Indiana Gas Storage Agreement

• Category: Oil Gas and Minerals - Agreements
• State: Multi-State
• Control #: US-OG-723
• Format: Word; Rich Text

Description

This form is used when Owner owns and operates underground gas storage facilities and Customer desires storage service for natural gas to serve its Plant, and Owner is willing to render such storage services. Indiana Gas Storage Agreement is a legally binding contract that outlines the terms and conditions governing the storage of natural gas within the state of Indiana. It establishes the rights and responsibilities of all parties involved in a gas storage arrangement, including the gas storage provider and the gas storage user. The agreement typically covers important aspects related to the storage of natural gas, such as the capacity of the storage facility, injection and withdrawal procedures, pricing and billing mechanisms, force majeure events, insurance requirements, and dispute resolution procedures. In Indiana, there are various types of gas storage agreements offered to meet the unique needs and preferences of different parties. These agreements include: 1. Firm Storage Agreement: This type of agreement offers the highest level of service reliability and guarantees the availability of gas storage capacity to the user throughout the agreed contract term. It provides priority access to storage services, ensuring that the user can inject or withdraw natural gas whenever needed. 2. Interruptible Storage Agreement: An interruptible storage agreement offers lower cost storage services but comes with the risk of interruption during times of high demand. Gas storage users entering into this agreement must be willing to accept potential interruptions and are often given a lower priority in accessing storage services. 3. Capacity Release Agreement: This type of agreement allows a party to relinquish or transfer their gas storage capacity to another party. The releasing party may choose to do so for various reasons, such as having excess capacity or seeking financial or operational flexibility. The acquiring party takes over the rights and obligations associated with the released capacity. Indiana Gas Storage Agreements play a crucial role in ensuring efficient utilization of gas storage facilities within the state. They provide clarity and structure in gas storage operations, establish rights and obligations of parties involved, and facilitate the smooth and reliable storage of natural gas for a wide range of uses, including energy generation, industrial applications, and residential consumption.

Indiana Gas Storage Agreement is a legally binding contract that outlines the terms and conditions governing the storage of natural gas within the state of Indiana. It establishes the rights and responsibilities of all parties involved in a gas storage arrangement, including the gas storage provider and the gas storage user. The agreement typically covers important aspects related to the storage of natural gas, such as the capacity of the storage facility, injection and withdrawal procedures, pricing and billing mechanisms, force majeure events, insurance requirements, and dispute resolution procedures. In Indiana, there are various types of gas storage agreements offered to meet the unique needs and preferences of different parties. These agreements include: 1. Firm Storage Agreement: This type of agreement offers the highest level of service reliability and guarantees the availability of gas storage capacity to the user throughout the agreed contract term. It provides priority access to storage services, ensuring that the user can inject or withdraw natural gas whenever needed. 2. Interruptible Storage Agreement: An interruptible storage agreement offers lower cost storage services but comes with the risk of interruption during times of high demand. Gas storage users entering into this agreement must be willing to accept potential interruptions and are often given a lower priority in accessing storage services. 3. Capacity Release Agreement: This type of agreement allows a party to relinquish or transfer their gas storage capacity to another party. The releasing party may choose to do so for various reasons, such as having excess capacity or seeking financial or operational flexibility. The acquiring party takes over the rights and obligations associated with the released capacity. Indiana Gas Storage Agreements play a crucial role in ensuring efficient utilization of gas storage facilities within the state. They provide clarity and structure in gas storage operations, establish rights and obligations of parties involved, and facilitate the smooth and reliable storage of natural gas for a wide range of uses, including energy generation, industrial applications, and residential consumption.