Subject: Calpine Deal
From: [email-masked]
To: [email-masked], [email-masked]
Cc: [email-masked]
Date: Mon, 24 Sep 2001 15:29:36 -0700 (PDT)

After reviewing our position in more detail, we are quite long MWH's in the NE market, therefore the 5 year 7x24 PJM East bid (100-125 MW) would be closer to $4-5/Mwh below the current mid.  Additional purchases above 125 MW would be discounted further for VAR and liquidity reasons.

With respect to Florida, I would still pay the mid for Cal 02 (shaped like JEA short) and mid minus $2.00/Mwh for 50 MW of Calender 04-05.

As I mentioned in the meeting, EES/EWS would also provide a bid for ICAP/ancillary services in PJM and NEPOOL where the company has existing short positions.