Chris,

Attached is a new spreadsheet with the PG&E, Large Packages Gas Daily prices.  This price is for the PG&E topock point.  It is VERY illiquid.  The desk is going to start posting prices for it on EOL in order to add more liquidity.  As you can see, there are days where there were no prices published for this point in Gas Daily.

As for Griffith, maybe PG&E topock should be the benchmark because Citizens truly doesn't have an alternative market.  Although they can change their primary delivery point to the border, the fact is that it probobly wouldn't flow because the line is already full.  Where can Citizens actually (not theoretically) extract the greatest value for this capacity?  I disagree with Griffiths comment that this price is more reflective of the market - what market?  Very little has traded there in the past.

One issue that we/Citizens needs to think about is hedging capabilities to PG&E topock.  I know when we were talking to them about our capacity, we priced it based on the SJ/Socal spread and they were agreeable to that.  But then again, we could actually flow gas to the border.

Sorry for rambling -