Matt we booked the LA deal.  The MTM value is 
Physical: 9,773
Financial: -55,173
Net MTM = -45,400

This is new to have an Index Forward w/ Delivery at a Basis and the Index at the Basis.
Portcalc is valuing the physical risk from the physical delivery price, while the financial risk is from the financial index curve (Palo Verde): 


 Index Offset = .50
  Physical Basis = .50
  Price for Palo is 17.25

  Physical

  MidPrice = Physical Curve * Scalar = (Palo + Mead Basis) * Scalar = 17.75 * Scalar
  FixedPrice = MidPrice + index Offset = MidPrice + 0.5

  Financial

  MidPrice = Index Curve * Scalar = Palo * Scalar = 12.25 * Scalar
  FixedPrice = Physical MidPrice


This shouldn't take to long to fix the financial MidPrice to pull Mead - I will keep you updated on the progress.

Attached is the current deal summary.