Standards

Intelligence Press Inc. (IP) Wednesday withdrew its request for the North American Energy Standards Board (NAESB) to take up the task of standardizing the names and definitions of natural gas pricing point locations, after a number of members of the group’s Wholesale Gas Quadrant Executive Committee objected to becoming involved in the controversial area of price reporting.

Intelligence Press Inc. (IP) Wednesday withdrew its request for the North American Energy Standards Board (NAESB) to take up the task of standardizing the names and definitions of natural gas pricing point locations, after a number of members of the group’s Wholesale Gas Quadrant Executive Committee objected to having anything to do with the controversial area of price reporting.

With changing industry standards and a new firm-access rights option on its in-state transmission pipeline system, Southern California Gas Co. has completed the successful launch of its new web-based system to manage more than a trillion cubic feet of natural gas distributed annually by it and its sister Sempra Energy utility, San Diego Gas and Electric Co. Nomination information is shared via the Internet with interconnecting interstate pipelines for their deliveries to the two distribution utilities.

Saying Questar Crossover 16 receipt point gas quality was tested and adheres to its tariff standards (see Daily GPI, May 7), Northwest resumed accepting nominations there in Wednesday’s intraday cycle.

Saying the gas pipeline’s request was “reasonable,” the Federal Energy Regulatory Commission last week gave the North Baja Pipeline LLC the go-ahead to factor in the value of loaned natural gas when computing collateral requirements for credit-risky shippers.

Saying the gas pipeline’s request was “reasonable,” the Federal Energy Regulatory Commission on Thursday gave the North Baja Pipeline LLC the go-ahead to include the value of loaned natural gas on its system in its collateral requirements for credit-risky shippers.

The Financial Accounting Standards Board (FASB) Said Friday that it has issued Interpretation No. 46, Consolidation of Variable Interest Entities, in an effort to expand upon and strengthen existing accounting guidance that addresses when a company should include in its financial statements the assets, liabilities and activities of another entity.

President Bush is scheduled to sign into law this week legislation that imposes tougher inspection and other safety standards on interstate natural gas and hazardous liquid pipelines.

A new decision by a Financial Accounting Standards Board (FASB) task force to revoke a prior ruling that allowed the use of controversial mark-to-market accounting for energy-related contracts won’t result in as “big a hit” on the industry as some might think, said FERC’s chief accountant. Companies already sharply reduced the value of their contracts in response to the downturn in the market over the past year, he noted.