Minnesota Natural Gas Storage Lease refers to a legal agreement between a natural gas storage facility owner and a lessee for the use of underground storage space within the state of Minnesota. The lease grants the lessee the right to store, extract, and inject natural gas into the underground storage facilities, ensuring a reliable and efficient supply of natural gas throughout the state. Keywords: Minnesota, natural gas storage, lease, underground storage facilities, lessee, reliable supply, efficient supply, natural gas. There are two main types of Minnesota Natural Gas Storage Leases: 1. Base Gas Lease: This lease type allows the lessee to store a predetermined volume, known as base gas, in the underground storage facilities. The base gas is maintained within the storage reservoir to ensure a minimum inventory level necessary for the proper functioning of the storage system. The lessee pays a fee for the rental of the base gas volume regardless of the actual usage. 2. Working Gas Lease: In contrast to base gas lease, this type of lease focuses on the usage of working gas, which refers to the volume of natural gas stored and withdrawn from the underground facilities to meet the fluctuating seasonal demands or market changes. The lessee pays a fee for the storage capacity and is billed separately for the actual volume of working gas utilized. Both types of leases have specific terms and conditions regarding the duration of the lease, payment structure, maintenance responsibilities, withdrawal and injection rates, and the obligations of both the lessor and lessee. Natural gas storage leases in Minnesota are crucial for ensuring energy security, flexibility, and reliability of supply, especially during periods of high demand or gas market price volatility. These leases provide a cost-effective means for utilities, industries, and other natural gas consumers to store excess or surplus gas during periods of low demand and extract it when needed. In summary, Minnesota Natural Gas Storage Leases enable the efficient utilization of underground storage facilities to store and extract natural gas, ensuring a reliable and continuous energy supply to meet the dynamic demands of consumers throughout the state.
Minnesota Natural Gas Storage Lease
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