Message-ID: <27416233.1075863314269.JavaMail.evans@thyme>
Date: Fri, 29 Jun 2001 19:18:26 -0700 (PDT)
From: craig.dean@enron.com
To: bill.williams@enron.com
Subject: AQUILLA OPTION AND DEAL ENTRY
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Bill,
	I didn't enter the annuity for the Aquilla deal as I have a couple more questions on the matter.  I'd like to detail the deal in case you have any questions.

	Sold 50mw to PWRX @ $60 HE 15-18 (SP15)
	Covered with EES length and Wheel-Martel length to leave net short position of 42, 38, 35 and 32 respectively
	As the deal clearly turned sour and lowest offer in the 70's, I opted to take the short to the imbalance and hedge the price risk
	
	HE 15 bought 42mw from Aquilla at a fixed price of $55 and sold 42mw vs the "expost settlement price"
	HE 16 bought 38mw from Aquilla at a fixed price of $55 and sold 38mw vs the "expost settlement price"

	I found a decent offer for HE 17 & 18 ($63 Reliant) so I didn't hedge

	Expost settled just above $90 for both hours and Jason will be in on Monday to confirm these prices with me

	*I spoke with Coral about financial deals as well but Travis didn't seem to understand which side of the deal he was on as he lowered his fixed offer as a counter.

I'll be in Monday to enter the annuity and confirm the price

Craig