Question-and-Answer Session
Operator
(Operator instructions)
Mark Dodson
While people are lining up for questions let me just make one additional comment on the announcement we made last month to continue funding our storage project in California, Gill Ranch. As we said in the announcement, we decided to fund this in light of the positive response to our open season, and while I can’t comment too much on the specifics of any one bid, let me just say that in addition to the sheer demand for capacity, which pleased us but didn’t surprise us, there were two other factors that I found gratifying.
First of all we had a wide variety of participants, and we had the full spectrum of participants, and second the request for contracts of long duration from quality credit participants was very gratifying. The number of requests for long term contracts was closer to our risk profile and just confirmed that this was the right project for us to be involved in.
I think we’re ready for questions if you are.
Operator
Your first question comes from Dan Fidell of Brean Murray.
Dan Fidell - Brean Murray, Carret
Good morning.
Mark Dodson
Good morning Dan, nice to have you on the call.
Dan Fidell - Brean Murray, Carret
Thank you, it’s nice to be on the call. Congratulations on a nice quarter and good finish to the year. I have a number of questions. I guess first, can you maybe give us some general timeline in terms of Palomar, when you think you might file a draft Environmental Impact Statement with the FERC?
Mark Dodson
Let me just tell you that the key dates for Palomar will be the FERC application probably in the second quarter of 2008, followed by approvals obtained by, let’s say the third quarter 2009, construction sometime 2010, ?11. We could be in service as early as the end of 2011, that’s pretty much an overall view. We do have a website, www.palomargas.com, and we can keep you posted on those milestones on that website.
Dan Fidell - Brean Murray, Carret
Okay great. Can you give us a little bit more color in terms of how you think potentially if these projects go through with both the Palomar and Gill Ranch, do you think on the capital budget side, are we looking for 2009 and 2010 general increase level of CapEx based on what you’ve published around 150 million in incremental capital spending for those years?
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