Until

The New York Independent System Operator has filed a requestwith FERC to implement temporary power bid caps of $1,300/MWh forenergy until Oct. 28 (see docket EL00-3038). The ISO requested awaiver of the normal Commission notice period and an effective datefor the caps of July 6.

Several sources had expected cash prices to stay put for themost part Wednesday until the AGA’s storage report was released inthe afternoon, but they were fooled. Instead, buoyed by a firmerscreen during the morning, cash got a head start on the subsequentbig futures run-up by rising about a dime or more at nearly allpoints.

Florida Gas Transmission still has an Overage Alert Day notice ineffect today until further notice but loosened the tolerance forpositive daily imbalances from its initial 2% (see Daily GPI, May 25) to 15%.

Florida Gas Transmission continued an Overage Alert Day notice (seeDaily GPI, May 25) through Thursday anduntil further notice, but loosened the tolerance for negative dailyimbalances slightly to 3%.

Due to unscheduled maintenance at its Elmore (AL) CompressorStation, Sonat expects a 5,000-horsepower unit to remainunavailable until April 9. Although no reductions were anticipatedas of Sunday, it may be necessary to cut FT on a pro rata basis,the pipeline said.

The rapid transition to a competitive power industry wasresponsible for last summer’s outages and brownouts, and a repeatcould be in store for this year, according to the results of theDepartment of Energy’s (DOE) final report on reliability issues.

Sonat said an OFO Type 3 will be in effect today until furthernotice for the Birmingham Group, South Main Zone 2, Atlanta Group,South Main Zone 3, East of Wrens, Brunswick Line and Savannah Line.The pipeline also anticipates having to allocate IT in theChattanooga Group.

MRT issued an OFO Tuesday due to anticipated cold weather andoperational conditions; the order will remain in effect today anduntil further notice. It is interrupting all IT volumes andAuthorized Overrun gas flowing on the mainline north of theGlendale, AR, Station. MRT will not allow underdelivery of gasduring this time but will continue to accept positive imbalancenominations.

Disregarding debate over whether the new millennium has alreadybegun or won’t arrive until nearly a year from now, gas tradersgreeted the year 2000 by sending spot prices moderately lower. Itwas hardly surprising that the January aftermarket would open on adownward trend, a Texas marketer said. “We’ve been wondering whythis market has remained up as much it did. Everything seemsbearish.”