Settles

The Securities and Exchange Commission (SEC) reached a settlement last week with CMS Energy and a former CMS executive, Terry Woolley, over charges that the company engaged in $5 billion in deceptive round-trip energy trades. The SEC also filed civil lawsuits against two other CMS officials for allegedly orchestrating and hiding the round-trip trades.

The Securities and Exchange Commission (SEC) reached a settlement agreement Wednesday with CMS Energy and Terry Woolley, the former controller of CMS’s energy trading subsidiary, over charges that the company engaged in $5 billion in deceptive round-trip energy trades. The SEC also filed civil lawsuits against former CMS Marketing, Services and Trading (CMS MST) CEO Tamela C. Pallas and former CMS Chief Accounting Officer Preston D. Hopper for allegedly orchestrating and hiding the round-trip trades.

Bringing to a close a case that has spanned over 10 years, the U.S. Commodity Futures Trading Commission (CFTC) announced two orders last week, which together find that Steven G. Soule, Kyler F. Lunman II and Lunman’s company, Hold Trade, Inc., participated in a trade allocation scheme to defraud Coastal Corp., which has since become part of El Paso Corp.

Bringing to a close a case that has spanned over 10 years, the U.S. Commodity Futures Trading Commission (CFTC) announced Wednesday two orders, which together find that Steven G. Soule, Kyler F. Lunman II and Lunman’s company, Hold Trade, Inc., participated in a trade allocation scheme to defraud Coastal Corp., which has since become part of El Paso Corp.

Exxon Mobil Corp. announced that it has reached agreement on a long-running tax dispute with the Internal Revenue Service that will add $2.2 billion to the company’s bottom line. The dispute was over tax deductions ExxonMobil claimed on the sale of natural gas primarily in Texas from 1974 to 1990.

Marking the latest in a series of similar settlements recently reached between power companies and FERC staff, Idaho Power Co. has agreed to pay $83,373 under a proposed agreement filed with FERC trial staff on Thursday. The deal is aimed at resolving allegations that Idaho Power attempted to manipulate the California energy market in 2000-2001.

The U.S. Commodity Futures Trading Commission (CFTC) said it has accepted a settlement offer from former Avista Vice President Williams H. Thomas, who was charged with manipulation of the settlement prices of the now defunct Palo Verde and California-Oregon-Border (COB) electricity futures contracts, traded on the New York Mercantile Exchange (Nymex) from April 1998 through July 1998.

FERC staff on Friday moved to clear San Diego Gas & Electric Co. (SDG&E) and Aquila Merchant Services Inc. of charges that they tried to manipulate California’s electricity markets in 2000-2001. Meanwhile, bankrupt Mirant Corp. disclosed it is closing in on finalizing its own settlement with FERC staff aimed at resolving gaming allegations levied against the generator.

Northwest Natural Gas Company, announced recently it has reached a proposed settlement with the Oregon Public Utility Commission (OPUC) staff and key intervenors on all remaining issues in its Oregon general rate case.