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