Problem: BODY: Either I didn't fully understand the December Texas Eastern order or else FERC has just put a new and unhelpful spin on it. The Thursday rehearing order dramatically changes how the "shipper must have title" rule applies to acquisitions of upstream capacity. I thought the Dec. order pretty clearly allowed a pipe to acquire upstream capacity and then resell that capacity under the acquiring pipeline's rate schedules. FERC specifically held that the "shipper must have title" policy won't be applied if the acquiring pipe treats the acquired capacity "as though it were part of its own system". (p. 61,886) The Dec. order even cited TW's acquisition of park n ride capacity from PG&E as an example of the type of transaction that (I thought) could be done without advance Commission approval. Now, FERC explains that it did not intend a "blanket waiver" of the shipper must have title policy. Pipes can still acquire upstream capacity without advance FERC permission, but only if the acquiring pipe is going to use the acquired capacity for operational needs or to resell under the selling pipe's release mechanism. If the acquiring pipe wants to use the acquired capacity to support sales of service under the acquiring pipe's rate schedules, a specific waiver of the "must have title" policy is required (see FN 20 and text). We are right back to where we started. I guess the orders signal that FERC is much more likely to grant waivers of the "must have title" policy than in the past, but I don't think we are good to go to acquire upstream storage, for example, and resell it as FDD or IDD until we get permission first. Shelley--let me know if you hear any expressions of outrage from other
======
A: SUBJECT: Texas Eastern

Problem: BODY: I wrote this poem for you because of all the work you guys do. Collards is green, my dog's name is Blue and I'm so lucky to have a sweet thang like you. Yer hair is like cornsilk a-flappin in the breeze, Softer than Blue's and without all them fleas. You move like the bass which excite me in May. You ain't got no scales but I luv you anyway. Ye're as satisfy'n as okry jist a-fry'n in the pan. Ye're as fragrant as "snuff" right out of the can. You got some a yer teeth, for which I am proud; I hold my head high when we're in a crowd. On special occasions, when you shave under yer arms, well, I'm in hawg heaven, and awed by yer charms. Still them fellers at work,they all want to know, What I did to deserve such a purdy, young doe. Like a good roll of duct tape ye're there fer yer man, To patch up life's troubles and to fix what you can. Ye're as cute as a junebug a-buzzin' overhead. Not like them mean far ants dun found in my bed. Cut from the best cloth like a plaid flannel shirt, You spark up my life like a load of fresh dirt. When you hold me real tight like a padded gunrack, My life is complete;there ain't nuthin' I lack. Yer complexion is perfect like the best vinyl sidin'. Cuz despite all them years,yer age, yup it keeps hidin'. Me 'n' you's like a Moon Pie with a RC cold drank, We two go together like a skunk goes with stank. Some men, they buy chocolate fer Valentine's Day; They git it at Wal-Mart, it's romantic that way. Some men, they git roses fer that special day, From the cooler at Kroger. "That's impressive," I say. Some men buy fine diamonds from a flea market booth. "Diamonds is ferever," they explains, suave and couth. But fer this man, honey,these just won't do. Cuz ye're way too special,you sweet thang you. I got you a gift,without taste or odor, More useful than diamonds...it's a new trollin' motor!
======
A: SUBJECT: A Luv poam

Problem: BODY: Transwestern's average deliveries to California were 959 MMBtu/d (88%), with San Juan lateral throughput at 827 MMBtu/d. Total East deliveries averaged 398 MMBtu/d. El Paso's average deliveries to California were 2122 MMBtu/d (72%): - PG&ETop, capacity of 1140 MMBtu/d, deliveries of 653 MMBtu/d (57%) - SoCalEhr, capacity 1250 MMBtu/d, deliveries of 979 MMBtu/d (78%) - SoCalTop, capacity 540 MMBtu/d, deliveries of 490 MMBtu/d (90%) Thursday's posted Gas Daily prices: SoCal gas, large pkgs 2.885 (+.31) PG&E, large pkgs 2.84 (+.295) TW San Juan n/a TW Permian 2.74 (+.44) Enron basis: n/a
======
A:
SUBJECT: California Capacity Report for Week of 12/26-12/28