ABX1 Implementation:  Items H-23, H-24, and H-25 were held to the April 19, 
2001 regularly scheduled meeting.  These items deal with funding issues to 
allow the Department of Water Resources to continue with its 
commodity-purchasing directives and regarding flow of funds from the 
utilties. Items 4 and 4a address derivation of the California Procurement 
Adjustment.  Item 4, provisions of which were passed at the March 27, 2001 
business meeting, was unanimously approved.  This item adopts a mthod to 
calculate the CA Procurement Adjustment. We will have a summery of this order 
later today.  

 Utility Holding Company Investigation:  The Commission voted 4-0 to 
institute an investigation into the business practices of the utilities, 
holding companies.  Commissioner Duque read a prepared statement by 
Commissioner Bilas expressing his concerns regarding the intent of the OII, 
whether it be investigative or punitive.  Commissioner Bilas requested that 
the Scoping Memo yet to be issued address other relevant issues such as ring 
fencing structures approved by FERC and the capital structure of the utility 
companies.

 Interruptible Programs:  Commissioner Wood,s draft decision implementing 4 
interruptible programs (agenda item 6) was approved on a 4-0 vote.  This 
decision implements 4 programs designed to provide incentives to ratepayers 
to manage their load including air conditioner cycling, voluntary load 
reduction on the entire circuit, pay for load reduction incentives, and 
discounts to customers who can reduce load on very short notice.

 Utility Solvency:  Items regarding issuance of bonds and other financing 
items for the utiltities continue to be held

Sue Mara
Enron Corp.
Tel: (415) 782-7802
Fax:(415) 782-7854