Thanks, MK.  It always pays to have another pair of eyes on it.  Yes, the capacity is posted as available.


   
	  From:  Mary Kay Miller                           02/12/2001 04:41 PM	
		


To:	Jeffery Fawcett/ET&S/Enron@ENRON
cc:	Steven Harris/ET&S/Enron@ENRON, Drew Fossum/ET&S/Enron@ENRON, Glen Hass/ET&S/Enron@ENRON, Susan Scott/ET&S/Enron@ENRON, Perry Frazier/ET&S/Enron@ENRON, Ted Chavez/GPGFIN/Enron@ENRON, Kevin Hyatt/ET&S/Enron@Enron, Dennis Lee/ET&S/Enron@ENRON, Mary Darveaux/ET&S/Enron@ENRON 

Subject:	Re: New K, Amendment- Sempra, Amendment- Calpine   

The Calpine agreement refers to USGT, I assume that is in error.  Has the related capacity for these been posted as available?  Assuming the asnwers are yes, I approve.  MK



Jeffery Fawcett
02/12/2001 04:13 PM
To:	Steven Harris/ET&S/Enron@ENRON, Drew Fossum/ET&S/Enron@ENRON, Mary Kay Miller/ET&S/Enron@ENRON, Glen Hass/ET&S/Enron@ENRON, Susan Scott/ET&S/Enron@ENRON
cc:	Perry Frazier/ET&S/Enron@ENRON, Ted Chavez/GPGFIN/Enron@ENRON, Kevin Hyatt/ET&S/Enron@Enron, Dennis Lee/ET&S/Enron@ENRON 

Subject:	New K, Amendment- Sempra, Amendment- Calpine

Attached for your review and approval are three (3) Agreements:

1.  New contract with Sempra Energy Trading for 35,000 MMBtu/d, SJ Blanco to SoCal Needles, 2 years, Jan. '04 thru Dec. '05, at a Negotiate Rate of $0.50/MMBtu, plus applicable fuel.  Sempra replaces Dynegy who holds this capacity under an Index-Index deal for cal. '03.

2.  Amendment to Sempra Energy Trading, Sempra waives option to increase MAXDTQ under existing Gallup contract from Jan. 1, '04 thru Apr. 30, '05 (contract termination date, no ROFR rights).

3.  Amendment to existing Calpine contract, extends term for two (2) years, Jan. '04 thru Dec. '05 on existing Index-Index deal for cal. '03.   Path is SJ Blanco to Calpine South Point del. at Cal. border. 

Agreements (nos. 1, 3) are in credit and capacity approval.

Expedited approval of the Calpine contract is requested as it is an Index - Index transport that will [likely] be hedged immediately upon ETS mgmnt. approval and Calpine execution.  Currently, spread swaps would result in $0.85/MMBtu gross margin for '05, and $0.77/MMBtu for '04.

   









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