Doug --

Can you please let me know what your thoughts are for ERCOT physical power market entry?  

Do you intend to work through APX (or some other QSE) for QSE services initially or will you wait until UBS Warburg Energy is fully functioning and tested at the ISO?  

UBS Warburg Energy will need to send in "Initial Information" to the PUCT to become a Power Marketer in ERCOT (name, affilitates, location, etc.)

Jim