Minnesota 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. A Minnesota Gas Storage Agreement is a contractual arrangement between a gas storage service provider and a customer in the state of Minnesota. It outlines the terms and conditions governing the storage of natural gas by the customer in the provider's storage facilities. This agreement allows the customer to take advantage of seasonal variations or fluctuations in natural gas prices by storing gas during periods of low demand and withdrawing it when demand and prices are higher. The Minnesota Gas Storage Agreement typically includes several key elements. Firstly, it specifies the obligations and responsibilities of both parties, including the gas storage service provider and the customer. These obligations include the maintenance of the storage facilities, metering, security measures, and compliance with relevant rules and regulations. Secondly, the agreement outlines the quantity of gas to be stored, commonly measured in cubic feet or therms, and the duration of the storage period. The customer might have the ability to adjust the stored quantity over time, subject to the terms agreed upon. Thirdly, the agreement details the pricing structure and payment terms. The cost of gas storage services can be based on a variety of factors, such as the volume of gas stored, the duration of storage, and the availability of storage capacity. Prices may be fixed, variable, or tied to market rates. The agreement will also specify the payment schedule, including any penalties for late payments or early termination. Lastly, the Minnesota Gas Storage Agreement includes provisions for disputes and resolution mechanisms. It may outline the procedure for dispute resolution, such as negotiation, mediation, or arbitration, in the event of disagreements between the parties. There are different types of Minnesota Gas Storage Agreements catering to various needs and requirements. These agreements may include: 1. Firm Storage Agreement: This type of agreement guarantees the customer's access to a specific volume of gas storage capacity throughout the agreed storage period, regardless of market conditions or the availability of capacity. 2. Interruptible Storage Agreement: Unlike the firm storage agreement, this type of agreement provides the customer with storage capacity on a non-guaranteed basis. The gas storage service provider may interrupt or curtail storage services during certain periods of high demand or emergencies. 3. Seasonal Storage Agreement: This agreement allows customers to store gas during specific seasons when demand and prices are low, typically in anticipation of higher seasonal demand and prices. It provides flexibility for customers to take advantage of price differentials between seasons. In conclusion, a Minnesota Gas Storage Agreement is a contractual arrangement between a gas storage service provider and a customer, governing the storage of natural gas. It specifies the obligations, pricing, payment terms, and dispute resolution mechanisms. Different types of agreements, such as firm storage, interruptible storage, and seasonal storage, cater to varying needs and circumstances.

A Minnesota Gas Storage Agreement is a contractual arrangement between a gas storage service provider and a customer in the state of Minnesota. It outlines the terms and conditions governing the storage of natural gas by the customer in the provider's storage facilities. This agreement allows the customer to take advantage of seasonal variations or fluctuations in natural gas prices by storing gas during periods of low demand and withdrawing it when demand and prices are higher. The Minnesota Gas Storage Agreement typically includes several key elements. Firstly, it specifies the obligations and responsibilities of both parties, including the gas storage service provider and the customer. These obligations include the maintenance of the storage facilities, metering, security measures, and compliance with relevant rules and regulations. Secondly, the agreement outlines the quantity of gas to be stored, commonly measured in cubic feet or therms, and the duration of the storage period. The customer might have the ability to adjust the stored quantity over time, subject to the terms agreed upon. Thirdly, the agreement details the pricing structure and payment terms. The cost of gas storage services can be based on a variety of factors, such as the volume of gas stored, the duration of storage, and the availability of storage capacity. Prices may be fixed, variable, or tied to market rates. The agreement will also specify the payment schedule, including any penalties for late payments or early termination. Lastly, the Minnesota Gas Storage Agreement includes provisions for disputes and resolution mechanisms. It may outline the procedure for dispute resolution, such as negotiation, mediation, or arbitration, in the event of disagreements between the parties. There are different types of Minnesota Gas Storage Agreements catering to various needs and requirements. These agreements may include: 1. Firm Storage Agreement: This type of agreement guarantees the customer's access to a specific volume of gas storage capacity throughout the agreed storage period, regardless of market conditions or the availability of capacity. 2. Interruptible Storage Agreement: Unlike the firm storage agreement, this type of agreement provides the customer with storage capacity on a non-guaranteed basis. The gas storage service provider may interrupt or curtail storage services during certain periods of high demand or emergencies. 3. Seasonal Storage Agreement: This agreement allows customers to store gas during specific seasons when demand and prices are low, typically in anticipation of higher seasonal demand and prices. It provides flexibility for customers to take advantage of price differentials between seasons. In conclusion, a Minnesota Gas Storage Agreement is a contractual arrangement between a gas storage service provider and a customer, governing the storage of natural gas. It specifies the obligations, pricing, payment terms, and dispute resolution mechanisms. Different types of agreements, such as firm storage, interruptible storage, and seasonal storage, cater to varying needs and circumstances.