Settled

The Federal Energy Regulatory Commission last Wednesday accepted a settlement valued at nearly $500 million in which Mirant settled with various California parties and FERC staff on a wide range of issues stemming from the 2000-2001 energy crisis in the West.

Kinder Morgan Energy Partners LP (KMP) settled a lawsuit last Thursday for $25 million after a South Texas jury found that two partners in a joint venture with Kinder Morgan Tejas had lost millions of dollars in profits and investment value after Tejas Gas was sold to Kinder Morgan in February 2002 and the new owner failed to meet the terms of their agreement.

Freezing weather accompanied by copious amounts of snow had already settled in throughout much of the Northeast and Midwest and eastern parts of the South Monday and was due to continue Tuesday. The predictable result was sharply higher prices across the board in Monday’s launch of the March aftermarket.

Finding support in the low $4.60s area, October natural gas futures on Friday settled at $4.675, down 9.2 cents on the day. The sell-off appeared to be continuing unabated as traders heading into the weekend seemed unconcerned with the remote possibility that Hurricane Frances could knock out significant Gulf of Mexico production.

The Commodity Futures Trading Commission (CFTC) said last Wednesday it settled an administrative action against United Energy Inc., a registered broker and commodity trading advisor located in New York City, and a company employee for violations related to the trading of natural gas futures.

The Commodity Futures Trading Commission (CFTC) said Wednesday it settled an administrative action against United Energy Inc., a registered broker and commodity trading advisor located in New York City, and a company employee for violations related to the trading of natural gas futures.

In a case settled months ago, the California Public Utilities Commission in a rare unanimous decision last Thursday approved a $326 million 2003 general rate case for Pacific Gas and Electric Co., whose increased rates have been in effect subject to change once the state regulators acted.

In a case settled months ago, the California Public Utilities Commission in a rare unanimous decision Thursday approved a $326 million 2003 general rate case for Pacific Gas and Electric Co., whose increased rates have been in effect subject to change once the state regulators acted.

After taking a wild ride in morning trading to a $6.48 high, the June natural gas futures contract settled down a bit Wednesday afternoon to close at $6.405, up 1.9 cents on the day. With a lackluster natural gas storage report expected Thursday morning, traders said the futures market could move in either direction given the recent gains.