Subsidiaries

The North American gas transmission and distribution (T&D) industry looks healthy for the rest of this year and into 2008, but the credit crunch threatens to slow down capital spending and the acquisition market, according to Moody’s Investors Service.

Cheniere Energy Inc. said one of its subsidiaries has entered into a short-term time charter agreement on the Galeomma, a 126,000 cubic-meter liquefied natural gas (LNG) vessel, from Shell Western LNG BV. The time charter is currently expected to commence in the fourth quarter. The vessel is expected to be utilized primarily for Cheniere to import LNG into the United States, and Cheniere anticipates making the vessel available for Sabine Pass LNG LP, its approximately 92% owned subsidiary, to commission its LNG receiving terminal currently being constructed. “Sabine Pass LNG LP is scheduled to commence commissioning its LNG receiving terminal during February 2008 and the Galeomma will be available to support such activities,” said Jean Abiteboul, executive director of Cheniere LNG International. “With the chartering of this vessel and the expected delivery to its affiliate, J&S Cheniere SA, of two additional vessels currently scheduled for December 2007 and March 2008, a total of three vessels will be available for the respective LNG transportation activities of Cheniere and J&S Cheniere.”

With maximum fanfare two federal regulatory agencies blew the whistle on Dallas-based Energy Transfer Partners LP (ETP) and three of its subsidiaries, alleging that they attempted to manipulate physical natural gas prices at the Houston Ship Channel (HSC) delivery hub in the fall of 2005 in Hurricane Rita’s aftermath. The charges against ETP relating to the physical market came at the same time the agencies cited the failed Amaranth hedge fund for allegedly manipulating the natural gas futures market (see related story).

The U.S. Environmental Protection Agency (EPA) has asked Ameren Corp. and subsidiaries to expand their investigation into PCB (polychlorinated biphenyl)-contaminated liquids found in natural gas distribution systems in Alton and East St. Louis, IL, the agency said last week.

The U.S. Environmental Protection Agency (EPA) has asked Ameren Corp. and subsidiaries to expand their investigation into PCB (polychlorinated biphenyl)-contaminated liquids found in natural gas distribution systems in Alton and East St. Louis, IL, the agency said Tuesday.

As the long-awaited Deep Panuke project off the east coast of Nova Scotia, operated by EnCana Corp., approaches the development phase, subsidiaries of ExxonMobil and Shell have offered to sell their interests.

As the long-awaited Deep Panuke project off the east coast of Nova Scotia, operated by EnCana Corp., approaches the development phase, subsidiaries of ExxonMobil and Shell have offered to sell their interests.

Exelon’s two utility subsidiaries, Commonwealth Edison in Chicago and Philadelphia-based PECO, reported record winter peak power demand last Monday because of extremely cold temperatures and customer growth, and KeySpan said its New York and Long Island utility operations both set new gas demand records when it averaged about 14 degrees in the KeySpan service territory.

Exelon’s two utility subsidiaries, Commonwealth Edison in Chicago and Philadelphia-based PECO, reported record winter peak power demand Monday because of extremely cold temperatures and customer growth.