First of all, congrats on the big win this weekend.  They keep proving me 
wrong.  Second, sorry this is late.  Friday was 1st day, our longest of the 
month.

   DRAFT

This is a summary of where we stand from a Risk Management perspective on the 
PGT/Socal permanent assignment to Calpine  Currently there are 5 deals in 
Tagg and 1 in the transport  model.

 EC3952.O - Annuity where the West desk pays PGT (from $.08987 to $.17308) on 
67,500/Day thru Oct-23
 This deal will be unwound and this income (approx $30M) will fall out in the 
West desk

 EC3952.F - Buy from Canada of 30,000/Day thru Oct-08 at Malin for Index + 
$.00
 EC3952.K - Sell to AEC of 30,000/Day thru Oct-08 at Malin for Index + $.00
 As of now, these deals will remain unchanged in the system because AEC will 
not let us out of the firm contract

 EC2208.B - Buy from Canada of 22,500/Day thru Oct-08 at Malin for Index - 
$.005
 EC3952.B - Buy from Canada of 15,000/Day thru Oct-01 at Malin for Index - 
$.01
 These deals will be unwound, but discussions between Philip Allen and ??? 
will reveal details not known at this point in time   (Bid/Offer)

 Transport Model - Kingsgate to Malin capacity of 67,500/Day beginning Nov-08 
thru Oct-23
 This deal will have to be unwound or killed - Currently the deal is valued 
at approx $12M in the West Desk

After unwinding these deals, the West desk will be kept whole, the remainder 
will be granted out in orig.

This is my first go at it.  Let me know of any revisions you want.

DG    3-9573