Bay Gas Storage Signs Natural Gas Storage Agreement with Florida Power & Light.MOBILE, Ala. -- Bay Gas Storage Co. Ltd., a subsidiary of EnergySouth, Inc. (NASDAQ NASDAQ
in full National Association of Securities Dealers Automated Quotations
U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : ENSI), announced today that it has reached a multiyear agreement with Florida Power & Light (FPL) to supply natural gas storage services from the company's third underground storage cavern. Bay Gas Storage's third cavern is currently under development and is expected to be in service by the summer of 2007.
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The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. , Bay Gas Storage Co., Ltd., the new agreement strengthens the relationship between the Mobile, Alabama based natural gas storage company and Florida's largest electric utility. "Reaching an agreement with FPL is another significant milestone for us. We continue to be encouraged by the market's response to our location, capability and proven track record of service."
Bay Gas Storage currently operates two salt-dome natural gas storage caverns at its storage facility located about 40 miles north of Mobile. The company has direct pipeline interconnects with Florida Gas Transmission Florida Gas Transmission is a natural gas pipeline which brings gas from Texas, Louisiana, Mississippi, and Alabama into Florida. It is owned by 50% by Southern Natural Gas and 50% by CrossCountry Energy. Its FERC code is 34. Company, Gulf South Pipeline and Mobile Gas Service Corporation.
Bay Gas Storage's two existing caverns have a combined working gas capacity of approximately 6.0 Bcf with injection and withdrawal capacities of 200 MMcf and 610 MMcf per day, respectively and are currently fully subscribed Fully Subscribed
A situation in which an underwriting firm has successfully sold to investors all of its available issues of a public offering of securities. When the issue is fully subscribed, the underwriter's risk of being undersubscribed (being unable to sell its allotment of on a firm basis. The third cavern expansion will add 5.0 Bcf of storage capacity along with injection and withdrawal capacities of 225 MMcf and 500 MMcf per day, respectively.