In reaffirming its landmark Order 712 removing the maximum rate cap on short-term released capacity last Thursday, FERC offered several clarifications, but denied rehearing, continuing to exclude pipelines from the program, saying pipelines already have built-in flexibility in their ability to negotiate rates.
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FERC Continues to Exclude Pipelines from Order 712 Above-Rate Deals
In reaffirming its landmark Order 712 removing the maximum rate cap on short-term released capacity Thursday, FERC offered several clarifications, but denied rehearing, continuing to exclude pipelines from the program, saying pipelines already have built-in flexibility in their ability to negotiate rates.
FERC Reinforces Competition in Power Market
Reaffirming its commitment to perfecting the competitive wholesale power market, the Federal Energy Regulatory Commission last Thursday unanimously approved a final rule to strengthen organized transmission markets as Chairman Joseph T. Kelliher noted the long history of bipartisan support for the competitive power market and expressed the hope it will be continued by a new administration.
Commission Overrules ALJ, Accepts PJM Cost Allocation Plan
Reaffirming PJM’s current “license plate” rate design for allocating the cost of existing facilities and new owner-initiated facilities, FERC late last week reversed the findings of an administrative law judge (ALJ) in a July 2006 initial decision. The judge had found that utilities should pay a uniform “postage stamp” rate for access to the regional transmission grid.
CFTC Statement Affirms Flexibility for Foreign Exchanges, With Caveats
The Commodity Futures Trading Commission (CFTC) last Tuesday issued a policy statement basically reaffirming its process for individually issuing jurisdictional waivers or “no-action letters” for exchanges located in other countries and subject to regulation in those countries and which allow access to their electronic trading systems in the U.S. The statement essentially supports the position of the IntercontinentalExchange (ICE) over that of the New York Mercantile Exchange (Nymex), and adds some strictures on information sharing with and among regulators.
CFTC Statement Affirms Flexibility for Foreign Exchanges, With Caveats
The Commodity Futures Trading Commission (CFTC) Tuesday issued a policy statement basically reaffirming its process for individually issuing jurisdictional waivers or “no-action letters” for exchanges located in other countries and subject to regulation in those countries and which allow access to their electronic trading systems in the U.S. The statement essentially supports the position of the IntercontinentalExchange (ICE) over that of the New York Mercantile Exchange (Nymex), and adds some strictures on information sharing with and among regulators.
KeySpan Posts Record Earnings on Strong Gas Distribution Segment Returns
Sparked primarily by customer conversion to natural gas and a colder than normal fourth quarter, KeySpan Corp. announced record 2002 consolidated earnings from continuing operations, less preferred stock dividends, of $391.6 million, or $2.77 per share, compared to earnings of $338.8 million, or $2.45 per share, for the same period in the prior year.
Court Reverses Prior Position, Upholds NPV Allocation on Tennessee
In a reversal of its prior position, a federal appeals court has upheld FERC’s decision on remand reaffirming Tennessee Gas Pipeline’s switch in 1996 to the more competitive net-present-value (NPV) method for allocating pipeline capacity and primary receipt/delivery points on its system. Prior to 1996, the pipeline had offered capacity and primary points on a less competitive “first come, first-served” basis.