lectronic bulletin boards (EBBs) are the E vehicle that the FERC conceived to open the market for transportation capacity by providing a forum for all buyers and sellers to shop for capacity and negotiate capacity release transactions on a nondiscriminatory basis. EBBS were a critical facet of Order 636.
The future of the natural gas industry is that pipelines will develop information and market trading activity on multiproduct lines that capture all aspects of transportation. Pipeline capacity will become one component of the total energy transportation equation.
EBBs in the Genesis of the Secondary Market
Within' the broader objective of Order 636, FERC's goal in adopting EBBS for capacity release was to promote the evolution of a robust and competitive secondary market for pipeline capacity. The good news is that, indeed, the secondary market is flourishing. The bad news is that secondary markets are not flourishing on the EBBs as the Commission intended. But the news is not necessarily bad. In addition to EBBs, the secondary market is growing through the promotion of market centers, introduction of flexible receipt and delivery points, rebundling of sales and transportation by marketers, interruptible transportation, and elimination of regulated pipeline sales service. For Pacific Gas Transmission (PGT), secondary