RE:

Will do.
Thanks
B

-----Original Message-----
From: =09Wolfe, Greg =20
Sent:=09Friday, July 20, 2001 3:19 PM
To:=09Williams III, Bill
Cc:=09Belden, Tim
Subject:=09RE:=20

I assume that the way to liquidate the PV length is through some sort of El=
Paso lending agreement. Other than that I am fine with this, pending Tim's=
approval as this would initate some BOM book activity. Tim please let Bill=
know if you have any concerns, otherwise he is looking to put this positio=
n on this Monday.

-----Original Message-----
From: =09Williams III, Bill =20
Sent:=09Friday, July 20, 2001 3:09 PM
To:=09Wolfe, Greg
Cc:=09Belden, Tim
Subject:=09

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