Here's the calcs I used for purposes of evaluating proposals for July - Oct, 
EOT to PG&E (Mojave values should be similar):

Current basis

EPNG Permian    -$0.41
SoCal Border    +$0.12
 Gross Spread   +$0.53

Fuel 5%     -$0.18 NYMEX, $4.10 minus $.41 basis = $3.49/MMBtu
 SoCal Spread Net Fuel  +$0.35

Current market diff. SoCal v. PG&E -$0.20 (+/-) *variable according to market 
maker
Spread value (financial)   +$0.15

Physical v. financial diff.   -$0.03 (+/-)
Spread value (physical)   +$0.12

USGT called back and said they'd be willing to do th $0.12.  I told them we'd 
heard higher, maybe as high as something with a "two" in it.  She called back 
and said they could maybe get to a mid-teens number, but certainly not 20's.