What people know:

Hertzberg (et al's) bill (82XX)was heard in an "informational" hearing today 
and still sits in the Assembly Energy Committee.  It will be heard again 
tomorrow (perhaps beginning at 10 AM) , at which time parties will have a 
chance to support/oppose and ask for amendments.  Most, including us, oppose 
unless significantly amended.
The Wright (D) -Richman (R) bill (83XX)was heard in an "informational" 
hearing today and still sits in the Assembly Energy Committee.  It will be 
heard again tomorrow, at which time parties will have a chance to 
support/oppose and ask for amendments.  From our perspective, this is the 
best bill out there yet, though it still has serious problems---it isn't 
available electronically yet, but should be tomorrow, and I'll distribute 
then.  The chances of the joint D-R bill being successful are slim, however, 
since it's up against the Speakers competing bill.  There is talk that the 
Speaker will try to negotiate with Wright/Richman tonight and include any 
agreement in his bill (82XX).
The original version of the Governor's MOU bill sits in the Senate.  Most 
believe that Burton will put it up for a vote this week and it will fail.
The Senate's version of the MOU (Sher-Peace-Kuehl) (78XX)came out today.  It 
will likely be heard in the committee tomorrow or the next day.  Notably, it 
kills Direct Access completely and makes Edison shareholders responsible for 
that portion of Edison's debt owed to suppliers.  In short, a very bad bill.
Burton's 18XX, which would de-link the bond issuance (to pay back the General 
Fund) from the DWR contracts is likely to pass the Senate tomorrow or the 
next day.  Many--including Enron--support the bill (though we are supporting 
it behind the scenes).

What people don't know:
Whether there's the time or the will in the Assembly and Senate to achieve by 
Friday a single, comprehensive bill that can be sent to the governor for his 
signature. 
Whether the Legislature would postpone its month-long recess if the 
Legislature hasn't finished a bill by Friday (most folks think they will not 
postpone).
Whether it's true that, irrespective of the energy issue, the Legislature 
will fail to get the budget completed by Friday and therefore have to 
postpone their recess anyway, in which case they might continue to work on 
the energy legislation at the same time.

Odds-makers still say it's better than 50-50 that the Legislature does not 
get the Edison bills done by Friday and leaves on on its 30-day vacation.

Best,
Jeff

Sacramento is one goofy place.