Enron Mail

From:jeff.dasovich@enron.com
To:skean@enron.com, chris.foster@enron.com, richard.shapiro@enron.com,james.steffes@enron.com, tim.belden@enron.com, john.lavorato@enron.com, david.delainey@enron.com, paul.kaufman@enron.com, susan.mara@enron.com, christopher.calger@enron.com
Subject:PG&E's Gas Position
Cc:
Bcc:
Date:Mon, 11 Dec 2000 06:15:00 -0800 (PST)

In case folks haven't already heard through other sources, a reliable person
told me that PG&E is hedged for core gas requirements:

financial--for 45% of core volumes at prices "in the single digits/decatherm"
physical--for 15% of core volumes (via storage) at prices "less than the
financial hedge"

SDG&E is naked.

SoCalGas is likely in the same boat as SDG&E, or worse, since they optioned
core's storage gas to noncore customers, and, those customers are exercising.