HOUSTON, Feb. 25, 2013 (GLOBE NEWSWIRE) -- Buckeye Partners, L.P. (NYSE:BPL) ("Buckeye") announced that, on February 22, 2013, the Federal Energy Regulatory Commission ("FERC") issued two orders related to previously announced proceedings pending before FERC involving one of Buckeye's operating subsidiaries, Buckeye Pipe Line Company, L.P. ("Buckeye Pipe Line"). The first order (the "Ratemaking Methodology Order") permits Buckeye Pipe Line to continue charging its current tariff rates and gives Buckeye Pipe Line full market-based-rate authority in markets FERC previously found to be competitive. This change allows Buckeye Pipe Line to set future rates in these markets based solely on competitive forces, without the limits that had been imposed under its previous unique ratemaking program. The order, which discontinues that earlier program, also authorizes Buckeye Pipe Line to file future rates in its remaining markets pursuant to any of the methodologies permitted by FERC regulations, including in accordance with the generic FERC index. The second order (the "Airline Complaint Order") relates to the complaint filed by several airlines challenging Buckeye Pipe Line's rates for transportation of jet fuel to three New York City area airports. This order sets the matter for hearing, but orders that such hearing be held in abeyance pending the outcome of FERC-ordered settlement discussions between the parties, which are to be facilitated by a FERC-appointed settlement judge.
FERC Confirms Buckeye's Current Tariff Rates And Authorizes Future Changes Under FERC Standard Ratemaking Methods, Sending NYC Airport Rates To Settlement Process
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