Void

In a 4-3 decision on Thursday, the Pennsylvania Commonwealth Court ruled that portions of Act 13, the state’s new omnibus Marcellus Shale law, were “unconstitutional, null and void” on the grounds that its limits on local zoning violate municipalities’ right to substantive due process.

Firing back at a request by a Washington state public utility district for FERC to void a long-term power supply contract it has with American Electric Power Service Corp. (AEP), the Electric Power Supply Association (EPSA) last week filed a motion to intervene, charging the request attempts to “piggyback” on a “wave of complaints” to abrogate western contracts, which now threaten to overwhelm FERC and the power industry [Docket No. EL02-100-000].

Continuing its rapid expansion into the void left by EnronOnline, IntercontinentalExchange (ICE) is making a move into the European over-the-counter (OTC) gas and power markets with the introduction of markets for UK natural gas-related products in December.

Pipelines across the nation were packed with gas last week, storage rose 7 Bcf to 3,107 Bcf, or 94% full, and mild temperatures cut demand virtually to zero. Gas prices Friday for weekend flows plummeted as much as 50 cents at some western locations to the lowest marks seen since 1996. Many locations averaged 30-40 cent declines on top of 40 cent drops the day prior, and with a long holiday weekend coming up and only slightly cooler weather expected in most markets, many traders and marketers feared the spot market still could lose significant ground in the days ahead.

In a session notably void of fresh fundamental or technical news, natural gas futures moved sideways yesterday as many traders opted to wait until the beginning of the three-day settlement period and the release of storage figures today before placing their orders. At $2.97 the August contract finished 0.8 cents lower on the day and just about in the middle of its 3-day $2.915-$3.01, trading range. Volume was relatively weak with just 61,764 contracts changing hands.

Scana Energy Marketing, a subsidiary of Scana Corp., has filed alawsuit in Cobb County Superior Court in Georgia in an attempt tohave the marketing alliance contract which it signed in 1998 withsix co-ops nullified.

Scana Energy Marketing, a subsidiary of Scana Corp., has filed alawsuit in Cobb County Superior Court in Georgia in an attempt tohave the marketing alliance contract, which it signed in 1998 withsix co-ops, nullified.

Power sellers have urged FERC to reject two complaints that seekto void a $6,000/MWh bid for imported electricity that was used toset the market clearing price in the New England Independent SystemOperator for five hours last May 8.

Power sellers have urged FERC to reject two complaints that seekto void a $6,000/MWh bid for imported electricity that was used toset the market clearing price in the New England Independent SystemOperator for five hours last May 8.