Larry Thorpe

Hi Vince,

Been meaning to ask for your input about Larry Thorpe's proprietary model for
electricity returns. I have not been able to get much information about the
parameters as Larry says the nature is proprietary. It is hard to make a
judgement about its usefulness without such information.

Larry's e-mails to me indicate that he is working on NP15 real time prices
and he promises to share the results with us. Please advise on direction to
take as I am not quite sure about the model without further information.

Separately, Larry indicated that you had promised him some data and would
like to know if you have forwarded it to him. I can convey your position to
him.

Thanks.