text_combined: digitals pavel many thanks note understand digitals core enron business know trying explore digitals give example company guaranteed income year one mop expiring tax losses offset guaranteed expense year two see attached hypothetical example digital reflect underlying commodity company exposed would part price risk management strategy thereby giving commercial purpose would interested hearing generally subject rational using digitals knowledge use markets electricity commoodity banking sector seems setting srike key value judgement wrong curves models could help substantiate event feel acceptable chance likelihood commodity price hits strike digital becomes non arm length pass smell test vince jarek suggested may able assist views would also appreciated gillian pavel zadorozhny 02 11 2000 15 15 cst gillian lockwood lon ect ect cc subject digitals digital options extremely uncommon crude oil market nobody ever asked show quotes otc market time encountered producers brought marketing team wanted sell knock outable swap whereby would get higher swap price exchange cancelling swap price settled certain level structure digital put embedded although customers necessarilly know companies us oil gas producers venoco titan magnum hunter patiena oil gas belco central resources 1 year ago otc market time asked quotes hedge transactions sold digital cal 00 16 swaption elf strips digital puts somebody else recall hope helps pavel