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FLORIDA GAS UTILITY 2010 ANNUAL MEETING June 9-11, 2010 Daytona Beach Shores, Florida

FLORIDA GAS UTILITY 2010 ANNUAL MEETING June 9-11, 2010 Daytona Beach Shores, Florida. MATT RICK JOHN & HENGERER 1730 RHODE ISLAND AVENUE, N.W. SUITE 600 WASHINGTON, D.C. 20036-3116 (202) 429-8809 mrick@jhenergy.com. FGT UPDATE. FGT 2010 Rate Case (Docket No. RP10-21-000)

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FLORIDA GAS UTILITY 2010 ANNUAL MEETING June 9-11, 2010 Daytona Beach Shores, Florida

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  1. FLORIDA GAS UTILITY2010 ANNUAL MEETINGJune 9-11, 2010Daytona Beach Shores, Florida MATT RICK JOHN & HENGERER 1730 RHODE ISLAND AVENUE, N.W. SUITE 600 WASHINGTON, D.C. 20036-3116 (202) 429-8809 mrick@jhenergy.com

  2. FGT UPDATE • FGT 2010 Rate Case (Docket No. RP10-21-000) • filed October 1, 2009 • 23% increase in cost of service • hearing scheduled for August 2010 • FGT’s Phase VIII Project (Docket No. CP09-17-000) • certificate issued in November 2009 • project under construction • AES v. FGT order addressing “gas interchangeability” and the introduction of LNG in the FGT market area • D.C. Circuit decision issued May 14, 2010 • FPL loses; FGT wins

  3. OTHER FLORIDA-RELATED GAS SUPPLY PROJECTS • Port Dolphin Pipeline • certificate issued in December 2009 • project delayed (extension of time granted to file environmental implementation plan) • Calypso US Pipeline • additional extension of time requested in May 2010 (until June 2012) • Floridian Gas Storage Project • certificate issued in August 2008 • construction has not yet commenced • project delayed until local utilities execute contracts • TECO/People’s SeaCoast Pipeline Project • proceeding • FPL’s Florida EnergySecure Line Project • rejected by Florida regulators

  4. NORTH AMERICAN GAS SUPPLY DYNAMICS IN GENERAL • Lower 48 – Rocky Mountain / Shale-Based Supplies • REX-East and change in market dynamics • Barnett, Haynesville, Marcellus, and Eagle Ford shale plays • LNG • LNG imports were expected to rise due to decreased global demand and new LNG liquefaction capacity – unlikely now • retrofitting import terminals to allow storage and re-export of LNG • Alaska • Denali and TransCanada conducting open seasons, but hope may be fading • Gulf Leases • on hold because of BP incident

  5. PENDING GAS INDUSTRY REGULATORY ISSUES • Two new FERC Commissioners added in 2010 • Order No. 712 – Capacity Release/Asset Management • Form 552 (Annual Report of Natural Gas Transactions) • report for calendar year 2009 due September 1, 2010 • FERC Enforcement Actions • audits of virtually everyone involved in the gas business • FERC acceptance of Amaranth settlement, but nothing new • FERC Policy Statement on Penalty Guidelines • FERC Exercise of Section 5 Authority • Northern Natural, Great Lakes, NGPL • Focus on Non-Interstate Pipelines • new posting and reporting requirements

  6. ELECTRICITY DEVELOPMENTS • Will New High Voltage Transmission Lines Ever Get Built? • FERC’s pricing incentives • FERC’s focus on enhancing transmission planning and market rules and operations to allow reliable integration of renewable energy resources • FERC efforts to obtain backstop transmission siting authority from Congress • continued lack of clarity regarding cost allocation • Reliability Regulation • compliance audits by NERC and the Regional Entities • definition of “transmission” facilities • FRCC settlement of issues relating to February 2008 blackout

  7. FEDERAL LEGISLATIVE DEVELOPMENTS • Climate Change/Greenhouse Gases Emissions • Financial/Derivatives Regulation

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