Message-ID: <32319460.1075840001612.JavaMail.evans@thyme> Date: Fri, 20 Jul 2001 18:34:34 -0700 (PDT) From: bill.williams@enron.com To: greg.wolfe@enron.com Subject: RE: Mime-Version: 1.0 Content-Type: text/plain; charset=us-ascii Content-Transfer-Encoding: quoted-printable X-From: Williams III, Bill X-To: Wolfe, Greg X-cc: X-bcc: X-Folder: \ExMerge - Williams III, Bill\Sent Items X-Origin: WILLIAMS-W3 X-FileName: Will do. Thanks B -----Original Message----- From: =09Wolfe, Greg =20 Sent:=09Friday, July 20, 2001 3:19 PM To:=09Williams III, Bill Cc:=09Belden, Tim Subject:=09RE:=20 I assume that the way to liquidate the PV length is through some sort of El= Paso lending agreement. Other than that I am fine with this, pending Tim's= approval as this would initate some BOM book activity. Tim please let Bill= know if you have any concerns, otherwise he is looking to put this positio= n on this Monday. -----Original Message----- From: =09Williams III, Bill =20 Sent:=09Friday, July 20, 2001 3:09 PM To:=09Wolfe, Greg Cc:=09Belden, Tim Subject:=09 Greg, I wanted to check with you quickly regarding taking a month-long position i= n August. I would like to buy a piece of NP, sell a piece of SP, and sell = PV. I believe that value exists in taking these positions into the real-tim= e market throughout August. NP and SP are currently trading near flat. I = think the potential for real-time congestion revenue(RT has seen approximat= ely $250,000 so far this month) across constrained paths in California make= s this a low risk way to generate value in a low liquidity market. I have d= iscussed a month long short at PV with Tom Alonso. While I recognize the re= st of the desk has a position, I think RT can generate good value liquidati= ng in the shoulder hours beyond what could be generated by just filling dai= lies because of the current price levels. This also represents a relativel= y low risk trade (under $10 downside). I also would like to use these posi= tions as a basis in hourly EOL trading as well. If you have concerns or qu= estions please let me know, otherwise I will put these positions on over th= e next week. Thanks, Bill