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

    • Advisory Boards Offer Wisdom, Ideas

      I'm not given to bragging, but I think the facts say I'm a successful entrepreneur. I've started several companies that are thriving and growing, and even landed on the Inc. 5000 list. So what made me decide to create an advisory board?

    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

    • Indianapolis Among Amazon 'HQ2' Finalists

      Seattle-based Amazon.com Inc. (Nasdaq: AMZN) has named Indianapolis one of 20 finalists for the location of a second corporate headquarters. The company accepted bids late last year for what it expects to be a more than $5 billion investment that could bring up to 50,000 jobs with it. Chicago and Columbus, Ohio were the other two Midwest cities still in the running. Amazon says its "HQ2" will be "a full equal to our current campus in Seattle."

    • Anthem HQ Shifting to Different Downtown Location

      Indianapolis-based Anthem Inc. (NYSE: ANTM) says it is exiting from one of the city's most prominent office locations. Our partners at WIBC report the company is not renewing its lease at 120 Monument Circle, which has served as its primary corporate office since the early 1990s. The insurer's lease is set to run out at year's end and, without giving a timeline, a company spokesperson said...

    • Sony DADC to Lay Off Hundreds in Terre Haute

      Sony DADC has announced plans to lay off 375 workers at its Terre Haute facility. In a notice to the Indiana Department of Workforce Development, the company says the layoffs are due to its decision to outsource the music and video manufacturing operations at the facility. A spokeswoman for Sony DADC tells our partners at WTHI-TV the move will affect more than half the employees at the Vigo County location.

    • Hogsett: Amazon Announcement 'Speaks Volumes'

      Indianapolis Mayor Joe Hogsett says Seattle-based Amazon.com Inc. (Nasdaq: AMZN) choosing the city as one of 20 finalists for its second corporate headquarters shows Indy is "punching above our weight" as an attractive tech hub. He says Indianapolis is one of the least-populated metropolitan areas on the list. The project, announced late last year, is expected to bring a more than $5 billion investment and ultimately up to 50,000 jobs. In an interview with...

    • Committee Ices Carryout Cold Beer Bill

      The Senate Committee on Public Policy has voted down a bill that would've allowed carryout cold beer to be sold in additional locations like convenience stores, grocery stores and drug stores. The commission voted against Senate Bill 26 by a tally of 9-1 after three hours of testimony that mostly involved business owners and industry group representatives. Senator Tim Lanane () was the only yes vote, arguing for passage so the full Senate could make amendments.