Vince,

attached is a note written by a former PhD student of mine.  He comments on
the calif power problem and i thought you and others at Enron might enjoy
his insights.

john

 - California is worth 50 basis points.doc

John D. Martin
Carr P. Collins Chair in Finance
Finance Department
Baylor University
PO Box 98004
Waco, TX 76798
254-710-4473 (Office)
254-710-1092 (Fax)
J_Martin@Baylor.edu
web:    http://hsb.baylor.edu/html/martinj/home.html