The Mississippi Gas Storage Unit Agreement is a legally binding contract that outlines the terms and conditions governing the use and operation of gas storage units in the state of Mississippi. This agreement is crucial for facilitating the safe and efficient storage of natural gas, ensuring a steady supply for consumers and industries. The Mississippi Gas Storage Unit Agreement typically covers several key aspects, including the rights and responsibilities of the gas storage unit operator and the gas storage unit customers or clients. It lays out the procedures for accessing and utilizing the gas storage facility, as well as the financial obligations and payment terms. Different types of Mississippi Gas Storage Unit Agreements may exist, catering to various stakeholders within the natural gas industry. Some notable variations include: 1. Gas storage unit agreement between the gas storage unit operator and natural gas producers: This agreement governs the terms and conditions under which producers can store their surplus gas in the storage facility, ensuring a strategic reserve and flexibility in meeting market demands. 2. Gas storage unit agreement between the gas storage unit operator and gas pipeline companies: This agreement facilitates the storage of excess gas supplies by pipeline companies, enabling them to balance their gas flow and maintain system reliability during peak demand periods. 3. Gas storage unit agreement between the gas storage unit operator and distribution companies: This type of agreement allows distribution companies to store gas reserves to meet the needs of their customers during seasonal fluctuations in demand or in case of supply disruptions. 4. Gas storage unit agreement between the gas storage unit operator and end-users: This agreement serves end-users, such as industrial facilities, which require access to gas storage facilities as a contingency plan to ensure uninterrupted supply during certain periods or emergencies. Overall, the Mississippi Gas Storage Unit Agreement is a crucial document that promotes the efficient and reliable storage of natural gas, benefitting various stakeholders within the industry. It defines the rights and obligations of the parties involved, ensuring a smooth and mutually beneficial operation of gas storage facilities.
Mississippi Gas Storage Unit Agreement
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The storage value is a portfolio of complex spread options. The value of the spread option is a function of the value of the forward contracts plus the risk-neutral expectation of the future forward value spread. The factor driving the spread option values (storage value) is the variability of the forward curve.
Deliverability is most often expressed as a measure of the amount of gas that can be delivered (withdrawn) from a storage facility on a daily basis. Also referred to as the deliverability rate, withdrawal rate, or withdrawal capacity, deliverability is usually expressed in terms of million cubic feet per day (MMcf/d).
The intrinsic valuation methodology derives value from time spreads in the price of gas. Months for which the forward price is relatively low are chosen from the current forward curve for entering into a long position and injecting gas into the facility.
Depleted natural gas or oil fields function as gas storage reservoirs in California. Natural gas is injected into the storage reservoirs through gas storage wells and stored until withdrawn for use. There are 12 underground natural gas storage fields in the state.
The basic approach to storage valuation is to calculate the optimal position given the available forward curve and take this position on the forward market. This intrinsic value approach captures the predictable seasonal pattern in gas prices and secures a sure profit.
The market part of the storage value has two components: intrinsic and extrinsic value. While intrinsic value is a static view of the forward curve, extrinsic value is a complex function of the seasonal spread, spot price volatility, forward spread volatility, asset flexibility and individual optimisation strategies.