Thanks.  Bill Bradford is working closely with Bill Valach and he is thinking
about our exposure in connection with Enron's overall exposure.  Thanks for
following up on this one.  I think your advocacy will pay us good returns in
getting access to Enron's thinking on many of these corporate wide issues.

>>> Hayslett, Rod 4/3/01 4:29:04 AM >>> 
In response to points concerning Bill Bradford and the California exposure,
here was Bill's answer: 

"we have discussed with Bill Valach and his team their positions in California
and continue to incorporate them in our overall corporate exposures reported
to management. We also continue to discuss with him the entire credit
situation in the West and any actions ENA may take. I will call Bill Valach to
insure this dialogue continues given the current standing of the divestiture."


I'm still working on the curves issue. 


-----Original Message----- 
From: Piro, Jim 
Sent: Friday, March 30, 2001 11:26 AM 
To: Hayslett, Rod 
Cc: Stevens, Kirk; TURINA, MARY; Stathis, Kristin; FOWLER, PEGGY; 
Valach, William 
Subject: Follow Up to our Meeting 


I enjoyed meeting you yesterday and I thought the 2001 operating plan overview

generated a good discussion. The meeting was a good chance for us to talk 
with Stan and his team about our challenges this year and the uncertainties we

have around the power situation in the west. Out of that meeting came some 
assignments that I thought I would recap to make sure I did not miss anything.


PGE actions: 
We will send you weekly our Position Reports (Gas & Electric) and Value at 
Risk (the VAR is still under development to reflect the PCA mechanism) 
We will send you copies of our monthly and quarterly earnings reports that 
we send to Corp 
We will prepare a full reconciliation on 2000 Plan to 2000 Actuals, 2000 
Plan to 2001 Plan and 2001 actualts to 2001 plan 

Your Actions 
You will look into getting us access to Enron curves for both electric and 
gas for our use in calculating the VAR and for use in project economics such 
as small plant expansions or plant upgrades. We will also need access to the 
VAR models. 
You will discuss our California exposure with Bill Bradford to see if we 
are on his radar screen and whether we should be doing anything differently 
than our current plan to collect our receivables. 
You will also talk with Bill Bradford about linking us in on any decisions 
on credit where we might change our views of counter parties or provide us 
some leverage for us to get counter party agreements on credit. (Bill 
Bradford has had some discussion with Bill Valach who heads our credit group, 
so Bill Bradford might already be comfortable with how this is working) 

The movement of earnings for the PCA was discussed but at this point I do not 
believe we should do anything on this until we see a couple more months of 
power cost. We could look into this for the second quarter and see what the 9 
month result versus the 6 month result are and see if there is any 
opportunities. 

This is the list I have let me know if I missed anything. Feel free to call 
me if you have any questions or need additional information on any aspects of 
the presentation we made yesterday. 503-464-8982