Friday, May 22, 2009

Summer Bargain

Another tidbit from the CA:

MLGW can buy gas at low price

A $20 million debt transaction will help Memphis Light, Gas and Water Division buy natural gas at low prices this summer before an anticipated winter price spike, MLGW chief financial officer John W. McCullough said Thursday.


The utility's board of commissioners voted to approve the transaction, which still must pass muster at the Memphis City Council.

Under the agreement, the utility will borrow $20 million and pay it off with future revenues within 12 months. McCullough said the utility will buy liquid natural gas and keep it in storage tanks until it's ready to use.

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