IPPs and Merchant Energy Co.s Message Board

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Strategies & Market Trends : IPPs and Merchant Energy Co.s

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To: Larry S. who started this subject	9/23/2002 2:15:25 PM
From: arizzzona	Read Replies (1) of 3358

Yikes! EP gets much more than a slap on the wrist from FERC. Might this take some of the heat off the IPP's? " El Paso natgas pipeline withheld supplies - FERC judge Monday September 23, 1:19 pm ET WASHINGTON, Sept 23 (Reuters) - A judge at the Federal Energy Regulatory Commission (FERC) on Monday found that El Paso Corp. (NYSE:EP - News) subsidiaries illegally exercised market power to squeeze California natural gas supplies, and recommended that the commission institute penalties against the company. FERC Chief Judge Curtis Wagner issued a report finding that El Paso during November 2000 through March 2001 "withheld extremely large amounts of capacity that could have flowed to its California delivery points." That time period coincided with the height of California's energy crisis, in which prices for both natural gas and wholesale electricity soared amid rolling blackouts. California accused El Paso and its pipeline affiliates of intentionally holding back capacity on four natural gas pipelines into the state costing residents an extra $3.3 billion. Wagner also reversed a previous finding to state that El Paso "had the ability to exercise market power," which it exercised by withholding supplies. Wagner recommended that the full commission "institute penalty procedures" for violating its conduct standards and for "unlawful exercise of market power" by its El Paso Natural Gas Co. subsidiary."

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