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ALBUQUERQUE TEAM MEETING November 7, 2001. Transwestern Pipeline Company Kim Watson Director Commercial Group. OVERVIEW. 2001 Results 2002 Plan Market Environment Upside/Downside Projects Additional Focus Areas. 2001 SUCCESSES. $14.7 MM above Plan as of 3 rd Current Estimate
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ALBUQUERQUE TEAM MEETINGNovember 7, 2001 Transwestern Pipeline Company Kim Watson Director Commercial Group
OVERVIEW • 2001 Results • 2002 Plan • Market Environment • Upside/Downside • Projects • Additional Focus Areas
2001 SUCCESSES • $14.7 MM above Plan as of 3rd Current Estimate • Subscribed 106,700/d of Red Rock Expansion Capacity (17.2 % ROE) • All West & East mainline capacity, San Juan & Ignacio to Blanco capacity subscribed • New Deal Structures: • IT Pool to Pool at CA border (Reliant, Texaco) • Index to Index deals (Sempra & Richardson) • East to East sharing with alternate West (USGT & Astra)
2001 SUCCESSES(continued) • Renewed Navajo R-O-W • Renewed Laguna R-O-W • Marketing capacity through Enron Online • Connected 26,000/d of new supply • New 200,000/d pipeline interconnect with Oneok • Dashboard & Pipeline Profile systems
TRANSWESTERN COMMERCIAL GROUP 2002 OPERATING PLAN (Millions)
CAPACITY SUBSCRIPTION LEVEL (including Red Rock)
PGT Kern Southern Trails EPNG TWPL EXPANSIONS TO CALIFORNIA Filed With the FERC WA 200,000 MMBtu/d OR ID WY NV 1,010,000 MMBtu/d UT CO CA 120,000 MMBtu/d OK 120,000 MMBtu/d AZ NM TX 230,000 MMBtu/d
NYMEX PRICES ($/MMBtu) $ 3.15 average $ 4.28 average
2002 BASIN & BORDER PRICES ($/MMBtu)
2002 BASIN TO BORDER SPREADS* ($/MMBtu) $ 0.27 average $ 0.14 average * Spreads are net of fuel.
POTENTIAL IMPACTS2002 PLAN • Upside • Negotiated rate proceeding: $10MM • SoCal rate dispute: $2.2MM • Downside • Red Rock in-service delay: $1.124MM • Gas prices: $.4MM • (per $.10 variance) • Agave & Amoco options to reduce MAXDTQ: $1.3MM
LOAD FACTOR UPSIDE/DOWNSIDE(Millions) • 92% load factor assumption • 1,065,000/d average throughput with Red Rock outages excluded * Red Rock outages included
PROJECTS • Red Rock Expansion • Sun Devil • Trans Pecos • Southern Trails • Caithness/Big Sandy • PG&E Potential Opportunities
RED ROCK EXPANSION • Incremental 120,000/d delivered to California & Arizona • Additional hp at Stations 1, 2 & 3 • 1.210 Bcf/d total deliveries West • Supplies from Permian & Anadarko • In-service June, 2002 • 106,700/d subscribed, resulting in 17.2% ROE
SUN DEVIL Nevada Utah Colorado NNG California Kansas New Mexico Sun Devil Oklahoma TWPL Phoenix Arizona Texas • $550 MM capital cost • 450,000/d capacity to Phoenix • 780,000/d Blanco to Thoreau on TW • 330,000/d to CA border on TW
Path San Juan to Thoreau Thoreau to CA Border Thoreau to Phoenix Total Bids Received 651,000/d 265,000/d 440,000/d SUN DEVIL OPEN SEASON RESULTS
TRANS PECOS Nevada Utah Colorado NNG California Kansas New Mexico Oklahoma TWPL Arizona Texas • TW/KM LOI executed • TP/Pemex LOI tendered: • 250,000/d @ $.2950/MMBtu • Pemex counter-offer: • 240,000/d @ $.25/MMBtu NGPL TransPecos
SOUTHERN TRAILS Nevada Utah Colorado NNG California Kansas Southern Trails New Mexico Oklahoma TWPL Arizona • RFP to purchase • West leg, due Oct 15th • In-service 7/2002 • “East” San Juan to CA border: • 87,500 MMBtu/d • “West” CA border to Long Beach: • 120,000 MMBtu/d Texas
CAITHNESS/BIG SANDY Nevada Utah Colorado NNG California Kansas New Mexico Arizona Oklahoma TWPL Big Sandy Texas • Caithness will build 41 miles to TW • Interconnect cost to TW, $550 K • 780 MW baseload generating plant • Phase I: 520 MW, 90,000/d, Q4 2003 • Phase II: 260 MW, 40,000/d, Q3 2004
PG&E POTENTIAL OPPORTUNITIES • Bi-directional capability at PG&E/Topock interconnect • 20 mile lateral to serve generation plants in Bakersfield area, incremental 300,000/d load
ADDITIONAL FOCUS AREAS • EnronOnline • Operator & Shipper Imbalances • Electric Compression Agreements • West Texas Lateral