Jeff,

Attached is the updated spreadsheet for the undercollection analysis. This
spreadsheet uses a 9% discount rate rather than a 7% discount rate as was
used in the initial assessment.

I have not grossed these results up for taxes because the revenue resulting
from the recovery of undercollection would be offset by a cost of
purchasing power, meaning that the revenue item is offset by a comparable
expense item. Thus, there is no need to gross the rate increase up for taxes.

I am travelling until Thursday but will be checking my e-mail and
voicemail. Please let me know if you have questions.

Bill
 - Undercollection recovery rate analysis 3-12-01.xls