9/9/10
Registration Underway for NYS DPS's Pipeline Safety Seminar, Sept. 29-30
On September 29-30, 2010, the New York State Department of Public Service, in coordination with PHMSA of the U.S. Department of Transportation, and with the organizational assistance of NGA, will present its "2010 Pipeline Safety Seminar" in Saratoga, NY. The agenda and registration information for both attendees and exhibit vendors are posted here: http://66.241.193.5/index.php?option=com_content&task=view&id=200&Itemid=106 Registration Underway for New England Pipeline Safety Seminar, Oct. 19-20
On October 19-20, 2010, the New England Pipeline Safety Representatives will present their "2010 Pipeline Safety Seminar" in Ogunquit, Maine. A pdf with the agenda and registration information are posted on NGA's home page at www.northeastgas.org/ Iroquois Announces "WTC Project" Open Season
On August 30, Iroquois Gas Transmission announced an open season for the "WTC Project." The Wright Transfer Compressor ("WTC") project will enable rapidly growing supplies from Marcellus Shale and Atlantic LNG to access the Iroquois system at its interconnection with Tennessee Gas Pipeline's 200 Line in Wright, New York. Tennessee and National Fuel Gas Company recently announced binding shipper commitments for projects that allow approximately 850 MDth/day of Marcellus supply from northern Pennsylvania to access the Tennessee 200 Line, as well as TransCanada at the Niagara/Chippawa export points, by 2012. Combined with the newly completed Canaport, Northeast Gateway and Neptune LNG projects, these new sources will provide a significant increase in the quantity of gas available on Tennessee and TransCanada. As proposed, WTC would compress up to 375 MDth/day from a new Tennessee/Iroquois interconnect ("Wright B") into Iroquois' system at the existing Wright meter station. This new interconnection would enable WTC shippers to supply the various LDC and power markets in both Zone 1 and Zone 2 on the Iroquois system. The Open Season runs from August 30 to October 15. For more information, visit www.iroquois.com. U.S. EIA Releases Short-Term Energy Outlook
On September 8, the U.S. Energy Information Administration (EIA) released its updated "Short-Term Energy Outlook." The report is online at www.eia.doe.gov. Among the observations: "EIA expects total natural gas consumption will increase by 4.0 percent from 2009 levels to 65.0 billion cubic feet per day (Bcf/d) in 2010 and then remain relatively flat in 2011." "Projected consumption of natural gas for power generation grows by nearly 1.3 Bcf/d to 20.2 Bcf/d in 2010. The use of natural gas for electric power generation surged this year because of the 23 percent increase in U.S. cooling degree- days, resulting in an over 300 Bcf (11 percent) increase in natural gas consumption in the power generation sector over the last 4 months compared with the same period last year. Projected natural gas consumption in the power generation sector falls by 0.4 Bcf/d (2.0 percent) next year because of the expected return to near-normal summer temperatures." "EIA predicts total marketed natural gas production will increase by 1.2 Bcf/d (2.1 percent) to 61.2 Bcf/d in 2010. Projected production declines gradually in 2011, falling by 1.2 Bcf/d (1.9 percent) as relatively low prices depress drilling activity." "EIA forecasts gross pipeline imports of 9.2 Bcf/d in 2010, an increase of 1.3 percent from 2009. Forecasted imports of liquefied natural gas (LNG) average 1.25 Bcf/d in 2010 and 1.32 Bcf/d in 2011. Low U.S. prices have discouraged imports, and ample domestic natural gas production has reduced the need for large quantities of LNG despite significantly higher consumption." "EIA expects prices will fall below $4 per MMBtu in September and October before rebounding at the onset of colder weather. EIA now expects prices will average $4.76 per MMBtu in 2011; this is a downward revision from the $4.98 per MMBtu forecast in last month's Outlook." Fed Releases Update on Regional Economic Conditions
On September 8, the Federal Reserve Bank released its updated "Beige Book" on economic conditions in regions across the U.S. Conditions are mostly positive in New England but more mixed in the New York region.
For Boston (New England), it summarizes conditions this way: "Recent business developments are positive on average … but performance continues to vary between and within sectors. Reports are mostly upbeat among contacts in software and IT. Manufacturing firms also had mostly positive news, with recent sales at least steady for most and very strong in some cases. Among staffing services, positive developments outnumber negative ones. Retailers give mixed results, including some significant sales declines. In the commercial real estate market, leasing activity is flat to modest and downward pressure on rents remains high in Boston. Residential real estate sales are very weak following the expiration of the home-buyer tax credit but selling prices are up slightly in many parts of the region. Concerning the labor market, some firms are hiring modestly or plan to hire soon, while others are still reluctant to hire."
For New York, the report was more mixed. It notes: "On balance, the Second District's economy showed signs of decelerating since the last report. Input prices have continued to rise moderately, while consumer prices appear to be steady to down slightly. General merchandise retailers report that sales have slowed since the last report, though auto dealers categorize sales as fairly good. Commercial real estate markets have generally been steady to softer since the last report. Residential real estate sales markets weakened to very low levels, though New York City's rental market continued to improve modestly. Manufacturing-sector contacts report some further deceleration in business activity. Tourism activity in New York City has been steady at a strong level since the last report, buoyed by rising business travel. Overall, the labor market, though still slack, has shown further modest signs of improvement. Finally, bankers report steady to weaker loan demand, steady to higher delinquency rates and some tightening in credit standards, but also some narrowing in loan spreads."
More info is here: http://www.federalreserve.gov/FOMC/BeigeBook/2010/20100908/default.htm Maple LNG Project in Nova Scotia Will Not Proceed
On August 24, it was announced that the Maple LNG liquefied natural gas (LNG) import facility project will not go forward. The project had received preliminary federal and provincial permits to construct a facility in Goldboro, Nova Scotia, Canada. In the Canadian press, Maple LNG general manager Derek Owen was quoted as saying that "a plan to build a three-tank terminal in Goldboro - about 200 kilometres east of Halifax - will not go ahead due to a lack of demand in Canada and difficulties in obtaining supply. Owen said Dutch-based parent company 4Gas BV has decided to drop a land option with the municipal government in Guysborough County, and will not proceed with an engineering phase." |
