While electric restructuring at the federal level meandersalong, a broad group of industry and consumer organizationsreleased a list last week of 23 principles it believes should beincluded. The group is hoping its efforts might add some urgency tothe legislative process.
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Unreliability May Threaten Electric Competition
Absent a reliable grid and “vibrant” wholesale power market, themovement towards open electric competition at the retail levelcould literally collapse, FERC Chairman James Hoecker told statelawmakers and energy producers yesterday.
Transportation Notes
After raising its IT availability into the Zone 6-NYC pool to itshighest level in more than a month Tuesday (see Daily GPI, Jan. 11), Transco said that effectiveFriday there will be only about 25,000 dth/d of IT available throughthe Linden (NJ) Regulator Station and zero IT upstream of Station 90and on the Leidy Line for deliveries downstream of Centerville, NJ.
AES Subsidiaries Sign Up New Jersey Businesses
The New Jersey Business & Industry Alliance (NJBIA), thelargest state-level employer association in the nation, isorganizing an energy purchasing pool to join the New Jersey choiceprogram. The group has selected NewEnergy and Power Direct,subsidiaries of independent power producer AES Corp. to create thepool Power New Jersey.
The Big Chill Puts Prices Back on Upward Track
Some Gulf Coast quotes were topping the $3 level Thursday ascash prices resumed climbing after Wednesday’s leveling-off period.Increases ranged from about a nickel in California to more than 15cents at New England citygates and on CNG in Appalachia. A risingfutures screen provided moderate support for cash, but thespreading of colder weather was the chief cause of the price gains,sources said. However, numbers were retreating in several marketsin late deals. A Gulf Coast producer was able to get only $2.90 ina very late Henry Hub trade after the point had been trading in thehigh $2.90s for most of the morning.
Screen Does Its Part to Converge with Cash
Despite double-digit physical market increases and an earlyretest of the $2.80 level, natural gas futures tanked yesterday astraders weighed the impact of warm weather forecasts for the firstpart of October. After holding in the high $2.70s for most of themorning Monday, the November contract was hit with a round ofselling in the afternoon that pushed the price 16.8 cents lower toclose at $2.625.
Cash Prices Level Off Despite Unchanged Influences
After much talk earlier in the week about how weak the cashmarket looks, it must have surprised some traders Wednesday to seeall but a few scattered points range from flat to as much as anickel higher. Between a neutral screen and no change infundamental factors, sources had trouble explaining why Tuesday’sprice skid came to such a quick halt only a day later. A marketersaid he wanted to suggest the “bears” had gone into hibernation,but it was too long before winter begins for that.
Lender’s Call for Faster Coho Payments
The financial troubles of Coho Energy reached a new level lastweek as the Dallas-based company received a formal notice from itslenders that the obligations under its $240 million credit facilityhave been accelerated and the lenders intend to exercise all rightsand remedies to satisfy those obligations.
Slight Break in Heat Allows Prices to Level Off
The furious upward rush of swing cash prices finally ran out ofsteam Tuesday, leaving most of the market in a consolidation andstabilization mode. Except for a nickel rise in Transco’s Zone6-NYC pool and milder increases on several Midcontinent pipes, flatnumbers were the order of the day at nearly all eastern points.Although the Midwest and Northeast market areas had cooled off abit since Monday, forecasts for a heat wave to re-intensify laterthis week kept prices from retreating, a marketer said.
Screen Provides Stability for Most Cash Prices
Given modest support by a small screen gain, most cash tradingpoints tended to level off Thursday instead of continuing a slidethat many had expected would last into the weekend. Northeastcitygates constituted the rare weaker market in the East with dropsof almost a nickel as the region cooled off further from a heatwave that set power generation load records early this week.