Skyrocketing

Even in the midst of a brewing international oil crisis and the state’s skyrocketing gasoline prices at the pump, Californians are expanding their organized opposition to proposed offshore liquefied natural gas (LNG) terminals along the state’s southern Pacific Coast. Hoping to head off the ground swell, One proponent already has scheduled community information meetings later this month in Oxnard and Malibu, CA, the onshore entry point for a terminal 22 miles offshore.

No movie was involved, but “The Big Chill” descended on the Northeast Tuesday and sent delivered prices in New England skyrocketing as high as $30. Outside the Northeast, the market was decidedly mixed around flatness with numbers ranging from a quarter down to half a dollar higher.

Skyrocketing natural gas prices and the resulting energy crisis demand immediate legislative action, according to the Industrial Energy Consumers of America (IECA), a non-profit association of major industrial firms with at least 31 supporting members including Alcoa, Bayer, Dow Chemical, the Steel Manufacturers Association and others.

Skyrocketing natural gas prices and the resulting energy crisis demand immediate legislative action, according to the Industrial Energy Consumers of America (IECA), a non-profit association of major industrial firms with at least 31 supporting members including Alcoa, Bayer, Dow Chemical, the Steel Manufacturers Association and others.

Having so far withstood record hydro-electric shortages and previously skyrocketing energy prices, Puget Sound Energy nevertheless is dissatisfied, asking the Federal Energy Regulatory Commission to modify its mid-June western wholesale power price mitigation measures that the Bellevue, WA-based combination utility holding company claims are too focused on California.

Faced with severe drought conditions and skyrocketing wholesale electricity market prices, the Bonneville Power Administration (BPA) on Monday warned that it may be forced to increase wholesale rates by 250% or more after Oct. 1, unless the region’s retail utilities and large industrial customers step up to the plate and agree to slash energy use within the next 60 days.

Faced with severe drought conditions and skyrocketing wholesale electricity market prices, the Bonneville Power Administration (BPA) last week warned that it may be forced to increase wholesale rates by 250% or more after Oct. 1, unless the region’s retail utilities and large industrial customers step up to the plate and agree to slash energy use within the next 60 days.

A California spike that sent border quotes skyrocketing as highas $33 and was accompanied by moderate firmness in the Southwestbasins stood in sharp contrast to a softer overall market Thursday.Outside the California/Southwest region, prices tended to rangefrom barely lower in the Rockies and at a few scattered Gulf Coastpoints to down 15-20 cents at Northeast citygates.

Mirroring similar action he took last summer in the face ofskyrocketing wholesale power prices, California Gov. Gray Davis onFriday asked his state attorney general to investigate the recentsevere spike in wholesale natural gas prices at the Californiaborder, where prices are among the highest in the nation. In aseparate action, two class action lawsuits were filed Monday inCalifornia Superior Court, alleging that gas and electricity pricespikes are the result of a four-year-old “conspiracy” by SouthernCalifornia Gas, San Diego Gas and Electric and El Paso Natural Gas.(see separate story)