The frenzied pace of pipeline expansion in the West clearly is not over yet. PG&E Gas Transmission Northwest (GTN) is planning another major expansion, potentially 500 MMcf/d, with a targeted in-service date of November 2003.
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Storage and Weather: Squarely in Bulls’ Favor Monday
As temperatures soared to the 90 degree mark across much of the Southeast U.S. and ahead of another potentially bullish storage report to be released Wednesday, natural gas traders pressed prices higher Monday, setting the stage for a possible retest of recent highs. After gapping higher on the open, the May contract shuffled mostly sideways yesterday as traders debated whether the American Gas Association would announce another withdrawal or the first injection of the season. The prompt month finished 8.9 cents higher at $5.477, its highest close since the last week of March.
Most Points Mildly Softer, But Cal Border Keeps Rising
Despite prospects for a potentially severe winter storm in theNortheast and moderate screen firmness, the cash market generallyranged from flat to down about 20 cents Friday, as falling weekenddemand made an impact. Northern California numbers retreated fromThursday’s spike, but the Southern California border tacked on morethan $2.50 to its market-leading average.
Sentry Buys in Mackenzie Delta, Beaufort Sea
Canada’s Sentry Resources Corp., jumping in with the big fish ina potentially rich sea, last Friday completed a transaction givingit 100% of Georgian Bancorp Inc.’s interest in gas and oil reservesand land rights in the Mackenzie Delta and Beaufort Sea areas ofCanada.
Reliant Scraps Plans To Sell LDC, Pipe Assets
Houston-based Reliant Energy has shelved plans to potentiallysell its natural gas distribution businesses and its interstatepipeline companies “at least for the near term,” said a companyspokesman.
Reliant Scraps Plans to Sell LDC, Pipe Assets
Houston-based Reliant Energy has shelved plans to potentiallysell its natural gas distribution businesses and its interstatepipeline companies “at least for the near term,” said a companyspokesman.
FERC Knocks Northeast Projects for A Loop
A very divided FERC last week dealt a potentially crippling blowto the controversial Independence Pipeline and associatedSupplyLink and MarketLink expansion projects, requiring them toshow documented proof of binding, long-term contracts for more thantwo-thirds of their project’s firm capacity before they can beginconstruction, as well as to satisfy more than 100 environmentalconditions. The Commission dismissed a major affiliate contract,casting doubt on the market support for the eastward-boundIndependence and SupplyLink projects.
Court Questions NEB Process on Eastern Projects
Another round of discussions — and potentially hearings oreven court cases — is on the horizon for the new branch of thenatural gas industry in Atlantic Canada, after regional natives wona legal ruling that they need to be consulted more.
Westcoast Abandons TriState Project for Vector
Westcoast Energy dealt the 650 MMcf/d TriState Pipeline project a potentially fatal blow last week by exiting the project partnership, which now includes only CMS Energy, and signing on with TriState’s main competitor, the 1 Bcf/d Vector Pipeline. Westcoast dropped its 33% stake in TriState and purchased a 30% equity stake in Vector from project operator Enbridge Inc. It also committed to take 240 MMcf/d of firm capacity in the $500 million Vector project.
Houston Exploration Potentially Up for Grabs
KeySpan Energy, which has been focusing increasingly ondownstream and electric power activities, is considering the saleof its majority ownership of E&P arm, Houston Exploration. Anannouncement Monday said KeySpan and Houston Exploration had beguna process to review “a full range of strategic transactions” andhired J.P. Morgan Securities Inc. as financial advisor.