You probably could have predicted this given the fact that Calpine has
dropped plans for over $20B in capital projects.  This should help prop up
basis expectations for at least the near - long term.  Congratulations!

Jeff


Sonoran Pipeline scrapped
Kinder Morgan Energy Partners and Calpine
said Friday they have dropped plans for a $1.7
billion, 1,160-mile gas pipeline from the San
Juan Basin in northern New Mexico to California.
"The Sonoran Pipeline was unable to secure
sufficient binding commitments to make a successful
project given market conditions," the
companies said in a statement said. "Both KMP
and Calpine will continue to evaluate other
opportunities to serve the growing California
market." But no firm plans were mentioned.
Plans for the Sonoran Pipeline were
announced last spring. Sponsors had called for a
750,000 Mcf/day system that could be expanded
with compression to up to 1 Bcf/day.



Jeffery C. Fawcett
Vice President
Sempra Fiber Links
440 Louisiana Street
Suite 900
Houston, TX 77002
Houston Office:  713-236-7720
Houston Fax:    713-236-7721
San Diego Office:  619-696-4673
email:  jfawcett@sempra.com