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Enron Mail |
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Content-Type: text/plain; charset=us-ascii Content-Transfer-Encoding: 7bit X-From: Vince J Kaminski X-To: Vince J Kaminski X-cc: X-bcc: X-Folder: \Vincent_Kaminski_Jun2001_6\Notes Folders\All documents X-Origin: Kaminski-V X-FileName: vkamins.nsf ---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 12/17/99 01:24 PM --------------------------- Kimberly Watson@ENRON 12/16/99 05:02 PM To: Vince J Kaminski/HOU/ECT@ECT cc: Subject: Intelligence: El Paso Capacity--Someone has Upped the Ante But Match Still Possible FYI. Kim. ---------------------- Forwarded by Kimberly Watson/ET&S/Enron on 12/16/99 04:51 PM --------------------------- Lorna Brennan 12/16/99 09:59 AM To: Rockey Storie/ET&S/Enron@ENRON, Stephanie Miller/ET&S/Enron@ENRON, Kent Miller/ET&S/Enron@ENRON, John Dushinske/ET&S/Enron@ENRON, Dave Neubauer/ET&S/Enron@ENRON, Michael Bodnar/ET&S/Enron@ENRON, Joni Bollinger/ET&S/Enron@ENRON, David Badura/ET&S/Enron@Enron, Janet Bowers/ET&S/Enron@ENRON, Craig Buehler/ET&S/Enron@ENRON, Bob Burleson/ET&S/Enron@ENRON, Allen Cohrs/ET&S/Enron@ENRON, John Fiscus/ET&S/Enron@ENRON, Bret Fritch/ET&S/Enron@Enron, Steve Gilbert/ET&S/Enron@ENRON, Morgan Gottsponer/ET&S/Enron@ENRON, Brenda Harris/ET&S/Enron@ENRON, James Harvey/ET&S/Enron@ENRON, Stephen Herber/ET&S/Enron@ENRON, Dana Jones/ET&S/Enron@ENRON, Jane Joyce/ET&S/Enron@ENRON, Stephanie Korbelik/ET&S/Enron@ENRON, Therese Lohman/ET&S/Enron@ENRON, Bill Mangels/ET&S/Enron@ENRON, Penny McCarran/ET&S/Enron@ENRON, Vernon Mercaldo/ET&S/Enron@ENRON, Larry Pavlou/ET&S/Enron@ENRON, Eileen Peebles/ET&S/Enron@ENRON, Maria Perales/ET&S/Enron@ENRON, Tony Perry/ET&S/Enron@Enron, Loren Penkava/ET&S/Enron@ENRON, Ken Powers/ET&S/Enron@ENRON, Joan Schwieger/ET&S/Enron@ENRON, Chris Sebesta/ET&S/Enron@ENRON, Frank Semin/ET&S/Enron@Enron, Neal Shaw/ET&S/Enron@ENRON, Larry Swett/ET&S/Enron@ENRON, Kay Threet/ET&S/Enron@ENRON, Mike Ullom/ET&S/Enron@ENRON, Lisa Valley/ET&S/Enron@Enron, Chuck Wilkinson/ET&S/Enron@ENRON, Jim Wiltfong/ET&S/Enron@ENRON, Jo Williams/ET&S/Enron@ENRON, Karen Lagerstrom/ET&S/Enron@Enron, Ray Stelly/ET&S/Enron@ENRON, Bob Stevens/ET&S/Enron@Enron, Sue M Neville/ET&S/Enron@ENRON, Mike Barry/ET&S/Enron@ENRON, Miriam Martinez/ET&S/Enron@ENRON, Martha Janousek/ET&S/Enron@ENRON, Kimberly Watson/ET&S/Enron@ENRON, Don Powell/ET&S/Enron@ENRON, Melinda Tosoni/ET&S/Enron@ENRON, Steve Weller/ET&S/Enron@ENRON, Michael G Stage/ET&S/Enron@ENRON, Tim Johanson/ET&S/Enron@ENRON, Mike McGowan/ET&S/Enron@ENRON, Lynn Blair/ET&S/Enron@ENRON, Rick Dietz/ET&S/Enron@ENRON, Steven January/ET&S/Enron@ENRON, Sheila Nacey/ET&S/Enron@ENRON, Steven Harris/ET&S/Enron@ENRON, Lindy Donoho/ET&S/Enron@ENRON, Jeffery Fawcett/ET&S/Enron@ENRON, Lorraine Lindberg/ET&S/Enron@ENRON, Kevin Hyatt/ET&S/Enron@Enron, Christine Stokes/ET&S/Enron@ENRON, Julia White/ET&S/Enron@ENRON cc: Subject: Intelligence: El Paso Capacity--Someone has Upped the Ante But Match Still Possible Negotiated El Paso Deal Topped El Paso confirmed that someone had upped the ante on the negotiated deal for slightly more than 1.2 Bcf/d in firm capacity to the California border that was announced Friday (see Daily GPI, Dec. 13). A higher bid was submitted prior to Wednesday's 1 p.m. MST deadline in a four-day open season, a pipeline spokesman said. However, the original negotiating party has until this afternoon to match the new price and retain the capacity. The new bid was for $38 million over one year starting Jan. 1, about $8 million more than the amount in Friday's announcement ($30 million). One source called it "ridiculous" that someone was willing to pay so much for the space, given that on a mark-to-market basis the capacity is worth only about $20-25 million. Late last week some sources speculated that Duke Energy was the recipient of next year's package given its large power generation holdings in California. A marketer yesterday said he believed Dynegy upped the ante. "Rather than go through all the hassles they [Dynegy] had at FERC with the 1998-99 package, they let someone else do all the work this time and then came in late with a higher bid. That way no one can complain that the procedure was tainted. After all, Dynegy has quite a few power plants in California to keep fueled, and all of their current FT on El Paso expires at the end of this year. Of course, they still could be thwarted if the original negotiated customer matches their bid. It may all sound kind of Machiavellian but sort of makes sense." Other sources heavily discounted the chances of Dynegy being the new high bidder, pointing out that the company made significantly less than expected this year because San Juan/border basis differentials narrowed significantly. A Dynegy source indicated that the company was involved in the bidding and lost to Duke in the first round. Regardless of what happens next year, a marketer noted that the Southern California border/San Juan basis spread continues to compress as SoCal Gas withdraws from storage and east-of-California utilities exercise their peaking contracts because of cold weather in the Rockies and elsewhere in the West. From a December index spread of 29 cents, the border/basin gap was down to about 18 cents Wednesday, she said.
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