Message-ID: <9380316.1075858627274.JavaMail.evans@thyme> Date: Thu, 4 Oct 2001 11:50:19 -0700 (PDT) From: htebs@huber.com To: mark.whitt@enron.com Subject: San Juan Proposal Mime-Version: 1.0 Content-Type: text/plain; charset=us-ascii Content-Transfer-Encoding: 7bit X-From: Brian Stone X-To: Whitt, Mark X-cc: X-bcc: X-Folder: \MWHITT (Non-Privileged)\Inbox X-Origin: Whitt-M X-FileName: MWHITT (Non-Privileged).pst Mark, Help me out here! I took our current marketing arrangements, selling into the spot market, assuming the worst at EPNG-SJ Index - $0.10, and compared it to the pricing under the three tranches. I realize we are mixing IF and GDA, but IF can be swapped for GDA and vice-versa in the swing swap market. My dilemma is that the firm transportation does not appear to be accretive, in fact it results in $0.05 / mmbtu less than current arrangement (accross the total volume). What is really killing it is the NW basis and discount...am I using the right one? (FYI, I used ENA's mid-market basis for the 12-month strip going forward). What am I missing here?