โ Scribed by Moring, Frederick
No coin nor oath required. For personal study only.
In its Opinion No. 336, issued November 29, 1989, FERC issued to El Paso Natural Gas Co. the first gas inventory charge certificate to emerge from the so-called paper-hearing process. Leaving aside the atypical GIC approved for Transwestem pipeline Company (that GIC applied to just one customer) this El Paso GIC ruling is the first full-blown commission order to establish a purely market-based system for the pricing of pipeline sales service. The opinion sets the ground rules under which El Paso's merchant function activity will be performed in the future for its largest customers and outlines the factual basis upon which the commission determined that the pipeline could not exercise significant market power in providing the merchant function to its LDC customers. Because (1) most LDCs have historically relied on pipeline merchant function activity to support local gas utility service, and (2) several other pipelines have GIC certificate proposals now moving through this same hearing process at the commission, Opinion 336 is a landmark decision worthy of LDC attention.
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