Vectren Seeks Approval For Natural Gas Storage Enhancements

Posted: Updated:
EVANSVILLE -

Evansville-based Vectren Corp. (NYSE: VVC) is requesting approval from the Indiana Utility Regulatory Commission for a $14 million plan to put enhanced safety measures in place for its four natural gas storage facilities. The filing comes in response to new federally-mandated rules on natural gas storage field safety.

The storage fields, located in White, Monroe and Clark counties, are essentially underground warehouses that store excess natural gas to be used to in times of peak demand. As a result of the new rule from the Pipeline Hazardous Material Safety Administration, Vectren says it has developed a storage field integrity management program, which includes "updating environmental protocols, enhanced storage field training, operator qualification programs and an ongoing assessment of the condition of its storage assets."

Vectren says, if approved by the IURC, the plan should only affect customers' bills by less than 20 cents per month. The plan is expected to go into effect next summer.

"Vectren has always been highly focused upon safety and reliability of our energy systems, and today’s filing is to obtain the necessary regulatory approvals to enhance the safety systems of our natural gas storage fields to ensure compliance with new federal regulations," said Mike Roeder, president of Vectren Energy Delivery of Indiana - North. "A plan to comply with the new rule must be in place by January of 2018. Due to the current safety plans already in place Vectren’s compliance with the new rule will be able to be achieved in an affordable manner for customers."

The utility did not give an estimated timeline for a ruling by the IURC.

Meantime, Vectren is reporting second quarter net income of $37.6 million, up from $32.3 million during the same period last year. Chief Executive Officer Carl Chapman says the utility continues to advance its electric grid modernization and generation diversification plans that "will set the stage for future growth."

You can view the full earnings report by clicking here.

  • Perspectives

    • Process Optimization And The Art of Mapmaking - Two Case Studies

      Large or small, businesses contain processes that define how they work. Those processes may be simple or complex, and may or may not be documented and consistent across the organization. During growth and change, processes tend to become more complex in one of two ways: Like pioneers exploring uncharted territory, start-up organizations tend to build processes organically. These methods are rarely documented and evolve quickly with technology and business changes.

    More

Subscribe

Name:
Company Name:
Email:
Confirm Email:
HTML
INside Edge
Morning Briefing
BigWigs & New Gigs
Life Sciences Indiana
Indiana Connections
INPower
Subscribe
Unsubscribe

Events



  • Most Popular Stories

    • Colts Hire Campbell as VP of Communications

      The Indianapolis Colts have hired Steve Campbell as vice president of communications. He has more than 25 years of experience working at all levels of media, community programming and public service. Campbell currently is president of Campbell Strategies LLC, a local communications and strategy firm providing media counsel to business, nonprofit and public sector clients. He founded the firm in 2009.

    • Colts Name Chief Sales & Marketing Officer

      The Indianapolis Colts have hired Roger VanDerSnick as chief sales and marketing officer. He is an Indiana native and graduate of Rose-Hulman Institute of Technology, VanDerSnick comes to the Colts with more than 30 years of experience in the sales and marketing field. He most recently served as chief sales and marketing officer of International Management Group College for six years.

    • Celadon Dropping Driving Academies

      A subsidiary of Indianapolis-based Celadon Group Inc. (NYSE: CGI) has announced plans to exit its three Celadon Driving Academy locations. Celadon Trucking says one of the company's third-party driving school partners will establish accredited driving schools at the current CDA locations.

    • Nearly 400 Counties, Cities, Towns Score Matching Road Funds

      Hundreds of Hoosier communities will share in $150 million from the state for local road work. The Next Level Roads: Community Crossings Initiative involves matching funding for nearly 400 city, county and town projects. Applications for the second-year program rose by nearly 50 percent. At least half the available funding had to go to communities with a population of 50,000 or fewer.

    • On-Air

      Find out when and where you can watch and listen to our reports.