RE: CP&L

You are right. They are on crack. This would be at least $3.50/Mwh over Cin. They have gas deliverability issues in the winter and there alternative fuel is No. 2 oil. Therefore, CPL East is a big premium Nov-Mar. The bid/offer for this location is large due to transmission risk.

-----Original Message-----
From: Braddock, Billy
Sent: Monday, October 01, 2001 11:11 AM
To: Presto, Kevin M.
Subject: CP&L
Importance: High

FYI. CP&L is bidding for Nov-Dec'01, 5x16, into CPL-East, 100MW. Bid $22 for Nov., and $23 for Dec. I've seen trades in this area go for premiums to Cinergy and PJM, so I think they're on crack for showing this. They have no offer.

Billy Braddock
Manager - Enron Power Marketing Inc.
713-345-7877 (work)
713-646-4940 (fax)
713-503-2166 (cell)