In the article “Southwest Gas Shutoff Aftermath Lingers” (see Daily GPI, March 30), NGI incorrectly stated that during a severe freeze in February “some 40,000 retail gas customers experienced shut-offs in New Mexico, with thousands more in certain areas of southern Arizona.” The 40,000 number is incorrect. The sentence should read “Thousands more were affected in other areas of New Mexico and certain areas of southern Arizona.” NGI regrets the error.
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Unresolved Allocation Issue Lingers in CA Court Approval of $1.6B El Paso Settlement
California’s large industrial customers are fighting over El Paso’s $1.6 billion settlement payment, which was approved earlier this month by a California Superior Court in San Diego. The state attoney general’s office confirmed that it is the largest antitrust class action settlement in the state’s history.
Unresolved Allocation Issue Lingers in CA Court Approval of $1.6B El Paso Settlement
Among the California large industrial parties there is still a bit of disagreement over the eventual allocations of the monies even as last Friday a California Superior Court in San Diego approved the $1.6 billion settlement between El Paso Corp. and four western states, including California. The state court phase of the settlement approval process drew one vocal objection from the California League of Food Processors (CLFP).
Heat Lingers But Loses Price-Supporting Touch
The national heat wave continued through Friday into theweekend, and electric utilities continued to use appeals forcustomer conservation and other demand-side management tools tokeep juice flowing as needed. But the heavy cooling load lost itsability to keep cash gas prices moving higher. Instead, most pointswere about a dime or more down in flows for the last day of July,and although quotes for Sunday and Monday tended to surpass thosefor Saturday, they still were below monthly indexes. Sources citedthe usual drop in weekend demand, a small screen decrease andforecasts that major market areas will have cooled off a bit bytoday as reasons for the softness.
Storage Lingers as Winter Wanes
As the winter that wasn’t winds down, gas in storage will haveto come out like a lion during March if capacity holders are tomeet cycling requirements. Even if temperatures remain warmer thannormal the market should expect six weeks of relatively strongwithdrawals because many storage capacity owners must bring levelsdown to about 25% full.