email_body: Dave, I still believe that the most flexible model that provides high ROCE  and has growth not constrained by capital is the one being employed by  Enron.
  I think the cash on cash returns on these Genco's in the short run  will be good; however, I think it will be difficult for these companies to  move quickly to react to market opportunities given their need to protect  their long position (not unlike our friends in the oil & gas producing  sector).
  The returns and value provided by these companies will be primarily  be based on the timing of new production and their asset base and they will  realize (on a relative basis) very little from the trading.
  It is not a bad model just a different one.
  Either way, they will be  a strong bid for assets given their story to Wall  Street.
  Regards
  
subject_line: Assets and Trading
  