Retail Short Valuation

Ben,

I think we need to start to build model, rather than waiting for Structuring.
Once we build template, we can finish model just by dropping curves from
Structuring. Could you adjust our existing LM 6000 model to reflect our
valuation method as follow;

Valuation of Retail Short =
+ Revenue from serving load (to get 12% IRR)
+ Expense from serving load at the market
+ Spread option value for full capacity (190MW)
+ ICAP ($1.00/kw-mo for 6 months)
- Fixed expenses

Please let me know if this is too much on your plate. Thanks.

Jinsung