Starting off on the wrong foot, Republican and Democratic congressional conferees directed to come up with a comprehensive energy bill reached the end of their first week of negotiations deeply divided over how to proceed in the second and third weeks. In addition, Senate leader Pete Domenici, R-NM, said he would stand by his deal to hold off FERC standard market design (SMD) action through 2006, and the administration published its energy bill wish list.
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Republicans to Publish Draft Energy Conference Bill; Democrats Can Submit Changes Later
Starting off on the wrong foot, Republican and Democratic congressional conferees directed to come up with a comprehensive energy bill came to the end of their first week of conferring deeply divided over how to proceed in the second and third weeks.
Group Labels Greenspan’s LNG Support ‘Wrong’
A group of western business leaders said Friday that it disagrees with Federal Reserve Chairman Alan Greenspan’s encouragement of increased foreign LNG shipments as a means of improving domestic gas supply. The Western Business Roundtable, which consists of CEOs and senior executives of corporations doing business in the Western United States, said the answer does not lie in foreign imports.
Group Labels Greenspan’s LNG Support ‘Wrong’
A group of western business leaders said Friday that it disagrees with Federal Reserve Chairman Alan Greenspan’s encouragement of increased foreign LNG shipments as a means of improving domestic gas supply. The Western Business Roundtable said the answer does not lie in foreign imports.
AEP Says Rise in Gas Prices Boon for Company
While the recent surge in natural gas prices has found more than one energy company on the wrong side of a trading position, a top executive with American Electric Power (AEP) told financial professionals last Wednesday that his company stands to gain from the run up.
Consultant: FERC Wrong about Inadequate Gas Infrastructure, Massive Western Demand Growth
A recent report by the staff of the Federal Energy Regulatory Commission (FERC) mistakenly concludes that the West will see rapid gas demand growth over the next five years and that the region’s gas industry infrastructure is inadequate to handle the growth, according to energy consultant James Wilson, principal at LEGC LLC in Washington, DC.
Consultant: FERC Wrong about Inadequate Infrastructure, Massive Western Demand Growth
The staff of the Federal Energy Regulatory Commission (FERC) provided misleading information about inadequate western energy infrastructure and rapid gas demand growth in a recent report that was used in support of Commission orders on California power market design, according to energy consultant James Wilson, principal at LEGC LLC in Washington, DC.
PacifiCorp Gives FERC Audio Tapes of Apparent ‘Ricochet’ Trades
As part of its affidavit on price-manipulation practices in western energy markets, PacifiCorp has turned over to FERC a “sampling” of audio-taped transactions to corroborate claims that may have been an unknowing “intermediary” in a number of “ricochet” trades with third-party energy companies during the latter half of 2000.
El Paso: Continued Strength in CA Prices Proves Its Case
El Paso Corp. said last week the market has proved wrong all charges that it manipulated California gas prices over the last year while its marketing/merchant power subsidiary held control over 1.2 Bcf/d of firm capacity on its affiliate pipeline, El Paso Natural Gas. El Paso Merchant relinquished control over most of that capacity on June 1 yet gas prices in California continued to be abnormally high in relation to prices elsewhere in the country, El Paso said.
Study of a Market Gone Wrong
Market factors, including increased costs for natural gas and NOx credits, increased demand, scarce resources and unusually high temperatures throughout the West, coupled with flawed market design and regulatory policies, and possibly some exercise of market power were responsible for the high power prices in California this past summer, according to the FERC staff report on bulk power markets released last week.