Here's the electronic-version of the analysis performed by MRW. 
---------------------- Forwarded by Mona L Petrochko/SFO/EES on 05/16/2000 
05:24 PM ---------------------------


"Michele S. Kito" <msk@mrwassoc.com> on 04/27/2000 11:06:27 AM
To: Mona.L.Petrochko@enron.com
cc: rbw@mailman.enron.com 
Subject: Revised Memo


Mona,

Attached is a revised version of the memo regarding potential PG&E hydro
valuations, incorporating sensitivities for the discount rate and power
prices (e.g., HESI forecast) and incorporating some changes based upon our
review of SCE's hydro valuation workpapers (e.g., 20-year, rather than
40-year depreciation).  In addition, the attached excel spreadsheet
contains tables showing the annual cash flow for the various cash flow
analyses.  Feel free to call if you have any questions or comments.

Thanks,
Suzie
 - Hydro Valuation v.8.doc
 - Appendices.xls