Smallest

FERC last week issued an order for the smallest refund amount to the California market to date, alerting three power suppliers that they must justify $587,000 worth of wholesale electricity sold during Stage Three emergencies in the month of March or pay customers back for overcharges.

Despite a substantial 16-cent range, the futures market postedits smallest daily move of the entire week on Friday with July onlymanaging a 2.7 cent gain to end the regular trading session at$4.160. August rose 3.5 cents to $4.140. The 12-month strip inchedup to $3.938.

Prices returned to a fairly strong upward track in most marketsThursday except for the Rockies and California, where an extendedhigh-inventory OFO by PG&E put a damper on things.

Southern California Gas’ attempt to sell its smallest LosAngeles Basin underground natural gas storage facility has beenabruptly halted by state regulators while an investigation isconducted into how the nation’s largest gas utility has dealt withregulators and surrounding landowners in the Eastern LA suburb ofMontebello, CA, bordering the storage facility. It is now in thehands of the California Public Utilities Commission, which couldassess some large fines if SoCalGas is found to have violated staterules.

Southern California Gas’ attempt to sell its smallest LosAngeles Basin underground natural gas storage facility has beenabruptly halted by state regulators while an investigation isconducted into how the nation’s largest gas utility has dealt withregulators and surrounding landowners in the Eastern LA suburb ofMontebello, CA, bordering the storage facility. It is now in thehands of the California Public Utilities Commission, which couldassess some large fines if SoCalGas is found to have violated staterules.