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Sens. Dianne Feinstein (D-CA) and Gordon Smith (R-OR) introduced last week the first bipartisan legislation aimed at restoring price stability and reliability in the western electricity and natural gas markets.

Sens. Dianne Feinstein (D-CA) and Gordon Smith (R-OR) will formally introduce today the first bipartisan legislation aimed at restoring price stability and reliability in the western electricity and natural gas markets.

Sen. Gordon Smith (R-OR) announced last week that he and Sen.Dianne Feinstein (D-CA) have reached “consensual agreement” onlegislation that would levy price caps or cost-based rates onwholesale power transactions in western markets for as long as twoyears. The measure also would seek to reimpose price caps onshort-term gas transportation to the California market, and wouldrequire gas sellers to declare separately the transportation andcommodity components associated with their bundled “gray market”transactions.

Sen. Gordon Smith (R-OR) announced yesterday that he and Sen.Dianne Feinstein (D-CA) have reached “consensual agreement” onlegislation that would levy price caps or cost-based rates onwholesale power transactions in western markets for as long as twoyears. The measure also would seek to reimpose price caps onshort-term gas transportation to the California market, and wouldrequire gas sellers to declare separately the transportation andcommodity components associated with their bundled “gray market”transactions.

Gordon Shearer, president of Cabot LNG Corp., said he knew if hewaited long enough, liquefied natural gas would have its day in themarketplace. That appears about to happen, at least in New England,where Cabot finds itself positioned to meet growing market demandwith LNG imported from thousands of miles away. At the CambridgeEnergy Research Associates 17th annual executive conference inHouston this week, Shearer enumerated factors growing New Englandgas demand and explained how LNG can economically meet some of thatdemand.