Tracy:

I have not heard from Jan.  Please consider the attached as a back of the envelope preliminary analysis based on readily available information provided by Dan and Jan.

Call me if you have any questions.

Denis

X 35648

 -----Original Message-----
From: 	Tu, Denis  
Sent:	Thursday, October 25, 2001 9:55 AM
To:	Fancler, Dan; Moore, Jan
Subject:	SAN JUAN IMBALANCE GAS ANALYSIS

Attached is a draft analysis of comparing revenues from different uses of some of the TW excess retained fuel for this year:

Keep San Juan shippers whole and get imbalance gas back by year end

Cut San Juan shippers deliveries and sell excess retained fuel right away

A break even settled San Juan imbalance gas cash out price is determined.

If the settled cash out price is above $4.23/MMBtu, keeping the shippers whole is a better alternative.

Please review and comment on the draft analysis and make sure that I didn't misinterpret the information provided by you.

Thanks!