Retail Mid-Offer Soreads

Kevin/John -

I will be widening our mid-offer spreadss substantially (25%) today to account for our lack of liquidity in the power markets. Will continue to monitor and increase/decrease as we feel appropriate. This may cause some heartburn with EES but I feel my approach is better than the alternative.

When appropriate I would like to sit down with you and review current initiatives. Would like to do this in a smaller group than our typical Thursday meetings.

Thanks,
Rogers