Subject: SRAC Hedge
From: [email-masked]
To: [email-masked]
Cc: [email-masked], [email-masked]
Date: Thu, 29 Mar 2001 04:20:00 -0800 (PST)

Barry,

Attached is a copy of the CPUC order changing the SRAC payment formula from 
SoCal to Malin.  Also attached is a diagram showing how we could structure a 
hedge for those QFs buying term gas at SoCal index (or simply sell SoCal 
priced at Malin).

Dave