WEDNESDAY AGGREGATE: SoCalGas BTS 2026 — Capacity Scarcity and Price Risk Without an Exit

Today's briefing is a microcosm of a gas system that is being redefined across infrastructure access and funding eligibility. SoCalGas is pushing more risk onto shippers competing for limited transport capacity, while the CPUC is narrowing the scope of ratepayer-funded gas innovation in PG&E’s RD&D program.

The result is a more selective system: access leans on historical position, and future pathways (transport and technology) face higher bars for entry and cost recovery.