Forget previously discussed concerns about 2006, it’s the summer of 2005 that’s worrying California state energy officials who gathered to review an update of the state Energy Action Plan Tuesday. Dominating their discussions were “what-if” questions and proposed contingencies, including everything from mandatory load-reduction programs to accelerated power plant-building and delayed plant closings for older units
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El Paso to Take $1B Charge on Reserve Revisions
Production shortfalls in South Texas assets and high natural gas prices forced El Paso Corp. to slash its proved oil and gas reserves by 41% following an independent review, which will lead to a fourth quarter pre-tax ceiling test charge of at least $1 billion, the company said Tuesday.
Transportation Notes
Northwest Pipeline urged shippers to refrain from drafting anywhere on its system. Cool temperatures in the Pacific Northwest, supply shortfalls and excessive drafting has reduced linepack throughout the system, the pipeline said. All balancing must receive prior authorization from Williams Gas Pipeline-West.
CA ISO Invokes Order Issued by DOE’s Richardson
With reserves dropping due mostly to in-state transmissionproblems causing potential shortfalls centered in the northern halfof the state, California’s state-chartered independent systemoperator (Cal-ISO) went after emergency supplies Tuesday byinvoking the federal order issued by DOE Secretary Bill Richardsonlast week as California faced the prospect of rolling blackoutsbecause it reserves dipped below 1.5% at one point (Dec. 13).
Christmas Comes Early for Nymex Bulls
Natural gas futures surged again yesterday amid concerns thatproduction shortfalls associated with a sudden barrage of tropicalstorm and hurricane activity will put pressure on an already tightsupply-demand situation. Fresh off a 28-cent price run late lastweek, the September contract tacked on an additional 12.6 centsyesterday to finish at $3.064 after notching a fresh high at $3.08.Estimated volume was healthy, with 101,460 contracts changinghands.