TransCanada PipeLines Ltd., subsidiary Nova Gas Transmission andtwo groups of Canadian producers yesterday announced a “watershed”proposed agreement for a new pricing structure aimed at increasingthe competitiveness of the Nova system while at the same timeensuring greater rate fairness for producer-customers on thepipeline.
Major
Articles from Major
Texaco, Amoco Earnings Plummet More than 50%
Weak commodity prices hit major producers hard in the thirdquarter. Texaco, Amoco, and Exxon all reported sharply lowerresults compared to third quarter 1997. All blamed, for the mostpart, lower commodity prices.
Williams-Transco Plotting Coastal Invasion of Florida
Florida Gas Transmission may not be the only interstatetrunkline in Florida if Williams-Transco succeeds in its plan foran underwater pipeline from offshore Mobile Bay through the Gulf ofMexico to landfall near Tampa on Florida’s southwest coast.
ARCO to Cut $500 Million Expenses, 900 Employees
ARCO announced a major cost reduction program last week thatwill chop $500 million in before-tax expenses and 900 employeesfrom it operations over the next two years. The majority of thecut-backs, $350 million, are expected in 1999.
FERC Issues ABC’s of Auctions
In preparation for a major workshop on capacity auctions, FERCon Friday issued a staff paper that provides an overview of thesubject – the benefits of auctions, factors to be considered whendesigning auctions, the different types of auctions, the use ofauctions in the pipeline industry today and a glossary of auctionterms.
FERC Staff Releases ABCs of Auctions
In preparation for a major workshop on capacity auctions, FERCon Friday issued a staff paper that provides an overview of thesubject – the benefits of auctions, factors to be considered whendesigning auctions, the different types of auctions, the use ofauctions in the pipeline industry today and a glossary of auctionterms.
Jackson Prairie Storage Facelift Gets Green Light from FERC
FERC last week gave conditional approval to a major expansionand upgrade of Jackson Prairie Storage that would add 3.2 Bcf ofworking gas capacity and would boost the firm deliverability rateof the Pacific Northwest storage facility by 300 MMcf/d, both ofwhich would heighten its peak-shaving capabilities.
Trade Groups Ask for Delay on NOPR, NOI Comments
Six industry trade associations will ask FERC today to extend by74 days the deadline for industry comments on the major notice ofproposed rulemaking (NOPR) and notice of inquiry (NOI) that wereissued in July.
Jackson Prairie Storage Facelift Gets Green Light
FERC has given the go-ahead to a major project that wouldincrease the deliverability of Jackson Prairie Storage by 300MMcf/d and would more than double its best-efforts withdrawal rate,both of which will boost the peak-shaving capabilities of thestorage provider.
Calpine Expands California Plant, Gas Network
A new nonutility natural gas supply network and someenvironmental concessions to local agricultural interests are twonew twists to a major 500 MW merchant natural gas-fired power plantproposed for northern California in proximity to the SacramentoValley gas fields. As a result, the project sponsor, CalpineCorp., has agreed to invest an additional $20-$25 million in theestimated $300 million project to use a more environmentally benignair cooling system at the plant instead of the traditionalwater-based evaporative cooling approach.