With its merchant energy unit, National Energy Group, headed toward Chapter 11 proceedings, where its utility operations currently are stalled, PG&E Corp. Tuesday reported a first quarter net loss of $354 million, or 93 cents/share, compared to net income of $631 million, or $1.71/share, for the first quarter last year.
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PG&E’s Merchant Group to Join Utility in Chapter 11
With its merchant energy unit, National Energy Group, headed toward Chapter 11 proceedings, where its utility operations currently are stalled, PG&E Corp. Tuesday reported a first quarter net loss of $354 million, or 93 cents/share, compared to net income of $631 million, or $1.71/share, for the first quarter last year.
Futures Finish Bullish (55.1 cents) Week With Modest, 3.4-Cent Gain
Following a four-day period where natural gas futures rallied 10%, traders elected to play it safe Friday ahead of the weekend. Sensing technical support overhead, bulls were not in the buying mood. Bears meanwhile were also quiet, still licking their wounds from the bear trap that resulted in a 43-cent rally last Monday. The June contract finished at $5.806, up 3.4 cents for the session and 55.1 cents higher for the week.
Aquila Sells Portfolio of Australian Assets
Aquila Inc. will exit its once promising gas and power business in Australia, where it had been an active participant since 1995, after agreeing to sell its assets for nearly $589 million to a consortium representing Australian-based AlintaGas, AMP Henderson and their affiliates.
Feinstein to Dust Off Bill for Expanded FERC, CFTC Oversight
Picking up from where she left off last year, Sen. Dianne Feinstein (D-CA) said she plans to introduce legislation this week to bolster the authority of federal regulators to detect and penalize companies that defraud and manipulate energy markets.
Feinstein to Dust Off Bill for Expanded FERC, CFTC Oversight
Picking up from where she left off last year, Sen. Dianne Feinstein (D-CA) said she plans to introduce legislation next week to bolster the authority of federal regulators to detect and penalize companies that defraud and manipulate energy markets.
FERC Commissioner Warns Power Companies Against Retribution
FERC Commissioner Nora Brownell last Thursday said if her agency uncovers instances where a power company engages in retribution against another company that has taken a beef over interconnection, for example, FERC will offer a “swift response” to such retaliation.
Allegheny, Merrill Lynch Lawsuits Center on Energy Trading Unit Sale
In its lawsuit, Allegheny Energy has asked the New York Supreme Court, where the complaint was filed, to rescind the purchase agreement, in effect reversing the transaction, and require Merrill Lynch to give it back money that it paid to purchase GEM. Allegheny Energy also wants the investment firm to pay punitive and compensatory damages of at least $475 million.
Second Quarter Marketer Ranking Signals Market in Decline
Second quarter physical gas sales volumes showed large cracks beginning to form in the foundation of the energy merchant business. The credit and liquidity crisis was growing rapidly during the quarter and the effects of the regulatory investigation into round-trip trading had taken hold. While there still were large volume increases compared to the previous year’s second quarter (a 38 Bcf/d increase for the top 20), an estimated 10.7 Bcf/d decline in volumes appeared compared to the first quarter of this year. All signs currently point to much greater declines as the year progresses.
Dorgan to Justice: Where Are the ‘Handcuffs’ for Enron Execs?
Sen. Byron L. Dorgan, who chaired the Commerce Committee hearings that delved into Enron accounting irregularities, wants to know what’s taking the Department of Justice so long to bring charges against Enron executives.