Nebraska Gas Storage Service Agreement is a legally binding contract between a gas storage service provider and a customer in the state of Nebraska. This agreement outlines the terms and conditions related to the storage of natural gas or other similar gases in underground facilities within the state. The purpose of the Nebraska Gas Storage Service Agreement is to establish the rights, obligations, and responsibilities of both the service provider and the customer regarding the storage and withdrawal of natural gas. It ensures a mutually beneficial relationship between the parties involved while ensuring the safe and efficient operation of the storage facilities. The agreement generally contains key elements such as the duration of the agreement, the quantity of gas to be stored, the pricing and payment terms, liability and insurance provisions, operational procedures, force majeure clauses, and termination and dispute resolution mechanisms. Within the realm of Nebraska Gas Storage Service Agreements, there are two main types that are commonly referred to: 1. Firm Service Agreement: This type of agreement guarantees the customer a fixed capacity for storing and withdrawing natural gas from the storage facility. The customer is typically required to pay a premium to secure this firm reservation, ensuring priority access to their gas during peak demand periods. 2. Interruptible Service Agreement: Unlike the firm service agreement, this type of agreement does not guarantee a fixed capacity or priority access to the storage facility. The customer opting for an interruptible service agreement is usually offered a discounted rate, but their access to storage can be curtailed or interrupted during peak demand periods, in favor of customers with firm service agreements. Both types of agreements offer distinct advantages depending on the customer's specific needs, risk tolerance, and budget. It is crucial for customers to carefully evaluate their gas storage requirements and assess the financial implications of each agreement type before entering into a Nebraska Gas Storage Service Agreement. In summary, the Nebraska Gas Storage Service Agreement serves as a critical legal framework governing the storage and retrieval of natural gas in Nebraska. It establishes the rights and responsibilities of both the service provider and the customer, and there are two main types of agreements — firm service agreement and interruptible service agreement — each offering different benefits and considerations.
Nebraska Gas Storage Service Agreement
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Natural Gas Storage - Storage Fields The working gas requirement is generally about 50% of the total reservoir capacity. Gas is withdrawn in winter season and injected in summer. This type of storage facility can be used for long system supply or peak day.
Natural gas?a colorless, odorless, gaseous hydrocarbon?may be stored in a number of different ways. It is most commonly held in inventory underground under pressure in three types of facilities. These underground facilities are depleted reservoirs in oil and/or natural gas fields, aquifers, and salt cavern formations.
The whole tank floats in a circular or annular water reservoir, held up by the roughly constant pressure of a varying volume of gas, the pressure determined by the weight of the structure, and the water providing the seal for the gas within the moving walls.
Gas was injected for storage when its future price on the commodities futures market rose above its current market price. That gas would be sold with a future delivery date, creating an instant profit, and then held in the facility until the date contracted with the purchaser on which it was required to be delivered.
Natural gas storage comes with certain risks, including gas leaks, health hazards, environmental impacts, and infrastructure failures. However, implementing safety measures such as regular inspections, emergency response plans, enhanced monitoring systems, and public awareness campaigns can greatly reduce these risks.