I've been provided a bootleg copy of the results of the El Paso open season.  Here's the most interesting thing... El Paso waived its right of first refusal under the one year deal done last year, and participated with everyone else in the open season.  Accordingly, they were allocated capacity along with everyone else.  Remember, all these deals were [supposedly] done at EPNG's max rates.  There were approx. 30 successful bidders, and their bids were for various term lengths.  Here are the more significant awards:

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 be on the lookout for an announcement next week of another open season to guage shippers interest in a major expansion of its system.  I'm assuming at 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 what we were led to believe a couple of weeks ago.  We heard earlier that they were looking at doing a 500 MMcf/d expansion that would include the 124 MMcf/d expansion already sold.  New information suggests that the 500 MMcf/d expansion may be significantly understated, and volumes may approach 700 - 800 MMcf/d.  The expansion would include not only compression, but would involve additional pipe, and would not be rolled into existing rates, but would be an incrementally priced project.