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The July natural gas exchange contract actually was higher on the day after spending most of the day lower, while energy traders decided it was too much risk to not own natural gas wholesale contracts. Although it was really just a sideways day in the natural gas market, the market did try for a third time to break through the $4.85 price area in the July wholesale contract. As we approach Thursday’s storage change number, early estimates are coming in around storage builds in the low 70 bcf area versus last year’s build of 98 bcf. The reality of the storage situation is that with each passing week, the natural gas industry is coming closer and closer to being 300 bcf behind last year’s storage levels although last year at this time, we were around 300 bcf ahead of the year before. In order for the natural gas market to go higher, popular belief is that the current hear wave in the South and Midwest will have to continue longer than predicted.
In the state of Pennsylvania, Direct Energy is attempting to gain customers through regulatory means for the non-switchers by offering alternatives to the Public Service Commission in proposing a default service mechanism to the folks in PPL, PECO and Duquesne. They have conducted a survey that provided a plan that would (1) involve suppliers other than the utility bidding on the right to serve customers, (2) not require customers to participate in process, (3) provide that customers could leave any winning supplier at any time without penalty, and (4) could produce customer rebate checks from $150-$500 from auction revenue. 48% of respondents strongly support the plan, and 34% of respondents somewhat support it. In attempting to influence the regulatory process, Direct Energy submitted the poll results with its comments in the PUC's proceeding investigating methods of default service. Direct argued that Pennsylvania does not currently have a workably competitive retail market and is seeking to implement an alternative method of default service by June 2013.
On the innovation front this morning, TXU Energy is announcing today, the launch of the TXU Energy Mobile App for the iPhone(R). With this release, TXU Energy becomes the first and only electricity retailer in Texas to offer its customers mobile access to their accounts through an app for the iPhone, iPad, and iPod touch. It's also the latest innovation in the company's ongoing efforts to connect customers across the state with online and mobile solutions to support the ways they use and manage electricity. The new app connects TXU Energy's residential customers with some of the most popular features available through their website TXU.com. Using it, they can pay bills and choose payment options and future enhancements coming throughout the summer which will add additional features. TXU Energy customers can use it to connect with their accounts using their TXU Energy MyAccount log in details. The app also provides instant auto-sync between customers' iPhones and their online TXU Energy accounts, so that any changes they make via the app are automatically reflected in their online accounts and vice versa.
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