Noting

Noting the potential for confusion that may result from recently passed electricity legislation in the state, the Maryland Public Service Commission (PSC) last week decided to terminate pending proceedings related to the proposed merger between Constellation Energy and FPL Group, but gave the parties the opportunity to refile a comprehensive application that takes into account the legislation (SB1).

Noting that total working gas storage capacity on its system is 60.0 Bcf, Southern Natural Gas said its inventory stood at 42.0 Bcf as of May 4, or 70% of capacity. That compares with 25.5 Bcf (43%) and 24.4 Bcf (41%) at the comparable stages of the 2005 and 2004 injection seasons respectively, Southern said. Storage is now 16.5 Bcf ahead of the year-ago level, and at historical injection rates, Southern projects that maximum storage capacity could be reached before mid-summer. “If this trend continues, please note that it might be necessary to implement the following restrictions on…[certain] types of transactions to preserve firm obligations and interruptible quantities that have already been accepted,” the pipeline said in a posting Wednesday. See the bulletin board for details on potential transaction restrictions.

Noting unseasonably mild conditions being predicted in its market area for the upcoming weekend and several days thereafter, Transco said effective with Friday’s gas day until further notice it will not allow any excess storage injections under Rate Schedules WSS, WSS-OA or GSS, nor will it allow any due-pipeline imbalance paybacks. Also, pool tolerances were to be reduced to 1% starting with Evening Cycle nominations for Friday, and the pipeline is barring any incremental Park service quantities and the payback of any Loans under Rate Schedule PAL (Park and Loan).

Noting that it was concerned about reliability of power and natural gas systems in northern California due to Calpine Corp.’s precarious financial situation, Pacific Gas and Electric Co. (PG&E) Wednesday made public two filings made last week at the California Public Utilities Commission for authority on a very expedited basis to shore up natural gas supplies for Calpine’s critical generation plants that operate under “reliability-must-run” contracts with the state grid operator. PG&E Corp.’s utility originally asked that it get the emergency authority within three business days.

Noting his company’s “significantly long” natural gas position from 2010 onward, a Calpine senior executive said Thursday the company has seen some moderation of natural gas prices since the Gulf of Mexico hurricanes, and it is possible prices will go down some more over the full course of next year. The value of the company’s portfolio has increased by an estimated $300 million over the past three months, said Paul Posoli, Calpine executive vice president, during a third-quarter earnings conference call.

Noting that the United States cannot conserve its way out of the perilous natural gas supply situation, a major gas distribution group and several mostly offshore groups have called on the Interior Department’s Minerals Management Service (MMS) to open up many of the off-limit areas of the federal Outer Continental Shelf (OCS) to production in its upcoming five-year (2007-2012) leasing plan for offshore energy development.

Noting that the United States cannot conserve its way out of the perilous natural gas supply situation, a major gas distribution group has called on the Interior Department’s Minerals Management Service (MMS) to open up many of the off-limit areas in the federal Outer Continental Shelf (OCS) to production in its upcoming five-year (2007-2012) leasing plan for energy development in the offshore.

Noting concerns that production fell 5% in the first quarter from a year earlier, ExxonMobil Corp. CEO Lee Raymond said Wednesday that new projects ramping up in the next six months should lift oil and natural gas output “significantly.”

Noting concerns that production fell 5% in the first quarter from a year earlier, ExxonMobil Corp. CEO Lee Raymond said Wednesday that new projects ramping up in the next six months should lift oil and natural gas output “significantly.”