Mike Day and I talked.  Mike agreed that there's "elbow room" in PUC regulations that would allow PG&E to do the financial swap we talked about late yesterday without having to get regulatory approval.  However, Mike also agreed that there's some risk (moderate to low in our view) that the PUC could try to ding the utility--for whatever reason--next time it goes under review as part of its general rate case.  In the end, PG&E will have to decide whether doing the financial with us is--in PG&E's view--overly aggressive or not from a regulatory perspective.  In short, doesn't seem to be any real downside in raising it and seeing how PG&E responds.  If this doesn't answer the question sufficiently, let me know.

Best,
Jeff