Please take a look at the attached draft explanation of recent events in the 
California gas market.  When completed, this narrative is intended to be used 
for two purposes:
1. The factual basis of an Enron/Ken Lay letter to regulators/legislators on 
recent events in the California gas market; and
2.  a briefing paper to be used by our DC office in dealing with 
legislators.  Specifically, Joe Hillings has been asked to provide a briefing 
to Congressman Bill Thomas (R-CA) prior to the congressman's upcoming meeting 
with FERC.