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Fortnightly Magazine - October 15 1997

an instrument before the maturity of the contract. ... We find that taking physical delivery under a derivatives transition would be in violation of the mandatory buy-sell requirement."

In short, when utilities invest in long-term capacity in transport markets, the value of the position is linked directly to commodity prices. To balance risk, utilities must straddle commodity and capacity markets.

The Williams Cos. put it bluntly: "Pipelines should be allowed to rebundle services without regulatory impediments."



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