Some of our people get asked on the phone about what is going on in 
California.  I have drafted the attached paper for their use.  It is intended 
to be simple and user-friendly.  Your thoughts on whether I achieved that 
objectvie are welcome.  More importantly, I need you to confimr that I got 
the story and facts correct, and that I have not said anything about the 
situation that you (Enron USA) would not want to say, or have not said, or if 
we have said something fundamentally different, I need to know that, too.   
thanks for taking the time to review.  mcs