RE: Norteast markets

They mitigated the shit out of prices (our Pepperhill project was dispatched at $300/Mwh the whole day).

-----Original Message-----
From: Herndon, Rogers
Sent: Tuesday, August 07, 2001 1:05 PM
To: Presto, Kevin M.
Subject: RE: Norteast markets

My be speaking too soon, but Nepool is hanging in there today (24,731).

-----Original Message-----
From: Presto, Kevin M.
Sent: Tuesday, August 07, 2001 12:51 PM
To: Herndon, Rogers
Subject: RE: Norteast markets

I hear you on the liquidity Rogers. With Rob making those markets effective next Monday (he is on vacation), we will find out if term liquidity is possible.

Please trust me on this issue. You will see a significant difference within weeks, not months. At a minimum, you will at least have price discovery through 2003 on calenders (they may be $3 wide in New York, but that is better than no market).

Keep pushing on this issue. With the volatility in the NE over the past two weeks, I'm sure you understand our reluctance on term markets in these illiquid areas.

As far as 02 or 03 quotes for E PJM and/or NY, I have heard no markets today and neither has Dana. The pool is blowing up as we speak.

-----Original Message-----
From: Herndon, Rogers
Sent: Tuesday, August 07, 2001 8:43 AM
To: Presto, Kevin M.
Subject: Norteast markets

Kevin-

Can you keep your ears open for anything summer 02 in J or PJM E.

If I could do one thing I would buy a piece of those. However, it is hard not seeing anything on EOL. Kevin, I think we have to seriously reconsider our ability to support EES Northeast business if these markets are not liquid enough.

Thanks,
RH