Hedge ratio

Phil,

Attached is a very crude spreadsheet to calculate the hedge ratio needed to
hedge your power short in SERC. The calculations that I am using is written
up in an article that is at research's website in their technical corner.
Call me and I will direct you to the article. Also call with any questions
or concerns.

Have you talked to your VAR people? Where do you stand with this?

I look forward to hearing from you. Thanks.

John