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Gold/Mining/Energy : CPN: Calpine Corporation -- Ignore unavailable to you. Want to Upgrade?

To: Raymond Duray who wrote (337)	2/21/2002 4:22:33 PM
From: Bob Rudd	Read Replies (1) \| Respond to of 555

Ray, <<NYMEX has suspended power forwards contracts>>Haven't looked into it..does this imply a dismantling of risk shifting apparatus...I don't see that as a positive. <<RTO's>>I'm sure there will be some painfull moments on the way to dregulation. My imperfect understanding is that we're heading towards an effective unbundling of transmission [to be overseen by RTO's] and generation, with prices to be set on the power by the market and the RTO's [natural monopoly] to be watched by the regulators. I have considerable confidence in Spence Abraham...a very smart guy...to make this as painless as possible, yet there will be bumps on the road. I doubt turning back the clock is an option. You can argue loudly and perhaps persuasively for that, but methinks it's a waste of time [p*ssing in the wind] better spent positioning investments to sail with the wind. bob