An imminent outbreak of development drilling, triggered by long-awaited technical and exploration successes, is prompting even the most cautious forecasters into raising expectations for coalbed methane in Canada.
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CPUC Adopts Aggressive Statewide Efficiency Goals for Gas, Power
Triggered by the state’s “Energy Action Plan” adopted last year and the chance to reduce the number of new power plants needed to be built, the California Public Utilities Commission Thursday adopted new, more stringent energy efficiency goals for the state’s major investor-owned utilities. The cumulative goal is expected to forestall the need for up to five new generating plant’s, according to the program’s chief backer among the five regulators on the CPUC, which adopted the goals on a unanimous vote.
Triggered by New Highs, Buy Stops Add on to Futures Gains
The natural gas futures market continued its stunning price ascent Wednesday as local and fund traders exerted their will on a market notably devoid of sellers. After two failed attempts to sell-off during the first four hours of trading, the May contract exploded 17 cents in 90 minutes to notch a new all-time May 2004 contract high at $5.95. It settled just off that level, up 18.7 cents at $5.933.
Explosion Triggers Force Majeure at Northern Natural’s Kermit Station in West Texas
An explosion and fire triggered a force majeure on the Northern Natural Gas pipeline system at the unmanned Kermit Compressor Station in West Texas early last Thursday morning. There were no injuries but the explosion demolished several buildings and a portion of the 30-inch diameter mainline at the station, which is in a sparsely populated area in Winkler County, Northern officials said.
Explosion Triggers Force Majeure at Northern Natural’s Kermit Station in West Texas
An explosion and fire triggered a force majeure on the Northern Natural Gas pipeline system in West Texas early Thursday morning. There were no injuries but the explosion apparently demolished one of two buildings housing the Kermit Compressor Station, which is in an isolated part of West Texas in Winkler County, Northern officials said. About 13 receipt points and 75 MMcf/d of supply were affected, according to a Northern Natural spokesman.
Futures Sag Lower as Technicals and Fundamentals Face-Off
Adding to the losses triggered by the release of fresh American Gas Association storage data Wednesday, natural gas continued lower early in the session yesterday only to stabilize at midday as scale-down buying interest met equally with profit-taking long liquidation. The March contract finished the session at $2.186, down 5.9 cents for the day, and just off its three-day low at $2.18.
Cal-ISO Considers Lowering Price Cap to $250/MW
Responding to state political pressure triggered by incumbentutilities, the California Independent System Operator’s (Cal-ISO’s)board will meet today in a special session to reconsider its movelast week to lower wholesale power price caps to $500/MWh in theface of a continuing grid and peak generation reliability crunch.
Arledge Sees Close Tie Between Gas, Power Prices
Summer power price spikes may have hardly triggered a blip onthe gas spot market last year, but that may not be the case in thenear future. With the expected tremendous growth in gas-fired powergeneration, gas prices are on track to be more closely linked withthe price of electricity than the price of oil, according toCoastal Corp. CEO David A. Arledge.
Non-Core, International Investments Not Paying
Increasing competitive pressure inside traditional monopolyutility market territories has triggered somewhat of a revival ofinvestment diversification by gas and electric utilities. But theseinvestments are not what they’re cracked up to be, according toenergy consulting firm Metzler Services, a subsidiary of Metzler& Associates. Non-core investments, including internationalventures, did not payoff over the year ended last September,Metzler calculated in its third quarter Flashreport, released lastweek.
Freezing Temperatures Test Northwestern Supply
The severe winter cold snap last week triggered unprecedentedprice spikes at spot points in the Pacific Northwest and NorthernCalifornia. PG&E Citygate prices hit $6.18/MMBtu on Monday andwere near $5 on Tuesday. Prices jumped to $11.05/MMBtu at Sumas onthe previous Friday for weekend flow, and on Monday and Tuesdaystayed north of $6.