Question-and-Answer Session
Operator
Thank you. (Operator Instructions) Our first question is coming from Ken Hoexter with Bank of America/Merrill Lynch. Please state your question.
Ken Hoexter – Bank of America/Merrill Lynch
Great, good morning. Wick, just coming back to the export column, maybe it’s a Don question, but we’ve seen such rapid declines in the export volumes. Do you get the feeling like we’re still on that cliff and we’re still seeing them fall pretty rapidly? Have things started to stabilize at these new levels post the new contract here? Can you just talk a little about where we are in that process?
Donald W. Seale
Ken good morning, it’s Don. Until we see some stabilization in steel making in Europe, I don’t think we will see export metallurgical coal pick backup. The Australians settled at a lower price in Europe. They certainly are more competitive going forward after the April 1st settlement, but steel production are the lack they are all still it’s the big story in Europe.
Ken Hoexter – Bank of America/Merrill Lynch
Okay. What percent of coal within your region has switched over to natural gas? Is that more? Is base load staying the same and your seeing other switch, I just want to see what kind of percentage of your base? Is it – or can be exposed to the swap to natural gas?
Donald W. Seale
Ken, we’re seeing - we’re certainly seeing gas below $4 it’s about 350 per million Btu currently, we’re seeing it compete on the margin that serve at certain plants particularly in the Northern half of our utility universe, some in south, but more concentrated in the North. We can’t give you a number in terms of the overall percentage, but natural gas prices at these low prices certainly are competing with coal on the margin.
Ken Hoexter – Bank of America/Merrill Lynch
You gave fuel revenues of $226 million in the quarter. Can you give that for it was quarterly last year?
James A. Squires
Actually Ken, this is Jim. Fuel surcharge revenue in the quarter was $94 versus $320 in 1Q ’08. So the variance was negative $226.
Ken Hoexter – Bank of America/Merrill Lynch
Okay. And then can you provide what it is for through 4Q or is that - have you given that each of the quarters?
James A. Squires
Yes, that’s been filed. The fuel surcharges and the comparisons are now on file with the STB. So, which number you’re looking for?
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