Attempting to reach energy consumers on both coasts, SouthernCalifornia Gas Co. said Thursday it hopes to offer its Internetmarketplace to customers in New York, Massachusetts, Illinois,Pennsylvania, and Georgia in the very near future. The expansionwas announced as part of the formal launching of power trading onthe company’s energy market web site, www.energymarketplace.com.
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Changing of the Guard at GISB May Signal Change in Direction
The leadership of the Gas Industry Standards Board’s (GISB) topdecision-making committee has been in the hands of the pipelinesand producers for a number of years, but the gavel has been passedto service companies and distributors in 1999. This changing of theguard has left some feeling uneasy as they wonder whether a radicalchange in direction is in store for the standards-setting group inthe year ahead.
NJ Deregulation Stumbles In Legislature
Uncertainty over the treatment of municipal aggregation in NewJersey’s energy deregulation legislation caused the state’srestructuring bill to be bounced back and forth several times lastweek between the general assembly and senate, resulting in at leasta two-week delay before a final decision. The restructuring billprovides strict deadlines of Aug. 1 for statewide electric utilitygeneration unbundling, and Dec. 31 for statewide gas utility supplyunbundling. It is being reviewed by the assembly at the presenttime, and the next available voting session will take place Jan.28.
UPR, ARCO Take Large Write-Downs
Union Pacific Resources Group and ARCO warned last week theywill be taking massive asset write-downs and restructuring chargesduring the fourth quarter, reflecting their continuing struggle todeal with low crude oil and gas prices.
CFTC Approves NYMEX PJM Contract
The Commodity Futures Trading Commission (CFTC) approved a NewYork Mercantile Exchange (NYMEX) application to trade electricityfutures and options based on delivery at the Pennsylvania-NewJersey-Maryland (PJM) western hub.
SPOT GAS MARKET WELLHEAD PRICE
©Copyright, 1999 Intelligence Press. All rights reserved. Thepreceding news report may Not be republished Or redistributed, in wholeOr in part, without prior written consent of Intelligence Press .
SPOT GAS MARKET Prices
©Copyright, 1999 Intelligence Press. All rights reserved. Thepreceding news report may Not be republished Or redistributed, in wholeOr in part, without prior written consent of Intelligence Press .
January Unable to Buck Downtrend
After spiraling down in the last 30 minutes of last Thursday’sabbreviated trading session, the spot January contract gapped lowerand traded in a tight 6-cent trading range Monday as traderscontinued to test the downside of the market. The nearby cashmarket, which was trading 5-10 cents lower on many pipes, had anundeniable affect when the futures market opened at 10 AM EST,traders said. Estimated volume was robust, with 86,466 contractschanging hands.
Pipelines Would Expand on NOPR’s Blanket Certificate Authority
A major pipeline group last week said there was “much to like”in the notice of proposed rulemaking (NOPR) that would, among otherthings, expand the blanket construction and abandonment certificateauthority for pipelines under FERC’s Part 157 regulations, but italso had “several major concerns.”
Unocal, ARCO, Chevron Reduce Capital Spending
Unocal Corp. said last week it expects 1999 capital spending tototal between $1 billion and $1.1 billion, down from the estimated$1.7 billion in capital expenditures this year. The lower spendingreflects Unocal’s narrowed focus on core oil and gas explorationand production in response to lower commodity prices.