---------------------- Forwarded by Phillip K Allen/HOU/ECT on 10/27/2000
10:47 AM ---------------------------

From: Phillip K Allen 10/27/2000 08:30 AM

To: Jeff Richter/HOU/ECT@ECT, Robert Badeer/HOU/ECT@ECT, Tim
Belden/HOU/ECT@ECT
cc:
Subject:

We linked the file you sent us to telerate and we replace <40000 equals $250
to a 41.67 heat rate. We applied forward gas prices to historical loads. I
guess this gives us a picture of a low load year and a normal load year.
Prices seem low. Looks like November NP15 is trading above the cap based on
Nov 99 loads and current gas prices. What about a forecast for this November
loads.

Let me know what you think.

Phillip