Message-ID: <8668044.1075848119818.JavaMail.evans@thyme>
Date: Mon, 11 Dec 2000 06:15:00 -0800 (PST)
From: jeff.dasovich@enron.com
To: skean@enron.com, chris.foster@enron.com, richard.shapiro@enron.com, 
	james.steffes@enron.com, tim.belden@enron.com, 
	john.lavorato@enron.com, david.delainey@enron.com, 
	paul.kaufman@enron.com, susan.mara@enron.com, 
	christopher.calger@enron.com
Subject: PG&E's Gas Position
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In case folks haven't already heard through other sources, a reliable person 
told me that PG&E is hedged for core gas requirements:

financial--for 45% of core volumes at prices "in the single digits/decatherm"
physical--for 15% of core volumes (via storage) at prices "less than the 
financial hedge"

SDG&E is naked.

SoCalGas is likely in the same boat as SDG&E, or worse, since they optioned 
core's storage gas to noncore customers, and, those customers are exercising.