El Paso Capacity as a Hedge

Bill, you would have to structure your paper with PG& E such that their MTM amount computes to an amount of capacity assigned to us to handle this position. With EL Paso having receipt point flexability, but subject to change we must be very careful in our bid assumptions on this pipe that we would be assuming as a result of this. As i had said yesterday, San Juan receipt point status is a lot cheaper than Permian... and changes the economics considerably.

BT