henwood stuff thoughts valuation guys get interested conversation interrupt comments risk return decision would covered rates customers curves equivalently puc curve think going approach valuation commodities assumptions black scholes apply would start capm large industries area use pro formas translate utility curves input commodities add utility curves another issue factor explains enron lowest bidder role market 1930 keynes argued market participants long position hedgers futures prices would higher spot speculators traders future prices would lower spot traders must compensated holding risk hedgers including utilities consumers willing pay premium certainty consequently enron traders bigger bid ask spreads lower bid prices random thoughts michael original message date 01 04 2001 10 41 thursday heather mason hq 3 em 5 michael schilmoeller mark calendar tuesday january 23 2001 downtown houston hyatt hotel henwood hosting comprehensive ercot symposium tuesday january 23 2001 team henwood regional power market specialists presenting latest analysis information assist preparing new ercot restructured power market addition anlysis issues playing wscc markets coffee registration begin 9 30 program run 3 00 pm lunch snacks provided agenda topics include critical success factors qualified scheduling entities operating ercot new wholesale retail markets market restructuring impact mid long term wholesale prices outlook new generation impacts upcoming emission regulations ercot generation resources new analytical tools available capture market uncertainty impacts supply contracts generation assets restructuring lessons learned california experience implications ercot conjunction program henwood demonstration room available present latest software applications e business solutions nominal 75 registration fee required reserve space workshop information reserve spot please contact heather mason henwood hmason hesinet com 916 569 0985 henwood henwood offers integrated business solutions strategic consulting innovative e business applications meet challenges restructured energy markets throughout north america australia europe serving clients include eight ten top utilities north america addition energy services providers power marketers