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Gold/Mining/Energy : Big Dog's Boom Boom Room -- Ignore unavailable to you. Want to Upgrade?

To: Dennis Roth who wrote (126119)	12/29/2009 8:26:36 AM
From: Dennis Roth	Respond to of 206114

Spark Spread Biweekly Tracking Changes in Power Commodities 39 pages citigroupgeo.com Excerpt: In This Issue — FPL: Staff Recommendation Disappointing At First Glance. DYN: LS Power Registering To Sell Shares – A Harbinger of Things To Come? FPL: Higher Expectations Merit Caution Ahead of Staff Rec. FE: First Blush: FERC PJM Integration Order A Positive; RTEP Mixed. PNW: Arizona Commission Approves Settlement Agreement. EXC: Updating Model & Valuation; Target Up Slightly, Rating Unchanged. Mark to Market Guidance Update – Current forward commodity prices are shown on page 29. As a reminder, most integrated utilities and merchant generators provide mark to market guidance updates using pricing data approximately one month prior to disclosure – corresponding with roughly this week’s time frame. Long Term Gas Up — In the past two weeks, longer-term gas prices increased 4.55%. The 2009 price is now at $3.88/MMbtu, the 2010 price is $6.02/MMbtu and the 2011 price is $6.42/MMbtu. This compares to our previous report’s, $3.88/MMbtu for 2009, $5.32/MMbtu for 2010, $6.38/MMbtu for 2011; see page 16 for further details. Market Heat Rates Down — In the past two weeks, longer term market heat rates decreased -1.01%. Current flat market rates are 8,000btu/KWh for 2009, 7,236 btu/KWh for 2010, and 7,362 btu/KWh for 2011. This compares to our previous report’s 8,004 btu/KWh for 2009, 7,529 btu/KWh for 2010 and 7,293 btu/KWh for 2011; see page 30. Sparks Down, CAPP Darks & PRB Darks Up – For the last two weeks, forward 2010E spark spreads were down slightly, and 2011E sparks were flat, while CAPP darks, and PRB dark spreads were up for 2010 and flat for 2011.