Offer

Columbia Gas Transmission Corp. plans to create a new gas storage company, Hardy Storage Company LLC, to offer firm and interruptible storage services from a proposed 12.4 Bcf gas storage field in Hardy and Hampshire Counties, WV.

In a trading session book-ended by selling at the open and at the close, the natural gas futures market sunk to new 10-day lows Tuesday as traders continued to side with forecasts calling for a massive warming trend following the current spate of record cold in the Northeast U.S. At 74,623, estimated volume was stronger than it had been of late, adding credibility to the move lower.

FERC issued two draft orders Wednesday that grant pipelines the ability to offer discounted rates based on formulas that include the use of basis differentials, which are the difference between two gas price indexes for different locations on the pipeline grid.

FERC issued two draft orders Wednesday that grant pipelines the ability to offer discounted rates based on formulas that include the use of basis differentials, which are the difference between two gas price indexes for different locations on the pipeline grid.

MDU Resources Group Inc. and Basin Electric Power Cooperative said they have formed an alliance to offer NorthWestern Corp. stakeholders a “superior plan” to the reorganization outlined in a Sept. 14 bankruptcy filing. The MDU-Basin alliance also includes Montana Associated Cooperatives LLC and East River Electric Power Cooperative in South Dakota.

MDU Resources Group Inc. and Basin Electric Power Cooperative said they have formed an alliance to offer NorthWestern Corp. stakeholders a “superior plan” to the reorganization outlined in a Sept. 14 bankruptcy filing. The MDU-Basin alliance also includes Montana Associated Cooperatives LLC and East River Electric Power Cooperative in South Dakota.

Southern Natual Gas (SNG) is soliciting bids for gas storage and delivery capacity from a proposed natural gas storage cavern that would be constructed by affiliate Petal Gas Storage LLC at the existing Petal storage field in Forrest County, MS. The company plans to have the 5 Bcf salt cavern with 500 MMcf/d of deliverability in service in April 2007.

Southern Natual Gas (SNG) is soliciting bids for gas storage and delivery capacity from a proposed natural gas storage cavern that would be constructed by affiliate Petal Gas Storage LLC at the existing Petal storage field in Forrest County, MS. The company plans to have the 5 Bcf salt cavern with 500 MMcf/d of deliverability in service in April 2007.

With five business days before the offer expires, nearly 66% of Mirant’s bondholders last week said they plan to support the company’s exchange offers and related pre-packaged plan of reorganization — an indication that the company may achieve a successful out-of-court restructuring. Mirant has until midnight July 14 to obtain support from at least 85% of its bondholders to avoid bankruptcy (see NGI, June 23).