Steve,

James re-ran Trans Pecos with the following:

	Term:  20 years
	Rate:  $0.261
	Volume:  240,000 MMBtu/d
	Cost:  $130.274MM (Without cost of NNG I/C and over-run up to $143.9MM)
		then
	ROE: 12.38%

	If Cost is capped at $130.274 (no over-run), then ROE is 15.25%

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	Term:  15 Years
	Rate:  $0.261
	Volume:  240,000 MMBtu/d
	Cost:  $130.27 (Without cost of NNG I/C and over-run up to $143.9MM)
		then
	ROE:  10.82%

	If Cost is capped at $130.274 (no over-run), then ROE is 13.8%

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Let's discuss tomorrow morning.    Kim.