Still a little hung over from Wednesday’s 24-cent bull-party,natural gas traders elected to cool their heels yesterday, leavingthe market to quietly check to either side of unchanged. The Junecontract finished at $3.71, up 2.1 cents on the day.
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CA Gets 2nd Merchant Storage Project, 3rd on the Way
Setting aside vociferous local opposition from nearby propertyowners and a proposed denial from one of its administrative lawjudges (ALJ), the California Public Utilities Commission Thursdaygave the go-ahead to a proposed $80 million underground natural gasstorage field near Lodi in Northern California.
PG&E Settlement Approved; SoCal Still Stalled
California regulators yesterday approved a settlement dealingwith Pacific Gas and Electric Co.’s imbalance procedures andoperational flow orders (OFO). Regulators, however, did not act onthe much tougher issues included in the proposed interim andcomprehensive settlements filed earlier this year by SouthernCalifornia Gas (SoCalGas).
Western Resources Explores Merger, Sale
Kansas-based Western Resources is exploring “several strategicalternatives” for its electric utility operations, which includefinding a merger partner as it attempts to separate its regulatedand unregulated assets and strengthen its market position. If amerger partner can’t be found, Western plans to look at otheroptions for its two electric utilities, KPL and KGE. It may form astrategic alliance with other companies, partner with anotherelectric or gas utility or possibly even sell them outright.
Sempra to Provide Power to Utility.com Customers
Utility.com has signed up Sempra Energy Trading to become thepreferred wholesale natural gas provider behind the growing retailenergy and communications website.
Rift Opens Between Mobil, Maritimes
A dispute has erupted in the Canadian courts between affiliatesMobil Oil and the Maritimes & Northeast Pipeline. Maritimes hasfiled a lawsuit with the Nova Scotia Supreme Court against Mobil,seeking C$3.29 million, plus C$100,000 in general damages,interest, legal costs and all out-of-pocket expenses.
NPCC Says Power Will Be Short During Peaks
Although officials at the Northeast Power Coordinating Council(NPCC), which oversees electric power grid reliability forNortheastern North America, are forecasting sufficient electricitysupplies to meet demand this summer, they cautioned yesterday thatreserves are low.
NY PSC to Monitor Wholesale Electric Market
To prepare for the coming peak period of electricityconsumption, the New York State Public Service Commission (PSC) hasannounced it will monitor the state’s wholesale electric marketduring this first summer of its operation. The market now isadministered by the New York Independent System Operator (NY ISO),an independent non-profit organization that operates the state’sbulk power system and administers a competitive wholesale marketfor electricity.
‘Marginal’ RTO Plans Defer Competition
FERC Chairman James J. Hoecker indicated earlier this week thattransmission-owning utilities are intentionally submitting sub-parcompliance filings in response to the Commission’s regionaltransmission organization (RTO) rule to delay the onslaught of fullcompetition in the bulk power market for as long as possible.
The Big Spike in Prices Happens Right on Schedule
The dazzling increases in cash prices Thursday certainly failedto surprise anybody who was paying attention Wednesday afternoon tothe storage report and the screen’s subsequent skyrocketingperformance.