PG&E's Gas Position ,
 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.
skean@enron.com, chris.foster@enron.com, richard.shapiro@enron.com, 