By 2030, LNG imports will meet 16% of total gas needs worldwide, and North America is expected to become the largest importer in the next 25 years.

Based on self-evaluations conducted each year, the Department of Energy’s Energy Information Administration (EIA) has found that it has done “fairly well” when projecting production and consumption of natural gas, but that it has done “fairly poorly” when forecasting gas prices, an EIA analyst told a House subcommittee Thursday.

Based on self-evaluations conducted each year, the Department of Energy’s Energy Information Administration (EIA) has found that it has done “fairly well” when projecting production and consumption of natural gas, but that it has done “fairly poorly” when forecasting gas prices, an EIA analyst told a House subcommittee Thursday.

With much self-congratulation and a unanimous vote, the five-member California Public Utilities Commission Thursday agreed to fully restore the state’s three major private-sector electric utilities to their previous role of buying the day-to-day “net-short” wholesale electricity supplies for their respective customer bases. The resumption of the bulk power-buying role will begin Jan. 1, 2003 — including assuming some of the long-term contracts negotiated by the state’s Department of Water Resources (DWR).