Reuters: Regulatory News: FERC denies Seaway market-based rates authority - filing

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FERC denies Seaway market-based rates authority - filing May 7th 2012, 20:29 NEW YORK | Mon May 7, 2012 4:29pm EDT NEW YORK May 7 (Reuters) - The Federal Regulatory Energy Commission (FERC), which regulates interstate pipelines, said on Monday it was denying the application by Enbridge and Enterprise to be able to set market-based rates on its reversed Seaway pipeline, according to an order released by the commission. The Seaway, which will initially carry 150,000 barrels per day of both sweet and sour crude from Cushing, Oklahoma to the refineries along the Gulf Coast, will be the first of several projects to unlock the surplus of crude in the oil hub. This makes it difficult for the duo to provide the proxy for prevailing prices needed for FERC to evaluate market power analysis, the filing said.

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