There is an opportunity to update our existing testimony in the hydro
proceeding based upon current market information.  As PG&E is saying $2.8
billion reflects current market prices, I think we should consider filing
something that would indicate that the value of the assets is greater than
what we had previously submitted $3.4 billion.

We have to consider the FERC order and the likelihood that prices that were
experienced this summer is not likely to re-occur, to the same extent, next
summer.

I will submit an RCR, but want to make sure we discuss it first and give
MRW adequate time to do their analysis, should we decide to file.

Let me know your thoughts.

Thanks.