California regulators have issued emergency authorization forincreased borrowing — up to $2 billion — for SouthernCalifornia Edison to help it pay the bills for this summer’s powerprice spikes.
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CPUC Approves $2 Billion Borrowing for SoCalEd
California regulators have issued emergency authorization forincreased borrowing — up to $2 billion — for SouthernCalifornia Edison to help it pay the bills for this summer’s powerprice spikes.
SoCal Seeks OK to Hang ‘Closed’ Sign at Topock
Southern California Gas (SoCalGas) has called on FERC to put anend to El Paso Natural Gas’ alleged practice of over-booking firmprimary capacity at the SoCalGas/Topock delivery point inCalifornia. The distributor contends its own firm entitlements atthe delivery point have been cut between 25%-57% on a daily basisbecause of El Paso’s actions, and that it’s costing it nearly$46,000 a day.
Enterprise Purchases Coral’s Acadian Gas Pipeline
Houston’s Enterprise Products Partners L.P. has purchased Acadian Gas LLC’s extensive southern Louisiana assets, which include 1,000-plus miles of pipeline, more than 1 Bcf/d of capacity and a leased natural gas storage facility with 3.4 Bcf of capacity from Coral Energy LLC for $226 million in cash. Coral Energy, also based in Houston, is an affiliate of Shell Oil Co.
Enterprise Purchases Coral’s Acadian Gas Assets
Houston’s Enterprise Products Partners L.P. has purchasedAcadian Gas LLC’s extensive southern Louisiana assets, whichinclude 1,000-plus miles of pipeline, more than 1 Bcf/d of capacityand a leased natural gas storage facility with 3.4 Bcf of capacityfrom Coral Energy LLC for $226 million in cash. Coral Energy, alsobased in Houston, is an affiliate of Shell Oil Co.
Regulators Approve SoCalGas Settlement
California regulators Thursday conditionally approved a $3.5million settlement penalizing Southern California Gas for itshandling of the proposed sale and use of eminent domain powersrelated to one of its small, discontinued Los Angeles-areaunderground storage fields in the LA suburb of Montebello, CA. Thelarge utility company admitted no wrongdoing and is avoiding what,by its own admission, could be the substantially larger costs ofprotracted litigation.
CA Prices Scream, But Some EP Capacity Returning
Southern California border prices pushed well beyond $7 Tuesday,while PG&E citygates and Malin appeared to be in a catch-uprace with huge upticks of nearly a dollar at both NorthernCalifornia points. However, the big news that El Paso had gottenfederal approval to resume reduced service on its South Mainline’sLine 1110 did not come until late in the afternoon (see relatedstory in this issue).
California Border Nears $7 in Overall Bull Market
Southern California border quotes for swing gas peaked just shyof $7 Monday amid rising prices throughout the general market.Increases at non-border points ranged from about a nickel to 20cents, with most in the vicinity of a dime; however, the PG&Ecitygate went up a little more than 40 cents to around $5.90.
California Border Spikes Amid Mildly Firmer Prices
A Southern California border spike of about 80 cents Friday,with a few quotes peaking in the lower $6.70s, was by far the mostattention-grabbing feature of a weekend market that was mostly flatto moderately higher but included a bit of backsliding at San JuanBasin/Rockies points.
New Plants Not in SoCal’s Backyard
It is hard to imagine in California’s current summer of extremeelectricity discontent, but Southern California Gas, the nation’slargest natural gas distributor, envisions electric generationloads dropping by up to 38% over the next 20 years, according toits latest submission to the annual California Gas Report.