vince vasant brief summary meeting chris germany capacity trader east desk related gas transmission typically pipelines lease capacity billed monthly basis example might pipeline south texas brooklyn might pay 12 00 per month per 10 000 decatherms capacity 0 40 per day fixed payment variable charges 6 fuel costs shrinkage 6 5 overhead expenses gas trader might call south texas quoted delivery price tomorrow nymex 0 10 basis might call brooklyn quoted delivered price nymex 0 25 trader spread 0 35 variable costs transmission 0 125 trader would offer leaseholder capacity 0 225 firm capacity tomorrow distinction betweem firm interruptible leaseholders excellent knowledge firm equivalent interruptible capacity also many pipelines discount firm capacity tariff maximum worth time haggle issue secondary markets important model yet south texas brooklyn several different routes gas physically take pipelines enron texas eastern etc trade system traders cover enron positions end pipeline freeing capacity contracts clayton