Neither the interstate pipelines nor gas producers wereparticularly enamored with FERC’s latest attempt to create a morebalanced, lighter-handed system for regulating gas pipelines on theOuter Continental Shelf (OCS). They both agree the Commission fellshort of its goal in the July proposed rulemaking.
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Prices Start Rising Again as New Storms Develop
Dennis and Emily joined Cindy Tuesday as the latest namedtropical storms in the Atlantic, and cash prices responded byresuming a climb that had faltered slightly as the week began.Nearly all eastern gains were at least a nickel or greater, withsome points rising by double digits. Somewhat surprisingly,however, most of the dime-or-greater increases occurred in theWest, led by one of nearly 20 cents at the PG&E citygate. TheCalifornia market in general was boosted as Pacific Gas &Electric threw something of a curveball at traders: instead of thefrequent high-linepack OFOs this summer, the one that takes effecttoday is for low linepack (see Transportation Notes).
Southwest Tells Southern Union to Put Up or Shut Up
Southwest Gas threw the latest stone in the battle surroundingits proposed merger with Oneok Inc. earlier this week, refusing togo along with a request from Carl Kunasek, the Arizona CorporationCommission (ACC) chairman, to allow rival suitor Southern Union(SU) to intervene in the ACC proceedings involving the merger.
Raymond James Eyes Production Drop
Raymond James & Associates’ gas analysts warned investorsyesterday the latest production statistics indicate gas productionis down 4-6% compared to last year. The St. Petersburg, FL-basedfirm highlighted several indicators, including sharply loweryear-to-year storage injections, reduced E&P company productionfigures, a growing “balancing item” reported by the Department ofEnergy in its gas market statistics and a survey of three of thelargest gas producing states.
Reliant Energy Picks Illinois for Peaking Facility
In its latest bid to add generation assets to its growingportfolio, Reliant Energy selected a 125-acre plot of land inMcHenry County, IL, last week as the site to develop a 500 MW,gas-fired power plant. The cost of the project was not disclosed. AReliant spokesperson said the company hopes to have the plant inservice by mid-2001.
Southwest Stuck between Two Merger Offers
Representing the latest curve on what has become a very windyroad, Southwest Gas announced Wednesday it is reviewing SouthernUnion’s revised merger offer even though it already entered into amerger agreement with Oneok earlier this week. With two offers onthe table, Southwest Gas has said it will not comment further onthe subject until a decision is made, and industry analysts say thedecision will not be easy.
Reliant Energy Picks Illinois for Peaking Facility
In its latest bid to add generation assets to its growingportfolio, Reliant Energy selected a 125-acre plot of land inMcHenry County, IL, Tuesday as the site to develop a 500 MW,gas-fired power plant. The cost of the project was not disclosed. AReliant spokesperson said the company hopes to have the plant inservice by mid-2001.
Trio Targeting Southeast With New Pipeline
Burgeoning gas demand in the southeastern United States hasspawned another pipeline project. The latest comes from ColumbiaGulf Transmission, AGL Resources, and MCN Energy Group. The trioyesterday began a six-week open season offering up to 250,000 Dth/dof capacity on the proposed Volunteer Pipeline.
Producers Seek ‘Crude Awakening’ in D.C.
Unconvinced that the latest uptick in domestic oil pricessignals a turnaround, domestic producers last week descended on theWhite House and Capitol Hill to make a direct pitch for marginalwell tax credits, exploration and production (E&P) incentivesand other economic reforms to boost the ailing oil and gasindustry.
Opposition Arises for Florida Power
The latest battle in utility deregulation was waged last weekwhen the Electric Power Supply Association (EPSA) published aletter urging Florida’s Public Service Commission (FPSC) to rejectFlorida Power Corp.’s petition to forgo competitive bidding forconstruction of Hines 2, a second gas-fired generation plant at itsHines Energy Complex in Polk County, FL.