Sorry it was not clear.  We pay them $200MM++ and sell them 7X24 power for $61.  The $200MM++ is the PV difference between $61 and our actual offer ($39).

This enables them to get cash and also recognize earnings on part of their DWR contracts.  

-----Original Message-----
From: Kitchen, Louise 
Sent: Monday, October 08, 2001 3:23 PM
To: Calger, Christopher F.
Subject: RE: Calpine is trying to hire one of our associates

Their current capital markets stuff is going well - maybe we're wrong about them.

In your previous email by the way - did you mean we pay them or they pay us.  I read they pay us but Carl tells me it was the other way.

 -----Original Message-----
From: 	Calger, Christopher F.  
Sent:	Monday, October 08, 2001 3:22 PM
To:	Kitchen, Louise
Subject:	Calpine is trying to hire one of our associates

FYI not a big deal, but thought you should know.
Gray Calvert - works in SF
We like him
Calpine offering him a little more money
I think I have sold him on staying 



Chris Calger
503-464-3735