Question-and-Answer Session
Operator
(Operation instructions). We'll first hear from Greg Gordon with Morgan Stanley.
Greg Gordon - Morgan Stanley
Thanks, two quick questions, the first is with regard to how market fundamentals as you see them. We've observed over the last four to six weeks that power the long end of the curve in terms of round the clock power prices has gotten demonstrably better in most markets including the New York and New England market. Are you seeing $3 to $4 improvement anyway, are you seeing improvement in market fundamentals, that just driven by, the back end of the gas curve having gotten a little bit better? Can you give us some color on that?
Leo Denault
Yeah, Greg, we've seen the same thing in terms of recovery in those prices, as you look at the gas market, the support that you've seen in the 2011, 2012, 2013 time frame, has been a support for power prices in that time frame, and certainly as you think about things like economic recovery, in those regions, if you think about what’s going on with gas prices, if you think about things around CO2, which we really don't think there is anything there yet in the market prices, those are all contributing to support for power prices and we have see them move. We saw them hang in there a little bit better than obviously on the front end of the curve to begin with, and they have certainly continued to strengthen over the course of the last several months.
Greg Gordon - Morgan Stanley
Do you think that’s primarily a function of gas and hasn't really factored in a substantive economic recovery or carbon?
Leo Denault
I think that there is recovery in there, but probably not much for carbon and at the moment.
Greg Gordon - Morgan Stanley
Second question is less specific. We've been focused on your opportunity to execute the spin off for a long time now, as we're awaiting on New York as the final uncertainty, but think about your management style, you guys have delivered value to shareholders, a lot of different ways, over the course of the 15 years that I've covered the company. And you've always seemed to have a backup plan when one direction seem to become less executable. So can you talk about what your backup plan for shareholder value creation would be, if New York does reject the spin?
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