Daily GPI

As several parent companies of the top natural gas pipelines face severe credit and liquidity problems, this could put a major crimp in future plans to bolster the nation’s energy infrastructure, both for gas and electricity, FERC Chairman Pat Wood told Congress Wednesday during a hearing examining energy infrastructure issues.

As several parent companies of the top natural gas pipelines face severe credit and liquidity problems, this could put a major crimp in future plans to bolster the nation’s energy infrastructure, both for gas and electricity, FERC Chairman Pat Wood told Congress Wednesday during a hearing examining energy infrastructure issues.

FERC Chairman Pat Wood on Wednesday told federal lawmakers his agency hopes to be able to hand over to Congress in the next two weeks an interim report on the status of its five-month investigation into allegations that suppliers manipulated natural gas and electricity prices in California and other western energy markets.

FERC Chairman Pat Wood on Wednesday told federal lawmakers his agency hopes to be able to hand over to Congress in the next two weeks an interim report on the status of its five-month investigation into allegations that suppliers manipulated natural gas and electricity prices in California and other western energy markets.

It was a volatile day on Wall Street for the utility and energy merchant sector Wednesday, opening with a heavy sell-off by frazzled investors, with calm finally restored by noon, as the intrepid stepped in to buy what they hope become good bargains. The Dow Jones Industrial Average, which soared 488 points, carried with it nearly the entire energy marketplace, with few exceptions. Only two utilities, National Fuel Gas Co., off just over 1%, and Delta Natural Gas, down 4%, lost ground.

It was a volatile day on Wall Street for the utility and energy merchant sector Wednesday, opening with a heavy sell-off by frazzled investors, with calm finally restored by noon, as the intrepid stepped in to buy what they hope become good bargains. The Dow Jones Industrial Average, which soared 488 points, carried with it nearly the entire energy marketplace, with few exceptions. Only two utilities, National Fuel Gas Co., off just over 1%, and Delta Natural Gas, down 4%, lost ground.

Moody’s Investors Service again downgraded the ratings of Dynegy Inc. and cut Williams Cos. to “junk” status Wednesday. It also warned Nicor Inc. that its credit rating was under review for a possible downgrade. Only Duke Energy received positive news; Moody’s affirmed its ratings.

Moody’s Investors Service again downgraded the ratings of Dynegy Inc. and cut Williams Cos. to “junk” status Wednesday. It also warned Nicor Inc. that its credit rating was under review for a possible downgrade. Only Duke Energy received positive news; Moody’s affirmed its ratings.

El Paso Corp. and Duke Energy will be the “clear, immediate winners” as energy traders scramble for their survival on Wall Street, but embattled Williams and Dynegy will be a “jumpball because of the liquidity trap they have gotten themselves into,” says energy industry analyst John Olson of Houston-based Sanders Morris Harris.