interesting.  thanks.

-----Original Message-----
From: Cherry, Brian [mailto:BKC7@pge.com]
Sent: Wednesday, October 17, 2001 6:41 PM
To: Dasovich Jeff (E-mail)
Subject: 


You're right about the secondary market.  The Commission imposes a 120%
limit on everyone.  The problem is, this is unenforceable.  Marketers will
just bundle transportation with commodity and inflate the commodity price to
extract the transportation premium.  This happened a few ago on the
interstates when FERC tried the same thing.