FERC yesterday conditionally approved a significant re-design ofthe New England bulk electricity market in an attempt to reduce theprice volatility stemming from generation shortages and congestedtransmission systems. But it could be as much as two years beforethe regional market feels the effects of the changes.
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Unocal Seeks the Rest of Northrock
Unocal Canada Resources said last week it plans to conditionallyoffer C$221 million for the 52% of Northrock Resources Ltd. that itdoes not already own. The Unocal subsidiary acquired 19.6 millionshares of Calgary-based Northrock in transactions announced inApril 1999 (see NGI, April 19, 1999).
Unocal Seeks the Rest of Northrock
Unocal Canada Resources plans to conditionally offer C$221million for the 52% of Northrock Resources Ltd. that it does notalready own. The Unocal subsidiary acquired 19.6 million shares ofCalgary-based Northrock in transactions announced in April 1999(see Daily GPI, April 16, 1999).
FERC OKs Transwestern’s Gallup Expansion
FERC yesterday conditionally approved Transwestern Pipeline’sproposal to build a new Gallup compressor station on the San Juanlateral near its mainline and to install cooling equipment at twoexisting compressor stations also on the lateral.
FERC Conditionally Stamps Northern-Enron Deal
A large negotiated rate contract between Northern Natural andits affiliated Enron North America Corp. made it through FERC lastweek, but not without a promise of further regulatory scrutiny.FERC accepted the deal, which covers about one-third of Northern’sfirm space, on the condition that the pipeline submit a detailedexplanation of how the various pricing options work. The follow-upreview is based largely on a protest filed by Northern shipper GPMGas.
FERC Conditionally Stamps Northern-Enron Deal
A large negotiated rate contract between Northern Natural andits affiliated Enron North America Corp. made it through FERCyesterday, but not without a promise of further regulatoryscrutiny. FERC accepted the deal, which covers about one-third ofNorthern’s firm space, on the condition that the pipeline submit adetailed explanation of how the various pricing options work. Thefollow-up review is based largely on a protest filed by Northernshipper GPM Gas.
Dominion-CNG Marriage Conditionally Approved
The $6.4 billion merger of Dominion Resources and ConsolidatedNatural Gas (CNG) picked up approvals from the Federal TradeCommission (FTC) and the Federal Energy Regulatory Commission(FERC) last week, but both agencies included conditions to protectcustomers in Virginia.
Nymex Gives Swap Traders New Options
After nearly two years of deliberation, the Commodity FuturesTrading Commission conditionally approved a new rule permitting theNew York Mercantile Exchange to hold a three-year pilot duringwhich futures contracts can be exchanged for positions in swaptransactions (EFS transactions). Rule 6.21A is designed to providea closer link between the on-exchange futures market andoff-exchange swaps markets, giving off-exchange participantsgreater ability to manage the risks associated with swap positions.
Nymex Gives Swap Traders a New Tool
After nearly two years of deliberation, the Commodity FuturesTrading Commission last week conditionally approved a new rule,permitting the New York Mercantile Exchange to hold a three-yearpilot during which futures contracts can be exchanged for positionsin swap transactions (EFS transactions).
Midwest ISO Gets Nod; More Members Needed
FERC last week conditionally approved the formation of the12-member Midwest independent system operator (ISO), but somecommissioners expressed disappointment that moretransmission-owning utilities from the region hadn’t joined yet.