There should be no credit on a TVA/Cin spread.   The correlation between the 2 markets is 95% plus.

 -----Original Message-----
From: 	Sacks, Edward  
Sent:	Monday, October 08, 2001 9:23 AM
To:	Hardy, Trey; Evans, Casey; Presto, Kevin M.; White, Stacey W.; Vinson, Donald Wayne; Sturm, Fletcher J.
Cc:	Bradford, William S.; Ngo, Tracy; Buy, Rick; Rohauer, Tanya; Reasoner, Monica; Brown, Kortney
Subject:	PG&E Energy Trading - Power, L.P.

Please note the following addition to the domestic credit reserve for October 2001:

CP:  PG&E Energy Trading - Power, L.P.
Deal No: 806688 & 806689
EOL No: 1972890 & 1972891
Deal Date:  10/5/2001
Deal Specifics:  Sale / Buy (Basis)
Term:  1/1/2005 thru 12/31/2005
Volume:  50 MW/h Peak
Delivery Points:  Cinergy / Into TVA
Trader:  Fletch Sturm
Credit Reserve Amount:  $8,000 (eight thousand US dollars)


CP:  PG&E Energy Trading - Power, L.P.
Deal No: 806685 & 806686
EOL No: 1972884 & 1972885
Deal Date:  10/5/2001
Deal Specifics:  Sale / Buy (Basis)
Term:  1/1/2004 thru 12/31/2004
Volume:  50 MW/h Peak
Delivery Points:  Cinergy / Into TVA
Trader:  Fletch Sturm
Credit Reserve Amount:  $8,000 (eight thousand US dollars)


Comments or questions, please reply.

Ed Sacks