Amid the “uncertainty” over its interconnection policy, FERCearlier this week clarified its procedures to give all types ofelectric generators, especially new market entrants, a “fair shake”at hooking up to the interstate transmission grid.
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Weather Uncertainty, Position Rolling Limit Price Run
Fueled by a larger-than-expected storage withdrawal and promptedby gains in Wednesday night’s Access session, natural gas futuresclimbed higher yesterday as traders lifted prices in a briskafternoon buying surge. The March contract finished up 5.2 cents at$2.592, but the real story was the outer months, which gained 6cents or more on moderate position rolling.
NJ Deregulation Stumbles In Legislature
Uncertainty over the treatment of municipal aggregation in NewJersey’s energy deregulation legislation caused the state’srestructuring bill to be bounced back and forth several times lastweek between the general assembly and senate, resulting in at leasta two-week delay before a final decision. The restructuring billprovides strict deadlines of Aug. 1 for statewide electric utilitygeneration unbundling, and Dec. 31 for statewide gas utility supplyunbundling. It is being reviewed by the assembly at the presenttime, and the next available voting session will take place Jan.28.
Hurricane Uncertainty Leaves Futures Nearly Unchanged
For the last several weeks the futures market has been a modelof volatility where one day’s gains were the next day’s losses.However, the market couldn’t make up its mind yesterday and afterabruptly spiking higher in the morning, ran into overheadresistance and subsequent selling that forced the market lower inthe afternoon. The October contract settled nearly unchanged forthe day at $2.186.