Dave:
I was thinking about our conversation yesterday. If El Paso, absent this
power deal, were to give us physical gas for 8 years discounted at their WACC
in exchange for an upfront cash payment from ENE, is that transaction a
mark-to-market gain for us? If not, what's the difference in paying them
with an asset rather than cash. If it is a mark-to-market gain, isn't this a
way to generate false P&L?
John