Grant,

Can Research in Houston put together a comparison of the long-term volatility 
curves for gas and power in North America and Europe?  Based on where Europe 
is marked (especially for the UK), I think we'll find a significant 
difference out beyond 10 years.  Fundamentally, it seems like the long-term 
vol should be similar for a given commodity regardless of geographic location.

Has Research done any work on this in the past?  If not, we should study this 
since long-term vol feeds into the VAR-based position limits.

Give me a call so we can discuss.

Thanks

Dale