Paul, 
I just wanted to confirm that I understood our conversation.

We are limited to 150 MW short or long until some future date.
I understand that limit will be expanded as we gain more experience.

As an aside, I wanted to explain a little better why I felt, if not comfortable, at least not painfully uncomfortable carrying what would normally be considered a fairly large position.

1.  Off Peak is only 7 hours of exposure, meaning it is less than 1/2 the time length exposure. 
2.  Off Peak PJM is historically much less volitile, than the peak period.
3.  My long position was at a fairly low price ($15)
4.  My main motivation was to get some transaction volume to get more players involved in the market.  Most of the potential counterparties I called were not used to having a market.  I had to explain how to use EOL limit orders to a number night shift counterparties.  I intentionally wanted to get them to make their first trade.  I was overzealous in my approach.  

I intend to continue trying to drive volume, while taking reasonable positions, until the various players are more comfortable in the market, but will ensure I keep my exposure inside the 150 MW limit.   

Thanks,
David

 -----Original Message-----
From: 	Thomas, Paul D.  
Sent:	Thursday, November 08, 2001 10:03 AM
To:	Ingram, David; Mathews, Reagan; Terp, Brian
Subject:	Trading Limits

While trading on EOL or moving physical power you should not have a position larger than 100 MW.  If you find yourself at these positions while trading EOL you should then widen your market so that you do not take on a larger position.  If you have any questions please let me know.  

I would recommend that you put EOL product properties on manage stack... then you will be able to widen your market easily when your position reaches the 100 MW limit.

Paul