Special

Summer weather — and the U.S. economy — may be the most important factors affecting the natural gas market over the coming six months, according to energy analysts.

Summer weather — and the U.S. economy — may be the most important factors affecting the natural gas market over the coming six months, according to energy analysts.

As special power conservation alerts were being issued across the state, the California Energy Commission (CEC) voted Wednesday to accept an application to begin review for a proposed 850 MW natural gas peaking power plant to be built in the desert in Riverside County near Palm Springs and Desert Hot Springs. If constructed the plant would be called into service during heat waves such as those in the last few days which strain the state’s power delivery capacity.

Los Angeles Department of Water and Power (LADWP) missed a special meeting Tuesday of its oversight board but hopes to get approval in the next few weeks for a public power consortium’s pre-paid natural gas supply contract. A source close to the arrangement that was brokered by a public power financing arm, the Southern California Public Power Authority (SCPPA), said LADWP is taking more time than previously anticipated to get the deal approved.

CBOT Holdings Inc., holding company for the Chicago Board of Trade (CBOT), canceled special meetings of CBOT Holdings stockholders and CBOT members to vote on the proposed merger with Chicago Mercantile Exchange Holdings Inc. (CME) (see Daily GPI, Oct. 18, 2006).

A veteran California Energy Commission (CEC) member and nationally recognized expert told a special meeting of western state energy regulators Friday that energy efficiency programs are the fastest way to address what he considers a worsening greenhouse gas (GHG) emissions problem. And Arthur Rosenfeld, Ph.D., said he wanted to send a message of urgency to the U.S. Congress to wake up and smell the added carbon dioxide (CO2).

Dallas-based Remington Oil and Gas Corp. has set a special shareholders meeting for June 29 to approve the merger and acquisition by Helix Energy Solutions Group Inc. Helix, formerly Cal Dive International, agreed earlier this year to pay $27 in cash and provide Remington shareholders 0.436 shares of Helix for each Remington share (see Daily GPI, Jan. 24).

A former employee of ex-Enron Corp. CFO Andrew Fastow testified Tuesday that backdating company documents within some of the company’s special purpose entities (SPEs) was so common it was jokingly called “time travel” in the office. Chris Loehr, one of the few government witnesses not under indictment to testify at the trial of Enron founder Kenneth Lay and ex-CEO Jeffrey Skilling, appeared to bolster Fastow’s claims about financial shenanigans within LJM partnerships, which were used to keep Enron’s poorly performing assets off the balance sheet.

South Dakota-based NorthWestern Corp. saw consolidated net income rise $55.2 million for 2005 when special items relating to its Chapter 11 filing are excluded. Gross margin growth at all four operating segments and decreased interest expense were credited.