Alberta environmentalists recently were given a reminder that they do not have all the weapons to win escalating conflicts with natural gas producers over drilling programs.
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Illinois Retail Gas Marketer Santanna Files for Ch. 11, Sued by Attorney General
Escalating natural gas prices forced Illinois retail gas marketer Santanna Energy to file for Chapter 11 bankruptcy protection on Monday just a few days after Illinois Attorney General Lisa Madigan filed a lawsuit in Cook County Circuit Court against the company because it reneged on its fixed-rate contract offerings to about 15,000 northern Illinois residential customers.
Nymex Lowers Natural Gas Futures Margins for a Change
After raising its natural gas futures related margins five times in a month to deal with escalating prices (see Daily GPI, Sept 23), the New York Mercantile Exchange Inc. (Nymex) finally announced a decline in margins on Thursday. Nymex said it will decrease margins for its natural gas futures, Henry Hub swap futures, Nymex miNY natural gas futures, Henry Hub swing swap futures, and Henry Hub penultimate swap futures contracts, effective at the close of business Friday.
Nymex Lowers Natural Gas Futures-Related Margins Again
After raising its natural gas futures related margins five times in a month to deal with escalating prices (see Daily GPI, Sept 23), the New York Mercantile Exchange Inc. (Nymex) said Monday afternoon that it was decreasing those very same margins for the second time in two weeks (see Daily GPI, Oct. 7).
SoCalGas Proposes to Use Storage Cushion Gas to Lessen Winter Price Spikes
While pleading limited resources and the need to determine who pays for helping needy customers this winter in the face of rapidly escalating natural gas prices, a Sempra Energy senior utility executive told state regulators that the company’s Southern California Gas utility is considering tapping up to 5 Bcf of its cushion gas supplies in its extensive underground storage system as a means of tempering expected high winter gas utility bills for qualifying low-income customers.
House Panel to Explore Katrina-Induced Gas Price Spikes, Shortfall
A House subcommittee has scheduled a hearing for Wednesday to examine escalating natural gas prices and a tight supply situation in the wake of Hurricane Katrina slamming into the energy-rich Gulf Coast two weeks ago.
Chemical Producers Press Bush Administration to Lift OCS Restrictions
Chemical producers, who have been rocked by escalating natural gas prices, called on the Bush administration this week to lift the restrictions on oil and natural gas drilling in much of the federal Outer Continental Shelf (OCS).
FPL Notifies Regulators 2005 Oil, Gas Costs Going 14.5% Above Estimates
Florida Power & Light (FPL) has notified Florida regulators it will show a significant under-recovery of fuel costs for power generation this year due to escalating natural gas and fuel oil prices and has proposed spreading the cost recovery payments of $579 million over the next two years to lessen the burden on ratepayers who also will see increased fuel costs for 2006.
Oilsands Developers Hit Hard by High Natural Gas Prices
Reliance on natural gas is a steadily escalating source of financial pain for oilsands complexes. Alberta’s three oilsands mining and bitumen upgrading complexes spent a total of C$692 million (US$520 million) on gas in 2003, or five times what they spent in 1999, according to the Calgary energy investment firm of Peters & Co. Ltd.
Domenici Says Gas Price Relief May Elude LNG Opponents
The East and West Coasts may not see any relief from escalating natural gas prices in the years ahead if they are successful in their efforts to block the construction of new liquefied natural gas (LNG) terminals in their areas, warned Sen. Pete Domenici (R-NM) last Tuesday.