We linked the file you sent us to telerate and we replace >40000 equals $250 
to a 41.67 heat rate.  We applied forward gas prices to historical loads.  I 
guess this gives us a picture of a low load year and a normal load year.  
Prices seem low.  Looks like November NP15 is trading above the cap based on 
Nov 99 loads and current gas prices.  What about a forecast for this November 
loads.

Let me know what you think.





Phillip