Threatened

EnCana Corp. threatened Friday to slash its 2008 capital investment in Alberta by 30-40%, or US$1 billion if the recommendations contained in the Alberta Royalty Review Panel Report are adopted. Most of the reductions would be in its natural gas activity.

The Dene First Nation on Wednesday threatened to withhold its support for the Mackenzie Gas Project (MGP) unless the Canadian government moves to protect a huge swath of land in the Northwest Territories. The aboriginal group lays claim to land that covers about 40% of the proposed pipe route.

With the United States and other nations threatened by the level of “energy insecurity” in the world today, U.S. Energy Secretary Samuel Bodman last week called on “our international partners” to commit to five broad energy goals along with the United States.

With the United States and other nations threatened by the level of “energy insecurity” in the world today, U.S. Energy Secretary Samuel Bodman on Wednesday called on “our international partners” to commit to five broad energy goals along with the United States (see related stories).

Moderate increases were the hallmark of most of the cash market Tuesday as cold fronts approaching the key Northeast and Midwest market areas threatened to have a fair amount of heating load in place by Thursday. Otherwise the bearish influences of moderate weather in much of the rest of the U.S., prior-day screen softness, bulging storage inventories and no Atlantic storm threats to offshore production remained in play.

Maryland Gov. Bob Ehrlich late Friday vetoed two pro-consumer bills that had threatened to topple the proposed merger of Constellation Energy Group Inc. and FPL Group. A third measure vetoed by Ehrlich called for the dismissal of the state’s Public Service Commission (PSC) members.

The House Committee on Resources overwhelmingly approved the Threatened and Endangered Species Recovery Act (TESRA) of 2005 by a vote of 26-12 on Thursday, just four days after it was introduced. The measure, several years in the making, was backed by a bipartisan coalition led by Resources Committee Chairman Richard W. Pombo (R-CA), Reps. Dennis Cardoza (D-CA), Greg Walden (R-OR) and George Radanovich (R-CA).

With wildfires, threatened transmission systems and triple digit statewide temperatures, the California Independent System Operator (CAISO) ended another week of consecutive all-time peak-demand records, topping the 45,000 MW level twice, but managing to avoid calling any power alerts.

As the first week of the New Year drew to a close, increasing regulatory and media scrutiny threatened to unravel the end-of-year decision by PG&E Corp. and its utility to move ahead with distributing $83 million in bonuses to 17 top executives in the corporation, including those at its bankrupt utility subsidiary and merchant energy unit. When and how the proceeds from so-called “phantom” stock options will be distributed was still undetermined.