Supports

The staff of the Federal Trade Commission’s (FTC) Bureau ofEconomics and of Policy Planning said it generally supports theshort-term and long-term remedies that FERC has identified for theCalifornia power market but believes FERC should provide moreconcrete advice on how best to configure the organization that willoperate and control the transmission grid in the state. In commentsfiled with FERC this week, the FTC said FERC should considercreating a benchmark or a baseline of characteristics andoperations for regional transmission organizations that can be usedas a starting point as part of its revisions to California’swholesale electric power market rules and institutions. Inaddition, the comments suggest refinements to FERC’s proposedremedies to ensure that market power is not exercised in wholesaleelectric power markets, to the detriment of consumers. FERC OrderProposing Remedies for California Wholesale Electric Markets wasreleased Nov. 1 (see Daily GPI, Nov. 2). The order was intended toremedy deficiencies in market rules and institutions that havecontributed to recent reliability difficulties and high prices forelectric power in California.

Officials at the Interstate Natural Gas Association of America say they have no problem with new pipeline safety legislation and increased regulatory scrutiny stemming from a recent pipeline accident that caused the deaths of 12 campers in New Mexico.

Officials at the Interstate Natural Gas Association of Americasay they have no problem with new pipeline safety legislation andincreased regulatory scrutiny stemming from a recent pipelineaccident that caused the deaths of 12 campers in New Mexico.

The Yukon Territory’s new Liberal government has stepped forwardto go to bat for a revival of the dormant Alaska Natural GasTransportation System (ANGTS) as its enthusiastic choice for anorthern pipeline project.

The Yukon Territory’s new Liberal government has stepped forwardto go to bat for a revival of the dormant Alaska Natural GasTransportation System (ANGTS) as its enthusiastic choice for anorthern pipeline project.

Vastar Resources Inc.’s board of directors last week unanimouslyrecommended approval of a $83/share cash merger offer from BPAmoco. London-based BP Amoco already owns 81.9% of Vastar’s commonstock, acquired through last month’s completed merger with AtlanticRichfield Co. BP Amoco would acquire 18.1%, or 17.7 million shares,of Vastar common stock that is now publicly held.

Vastar Resources Inc.’s board of directors yesterday unanimouslyrecommended approval of a $83-per-share cash merger offer from BPAmoco. London-based BP Amoco already owns 81.9% of Vastar’s commonstock, acquired through last month’s completed merger with AtlanticRichfield Co. BP Amoco would acquire 18.1%, or approximately 17.7million shares, of Vastar common stock that is now publicly held.

The new-found interest in the dormant Alaska Natural GasTransportation System (ANGTS) hasn’t gone unnoticed by FERCChairman James Hoecker.

For the second Friday in a row the cash market largely managedto beat the usual lower-demand weekend jinx on spot prices. Exceptfor a wee bit of softness in the relatively mild-weather markets ofCalifornia, the Pacific Northwest and intra-Alberta, quotes wereflat to 3-4 cents up elsewhere and ranging a little higher thanthat at New England citygates (Algonquin and Tennessee Zone 6).