Message-ID: <8968251.1075851658746.JavaMail.evans@thyme>
Date: Wed, 17 Oct 2001 16:40:58 -0700 (PDT)
From: bkc7@pge.com
To: jdasovic@enron.com
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You're right about the secondary market.  The Commission imposes a 120%
limit on everyone.  The problem is, this is unenforceable.  Marketers will
just bundle transportation with commodity and inflate the commodity price to
extract the transportation premium.  This happened a few ago on the
interstates when FERC tried the same thing.