What's an open season? And when's Denali's?

With a little luck, 2010 could be the year of the gas pipeline for Alaska. Two competing projects are taking major steps this month, a critical federal regulator is preparing for open seasons, and some say recent developments in the multi-decade quest to commercialize the state's rich gas resources could bring the two projects closer together.

That's important, because most everyone -- state officials, industry experts, producers and pipeline companies -- agree that only one large-diameter line will ever be built.

Federal Energy Regulatory Commission officials held a workshop in Anchorage on Tuesday to discuss the way an open season works, offer a tutorial to the entity's online resources, and brief people on the public comment process.

The meeting was timely, with one of two proposed Alaska gas pipeline projects ready to roll with the six-month open season process later this month. A line backed by TransCanada with a $500 million state investment is also expected to hold a separate open season for an in-state natural gas pipeline off-shoot, but no date has been set.

"We're still on track," TransCanada Vice President Tony Palmer said. The company's open season on the state-backed line is slated to run May 1 through July 31.

And on Tuesday, a spokesman for a similar but separate project, the BP-ConocoPhillips joint venture "Denali," announced a much anticipated date for its open season. Denali will file plans with FERC in April, with an open season running roughly July through September.

"(The open season) is important because it will show whether the project has customers who are willing to make those multi-year, multi-billion dollar financial commitments that really underpin movement on the project," Denali spokesman Dave MacDowell said.

Sen. Lesil McGuire, an Anchorage Republican who co-chairs the Energy Committee, said she's optimistic that the open season date could indicate the beginning of alignment between the two projects.

"My hope was that the open seasons would coincide enough that they would be at the same place in time," McGuire said. "Now, they're both in the same track. If the stars align, if the economics seem right and they all know they're going to make the same bids, I don't see any barrier now for them sitting down and discussing it. They're all in it for the same thing."

Gov. Sean Parnell released a statement also pointing to increased potential for alignment between the two pipeline projects.

The open season is a 90-day period governed by FERC, buffered on the front end with another 90 days of public comments and notices.

A pipeline company starts the process by filing open season plans with FERC. That sets off a 60-day public comment period, at the end of which FERC may approve the bid package and send out a 30-day public notice that the open season is pending.

A company wanting to build a pipeline -- called "the sponsor" -- lays out its plans, such as how much it will charge to move gas. In response, shippers make bids reserving space in the line by promising a long-term financial commitment to the project. Shippers can be anyone from producers with gas to sell at market to utilities needing supplies.

The open season runs 90 days. For a couple of months following, the pipeline company can negotiate details with shippers that evolve into "precedent agreements" -- more formal than bids but still shy of contracts. Eventually, open season results are revealed to the public if those bids result in firm agreements.

When, exactly, will the results be released to Alaskans?

"That depends on the results of open season," MacDowell explained.

If the bids net precedent agreements, the results -- the shipper, the volumes and the terms -- have to be posted publicly within 10 days of signing, per FERC rules. But if negotiations fail to draw the agreements, open season bids could never see the light of day. In another twist, after an open season closes, the pipeline company could continue negotiations with shippers on precedent agreements, indefinitely.

While the open season is widely looked to for a verdict of commercial feasibility from those shouldering the risk -- the shippers -- the milestone is far from the final contracts between a pipeline builder and its customers.