Folks:  

The "subcommittee" I've referenced that's trying to come up with a solution 
to California's train wreck is moving very quickly.  The group's shooting to 
have a first cut at a "straw person" proposal sketched out by end of next 
week.  The group's meeting on Tuesday to continue to bounce around ideas.  

I'd like to try to have an internal call on Monday at either 10 AM (PST) or 
3  PM (PST) to pin down at least a vaguely detailed conceptual framework that 
I can propose to the subcommittee on Tuesday.  The agenda items for the 
internal meeting are:

Finalize proposal for benchmark(s) for utility procurement.  
Goal: increase utility willingness to enter into forward contracts by 
replacing PUC after-the-fact "reasonableness" review with a benchmark. (Been 
working the Portland desk on a "portfolio benchmark" concept.)

Determine our view of how to treat term contracts w.r.t. the PX credit, i.e., 
should those contracts be disclosed to the market, or should PUC keep them 
confidential, calculate the PX credit behind closed doors, and publish the 
credit ex poste?  The PX credit depends on the overall utility portfolio, not 
just the PX price.

Let me know if 10 AM or 3 PM (PST) works better.

Harry:  I'll assume that you'll contact the folks from EES that need to 
participate.

Best,
Jeff