Jeanne,

Looks great.  I don't have any changes.

I like your characterization of the "bond cap" issue Pat and I mentioned this 
morning.  My bet is that, ultimately, this will drive the CPUC to increase 
the CPA.  Once the legislators figure out that the general fund will not be 
fully reimbursed if the bond issue is less than $10 billion, they will put 
pressure on the CPUC to make sure the CPA is as large as possible.

Steve




JBennett <JBennett@GMSSR.com> on 03/21/2001 11:26:22 AM
To: Christopher.F.Calger@enron.com, Jeff.Dasovich@enron.com, 
pgboylston@stoel.com, Elizabeth.Sager@enron.com, Steve.C.Hall@enron.com, 
Christian.Yoder@enron.com
cc: Mollie.Gustafson@enron.com, Brenda.Whitehead@enron.com 

Subject: Draft  Comments on DWR Letter


Attached, per our conference call of earlier this morning, are short and
sweet comments on the March 14, 2001 letter of DWR re CPA implementation.
Please provide any comments/questions  to me as soon as possible.

 <<X22873.DOC>>

Jeanne Bennett

 - X22873.DOC