Jeff,

I hope this approaches what you were looking for.  I have included three 
scenarios:

(1) A no hedge (status quo) scenario;
(2) A scenario that allocates 30% of the max short position (July avg monthly 
peak) to the 5- and 10-year contracts each; and
(3) A "balanced" scenario that attempts to shape the various contracts to the 
load profile.

As I said on the phone today, the price for all three of these is going to be 
roughly the same.  This is b/c the swaps are based on the monthly curve 
(which we are using as a proxy for spot prices), so that all else equal, a 
portfolio that is 100% 10-year fixed price will have the same all-in price as 
one that is based on 10 years of monthly prices.  However, the volatility 
with the former is far less than with the latter.  The price graphs 
illustrate this to some degree, but they still do not (and cannot, really) 
accurately represent the volatility that the utilities will be avoiding if 
they hedge with a portfolio such as we are suggesting.  If you have any 
questions or need anything else, please call.  Cheers...