Markets in Atlantic Canada and New England won’t be getting anextra gas supply source as soon as previously expected. Maritimes& Northeast Pipeline LLC informed FERC this week that both530/360 MMcf/d Canadian/US pipeline project (Phase II) and theSable Offshore Energy Project (SOEP), which will be the source ofsupply for the pipeline, will not be in service on schedule.
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NiSource Ups Bid to $74/Share, Offers Richard Board Seat
NiSource finally sweetened its offer for Columbia Energy Groupyesterday to $74/share ($6.1 billion) from $68/share and laid downan olive branch by inviting five of Columbia’s top managers,including CEO Oliver G. “Rick” Richard, to take seats on anexpanded NiSource board. Richard was offered a vice chairmanship.
Enron Looks to 4Q For Positive EES Earnings
While Enron Energy Services signed its largest contract ever inthe third quarter, the business has yet to show a profit. However,the company said strong performance to date all but ensure a profitin the fourth quarter.
EIA: Prices to Remain Less than $3
While wellhead prices will be 40% stronger than last winter,high levels of storage and gas imports will keep them under $3 forthe better part of the heating season, the Energy InformationAdministration said in its October Short-Term Energy Outlook. Thereport was published last week.
EIA: Prices to Remain Less Than $3 This Winter
While wellhead prices will be 40% stronger than last winter,high levels of storage and gas imports will keep them under $3 forthe better part of the heating season, the Energy InformationAdministration said in its October Short-Term Energy Outlook. Thereport was published yesterday.
Independence, MarketLink Take a Beating at FERC
Independence and MarketLink pipeline sponsors were forced to runthe gauntlet last week at a special FERC conference. The event drewbuses filed with t-shirted crowds of pipeline supporters and anopposing army of congressmen, state representatives, localpoliticians and landowner advocates, the likes of which hasn’t beenseen at the Commission since the Iroquois Pipeline project wasproposed in the early 1990s.
Combined Unicom and PECO Would Be ‘A Monster’
The merger of Commonwealth Edison of Chicago parent Unicom Corp.and Philadelphia-based PECO Energy Co. will create a company so bigit will take two CEOs to run it, at least initially.
Berkshire Gas Turns to LNG
Needing to expand capacity and increase deliverability to itscustomers in Franklin County, MA, Berkshire Gas Co. hassuccessfully petitioned the state’s Energy Facilities Siting Boardfor the rights to build an LNG storage facility in Whatley, MA. Theboard ruled in favor of the $5 million facility last week.Berkshire will begin construction immediately and hopes to have thefacility running by late December.
Atlantic Region Building as Next Canadian Supply Hot Spot
Interest in gas from the Sable Offshore Energy Project (SOEP) isgrowing in the Northeast. BP Amoco said it will market some of theproduction, and a distribution franchise has been awarded to servethe province of New Brunswick. Long-term gas and oil supplies fromAtlantic Canada could play a major role in meeting Northeastdemand, according to a recent study.
Interim Restructuring Proposal Floated in Southern CA
The possibility of a quick-fix, interim settlement that wouldopen up receipt points on the Southern California Gas Co.transmission system emerged as the only positive development fromanother round of all-party talks last week, according to one of themajor shippers attending the session. It came at the conclusion ofthe all-day session in a downtown LA hotel. Talks are expected toresume Sept. 23, with a counter-proposal from Enron being offeredfor discussion prior to a SoCalGas all-parties meeting. Othermeetings among some of the parties will be held Sept. 15.