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November 5, 2010
NEM Sponsors Annual NARUC Conference

NEM is one of the sponsors of the 122nd NARUC Annual Conference. The Conference will take place November 14-17, 2010, in Atlanta, Georgia at the Omni at CNN Center. Please come by and visit the NEM booth. Contact NEM headquarters with any questions.

You can register for the NARUC conference online at

CFTC NOPR on Market Manipulation

CFTC has initiated one of many rulemakings to implement the Dodd-Frank Wall Street Reform Act pertaining to its antimanipulation authority. CFTC is proposing rules to address manipulative behavior in a new Part 180, modeled after SEC's Rule 10b-5 anti-manipulation rules.

The proposed rules are as follows:
"§ 180.1 Prohibition against manipulation.
(a) It shall be unlawful for any person, directly or indirectly, in connection with any swap, or contract of sale of any commodity in interstate commerce, or contract for future delivery on or subject to the rules of any registered entity, to intentionally or recklessly:
(1) Use or employ, or attempt to use or employ, any manipulative device, scheme, or artifice to defraud;
(2) Make, or attempt to make, any untrue or misleading statement of a material fact or to omit to state a material fact necessary in order to make the statements made not untrue or misleading;
(3) Engage, or attempt to engage, in any act, practice, or course of business, which operates or would operate as a fraud or deceit upon any person; or,
(4) Deliver or cause to be delivered, or attempt to deliver or cause to be delivered, for transmission through the mails or interstate commerce, by any means of communication whatsoever, a false or misleading or inaccurate report concerning crop or market information or conditions that affect or tend to affect the price of any commodity in interstate commerce, knowing, or acting in reckless disregard of the fact that such report is false, misleading or inaccurate. Notwithstanding the foregoing, no violation of this section shall exist where the person mistakenly transmits, in good faith, false or misleading information to a price reporting service.
(b) Nothing in this section shall be construed to require any person to disclose to another person nonpublic information that may be material to the market price, rate, or level of the commodity transaction, except as necessary to make any statement made to the other person in or in connection with the transaction not misleading in any material respect.
(c) Nothing in this section shall affect, or be construed to affect, the applicability of Commodity Exchange Act section 9(a)(2).

§ 180.2 Other manipulation.
It shall be unlawful for any person, directly or indirectly, to manipulate or attempt to manipulate the price of any swap, or of any commodity in interstate commerce, or for future delivery on or
subject to the rules of any registered entity."

Comments on the proposed rules are due January 3, 2011. The full text of the NOPR is available on the NEM Website.

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Columbia Gas Files Revised Competitive Gas Supply Compliance Plan

Columbia Gas filed a petition for rehearing with the Commission as well as a revised compliance plan for implementation of the Competitive Gas Supply regulations. In the petition, Columbia requested that the Commission reconsider the December 31, 2010, start date for its compliance plan, a 0% POR discount rate and the use of a separate POR discount rate for residential and non-residential customers as had been previously ordered by the Commission.

In its revised compliance plan Columbia provides more detail about its POR program. It notes that the discount rate will be calculated as a function of its, "(1) uncollectible percentage reflected in Case No. 9219; and (2) program development and administrative costs associated with COMAR provision implementation." The utility will make a separate filing with the actual calculation and discount percentage. Columbia also notes that in the first quarter of 2012 a revised discount percentage will be calculated as a function of: "(1) the Choice uncollectible percentage calculated separately for residential and non-residential customers for February 2011 through December 2011; (2) the balance of program development and administrative costs for implementation of COMAR 20.59 as of December 2011; and (3) a reconciliation factor that will reconcile, as of December 2011, the proposed and actual implementation costs by Choice rate class." Columbia also reserved its right to change from POR to proration of payments upon a Commission filing ninety days prior tot he proposed implementation date and Commission approval.

The full texts of Columbia's Petition for Rehearing and Revised Compliance Plan are available on the NEM Website.

New York
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NFG Filing on Cash Out of Imbalances

NFG filed proposed tariff changes on its treatment of imbalances. Specifically, as explained by NFG, "[Tariff] Leaf No. 266.2 is amended to provide for a mandatory cash out of imbalances under General Information Section No. 52 as a default. With this change, cash out rates applied under the current voluntary cash out mechanism are replaced with more favorable rates reflecting the market value of gas currently provided under SC 13D. Existing language pertaining to surplus imbalances is removed as a result of the reference to General Information Section No. 52. The current default, imbalance rollover, is retained as a Company option and existing language explaining application of the rollover is consolidated into paragraph 4.b." The full text of the NFG Filing is available on the NEM Website.

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