Question-and-Answer Session
Operator
(Operators Instructions) Your first question comes from the line of Ryan Rosenthal, you may proceed.
Ryan Rosenthal - Sidoti & Company
I noticed in your press release that you mentioned that you’ve already hedged 80% of your storage capacity for this winter and 90% of the transportation capacity; can we jump ahead to the following winter, the winter of 2009, 2010 given the storage spreads have narrowed for the seasonal opportunity, have you changed you stands in terms of how much you’d hedge in advance for that period?
Ed Graham
Well we are working gradually. We’ve hedged a small percentage, maybe in the range of 10% on the storage spreads, but when we found an attractive opportunity. In terms of pipeline capacity we’re already about 40% hedged and quite frankly the value of pipeline capacity is almost as high next winter season or the ’09, ’10 winter season as it is currently, which is a great opportunity. So, we continue to work our way through hedging that off as well.
Ryan Rosenthal - Sidoti & Company
Okay great and I have one more question; concerning your new customer I guess your net customer growth rate, obviously we’re in a difficult housing market environment, do you think we will continue to go forward at the 1.4% rate we’ve seen in the last 12 months or did you think there’ll be a better or worse scenario from here?
Ed Graham
Well, I think it’s hard to predict, but the new construction housing seems to be about similar at this point versus the last several months, but what’s most important is the conversion request. We’re nearing in our very first campaign, that’s unusually early. We’ve got to think about 1400 or 1500 customers looking to convert and enquiring. We tend to see a lot more activity as we get to the early fall so I’m still continuing to be hopeful that we can improve upon that because of the conversion potential.
Operator
(Operator Instructions) Your next question comes from the line of Jim Lykins, you may proceed.
Jim Lykins - Hilliard Lyons
Well let’s Echelon now in the back part for the next 9 to 12 months, are there some other projects that you’re looking at or you might be able to take on?
Ed Graham
We currently have a number of development opportunities out there and we are exploring various sizes in the marketplace. Probably, realistically I think on the larger end, the larger projects, the timing is going to probably be delayed I would guess because of the financial markets and financing in a more favorable environment.
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