Settle

Although both sides are refusing to give any details, settlement talks between California and San Diego-based Sempra Energy are ongoing and could encompass claims that collectively represent $1 to $2 billion, according to a Bloomberg News report Monday following a meeting with Bill Lockyer, California’s attorney general (AG). A state AG spokesman confirmed the accuracy of the report Tuesday, although he would not characterize the status of the talks or their current stage.

After zigzagging for a majority of the trading session within a $6.18-6.26 range, the June natural gas futures contract finally found traction in the afternoon, jumping up to ring the $6.35 bell before closing at $6.31, up 4.1 cents on the day.

The U.S. Supreme Court said last Monday it will hear a petition by the Bush administration to block a lawsuit that seeks to compel Vice President Dick Cheney’s energy task force to reveal the names of energy companies that may have had a hand in crafting the administration’s energy policy in 2001.

The U.S. Supreme Court said Monday it will hear a petition by the Bush administration to block a lawsuit that seeks to compel Vice President Dick Cheney’s energy task force to reveal the names of energy companies that may have had a hand in crafting the administration’s energy policy in 2001.

President Bush called on the House and Senate Thursday to quickly settle the tax-related conflict that has halted progress on comprehensive energy legislation for weeks, and get a “common sense, reasonable energy” measure to his desk for his signature before Congress adjourns for the year.

Without admitting any wrongdoing, Houston-based BP Energy Co. on Friday entered into a stipulation and consent deal with FERC staff to resolve charges that the energy company manipulated prices for electricity destined for the California market.

Without admitting any wrongdoing, El Paso Corp.’s trading unit last week agreed to pay $20 million as part of a settlement with the Commodity Futures Trading Commission (CFTC) of charges that it furnished false information about natural gas trades in an attempt to skew index prices to its benefit.

Without admitting any wrongdoing, El Paso Corp.’s trading unit has agreed to pay $20 million as part of a settlement with the Commodity Futures Trading Commission (CFTC) of charges that it submitted false information about natural gas trades in an attempt to manipulate prices.

California officials are continuing to negotiate with Houston-based El Paso Corp., hoping for a settlement of the state’s multi-billion-dollar claims of overcharges by one of the state’s principal natural gas suppliers, Gov. Gray Davis said Tuesday in Washington, DC, where he is attending a National Governors Association conference.