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Enron Mail |
Jeff,
We've got the entire breakdown on "who got what" in the open season. The= =20 following is incomplete, but represents the bulk of what was subscribed.... Burlington- 7,000 CEG Energy Options- 37,800 Coral- 15,000 Duke- 212,000 Dynegy- 56,500 El Paso Merchant- 277,000 ENA- 254,000 MGI Supply (Pemex)- 38,000 Oxy- 19,000 PG&E (et al.)- 151,000 SMUD- 10,000 Sempra Trading- 6,500 SoCal- 19,000 Texaco- 58,500 Williams- 11,500 Here's the other EPNG news flash... apparently, EPNG is telling shippers to= =20 be on the lookout for an announcement next week of another open season to= =20 gauge shippers interest in a major expansion of its system. I'm assuming a= t=20 this point this project will include the All American pipeline asset. I'm also now told that the Kern River expansion may be much larger than wha= t=20 we were led to believe a couple of weeks ago. We heard earlier that they= =20 were looking at doing a 500 MMcf/d expansion that would include the 124=20 MMcf/d expansion already sold. New information suggests that the 500 MMcf/= d=20 expansion may be significantly understated, and volumes may approach 700 -= =20 800 MMcf/d. The expansion would include not only compression, but would=20 involve additional pipe, and would not be rolled into existing rates, but= =20 would be an incrementally priced project. -----Original Message----- From: Dasovich, Jeff =20 Sent: Tuesday, February 27, 2001 12:23 PM To: Shapiro, Richard; skean@enron.com; Parquet, David; Chris Calger@ENRON;= =20 Etringer, Michael; McCubbin, Sandra; Mara, Susan; Kingerski, Harry; Fawcett= ,=20 Jeffery; Scott, Susan; Harris, Steven; Fossum, Drew Subject: El Paso Merchant may relinquish capacity ----- Forwarded by Jeff Dasovich/NA/Enron on 02/27/2001 12:20 PM ----- =09Rebecca W Cantrell@ECT 02/27/2001 10:22 AM =09 To: Barry=20 Tycholiz/NA/Enron@ENRON, Colleen Sullivan/HOU/ECT@ECT, Donna=20 Greif/HOU/ECT@ECT, James Shirley/HOU/EES@EES, Jane M Tholt/HOU/ECT@ECT, Jef= f=20 Dasovich/NA/Enron@Enron, Patti Sullivan/HOU/ECT@ECT, Paul=20 Kaufman/PDX/ECT@ECT, Phillip K Allen/HOU/ECT@ECT, Randall L Gay/HOU/ECT@ECT= ,=20 Robert Superty/HOU/ECT@ECT, Roger O Ponce/HOU/EES@EES, Stephanie=20 Miller/Corp/Enron@ENRON, Susan J Mara/NA/Enron@ENRON, Suzanne=20 Calcagno/NA/Enron@Enron, Tori Kuykendall/HOU/ECT@ECT cc: James D=20 Steffes/NA/Enron@Enron, Leslie Lawner/NA/Enron@Enron Subject: El Paso=20 Merchant may relinquish capacity From today's Gas Daily, in case you haven't seen it yet....... El Paso Merchant Energy will be passing up on its right of first refusal f= or=20 up to 1.22 billion cfd of capacity on El Paso Natural Gas, sources said yesterday. El Paso wou= ld=20 not comment on the report but said the company would issue a statement soon. The capacity, from the San Juan Basin to California, was open for bids unt= il=20 Feb. 12, and El Paso Merchant Energy held a right of first refusal at six receipt points= =20 until May 31. El Paso Merchant paid $38.5 million for the capacity, which was previously held by= =20 Dynegy Energy Marketing. The capacity has been the source of controversy in the wake of California= =01,s=20 ongoing energy crisis, with companies concerned that an affiliated company held the pipeli= ne=20 capacity. The California Public Utilities Commission alleged in a FERC complaint that= =20 the agreement between the companies was "rigged" (GD 1/11). "There has been a lot of pressure," said Gordon Howald, an analyst with=20 Credit Lyonnais Securities. "Everyone is blaming them for what=01,s going on in California,= =20 though I believe FERC did clear them." Howald said that giving up that capacity and allowing the "market to decid= e=20 the value" would help El Paso on two fronts. "It probably makes sense considering the pressure they=01,ve been under fr= om=20 regulators," Howald said. And "their pipeline operations could essentially garner some= =20 higher profitability if they are able to increase the value of that capacity in an open season."= RW
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