FERC executive points to 'gray market' in gas price surge

A top official with the US Federal Energy Regulatory Commission has conceded the so-called "gray market" helped drive natural gas prices sky high in southern California late last year.Industry sources described the gray market for pipeline capacity and natural gas as the sale of "packages" of capacity and gas by marketers or even by gas distribution companies with access to gas and capacity that might be reselling them.With these packages, it is impossible to properly attribute which portion of the final price belongs to the gas commodity and which portion belongs to the transportation capacity, hence the term "gray market."'Gray market' concernsAlice Fernandez, FERC director of t...

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