Steps

Exxon Mobil Corp. said it will take “all legal steps” tochallenge a record $3.5 billion verdict announced last week by anAlabama jury, which found the oil company had defrauded the stateand underpaid royalties on natural gas well leases in state waters.The case centered on charges that the energy giant had underpaid upto $87.7 million in royalties on the Mobile Bay natural gas projectin the Gulf of Mexico.

Several consumer groups last week took steps toward pushing forre-regulation nationally and in several states, denouncing effortsto deregulate the electricity industry as flawed.

Several consumer groups last week took steps toward pushing forre-regulation nationally and in states, denouncing efforts toderegulate the electricity industry as flawed.

Although a proposed rulemaking process to beef up safety inspections of natural gas pipelines isn’t expected to get under way until early 2001, a Duke Energy executive says the Department of Transportation’s Office of Pipeline Safety (OPS) already has taken it upon itself to step up its oversight of interstate gas lines.

Although the proposed rulemaking process to beef up safetyinspections of natural gas pipelines isn’t expected to get underwayuntil early 2001, a Duke Energy executive says the Department ofTransportation’s Office of Pipeline Safety (OPS) already has begunto step up its oversight of interstate gas lines.

The Federal Energy Regulatory Commission last week announcedfive “practical steps” that it will take this summer to “alleviatereliability stresses” on the electric transmission grid duringperiods of heightened demand. Commissioner Curt Hebert Jr.,however, cast doubts not only the effectiveness of the measures,but FERC’s motive for proposing them.

The Federal Energy Regulatory Commission yesterday announcedfive “practical steps” that it will take this summer to “alleviatereliability stresses” on the electric transmission grid duringperiods of heightened demand. Commissioner Curt Hebert Jr.,however, questioned not only the effectiveness of the measures, butalso FERC’s motive for proposing them.

The New York Mercantile Exchange took two giant steps forward last week, announcing plans to become a for-profit organization and to launch a global electronic exchange for over-the-counter forward trading and clearing of a wide range of standardized physical commodity contracts.

The New York Mercantile Exchange took two giant steps forwardyesterday, announcing plans to become a for-profit organization andto launch a global electronic exchange for over-the-counter forwardtrading and clearing of a wide range of standardized physicalcommodity contracts.