Greg,

I wanted to check with you quickly regarding taking a month-long position i=
n August. I would like to buy a piece of NP, sell a piece of SP, and sell =
PV. I believe that value exists in taking these positions into the real-tim=
e market throughout August. NP and SP are currently trading near flat. I =
think the potential for real-time congestion revenue(RT has seen approximat=
ely $250,000 so far this month) across constrained paths in California make=
s this a low risk way to generate value in a low liquidity market. I have d=
iscussed a month long short at PV with Tom Alonso. While I recognize the re=
st of the desk has a position, I think RT can generate good value liquidati=
ng in the shoulder hours beyond what could be generated by just filling dai=
lies because of the current price levels. This also represents a relativel=
y low risk trade (under $10 downside). I also would like to use these posi=
tions as a basis in hourly EOL trading as well. If you have concerns or qu=
estions please let me know, otherwise I will put these positions on over th=
e next week.

Thanks,
Bill