Finish off the soft cap paragraph by saying that:

The Commission should also establish a 15-month sunset period on the price 
cap and any reporting requirement and refund obligation, subject to an 
affirmative Commission finding that futher market intervention is necessary.
---------------------- Forwarded by Mary Hain/HOU/ECT on 11/22/2000 12:22 PM 
---------------------------


Mary Hain
11/22/2000 12:11 PM
To: carrrn@bracepatt.com, James D Steffes/NA/Enron@Enron, Susan J 
Mara/NA/Enron@Enron, Jeff Dasovich/NA/Enron@Enron, Alan Comnes/PDX/ECT@ECT
cc:  
Subject: Changes to Ron's draft

I will be sending to changes to Ron's draft as I write them.   Here's the 
first one:

Under the bullet about the soft cap, cross out the language saying "At a 
minimum the Commission should raise the cap to $250 per MWh," and insert: "As 
detailed in the attached analyses, price caps only interfere with the price 
signals so necessary to the proper functioniung of the California markets.  
Nonetheless, if the Comission accepts a price cap, the $150 level is too low 
and the Commission must determine a level that will ensure the recovery of 
costs and give market participants the proper incentives to participate in 
the California ISO and PX market."