Hadson Receives Approval for Special Marketing System

By L. D. Barney | THE JOURNAL RECORD, July 30, 1985 | Go to article overview

Hadson Receives Approval for Special Marketing System


L. D. Barney, THE JOURNAL RECORD


The Federal Energy Regulatory Commission has approved Hadson Gas Systems' special marketing system, known as Hadson Unencumbered Gas Sales, or HUGS. Gas covered by Natural Gas Pricing Act Sections 102, 103, 107 and 108 will be sold under HUGS.

In approving HUGS, the commission said, "Though Hadson's proposal for an SMP is similar to other SMPs we have authorized, Hadson is different from most other certificate applicants."

Commissioners also said, "We believe that Hadson's program will aid small independent producers that usualldy do not participate in SMPs, either because they are unable to acquire acccess to one, or because of the administrative burden. Hadson will be able to effect the release of surplus gas and find purchasers for that gas, on behalf of these producers." . .

- FERC has vacated regulations allowing natural gas producers to offset certain refunds owed interstate pipelines against amounts pipelines owe producers for production-related costs.

The commission had required first sellers to offset overcharges stemming from prices determined by measuring British thermal units under an "as delivered" basis, instead of "wet conditions," against amounts owed by pipelines who must reimburse first sellers for costs related to gathering, transporting, treating, liquefying and conditioning gas.

Now, first sellers who used the mechanism must pay refunds in full by Friday, Aug. 30. The payment may be made either through one or more cash payments, through billing adjustments, or a combination of the two methods.

Parties to the transactions may choose the most suitable method, but if they cannot agree, payment must be made in a lump-sum cash payment.

The ruling results from a U.S. Court of Appeals for the District of Columbia that directed the commission to vacate the offset regulation.

Refund amounts must reflect interest, which accrues until the payment date. Nearly $400 million has been refunded to pipelines so far, the commission said, in cash payments or through billing adjustments.

Both interstate and intrastate pipelines must file refund reports giving the names of producers who have paid the refunds, amounts received and the list of producers and other first sellers who have not paid the refunds by Oct. 15, 1985. . .

- FERC has also set the first quarterly update of the benchmark rate of return on common equity for electric utilities at 13.96 percent. The rate applies to rate filings made by jurisdictional electric utilities during the period Aug. 1 through Oct. 31, 1985.

It is intended to guide companies and intervenors in individual rate cases and serve as a reference point for the commission. Following the third annual proceeding, the benchmark rate of return will be given the status of a rebuttable presumption.

The quarterly indexing procedure is based on a formula with fixed adjustment factors and changes in the median dividend yield for a broad-based sample of 100 electric utilities. . .

- William Smith has been promoted to vice president of geology for Bracken Exploration Co.

Smith joined Bracken in 1981 and has previously served as assistant vice president of exploration and as an exploration geologist. . .

- A wide range of class schedules for courses in oil and gas field management technology will be available for students at Oklahoma State University Technical Institute in the Fall semester.

Courses being offered include expoloration economics, oil and gas law, physical geology, petroleum geology, regulatory practices, introduction to oil and gas, open and cased hole logging evaluation, well testing methods and Applications, unit agreements and structural geology. …

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