Following two days of nearly unchecked buying last week, bullswere quick out of the chute again yesterday as they bid the Augustcontract higher in early trading. However, the same profit takingwhich capped gains Friday thwarted the buying again yesterday whenprices could not break above the $2.58 level. The August contractspent the rest of the session chopping sideways before eventuallyfinishing up 1.4 cents to $2.542.
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Anadarko Energy Services Co., the wholesale marketing affiliateof Anadarko Petroleum, is gaining entrance into the retail marketthrough an agreement with independent marketer Mountain Energy.
Faced with an onslaught of new pipeline projects, FERC this weekis expected to propose a policy statement that seeks to establish a”framework” by which it can pick the winner when two or moreprojects are destined for the same market [PL99-3]. The Commissionhas listed discussion of a policy statement on pipelineconstruction certificates on the docket for its regular openmeeting Wednesday. It will be FERC’s last meeting until September.
While claiming FERC doesn’t want pipeline companies to have topay “ransom” to landowners, Commission Chairman James Hoecker saidpipelines must do a better job of hammering out early, innovativedeals with property owners affected by their projects.
The Senate Energy and Natural Resources Committee last weekreadily voted out the renomination of Commissioner Curt Hebert Jr.to a new five-year term at the Federal Energy RegulatoryCommission. The reappointment is now headed to the full Senate,which could confirm it as early as this week.
TransCanada PipeLines, led by interim CEO Doug Baldwin, unveileda new organizational structure Friday, aimed at “building greatervalue for shareholders from its pipeline, power generation,midstream and marketing infrastructure across Canada and thenorthern tier of the United States.”
Instead of trying to tackle head-on all the issues before it inits review of the short-term and long-term transportation markets,Commissioner Linda Breathitt has proposed that FERC first issue alimited final rule addressing the less-controversial issues andsave the more complex items for later. “From what I’ve read in thecomments [filed at FERC], the approach I am proposing appears to beone that many in the market could support,” she said in a recentspeech to the American Gas Association Legal Forum in La Jolla, CA.
Texas Eastern Transmission (Tetco) has asked FERC to schedule aconference to take a “hard look” at “viable alternatives” – notablythose using turned-back capacity – to the controversialIndependence-MarketLink pipeline projects and perhaps the proposedMillennium Pipeline.
ANR Pipeline, charging Wisconsin Public Service Commissionfilings by Wisconsin Gas for the Guardian Pipeline project wereunlawfully kept secret, is suing the PSC in Dane County, WI,Circuit Court. ANR wants the court to reverse and set aside PSCorders conditionally approving Guardian. ANR seeks remanding of thecase and the opportunity to intervene in a contested case hearing.
Duke Energy’s Algonquin Gas Transmission announced an openseason for its proposed HubLine Pipeline last week. Algonquin beganreceiving offers for capacity on the 600,000 Dth/d HubLine, whichwill connect Algonquin to the proposed Maritimes & Northeastpipeline, on July 20. It will conclude Aug. 12. Service is expectedto commence in 2002 and nominations for services starting atdifferent periods will be accepted and evaluated. If this openseason is deemed successful, Duke will file the project at FERCbefore the end of this year.