Citing significant market-area demand, Florida Gas Transmissionissued an Overage Alert Day notice Tuesday with 6% tolerance fornegative daily imbalances. The notice will remain in effect untilfurther notice.
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Storm News Puts Wind in the Sails of Cash Prices
Prices continued to build Monday on the strong foundationdeveloped in the latter half of last week. Only the NorthernCalifornia points of Malin and the PG&E citygate failed to gaina dime or more.
Hurricane Alberto Has Bulls Seeing Double
In almost an exact blueprint of Friday’s topsy-turvy session,natural gas futures spiked then retraced yesterday as tradersdigested the latest weather news. After gapping higher at the openand putting in a fresh one-month high at $4.43, the Septembercontract succumbed to profit-taking which ushered the prompt monthlower at the close. September finished at $4.348, up 5.2 cents forthe session, but just a fraction of a cent above its low on theday.
FirstEnergy Reported to be Wooing GPU
Wall Street was awash in reports Monday that Akron, OH-basedFirstEnergy Corp. was negotiating to acquire GPU Inc. ofMorristown, NJ, for more than $10 billion in a transaction thatwould create one of the top energy utility companies in the nation.
Pipeline Competition in Rockies Heats Up
Pipeline competition in the Rockies is heating up with a newpipeline project launched yesterday by Williams and changes to aplanned extension announced by rival Trailblazer Pipeline.
Defense Department Buys NG in Online Project
Reducing paperwork and maybe even saving money in the federalgovernment? How can this not be a good thing?
PSE Avoids Municipal Takeover in Washington
Puget Sound Energy managed to work out a deal last week to avoida municipal takeover of its service to 8,800 businesses andresidents in Lakewood, WA. Instead, the Lakewood City Council,which had considered a costly condemnation and purchase of PSE’spower distribution system last spring, voted unanimously to workcollaboratively with the utility to improve service for electricitycustomers.
Legislature Sets Hearing; PG&E Shelves Plant
California’s weather turned milder Monday, but that didn’t coolthe political and regulatory heat centered on its electricityrestructuring and supply/price woes this summer. The latest turnwas San Francisco-based PG&E Corp. throwing in the towel lastFriday in its plans to bring a 95-MW peak-shaving generating plantinto the San Francisco Bay on a barge.
Industry Brief
Blue Dolphin Energy has signed an agreement to build a gaspipeline in the Gulf of Mexico to transport 120 MMcf/d ofproduction for Vastar Resources. The new 3.4-mile, 12-inch diameterline will be designed to accommodate production from High IslandA-5 to Blue Dolphin’s Black Marlin Pipeline in High Island BlockA-6. Transportation service is expected to commence in 60 days.Blue Dolphin will own a 50% interest in the new pipeline at anestimated net cost of $1.1 million. It owns a 50% interest andoperates the Black Marlin Pipeline system, which currentlytransports 120 MMcf/d. Black Marlin has capacity to transport 200MMcf/d. Blue Dolphin Energy Company is engaged in the acquisitionand exploration of oil and gas properties, and the gathering andtransportation of natural gas and condensate.
Transportation Notes
Westcoast declared force majeure following a failure earlyMonday morning on its T-South transmission system. The pipelinesaid it is investigating the cause of the incident, which occurredon the 30-inch mainline between Compressor Stations 8A and 8B. The36-inch loop was unaffected. Capacity through the Huntingdon/Sumasexport point is limited to 1,400 MMcf/d as a result of theincident; however, based on current volume levels, Westcoast doesnot expect any impact on T-South deliveries.