Storm hype or not? It was inevitable that debate on the subjectwould break out again Wednesday after Tropical Storm Irene formedin the northwest Caribbean Sea and cash prices saw this week’suphill climb get even steeper. Virtually all points were rising by15 cents or more, led by New England citygate (Tennessee Zone 6 andAlgonquin) upticks of around a quarter.
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Shareholders OK BP Amoco-Arco Merger
ARCO and BP Amoco shareholders approved the proposed $27 billioncombination of the two companies last week, but the combinationremains subject to the approval of regulatory authorities,including the US Federal Trade Commission (FTC) and the EuropeanCommission. It’s expected to close later in the year. The all-sharedeal will involve the exchange of 0.82 BP Amoco American DepositoryShares (ADS) for each ARCO share.
Palmetto Pipeline Declares Open Season
The Palmetto Pipeline, a proposed joint venture between CarolinaPower & Light (CP&L) and Sonat, announced an open seasonMonday seeking interest from potential firm gas transportationservice customers for terms of at least 20 years. The open seasonbegan April 1 and will continue through May 31.
FERC Issues ABC’s of Auctions
In preparation for a major workshop on capacity auctions, FERCon Friday issued a staff paper that provides an overview of thesubject – the benefits of auctions, factors to be considered whendesigning auctions, the different types of auctions, the use ofauctions in the pipeline industry today and a glossary of auctionterms.
FERC Staff Releases ABCs of Auctions
In preparation for a major workshop on capacity auctions, FERCon Friday issued a staff paper that provides an overview of thesubject – the benefits of auctions, factors to be considered whendesigning auctions, the different types of auctions, the use ofauctions in the pipeline industry today and a glossary of auctionterms.
Tennessee Allowed to Reserve Capacity for Expansions
Subject to certain conditions and a pending a technicalconference, FERC has approved a plan (RP98-140-000) allowingTennessee Gas Pipeline to reserve unused pipeline capacity, sellingit under short-term contracts, up to one year if the capacity canbe used to support a proposed expansion project. The tariff changewas made effective by the Commission on March 25