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NEWS BULLETIN

March 31, 2010 --- Vol. 16, No. 23March 2010

FERC approves TC Alaska open season plan

The Federal Energy Regulatory Commission has approved, with modifications, TransCanada Alaska’s plan for conducting an open season for the Alaska Pipeline Project.

FERC said in an order issued today that the TC Alaska plan generally complies with its open season regulations, but required two modifications.

The commission is requiring TC Alaska to immediately open its data rooms and is also requiring some revisions in the plan to comply with FERC’s standards of conduct.

The commission disagreed with BP Exploration that it needed to evaluate the open season plan in detail.

FERC said it was not persuaded by BP’s “assertion that unless the issues it raises regarding the rates, terms, and conditions of service are resolved during the pre-approval process, the resulting economic uncertainty will render prospective bidders either unable or unwilling to make informed bids. We will not prescribe in our pre-approval process what we chose not to prescribe in the Open Season regulations themselves.”

BP also argued that timing and substance of information under the open season plan were inadequate, and FERC agreed on the timing issue, saying it would require TC Alaska to immediately open its data rooms, although it did not require a delay in the beginning of the open season, which is set for April 30.

The commission said that once the data rooms are open, what BP described as “the vast majority of information within TransCanada’s control” withheld to date will be available to BP and other prospective shippers.

Editor’s note: See full story in April 4 issue, available online to subscribers at noon, Friday April 2 at www.PetroleumNews.com

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