Jim/Rick:

We have revised the draft paper on market objectives and attributes in
response to Jim's comments. This is attached. Much of the material is the
same but there were a few key items that needed clearing up.

The question of how short-term balancing and spot markets should be
organized is so critical (and potentially requiring a significant policy
shift) that we are writing a (much shorter) separate piece on this subject.
Should be ready late this afternoon for discussion on tomorrow's call.

Seab




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Seabron Adamson
Frontier Economics Inc
Two Brattle Square
Cambridge, MA 02138 USA
Ph:  (617) 354-0060
Fax: (617) 354-0640
seabron.adamson@frontier-economics.com

www.frontier-economics.com

-----Original Message-----
From: James.D.Steffes@enron.com [mailto:James.D.Steffes@enron.com]
Sent: Sunday, March 04, 2001 8:19 PM
To: Richard.Shapiro@enron.com; Seabron Adamson
Subject: MY REPLY TO SEABRON





Here are my thoughts (in redline) for Seabron to consider. ?On alot of
this, I don't have a strong opinion. ?Seabron, please beef up the analysis
related to the cost/benefit of the dispatcher running the spot market.

Thanks,

Jim

 - 01-03-07 SA Revised paper on market objectives and attributes.doc