Looking to evaluate interest in the expansion of daily and seasonal storage capacity from its natural gas storage complex, Texas Gas Transmission LLC announced last week a non-binding open season for firm storage service (FSS) and no-notice service (NNS) at its Western Kentucky storage facilities.
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Looking to evaluate interest in the expansion of daily and seasonal storage capacity from its natural gas storage complex, Texas Gas Transmission LLC on Monday announced a non-binding open season for firm storage service (FSS) and no-notice service (NNS) at its Western Kentucky storage facilities.
After being in denial for months over the weakened Mid Atlantic market for new pipeline capacity, Greenbrier Pipeline Co. LLC finally succumbed to reality last week, announcing an indefinite delay for its proposed 279-mile pipeline. Project sponsor Dominion Resources told FERC on Wednesday that it has suspended field work on Greenbrier while considering whether to shift budgeted funds to further expanding infrastructure related to the recently recommissioned Cove Point LNG import terminal in Maryland.
FERC should put off finalizing its proposed rules on price reporting to publications until it has a chance to evaluate how well its voluntary guidelines are succeeding, producers said in comments filed Monday (RM03-10). If the Commission does proceed with its proposed amendments to blanket certificates, it needs to refine its definitions of prohibited behavior, producers and others said.
The emerging first quarter reports show that overall, oil and natural gas production for many North American independents is setting a record pace. However, analysts looking at the deeper picture believe that while earnings are up and production may hit records, overall domestic production continues a slow slide, and no likely near-term solution is at the ready.
Williams ended a rocky week Friday with two major credit ratings agencies split on how to evaluate its obligations to its spin-off, Williams Communications Group (WCG), and at least five class action lawsuits filed claiming it misrepresented those obligations. Late Friday Moody’s Investors Service confirmed the ratings of the parent company (WMB, Baa2 senior unsecured) and its subsidiaries. Moody’s also confirmed the Baa3 debt rating of Williams Communications Group (WCG) Note Trust, a third-party special purpose vehicle to which Williams has a contingent obligation. In addition Moody’s said the rating outlook for both entities are stable.
It was a rocky week for Williams, which delayed its final earnings estimate Tuesday in order to evaluate contingent liabilities with its spin-off Williams Communications Group (WCG), an action that sparked a rash of investor lawsuits and split the two main ratings agencies down the middle. Late Friday Moody’s Investor Service confirmed Williams ratings, and classified them as stable, while even later Friday Standard and Poor’s (S&P) placed Williams and subsidiaries on CreditWatch with negative implications.
The State of Alaska has hired Petrie Parkman & Co. of Denver to act as a financial adviser to evaluate the state’s potential participation in owning an interest in or financing a North Slope natural gas pipeline project. Alaska Gov. Tony Knowles has proposed federal legislation that would mandate a natural gas pipeline along the Alaska Highway, and called for federal tax incentives to enable companies to bring North Slope gas to market. Petrie Parkman will assist the Alaska commissioner of revenue in preparing a comprehensive report addressing options for and analysis of the state’s potential participation in a gas pipe project. The assistance was provided under the authority of Alaska’s Senate Bill 158. The report, when completed, would be presented to the governor and the state legislature and would include an examination of each of the announced North Slope pipe proposals. The report also would analyze whether and how the state could take an equity ownership or other financial interest in the project.
The State of Alaska has hired Petrie Parkman & Co. of Denver to act as a financial adviser to evaluate the state’s potential participation in owning an interest in or financing a North Slope natural gas pipeline project. Last week, Alaska Gov. Tony Knowles proposed federal legislation that would mandate a natural gas pipeline along the Alaska Highway, and called for federal tax incentives to enable companies to bring North Slope gas to market (see Daily GPI, Sept. 4).
Merrill Lynch has been hired to serve as Avista Labs’ investmentbank and strategic adviser to evaluate the best ways to maximizethe shareholder value of its fuel cell technology. Avista Corp. ofSpokane, WA made the announcement yesterday, and said that MerrillLynch will “consider all possible options, including financialrestructuring and an initial public offering.” Avista Labs recentlyreceived a comprehensive patent securing the exclusive modulardesign of its PEM fuel cell system, a “plug and play” feature thatallows fuel cell cartridges to be easily removed and replacedwithout interrupting power. The Labs arm of Avista Corp. is a jointdevelopment agreement with UOP to integrate its fuel cell with thenatural gas and propane fuel processor systems of UOP. Later thisyear, field testing will begin for the integrated units of UOP.Currently, Avista Labs is testing its fuel cell subracks in severallocations across the country, including Arizona Public Service inPhoenix, the Fuel Cell Test and Evaluation Center in Johnstown,PA., Tyndall Air Force Base in Panama City, FL, and as back-uppower within the Avista Utilities service territory in the PacificNorthwest.