Northeast

Maritimes & Northeast Pipeline LLC, which transports natural gas from Canada to the New England Corridor, said it is in the “beginning stages” of a plan that will triple the capacity of it 850-mile pipeline to 1.5 Bcf/d from its current capacity of 440 MMcf/d.

The region encompassing the Northeast Power Coordinating Council (NPCC) is projected to have adequate power supplies this summer, although portions of New England and New York could experience a very limited number of time periods when use of interruptible power contracts, voltage reductions and/or reductions in reserve requirements could be required, NPCC said on Thursday.

Due to the charges associated with exiting two of its four competitive energy business lines (see NGI, March 14), Berlin, CT-based Northeast Utilities (NU) on Thursday reported a loss of $117.7 million, or $0.91 per share, in the first quarter of 2005, compared with net income of $67.4 million, or $0.53 per share, in the same period of 2004.

Maritimes & Northeast Pipeline (Maritimes) said a recent open season drew expressions of interest from potential shippers for about 1.5 Bcf/d of additional firm transportation capacity. The new capacity would be used to transport regasified liquefied natural gas (LNG) from proposed terminals in Canada and possibly additional offshore natural gas production to markets in Canada and the United States.

Due to the charges associated with exiting two of its four competitive energy business lines (see Daily GPI, March 10), Berlin, CT-based Northeast Utilities (NU) on Thursday reported a loss of $117.7 million, or $0.91 per share, in the first quarter of 2005, compared with net income of $67.4 million, or $0.53 per share, in the same period of 2004.

Maritimes & Northeast Pipeline (Maritimes) said a recent open season drew expressions of interest from potential shippers for about 1.5 Bcf/d of additional firm transportation capacity. The new capacity would be used to transport regasified liquefied natural gas (LNG) from proposed terminals in Canada and possibly additional offshore natural gas production to markets in Canada and the United States.

The Gulf Coast, Northeast and most Midwest citygates continued to register price increases going into the weekend. But perhaps in acknowledgement of weakness in weather fundamentals that had been in effect for several days, nearly all Midcontinent and western points were down Friday.

The cash market found enough cold weather remaining in the Midwest and Northeast and parts of the West to regain its footing and register generally small gains at a majority of points Tuesday. The return of industrial load after a holiday weekend hiatus also helped fuel the mini-rally.

Maritimes & Northeast Pipeline started an open season process last Tuesday to test the market for a possible expansion. The expansion would be designed to bring new gas supply potentially from offshore development and from liquefied natural gas (LNG) import terminals planned in Atlantic Canada to markets in eastern Canada and the northeastern United States. The open season ends March 31.