I don't envy your position.  At some point, the document must be finished and 
folks need to determine whether they'll sign or not.  I greatly admire Rich 
Gilbert, but his comments (re: regulatory intervention is a good thing, and 
now this one) will surely create considerably controversy and could greatly 
upset the apple cart altogether.

Best of luck,
Jeff

Talked to Tyson.  She's really working it, which is great, and I continue to 
focus my efforts there.  My company is squarely behind her efforts.  Thanks 
again for organizing the meeting last weekend.



	"Richard J. Gilbert" <gilbert@econ.Berkeley.EDU>
	01/24/2001 01:03 PM
		 
		 To: David Teece <teece@haas.berkeley.edu>
		 cc: <tyson@haas.berkeley.edu>, <tom_campbell@law.stanford.edu>, 
<shmuel@euler.berkeley.edu>, <willrichm@aol.com>, <george_barker@lecg.com>, 
<cdanner@wilkandassociates.com>, <scott_harvey@lecg.com>, 
<jscadding@wilkandassociates.com>, <spiller@haas.berkeley.edu>, 
<mwilk@wilkandassociates.com>, <phillip_mcleod@lecg.com>, 
<berk@haas.berkeley.edu>, <john_chandley@lecg.com>, <jdasovic@enron.com>, 
<lfried@uclink.berkeley.edu>, <william_hogan@harvard.edu>, 
<rmichaels@fullerton.edu>, <richard.rumelt@anderson.ucla.edu>, 
<rschmidt@lecg.com>, <pverleger@compuserve.com>, <joseph.mullinix@ucop.edu>, 
<steven@stoft.com>, <peter.gosselin@latimes.com>
		 Subject: Re: Final Version-Manifesto


One more thing:

No one talked about bailing out consumers when retail prices were above
spot prices (by about $40/MWh by my calculation) in the 2+ years
following deregulation.  Surely, if we bail out
the utilities by raising prices now, consumers should be credited for the
above-market prices that they paid in the past.

Rich

------------------------
Richard J. Gilbert
Professor of Economics
549 Evans Hall
University of California
Berkeley, CA  94120-3880
tel  (510) 642-1507
fax  (510) 339-6493