Sticks

FERC has upheld an October 2002 decision eliminating the contract term limit for existing pipeline shippers who exercise their rights of first refusal (ROFR) to retain transportation capacity under contracts that are due to expire in the near term.

The third time was not a charm for full-requirements (FR) shippers on El Paso Natural Gas. After postponing the deadline twice in response to FR customers’ pleas, FERC last Wednesday said the systemwide conversion of FR service to contract demand (CD) service on El Paso will go forward as planned on Sept. 1.

The third time was not a charm for full-requirements (FR) shippers on El Paso Natural Gas. After postponing the deadline twice in response to FR customers’ pleas, the FERC on Wednesday said the systemwide conversion of FR service to contract demand (CD) service on El Paso will go ahead as planned on Sept. 1.

ISO New England Inc. last Thursday said that its new standard market design (SMD) for the region will become operational on March 1, 2003. The move follows failed pleas by Connecticut’s attorney general that the grid operator delay implementation of the SMD proposal out of concern that it will spike electric rates in the state.

Having already put an additional $550 million behind its energy marketing business, Mirant is now working on a deal with investment bankers to further bolster its reserves.

Having already put an additional $550 million behind its energy marketing business, Mirant is now working on a deal with investment bankers to further bolster its reserves, Mirant CEO Marce Fuller told analysts the company hopes to hammer out some type of deal by this summer with a commercial or investment bank to help bolster its energy marketing and risk management business. She said the type of deal wouldn’t be known for 30-60 days. Last month, Mirant officials had mentioned the possibility of some type of joint venture with a bank or large insurance firm to support its marketing operation and free up collateral for other actions to help restore its credit rating to investment grade.

Bankruptcy-preoccupied Pacific Gas and Electric Co., has praised California’s power-buying agency, the Department of Water Resources (DWR), for finally recognizing the prospect of lower natural gas prices as a primary reason for lowering by 20% its overall estimated revenue needs through next year.

Bankruptcy-preoccupied Pacific Gas and Electric Co., has praised California’s power-buying agency, the Department of Water Resources (DWR), for finally recognizing the prospect of lower natural gas prices as a primary reason for lowering by 20% its overall estimated revenue needs through next year.

Winter was retaining a tougher post-season grip on severalregions’ weather than expected Tuesday, and the result waswidespread price rises that ranged from flat to barely higher atthe PG&E citygate and Rockies, to about a quarter at someNortheast and Pacific Northwest points. A sharply higher Aprilfutures contract also lent some support to cash on its penultimateday of trading, sources said.