John,
The spreadsheet below ("Valuation Summary..") calculates the value Enron would realize if we turned back the capacity or released it at full tolls. As of 9/17 mids, the 200,000/d leg would generate $16,918,907 if turned back. There is still a substantial amount of value above variable costs on the books. For 03-06, variable costs are around $0.15 but the mid-market spread is $0.45. The PV volume for that term is 22,000 contracts.
Phillip
-----Original Message-----
From: Bronstein, Mara
Sent: Tuesday, September 18, 2001 12:38 PM
To: Allen, Phillip K.
Subject: El Paso Capacity