Florida just got two steps closer to being flooded by naturalgas via two proposed pipelines. The competing Gulfstream andBuccaneer pipeline projects, which would extend from Mobile, AL,across the Gulf of Mexico to the west coast of Florida and tomarkets across the Florida peninsula, are neck and neck in theirregulatory race after receiving preliminary approvals onnon-environmental grounds from the Federal Energy RegulatoryCommission (FERC) yesterday.
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Producers Ask FERC to Lift Restriction on Tax Credits
Major and independent gas producers last week commended FERC fortaking steps to reinstate its authority to make well determinationsso that qualified producers can obtain Section 29 tax credits forhigh-cost gas wells. But they urged the Commission to extend thedetermination process to all qualifying wells, irrespective ofwhether the wells were spudded and/or recompleted pre-Jan. 1, 1993or whether they were recompleted after Dec. 31, 1992.
Removal of Tax Credit Restriction Sought
Major and independent gas producers last week commended FERC fortaking steps to reinstate its authority to make well determinationsso that qualified producers can obtain Section 29 tax credits forhigh-cost gas wells. But they urged the Commission to extend thedetermination process to all qualifying wells, irrespective ofwhether the wells were spudded and/or recompleted pre-Jan. 1, 1993or whether they were recompleted after Dec. 31, 1992.
TransCanada Begins Exit from Midstream
TransCanada PipeLines has taken the first steps in a bold planto divest $3 billion in assets in its Canadian midstream,international and refined products transportation businesses. Thecompany sold subsidiary NovaGas Canada LP’s Provost gas plant andgathering system to a subsidiary of Midcoast Energy Resources Inc.last week for an undisclosed sum and completed the sale of its PeshCreek processing complex and East Australia pipeline system earlierthis month. The total value of the two Canadian processing planttransactions comes to about $42 million.
TransCanada Continues Exit from Midstream
TransCanada PipeLines has taken the first steps in a bold planto divest $3 billion in assets in the Canadian midstream,international and refined products transportation businesses. Thecompany sold subsidiary NovaGas Canada LP’s Provost gas plant andgathering system to a subsidiary of Midcoast Energy Resources Inc.yesterday for an undisclosed sum and completed the sale of its PeshCreek processing complex and East Australia pipeline system earlierthis month. The total value of the two Canadian processing planttransactions comes to about $42 million.
Cinergy Scales Back Corporate Staff
Citing a need to prepare for competitive environments, CinergyCorp. announced steps to reduce the size of its corporate centerlast week.
Piedmont CEO Steps Down, Remains Chairman
As Piedmont Natural Gas Co. reported record net income Friday atits annual shareholders meeting in Charlotte, NC, Chairman and CEOJohn H. Maxheim announced his retirement from active operation ofthe company after 22 years. Maxheim said the company’s board hasnamed former Piedmont Natural Gas President and COO Ware F.Schiefer to succeed him as president and CEO.
MidAmerican Steps Up IL Activity as Merger Nears Finish Line
Last week was busy for MidAmerican Energy Holdings, as it movedcloser to completing its sale to Berkshire Hathaway Inc. while alsoannouncing intentions to step up efforts in Illinois’ retail energymarket. Once the merger is finalized, the parent of a utilityserving 653,000 electric customers and 622,000 gas customers inIowa and Illinois will become a privately-held company.
Coalition Demands Action on Rate Reform
A coalition of pipeline customers has asked the Federal EnergyRegulatory Commission to take steps to reform the existingratemaking process, which it contends indulges interstate gaspipelines at the expense of their customers.
New Entry in Northwest Territories Sweeps
Development is accelerating on Canada’s newest natural gasfrontier, as a third production project steps forward to tapdiscoveries in the southern Northwest Territories.