Washington, D.C.--A large gathering of some of the most powerful figures in the U.S. government to discuss new energy policy principles saw renewables take center stage.

The Center for American Progress’ Clean Energy Project: Building the New Economy forum was focused on creating a consensus to increase the use of renewable energy and alternative fuels, as well as the creation of a smart grid to distribute this energy to wean the U.S. off of its dependence on foreign oil.

While most of the country focuses on legislative action designed to improve the sagging economy, President Obama and Congressional leaders are seeking ways to merge energy regulations into economic stimulus action.

Two Fort Worth legislators are introducing a series of bills in the state legislature that would tighten regulations on natural gas drilling in the Barnett shale, targeting issues such as air pollution, waste disposal and pipelines.

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Don’t miss the opportunity to hear from the latest information on biofuels and their worldwide integration from the experts at the Hilton Palacio Del Rio, immediately after the NPRA annual meeting.

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Much of the news during the past three to four months mentioning Chesapeake Energy focused on the company’s stock falling 60% in 2008 and its various forms of asset sales.

However, company officials issued a surprising message when discussing negative $783 million earnings in Q4 2008: The current market is good for the company.

“The lower gas prices go today, the better it is for Chesapeake,” said CEO and Chairman Aubrey McClendon.

For the second time in a little over a year, OGE Energy has cancelled an MLP IPO due to poor market conditions.

The company announced that its proposed 50/50 joint venture with Energy Transfer Partners (ETP), ETP Enogex Partners LLC, was terminated ahead of the March 31 deadline the companies set to complete the agreement.

The joint venture would have consisted of OGE Energy’s full interest in Enogex LLC, as well as ETP’s full interest in Transwestern Pipeline Co. and ETC Canyon Pipeline. The venture would also have included ETP’s 50% interest in the Midcontinent Express Pipeline (GPR 9/24/08).

It’s too early to get a handle on the economics of the Eagle Ford shale play, led by Petrohawk Energy Corp. in South Texas, “but that is an exciting shale to watch,” said Jeb Armstrong, senior oil and gas E&P analyst for Calyon Securities (USA) Inc.

CME Group launched four new average price options contracts on ClearPort, effective March 8 for the March 9 trade date.

The contracts are for propane, Mont Belvieu C5+, Mont Belvieu ethane, and Mont Belvieu butane.

The company announced there will be 20 strike prices in 1¢/gal increments above and below the at-the-money strike price for a total of 41 strike prices. The contracts will expire on the last business day of the underlying calendar month.

Frontier Midstream acquired the 36 million cubic feet per day Indian Creek gas processing plant from Indian Creek Gas Processing Co. and Central Plains Pipeline for an undisclosed sum.

The plant, located in the Anadarko basin of the Texas Panhandle, includes 20 miles of NGL pipeline connected to Enterprise Products Partners’ MAPL pipeline system.

Frac spread margins mostly were down over the past week, with the notable exception of ethane, which continues to improve after a lengthy run of less-than-profitable conditions.

The margin to fractionate ethane at Mont Belvieu was up 5%, pushing the spread to 12¢/gal, the highest it has been in Texas since Oct. 8, 2008. Meanwhile, Conway’s ethane margins were up 32%, pushing the spread to 8¢.

C5+ Stock Levels Up, But Reflect Relative Pricing Strength