Subject: FW: FW: Physical & Financial Volumes
From: [email-masked]
To: [email-masked]
Date: Thu, 15 Mar 2001 08:38:26 -0800 (PST)

Tammy

Check into this.  If these were index trades they should be in our physical volumes not financial.

 -----Original Message-----
From: 	Belden, Tim  
Sent:	Thursday, March 15, 2001 9:07 AM
To:	Shepperd, Tammy R.
Cc:	Lavorato, John
Subject:	Re: FW: Physical & Financial Volumes

i am 95 percent certain that the power financial volumes are really power index transactions.  when we do an index transaction enpower splits it into a financial swap and a physical transaction.  if you look at the pattern it perfectly mirrors our index transactions.  volumes began to increase in april of 1998 when the california market opened and we had a large volume of sales to ees at a px index price.  volumes grew as ees' load grew.  then ees began to hedge themselves and buy index from others, so we saw a steady decline in the index volumes.  last april we had a large number of index sales which accounts for that blip.  now the index market is dead and the volumes reflect this.

the physical volumes are right on.  they perfectly match the data that we use here.