Carl,

Don want to have following assumptions:

- ENA deals with just energy piece, not anciliary service portion.
- Gas curve: Transco zone 6 (may be bundled one)
- Power curve: East hub of NY power pool
- EES short load is fixed

For valuation;

   Revenue from serving load (to make 12% IRR for an IPP)
+ Spread option value
+ ICAP
-  Fixed expenses
= NI

Jin