OK, I apologize, I've been trying to lock myself to the computer and crunch  some #'s, but can't seem to get control of my schedule.
Wanted to lay out  the core/noncore model that's been pitched (and that CMA showed keen interest  in this morning) to see if we're all on the same page; but perhaps this is  the analysis that you're already working on:  Split takes place either 1.1.03 or 6.1.03.
Core and noncore are responsible for the "DWR past purchases" (spread over 15  years).
Core will keep IOU gen, QFs and DWR contracts (which would eliminate the  short for the core) Noncore, in return for giving up the lucrative IOU gen, effectively accepts  the short position (i.e., goes to market) AND does not get sacked with DWR's  going forward costs (with "forward costs" defined as all power costs  attributable to the "post-core/noncore" transition date.
Let me know if this tracks with where we're headed.
Thanks.
Best,

Concept for core/noncore Analysis