Lorelie, attached is a Price Distribution table that is set up as a template for SPPC Power load as it relates to market prices  and load.  As you can see, this distribution protects your rate base against a rising price environment and partially floats with market prices as they move down.  The distribution ( fixed price vs floating ) may move up a percent or two in relation to the outright price desk that we face today ( relative to the historical numbers) but those iterations can be made as required.

Pls review and we can discuss at your convenience.

Also, as discussed, I am looking for ways to enhance our ability to transact with you on gas structures but in light of the overall credit positions that may be difficult.  With that being said however, I do believe that we can stream some structures to the physical contracts in gas and ensure that from the physical point of view ENA and SPPC are both protected and I would like to pursue this with you. One area that I would like to start with to have SPPC sell ENA physical gas ( 30,000/40,000/day) against a physical gas daily related price.  Once I have accumulated a payables position, we inherently create a secured line without having to change any of the contracts/paper currently in place.  I am also sure this will require further discussions and look forward to catching up with you soonest.

regards, 

Barry Tycholiz 

-----Original Message-----
From: Bronstein, Mara 
Sent: Friday, October 19, 2001 9:25 AM
To: Tycholiz, Barry
Subject: SPPC1.xls