Would

Adding to a string of losses that would give even a Nasdaq bear cause for celebration, natural gas futures funneled lower last week as traders continued to factor in the impact of seemingly plentiful gas supply in a market that currently lacks much of a seasonal demand component. Taking over where the May contract left off, June closed 7.3 cents lower on Friday at $4.867. With that the June contract continued the trend, adding to its week-long string of losses.

Southern California Edison’s current precarious financial position would have been avoided if federal and state regulators had done their jobs, an Edison regulatory attorney told a congressional committee in San Jose on Wednesday in the second day of a three-day sweep through California. The hearings by the House Government Reform Committee conclude in San Diego today.

With the company’s NRG Energy independent power producer unit leading the way, Xcel Energy Inc. is raising its earnings estimates for this year to $2.30 per share, up from previous estimates of $2.20 per share. Meanwhile, executives at the company Tuesday sought to allay any possible concerns about Xcel’s supply position heading into the summer months.

As expected, Tulsa-based Williams Cos. said Friday it would spinoff its broadband network services provider Williams Communicationsin the form of a dividend by distributing nearly 400 millionshares, about 95% of Williams Communications common stock, toholders of the parent common stock.

El Paso said it would complete cleaning of Line 1103 on itsSouth Mainline Friday, and will conduct its smart pigging projecttoday, Wednesday and Thursday. The reduction in capacity fromKeystone Station to Pecos River Station will be only 100 MMcf/dtoday, but will rise Wednesday and Thursday to the previouslyannounced 335 MMcf/d (see Daily GPI, March 15). Maintenance atCornudas B and Hueco will continue during this time, El Paso said,causing varying day-by-day allocations in Pecos and Waha Westcapacity. See the bulletin board for details.

PG&E Gas Transmission Northwest (GTN) said it would filewith FERC in April to add 200 MDth/d of firm transportationcapacity to its mainline. A recent open season attracted 25 bids,totaling 2,138 MDth/d of capacity, but GTN said 200 MDth/d was themaximum it could do under the circumstances and under its existing26-cent maximum rate for FT.

The industry-friendly Texas Railroad Commission would do abetter job of determining the fees the energy companies pay intothe state’s Oilfield Cleanup Fund — but it needs to beef up itsrole in regulating pipelines — according to a report by the TexasSunset Advisory Commission. Some of the criticisms noted areexpected to be corrected in pending proposals at TRC.

The industry-friendly Texas Railroad Commission would do abetter job of determining the fees the energy companies pay intothe state’s Oilfield Cleanup Fund — but it needs to beef up itsrole in regulating pipelines — according to a report by the TexasSunset Advisory Commission. Some of the criticisms noted areexpected to be corrected in pending proposals at TRC.

Projecting that linepack would slip below its minimum targetlevel through Thursday, Pacific Gas & Electric issued asystemwide Stage 3 OFO, effective today until further notice. Theorder carries penalties of $5/Dth for negative daily imbalancesexceeding a 3% tolerance.