Front to backs are huge Is the delivered basis market holding value or is it getting crushed?. Heard about el paso oct feb roll, from where I'm at, thinking selling Oct and going long Feb phys is better than feb merc, rather stack length in winter front and bet on hording of existing storage given forecast At these levels I like owning winter physical against NYMEX short?Is the bias that the EFP's blow out further? Frank
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answer: Trade idea
Hi Second Year's, Round 1 bids have been processed and your schedules have been posted to the OLR web-site. Almost all bids were successful, and there are open seats in most classes. Round 2 begins Monday at 9AM and ends Tuesday at 12 Noon. As always, if you have any questions give us a call; 642-1406. Josh & TJ EWMBA Program
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answer: Bidding for 2nd years
The policy spelled out in Order No. 637 (and affirmed on rehearing in Order No. 637-A) for pricing under ROFR at the expiration of a lower-rate service agreement (where rates are "vintaged"). In both Order No 637 and Order No. 637-A the Commission notes that this policy is consistent with the Certificate Policy Statement issued in 1999. Order No. 637 states as follows: [A] shipper exercising its ROFR could be required to match a bid up to a maximum rate higher than the historic maximum rate applicable to its capacity in certain limited circumstances: when a pipeline expansion has been completed and an incremental rate exists on the system; the pipeline is fully subscribed; and there is a competing bid above the maximum pre-expansion rate applicable to existing shippers. * * * As the Commission explains in the Certificate Policy Statement, to adjust the maximum rate applicable to shippers exercising their ROFR in these circumstances, the pipeline would have to establish a mechanism for reallocating costs between the historic and incremental rates so all rates remain within the pipeline's cost-of-service. The mechanism can be established either through a general section 4 rate case or through the filing of pro forma tariff sheets which would provide the Commission and the parties with an opportunity to review the proposal prior to implementation. Order No. 637 references one instance where a pipeline had filed such a mechanism as follows: Cf. Viking Gas Transmission Company, 89 FERC Para. 61,204 (1999) (rejecting tariff filing to raise matching rates under a ROFR where, among other things, the filing did not readjust existing and expansion rates. Jan and I are doing a search right now to determine where there have been any other filings. I'll let you know what we find. Let me know if you have any follow-up questions.
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answer: Order 637 ROFR Pricing Policy
Mark Haedicke is available for the conference call on Thursday, October 19, at 1:30 p.m. Eastern time. Please confirm what time you were able to convene the call. Thank you.
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Energy Bar Program - E-Commerce Panel