7/30/2019 Key Factors Influencing Natural Gas Supply http://slidepdf.com/reader/full/key-factors-influencing-natural-gas-supply 1/51 June 23, 2010 CenterPoint Energy ‐ESC Webinar Christopher B. McGill Managing Director, Policy Analysis
7/30/2019 Key Factors Influencing Natural Gas Supply
http://slidepdf.com/reader/full/key-factors-influencing-natural-gas-supply 1/51
June 23, 2010
CenterPoint Energy ‐ESC Webinar
Christopher B. McGill
Managing Director, Policy Analysis
7/30/2019 Key Factors Influencing Natural Gas Supply
http://slidepdf.com/reader/full/key-factors-influencing-natural-gas-supply 2/51
A simple
question:
Why is
there
such
optimism
regarding
natural gas markets in our energy
economy today?
7/30/2019 Key Factors Influencing Natural Gas Supply
http://slidepdf.com/reader/full/key-factors-influencing-natural-gas-supply 3/51
U. S. Natural Gas Prices
Forecast
0
5
10
15
20
25
Jan 2006 Jan 2007 Jan 2008 Jan 2009 Jan 2010 Jan 2011
Henry Hub spot price
Composite wellhead pr ice
dollars per thousand cubic
Source: Short-Term Energy Outlook, J une 2010; Reuters News Service
7/30/2019 Key Factors Influencing Natural Gas Supply
http://slidepdf.com/reader/full/key-factors-influencing-natural-gas-supply 4/51
7/30/2019 Key Factors Influencing Natural Gas Supply
http://slidepdf.com/reader/full/key-factors-influencing-natural-gas-supply 5/51
U.S. Natural Gas Infrastructure Additions
Underground Storage
Working Gas(Bcf) Working Gas(Bcf)Estimated Peak Capacity Design Capacity
April 2008 3,789 4,136
April 2009 3,889 4,313
Source: Estimates of Peak Underground Working Gas Storage Capacity in the
United States-2009 Update, Energy Information Administration, September 2009.
7/30/2019 Key Factors Influencing Natural Gas Supply
http://slidepdf.com/reader/full/key-factors-influencing-natural-gas-supply 6/51
U.S. Natural Gas Pipeline Infrastructure
7/30/2019 Key Factors Influencing Natural Gas Supply
http://slidepdf.com/reader/full/key-factors-influencing-natural-gas-supply 7/51
Additions to U.S. Natural Gas Pipeline Infrastructure
(2007‐2011)
(Bcf/d) ($ Billions) Added Capacity Estimated Cost Miles
2007 14.9 4.3 1,663
2008 44.6 11.4 3,893
2009 (est.) 31.9 11.9 3,643
2010 (est.) 24.6 5.8 2,070
2011 (est.) 37.4 15.7 4,528
Source: Expansion of U.S. Natural Gas Pipeline Network: Additions in 2008 andprojects through 2011, Energy Information Administration, September 2009.
7/30/2019 Key Factors Influencing Natural Gas Supply
http://slidepdf.com/reader/full/key-factors-influencing-natural-gas-supply 8/51
WAVE, “GOODBYE,” TO WHERE WE HAVE BEEN
Source: American Association of Petroleum Geologists.
7/30/2019 Key Factors Influencing Natural Gas Supply
http://slidepdf.com/reader/full/key-factors-influencing-natural-gas-supply 9/51
SAY, “HELLO,” TO WHERE WE ARE GOING
Source: Natural Gas Supply Association.
7/30/2019 Key Factors Influencing Natural Gas Supply
http://slidepdf.com/reader/full/key-factors-influencing-natural-gas-supply 10/51
U.S. NATURAL GAS SUPPLY (2007 ‐ 2009)
Source: Bentek Energy LLC, Energy Market Fundamentals.
51.753.9 54.7
8.88.2 7.0
2.1 1.0 1.2
0
10
20
30
40
50
60
70
2007 2008 2009
B i l l i o n
C u b i c
F e e t p e r D a y
Average Daily U.S. Natural Gas Supply
LNG
Canadian Imports
U.S. Production
62.6 63.1 62.9
7/30/2019 Key Factors Influencing Natural Gas Supply
http://slidepdf.com/reader/full/key-factors-influencing-natural-gas-supply 11/51
U.S. Dry Natural Gas Reserves(1988‐2008)
Data source: Potential Gas Committee (2009)
0
50
100
150
200
250
T r i l l i o n
c u b i c F e e t
Source: Energy Information Administration.
7/30/2019 Key Factors Influencing Natural Gas Supply
http://slidepdf.com/reader/full/key-factors-influencing-natural-gas-supply 12/51
Energy Information Administration
Reserves and Production of Dry Natural Gas
in the
United
States
(TCU)
EIA Dry Gas
Year Reserves Production
1990 169 17.8
1992 165 17.81994 164 18.8
1996
166
18.91998 164 19.02000 177 19.22002 187 18.92004
193 18.6
2006 211 18.52008 245 20.4
7/30/2019 Key Factors Influencing Natural Gas Supply
http://slidepdf.com/reader/full/key-factors-influencing-natural-gas-supply 13/51
Natural Gas Resource Assessment of the
Potential Gas
Committee,
2008
(mean
values)
POTENTIAL GAS AGENCY
COLORADO SCHOOL OF MINES
Traditional Resources 1,673.4 TCFCoalbed Gas Resources 163.0 TCF
Total U.S. Resources 1,836.4 TCF
Proved Reserves (EIA) 237.7 TCF
Future Gas Supply 2,074.1 TCF
* Value as of year-end 2007
7/30/2019 Key Factors Influencing Natural Gas Supply
http://slidepdf.com/reader/full/key-factors-influencing-natural-gas-supply 14/51
Potential Gas Committee
Determination of Future Supply of Natural Gas
in the
United
States
(TCF)
DOE Traditional Coal Future Cumulative Ultimate
Reserves
+
Resources
+
Gas = Supply
+ Production
= Resource
1990 169 855 147 1,172 777 1,9491992 165 854 147 1,166 815 1,9811994 164 881 147 1,192 853 2,045
1996
166
921 146 1,234 893 2,1271998 164 896 141 1,202 933 2,1342000 177 936 155 1,268 973 2,2412002 187 958 169 1,314 1,013 2,3272004 193 950 169 1,312 1,053 2,3642006 211 1,155 166 1,532 1,091 2,6232008 238 1,673 163 2,074 1,132 3,206
7/30/2019 Key Factors Influencing Natural Gas Supply
http://slidepdf.com/reader/full/key-factors-influencing-natural-gas-supply 15/51
PGC Resource Assessments, 1990‐2008
Data source: Potential Gas Committee (2009)
Total Potential Gas Resources (mean values)
7/30/2019 Key Factors Influencing Natural Gas Supply
http://slidepdf.com/reader/full/key-factors-influencing-natural-gas-supply 16/51
Hydraulic Fracturing
Source: Chesapeake Energy.
7/30/2019 Key Factors Influencing Natural Gas Supply
http://slidepdf.com/reader/full/key-factors-influencing-natural-gas-supply 17/51
Shale Basins and the U.S. Pipeline Grid
Source: American Clean Skies Foundation.
7/30/2019 Key Factors Influencing Natural Gas Supply
http://slidepdf.com/reader/full/key-factors-influencing-natural-gas-supply 18/51
Richard Newell, SAIS,December 14, 2009
0
5
10
15
20
25
1990 1995 2000 2005 2010 2015 2020 2025 2030 2035
Shale gas and Alaska production offset declines in supply to meet
consumption growth and lower import needs
TCU
Alaska
Non-associated offshore
ProjectionsHistory
Associated with oil
Coalbed methane
Net imports
Non-associated onshore
Shale gas
Source: Annual Energy Outlook 2010
7/30/2019 Key Factors Influencing Natural Gas Supply
http://slidepdf.com/reader/full/key-factors-influencing-natural-gas-supply 19/51
18
7/30/2019 Key Factors Influencing Natural Gas Supply
http://slidepdf.com/reader/full/key-factors-influencing-natural-gas-supply 20/51
NORTH AMERICA LNG IMPORT CAPACITY 2010
Source: Federal Energy Regulatory Commission
Everett, MA 1.035 Bcfd
Cove Point, MD 1.800 Bcfd
Elba Island, GA 1.200 Bcfd
Lake Charles, LA 2.100 Bcfd
Gulf Gateway, LA 0.500 Bcfd
Northeast Gateway, MA 0.800 Bcfd
Freeport, TX 1.500 Bcfd
Sabine, LA 4.000 Bcfd
Hackberry, LA 1.800 Bcfd
` Other North America 2.700 Bcfd
Total 17.435 Bcfd
7/30/2019 Key Factors Influencing Natural Gas Supply
http://slidepdf.com/reader/full/key-factors-influencing-natural-gas-supply 21/51
20
Source: Benter Energy LLC, December 31, 2009.
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
9.0
10.0
J a n 1
1 1
2 1
3 1
1 0
2 0 2
1 2
2 2
1 1
2 1
1 ‐ M a y
‐ 0 9
1 1
2 1
3 1
1 0
2 0
3 0
1 0
2 0
3 0 9
1 9
2 9 8
1 8
2 8 8
1 8
2 8 7
1 7
2 7 7
1 7
2 7
B u f f p e r d a y
Net U.S. Natural Gas Imports from Canada
January 1‐
December 31,
2009
A u g
D e c
M a r
7/30/2019 Key Factors Influencing Natural Gas Supply
http://slidepdf.com/reader/full/key-factors-influencing-natural-gas-supply 22/51
U.S. NATURAL GAS CONSUMPTION BY SECTOR(EIA, AEO 2010‐2035 REFERENCE CASE)
21
0.00
5.00
10.00
15.00
20.00
25.00
30.00
2010 2012 2014 2016 2018 2020 2022 2024 2026 2028 2030 2032 2034
Q u a d r i l l i o n B
t u
Power Generation
CNG
Pipeline Fuel
Lease and
Plant
Fuel
Industrial
Commercial
Residential
7/30/2019 Key Factors Influencing Natural Gas Supply
http://slidepdf.com/reader/full/key-factors-influencing-natural-gas-supply 23/51
22
0.00
5.00
10.00
15.00
20.00
25.00
30.00
T r i l l i o n
C u b i c F e e t
Dry Gas Production Net Imports
U.S. Natural Gas SupplyEIA,
AEO
2010
‐2035
Reference
Case
7/30/2019 Key Factors Influencing Natural Gas Supply
http://slidepdf.com/reader/full/key-factors-influencing-natural-gas-supply 24/51
Key Theme: Transformative Forces
Shift in Natural Gas Supply
Dare We Say – Price Stability?
7/30/2019 Key Factors Influencing Natural Gas Supply
http://slidepdf.com/reader/full/key-factors-influencing-natural-gas-supply 25/51
Short‐Term Natural Gas Supply/Demand
Balance Influences
‐2010
y Weather – NOAA currently anticipating 1.5% warmer than
30
‐ year
norm,
about
the
same
as
last
year
y
Natural
gas
demand
expected
to
grow
in
industrial
and
power generation sectors 2010 over 2009
y Supply disruptions
due
to
active
Atlantic
hurricane
season
24
7/30/2019 Key Factors Influencing Natural Gas Supply
http://slidepdf.com/reader/full/key-factors-influencing-natural-gas-supply 26/51
Short‐Term Natural Gas Supply/Demand
Balance Influences
(cont.)
y Modest demand increases coupled with strong
domestic production
in
record
storage
levels
by
November 1, 2010
y Strong or weak LNG, Canadian imports
y Degree of
coal
to
gas
switching
in
power
generation
sector
25
7/30/2019 Key Factors Influencing Natural Gas Supply
http://slidepdf.com/reader/full/key-factors-influencing-natural-gas-supply 27/51
Christopher B. McGillManaging Director, Policy Analysis
7/30/2019 Key Factors Influencing Natural Gas Supply
http://slidepdf.com/reader/full/key-factors-influencing-natural-gas-supply 28/51
Kent Armstrong
Webinar
June 23, 2010
7/30/2019 Key Factors Influencing Natural Gas Supply
http://slidepdf.com/reader/full/key-factors-influencing-natural-gas-supply 29/51
2009 was
a year
of
challenges.
y An economic recession with high unemployment, a
constrained financial
market,
oil
prices
at
lows
unseen
since 2005, and natural gas prices bottoming out around $2 /MMBtu, reflected a stark picture
compared to
the
world
in
2008.
7/30/2019 Key Factors Influencing Natural Gas Supply
http://slidepdf.com/reader/full/key-factors-influencing-natural-gas-supply 30/51
Now in 2010, the picture is
changing for
the
better
y The financial markets are opening up and companies are
making
capital
expenditures
again,
providing
jobs
and economic growth, although unemployment still remains high. Oil and gas prices have bounced back,
although not
to
2008
levels
7/30/2019 Key Factors Influencing Natural Gas Supply
http://slidepdf.com/reader/full/key-factors-influencing-natural-gas-supply 31/51
Looking forward through the rest
of 2010
and
beyond
To answer these questions, many sources were consulted for their
expertise
including:
y Cambridge Energy Research Associates (CERA), y An IHS Company, y ICF International, y
Wood Mackenzie,
y Energy Information Administration, y SNL Financial, and
y Platt’s.
To understand
the
current
environment,
multiple
forecasts
were
reviewed and evaluated. Wood Mackenzie’s Near‐Term price
outlook falls in the center of the consensus price forecast (see Chart 1). For this reason we use Wood Mackenzie’s data to discuss market fundamentals throughout the report.
7/30/2019 Key Factors Influencing Natural Gas Supply
http://slidepdf.com/reader/full/key-factors-influencing-natural-gas-supply 32/51
Expert Price Forecasts
Expert Price Forecasts ($/MMBtu)
2010 2011 2015 2020 2025 2030
IHS CERA
4.04 3.93 5.65
6.59 7.92
9.07Wood Mackenzie
4.91 4.87 7.67
8.75 10.15
12.16
ICF International
5.60 5.84 6.41
8.54 9.64
12.06
EIA
5.17 5.65 6.99
8.11 9.49
12.15
PIRA5.65
Deutsche Bank
6.00 6.00
Credit Suisse
5.25 6.50
IHS Global Insight, Executive Summary of the Economy, March 2010
7/30/2019 Key Factors Influencing Natural Gas Supply
http://slidepdf.com/reader/full/key-factors-influencing-natural-gas-supply 33/51
Consensus Price
Forecast
Summary
Table 3: Consensus Price Forecast Summary
Consensus Price
($/MMBtu)
Upper Boundary
($/MMBtu)
Lower Boundary
($/MMBtu)
Near‐Term : 2010‐20112010 2011 2010 2011 2010 2011
5.00 5.07 5.94 6.27 4.03 3.93
Mid‐Term: 2012‐20152012 2015 2012 2015 2012 2015
5.93 6.57 6.42 7.67 5.22 5.65
Long‐Term: 2016‐20302016 2030 2016 2030 2016 2030
7.06 11.36 8.00 12.16 5.86 9.07
To understand the current environment, multiple forecasts were reviewedand evaluated. Wood Mackenzie’s Near‐Term price outlook falls in thecenter of the consensus price forecast. For this reason we use WoodMackenzie’s data to discuss market fundamentals throughout the report.
7/30/2019 Key Factors Influencing Natural Gas Supply
http://slidepdf.com/reader/full/key-factors-influencing-natural-gas-supply 34/51
Historical & Near‐term Prices
Near‐Term Consensus and Wood
Mackenzie Price ForecastHenry Hub Spot Prices ‐ YTD
2010
vs.
2009
Sources: Historical Data: SNL Financial; Wood Mackenzie, March 2010; Consensus
Price Forecast, Upper and Lower Boundary
7/30/2019 Key Factors Influencing Natural Gas Supply
http://slidepdf.com/reader/full/key-factors-influencing-natural-gas-supply 35/51
2009 versus
2010
y Though declining since the middle of February, prices
have been
consistently
higher
in
2010
than
they
were
in 2009. Prices peaked on January 8th, 2010 in excess of $7/MMBtu. Prices remained at or above $5.50/MMBtu
until February
18th,
2010,
at
which
point
warmer
weather and stronger production numbers led to a
decline in spot prices at Henry Hub that has continued
though March.
As
of
March
23,
2010
Henry
Hub
spot
price was $4.03.
7/30/2019 Key Factors Influencing Natural Gas Supply
http://slidepdf.com/reader/full/key-factors-influencing-natural-gas-supply 36/51
Natural Gas Near‐
Term Price Forecast
The upper and lower boundaries are the highest and lowest expert and Investment Bank forecasts for
each period.
According
to
SNL
Financial, the average price for the
first quarter of 2010 was $5.17/MMBtu. We expect prices to
average $4.97, $4.86 and $5.01 per MMBtu for quarters 2‐4 of 2010, respectively.
Prices
are
expected
to
average $5.00/MMBtu in 2010 and
$5.07/MMBtu in 2011. See the
chart for a summary of the
quarterly and annual consensus
price forecasts
for
2010
and
2011.
Sources: SNL Financial, Historical Data; Consensus Price Forecast, Projections
The high upper boundary price in June 2011 is a result of ICF International’s method for modeling storage – it supports high prices in April, May and June and requires a price drop in July
7/30/2019 Key Factors Influencing Natural Gas Supply
http://slidepdf.com/reader/full/key-factors-influencing-natural-gas-supply 37/51
Natural Gas Near‐
Term Supply
The landscape of production is changing. As the chart shows, the role
unconventional gas is playing
throughout North America is growing
and
will
continue
to
do
so
through
2030. Unconventional gas made up
only 19% of North American supplies in 2000; it is expected to make up 46%
and 56% of the supply mix in 2015 and
2030 respectfully. The effect of
unconventional gas,
specifically
shale
gas, is particularly pronounced in the
United States. Shale gas alone, which
made up 14% of domestic production
in 2009, will grow to 25% of production by 2015 and to 40% by 2030.
ICF International, Gas Market Model, January 2010
Wood Mackenzie, Natural Gas Monthly Market Update, March 2010
Baker Hughes US Rotary Rig Count March 19,2010
7/30/2019 Key Factors Influencing Natural Gas Supply
http://slidepdf.com/reader/full/key-factors-influencing-natural-gas-supply 38/51
Natural Gas Mid‐
Term Consensus
Price ForecastThe upper and lower boundaries are the highest and lowest expert forecasts for each period. In the
Mid‐Term
prices
are
expected
to
range from $5.93/MMBtu in 2012 to
$6.57 /MMBtu in 2015. The upper boundary during this period ranges from $6.42 to $7.67/MMBtu and
the lower boundary ranges from
$5.22 to
$5.65/MMBtu.
Historical: SNL Financial; 2010‐ 2015: Consensus price
forecast
7/30/2019 Key Factors Influencing Natural Gas Supply
http://slidepdf.com/reader/full/key-factors-influencing-natural-gas-supply 39/51
Natural Gas
Mid
‐Term
Supply
In the Mid‐Term, the market is not going to be supply constrained and U.S. prices should continue to be de‐linked from the global oil prices.
ProductionIn the Mid‐Term, U.S. producers will be transitioning from the period of declining
production (in all but the shales) to a period of growth. There will be steep
requirements in drilling from 2012‐2015 and the ability of the industry to make
this transition while limiting increases in the cost of producing will be an
important factor
of
Mid
‐Term
prices.
The
ability
of
the
industry
to
add
new
rig
capacity if necessary should help to keep inflationary pressures in check. Wood Mackenzie is expecting total U.S. production to grow at a CAGR of about
1% from 2011‐2015. In this time period, growth will return to the Rockies, Gulf Coast, Mid‐Continent and Fort Worth and the Northeast. Shale production
from these
areas
continues
to
account
for
the
majority
of
growth.
Wood
Mackenzie estimates have shale production growing to ~15 Bcfd by 2015, accounting for 25% of total production.
Wood Mackenzie, North American Natural Gas Long‐Term View, December 2009
7/30/2019 Key Factors Influencing Natural Gas Supply
http://slidepdf.com/reader/full/key-factors-influencing-natural-gas-supply 40/51
Mid‐Term Supply Projections and
Production Projections
7/30/2019 Key Factors Influencing Natural Gas Supply
http://slidepdf.com/reader/full/key-factors-influencing-natural-gas-supply 41/51
Long‐Term Forecast
The Long‐Term (2016‐2030) consensus forecast is an average of:
Wood Mackenzie, North American
Natural Gas
Long
‐Term
View,
December 2009
Cambridge Energy Research
Associates, IHS CERA Monthly Briefing, March 2010
ICF International, Gas Market
Model, January
2010
Energy Information
Administration, Annual Energy Outlook, December 2009
In the Long‐Term, nominal prices are expected to range from
$7.06/MMBtu in 2016
to
$11.36/MMBtu in 2030. The upper boundary during the period ranges from $8.00 to $12.16/MMBtu and
the lower boundary ranges from
$5.86 to $9.07/MMBtu.
7/30/2019 Key Factors Influencing Natural Gas Supply
http://slidepdf.com/reader/full/key-factors-influencing-natural-gas-supply 42/51
Long‐Term Supply Projections and
Production Projections
7/30/2019 Key Factors Influencing Natural Gas Supply
http://slidepdf.com/reader/full/key-factors-influencing-natural-gas-supply 43/51
Production Estimates for Selected
Shale Plays
7/30/2019 Key Factors Influencing Natural Gas Supply
http://slidepdf.com/reader/full/key-factors-influencing-natural-gas-supply 44/51
Capacity Additions
y At any given time, the price of natural gas in different
locations can
vary
significantly
compared
to
prices
at
Henry Hub (Henry Hub gas prices are the standard against which basis is calculated). Basis is the difference between
the price for a particular market and the Henry Hub gas price.
Increases
in
the
production
from
the
shale
plays
have had the largest impact on basis in recent years, with
pipeline capacity curtailments or additions affecting the
ability
of
producers
to
move
gas
to
more
constrained
areas
also contributing to basis. Over the last year, there has been
a basis collapse, meaning the differences between Henry Hub and other places has shrunk considerably or
disappeared totally.
Cambridge Energy
Research
Associates,
Demystifying
Natural
Gas
Basis,
March
2007
7/30/2019 Key Factors Influencing Natural Gas Supply
http://slidepdf.com/reader/full/key-factors-influencing-natural-gas-supply 45/51
Pipeline Capacity Changes (2007‐2015) and (2015‐2030)
Pipeline Capacity (MMcfd)
Change from 2007‐2015 Change from 2015‐2030
Supply Area
Rockies 3,961 2,200
Mid‐Continent 17,909 1,200
New England 3,934 0
Alaska N/A 2,200
Capacity 25,804 5,600
Total Additional Capacity 31,404
7/30/2019 Key Factors Influencing Natural Gas Supply
http://slidepdf.com/reader/full/key-factors-influencing-natural-gas-supply 46/51
Historical Basis
The following
nine
charts
show
the
historical
basis
from
January
2001
through March 2010 by taking the spot price at that location monthly and comparing it to Henry Hub for the same time period, as well as the
12‐month rolling average basis amounts. When the blue line is under
$0.00, the
particular
location
was
trading
at
a discount
to
Henry
Hub.
The largest dip in the blue line in nearly all the charts is in July 2005
when Hurricanes Katrina and Rita hit and natural gas supply was interrupted in the Gulf Coast area. The other large dip that was seen
by many locations occurred in July 2008 when Hurricane Ike hit and
disrupted supply,
although
not
to
quite
the
same
level
as
Katrina
and
Rita.
Basis
7/30/2019 Key Factors Influencing Natural Gas Supply
http://slidepdf.com/reader/full/key-factors-influencing-natural-gas-supply 47/51
Basis
B i
7/30/2019 Key Factors Influencing Natural Gas Supply
http://slidepdf.com/reader/full/key-factors-influencing-natural-gas-supply 48/51
Basis
Basis
7/30/2019 Key Factors Influencing Natural Gas Supply
http://slidepdf.com/reader/full/key-factors-influencing-natural-gas-supply 49/51
Basis
7/30/2019 Key Factors Influencing Natural Gas Supply
http://slidepdf.com/reader/full/key-factors-influencing-natural-gas-supply 50/51
l
7/30/2019 Key Factors Influencing Natural Gas Supply
http://slidepdf.com/reader/full/key-factors-influencing-natural-gas-supply 51/51
ConclusionCenterPoint Energy Resource Corp expects gas prices to average in
the range
of
$4.03/MMBtu to
$5.94/MMBtu in
2010
and
between
$3.93/MMBtu and $6.27/MMBtu in 2011.
The unknown levels of shale gas provide a large upside for U.S.
domestic supply
and
gives
the
U.S.
a reason
to
be
optimistic
about
natural gas and its role in the future of our country as an energy source. The current quantity of gas coming into the market does not balance the current demand, however, and until supply and
demand
are
more
in
balance,
natural
gas
prices
will
remain
low.
We expect prices to range between $5.00/MMBtu in 2010 to
$11.36/MMBtu in 2030.
The U.S. should hopefully see some resolutions to the ongoing
pieces of
legislation
over
the
Near
‐Term,
which
will
aid
companies
in planning how they will conduct business in the Mid‐ and Long‐
Term time periods.