Spoke to Lew at Morgan.  In summary, he's $1@$4 for this spread.  

He spent some time to explain why his market is not tighter.  Basically, the underlying philosophy of their shop is to NOT jump into the new, less liquid markets until they develop further.  They would almost rather see a few markets develop within the region, with high liquidity in each market (as opposed to many markets in the region, with low liquidity in each market).  My response was to be part of developing many market in the region, all with high liquidity.  But, in order to do so and help all the players in the market, we need other participants.

All that being said, his offer is $4 for the Cal'02, into SOCO/on Ga-ITS spread, 5x16.  I'm going to try some of the others (Williams, Dyn, Mirant may be players).

Billy Braddock
Manager - Enron Power Marketing Inc.
713-345-7877 (work)
713-646-4940 (fax)
713-503-2166 (cell)