Saying it had no choice in the face of the skyrocketing wholesale natural gas prices, the Idaho Public Utilities Commission Thursday raised the natural gas rates for Spokane, WA-based Avista Utilities’ 66,000 retail customers in the state by an average of 23.8%, effective Tuesday. The $15.2 million rate hike is strictly to cover the utility’s increased cost of gas supplies.
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New Mexico Natural Gas Prices Provide Mixed Results, PNM CEO Says
Skyrocketing wholesale natural gas prices have had a mixed impact on New Mexico, said PNM Resources CEO Jeff Sterba. The positive side has been substantially higher revenues to the state for the higher-priced oil and gas production. The negative has been the cost impact on consumers.
PG&E Warns CA Regulators Gas Costs May Cause $243 Million Power Hike
Pacific Gas and Electric Co. late last Friday notified the California Public Utilities Commission that what it called “skyrocketing” wholesale natural gas costs nationally were causing wholesale electricity prices to spike and the result might be the need for added retail power utility rates in the state. PG&E’s utility estimated that the higher gas costs could translate into an added $243 million in wholesale power costs, or a 2.5% hike, by January.
High Energy Costs So Far More Helpful Than Harmful, S&P Says
The skyrocketing global energy prices so far have not had the feared negative impacts on the overall U. S. economy and in some sectors, such as alternative energy development, may be a plus, according to a composite report from a panel of nine analysts at Standard and Poor’s Ratings Services, speaking on a conference call Monday. An S&P economist attributed the lack of major negative impact so far to the fact that energy’s portion of the nation’s gross national product (GNP) is about half what it was a generation ago.
CA Natural Gas Outlook: Supplies, Reliability OK; Prices, Competition High
In the continuing western crusade to manage skyrocketing wholesale natural gas prices, the Chairman of the California Energy Commission (CEC), Joe Desmond, called the state’s supplies and infrastructure adequate for the coming winter, while warning that prices will continue at their current historic high levels through the winter and competition for natural gas will continue to become more intense on a national level. Desmond made these observations as part of a press briefing he called Tuesday in Sacramento.
Ohio Lawmaker Pushes for Drilling Under Lake Erie
Skyrocketing energy prices combined with the hurricane devastation in the Gulf of Mexico are just the spurs needed for the state of Ohio to take another look at the possibility of drilling for natural gas under Lake Erie and on state-owned lands as well, according to an Ohio legislator.
Forecaster: Hot Summer to Make Way for Cold, Snowy Winter
While this year’s summer heat throughout most of the U.S. remains one of the largest supporting factors to skyrocketing energy prices, one forecasting firm warned that the winter could be a real doozy on the temperature charts. Calling this summer “one of the hottest U.S. summers of all time” from coast to coast, Weather 2000 warned that the country is not completely out of the woods yet heat-wise and that this winter could see significant snowfall and ample cold in certain regions.
After 46-Cent Trading Range, Futures Settle Lower
After skyrocketing in morning trade on petroleum futures sympathy to reach a high of $7.43, July natural gas futures were not able to hold onto the gains as the afternoon continued Wednesday.
Questar CEO: Natural Gas Supply Limited By Politics Not Geology
Natural gas prices are skyrocketing on supply fears because the industry has done a poor job convincing America that there really is an abundant domestic gas resource that can be developed without harming the environment, according to Questar CEO Keith Rattie, who spoke at the annual GasMart conference in Denver.
Questar CEO: Natural Gas Supply Limited By Politics Not Geology
Natural gas prices are skyrocketing on supply fears because the industry has done a poor job convincing America that there really is an abundant domestic gas resource that can be developed without harming the environment, according to Questar CEO Keith Rattie, who spoke at the annual GasMart conference in Denver.