Modifying

As the Dodd Frank Wall Street Reform and Consumer Protection Act rules continue to come into focus, trading exchanges are modifying the way they do business in order to better comply with current and anticipated rules and regulations. The latest move came from CME Group, which last week announced the launch of CME Direct, a new technology offering side-by-side trading of exchange-listed and over-the-counter (OTC) markets.

As the Dodd Frank Wall Street Reform and Consumer Protection Act rules continue to come into focus, trading exchanges are modifying the way they do business in order to better comply with current and anticipated rules and regulations. The latest move came from CME Group, which this week announced the launch of CME Direct, a new technology offering side-by-side trading of exchange-listed and over-the-counter (OTC) markets.

Questar Pipeline Co. (QPC) is holding a binding open season through Feb. 18 for firm capacity that would be created by modifying and installing facilities on its system for delivery of higher-Btu gas to Chipeta Processing LLC or other Uinta Basin processors, the pipeline said.

A group of Columbia Transmission shippers has called on FERC to grant emergency relief on an expedited basis to prevent the pipeline from unilaterally modifying the primary delivery points under their contracts while a complaint proceeding is pending.

FERC last Thursday finalized a rulemaking modifying the mandatory power purchase obligation for electric utilities under the Public Utility Regulatory Policies Act of 1978 (PURPA). The rulemaking implements a mandate of the Energy Policy Act of 2005.

FERC recently issued an order modifying the price cap on spot market sales in the Western Electricity Coordinating Council (WECC) outside the California Independent System Operator (CAISO) grid to a $400/MWh “soft” cap. The order also raises the ancillary service capacity bid cap in CAISO to a $400/MWh soft cap [EL06-44].

After modifying Wednesday’s systemwide Stage 2 high-inventory OFO to a Stage 3 order and raising penalties to $5/Dth for positive imbalances exceeding a 5% tolerance, Pacific Gas & Electric lifted the OFO for Thursday.

Gas buyers could have been forgiven Monday for modifying apopular movie’s catchphrase and screaming, “Show me the weather!” Autility buyer reporting “beautiful” conditions outdoors in theNortheast said it seemed odd that prices could continue to rise inthe face of moderate weather in most major market areas outside theSouth. Cash quotes ranged from flat to barely higher at Northeastcitygates to as much as 15 cents up at the PG&E citygate. Mostgains tended to be on either side of a nickel.