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4. GAS SUPPLY AND AVAILABILITY The availability of natural gas at competitive prices served as a major boost for gas turbine development. Until the early 1970’s, the cost of gas for electric utilities was extremely low, but utilities did not consider natural gas to be a reliably available source of fuel. Furthermore, gas turbines were not as advanced, efficient or competitive as they are today, so most gas used by electric utilities was burned mainly as fuel for steam turbine plants. Since coal was cheaper than gas and used for the same purpose of vaporizing water in Rankine cycle plants, electric utility demand for gas remained slight, despite the low price of the fuel. The 1970s proved to be a turbulent time for the natural gas industry. Prices controls created shortages, first in reserves, then in production as producers failed to supply as much gas as customers were willing to buy at the regulated price. Eventually, prices did begin to rise, and the system became ripe for reform. In 1978, the US Congress passed two landmark pieces of legislation: the Natural Gas Policy Act and the Power Plant and Industrial Fuel Use Act. The Natural Gas Policy Act (NGPA) set a timetable for deregulating the gas industry by dropping restrictions on the wellhead prices of natural gas. However, the policy was complex and detailed; it deregulated different classes of gas distinctly, depending on when the gas was discovered and in a series of steps. First the NGPA brought intrastate gas under federal price controls. Second, it designated that all gas that had come into production in 1977 or before would remain regulated. This “old gas” would be regulated at a price higher than the previous price and would be allowed to increase with inflation. Third, it established a deregulation schedule for “new gas” that came into production after 1977. Deregulation of “new gas” would occur by 1985 and would involve a series of steps in which the price of gas would rise at a rate roughly four percent higher than the rate of inflation. There were more than 20 price categories for this new gas until it would be totally deregulated in 1985. Fourth, the act specified that certain categories of “high cost” gas would be deregulated about one year after the enactment of the legislation. “High cost” gas, for example, included gas produced from wells deeper than 15,000 feet.33 This US version of natural gas deregulation was in many ways experimental; the attempt would later serve as a model for other countries in their deregulatory efforts. The NGPA actually allowed gas prices to increase for several years for four main reasons. First, the oil price shock of the era raised general fuel prices. Gas prices, now partially freed from regulation, rose along with the price of other fuels. Second, the deregulation shocked the system because previous price ceilings had held the price of gas significantly lower than its actual value to consumers. Third, the schedule itself actually included increases for gas prices beyond inflation. Finally, following the previous curtailments, gas pipeline companies began locking up long term gas supplies, almost regardless of cost.34 However, the increases ended when the last controls on newly-discovered gas reserves were dropped in 1985. With the oil crisis long over, the shock of 33 Legislative summary adapted from Kash and Rycroft, U.S. Energy Policy, Oklahoma: University of Oklahoma Press, 1984. p. 208. 34 Crandall and Ellig, “Economic Deregulation and Customer Choice: Lessons for the Electric Industry,” Fairfax, Virginia: Center for Market Processes, 1997. p. 10. 20PDF Image | Energy RD Performance: Gas Turbine Case Study
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