- Sempra Energy’s (SRE +0.4%) Aliso Canyon natural gas storage field near Los Angeles, where the biggest gas leak in U.S. history nearly two years ago spewed methane for months and sickened area residents, is deemed by California regulators as safe to operate at a limited capacity.
- The field will be restricted to ~28% of its massive capacity, storing up to 23.6B cf of natural gas.
- The news is criticized by some who want to see the field shut down permanently; the deputy counsel for Los Angeles County says the county plans to seek a court injunction to block the reopening, noting that the cause of the blowout is still under investigation.
- The shut field has tested the limits of California’s power and gas markets, constraining supplies on the hottest and coldest days; the region’s gas supplies are at their lowest levels seasonally in more than a decade.
- Now read: TransCanada: Nearly 4% Yield With 10% Dividend Growth Per Year
Original article