Terms

FERC has asked two Houston-based companies whether the men identified in their applications for market-based rate authority are the same traders who pleaded guilty in 2006 to conspiracy to manipulate the price of natural gas.

MarkWest Energy Partners LP and NGP Midstream & Resources LP (M&R) are joining forces to jointly construct and operate natural gas midstream services in the Marcellus Shale. Under terms of the joint venture agreement, to be owned 60% by MarkWest and 40% by M&R, MarkWest would contribute $100 million of its Marcellus shale assets and operate the facilities. M&R would invest $200 million, which would be used to fund the project this year. Capital funding for 2010 and 2011 would be driven by producer drilling programs. To achieve the 60/40 capital structure, MarkWest would invest another $200 million in incremental capital by the end of 2011. MarkWest and M&R expect the joint venture to be capable of processing up to 240 MMcf/d for Range and other producers by the end of this year.

In announcing the completion Friday of a $250 million debt financing for Puget Sound Energy’s (PSE) utility operations, CEO Stephen Reynolds said the completion and favorable terms indicate the market likes the private investment consortium’s purchase of PSE, which he expects to close Feb. 6. The first mortgage bond issuance was placed with more than 35 institutional investors, carrying a seven-year term and 6.75% coupon.

Eight years after their crimes were committed and two years after their convictions, two former natural gas traders were sentenced to prison terms by a Houston judge on Aug. 21 for reporting false price data to energy industry price index publishers.

Eight years after their crimes were committed and two years after their convictions, two former natural gas traders were sentenced to prison terms by a Houston judge Thursday for reporting false price data to energy industry price index publishers.

The Senate before leaving for the Christmas holiday last Wednesday confirmed FERC Chairman Joseph Kelliher and Commissioner Jon Wellinghoff for second terms on the Federal Energy Regulatory Commission, putting an end to a nail-biting wait for Kelliher whose nomination had been pending in the Senate since May.

The Senate late Wednesday confirmed FERC Chairman Joseph Kelliher and Commissioner Jon Wellinghoff for second terms on the Federal Energy Regulatory Commission.

With some key terms in the Energy Policy Act of 2005 (EPAct) ill-defined or not defined at all, FERC and the natural gas industry are more than likely to wind up in court in the months and years ahead squaring off over what Congress intended in the provisions that seemingly give the agency greater jurisdictional and anti-manipulation authority, said a top FERC attorney.

With some key terms in the Energy Policy Act of 2005 (EPAct) ill-defined or not defined at all, FERC and the natural gas industry are more than likely to wind up in court in the months and years ahead squaring off over what Congress intended in the provisions that seemingly give the agency greater jurisdictional and anti-manipulation authority, said a top FERC attorney.