Is there any detail available about how this long-term contractual mechanism
being neogotiated might work? I ask because we have heard about interest in
a similar mechanism that was adopted in Australia, in New South Wales. My
colleagues in Australia are the main restructuring advisors to the NSW
government. Details of this mechanism are in the public domain, i documents
available from the NSW Treasury.

If they design it properly it is possible that you could still have some
form of retail competition, if the hedge moves with the customer. This was a
big design issue in Australia. Otherwise, it looks like a political fudge
that will stymie the development of the market for years to come.


Seab





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Seabron Adamson
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