Attached are our power point slides laying out the time line for FERC 
action.  The estimated time frames for FERC action, even without a 
settlement, are somewhat more positive than we discussed yesterday (e.g., 
FERC order on the merits after a technical conference by mid-February).  
Also, the group is somewhat optimistic that the FERC order in November could 
be an order on the merits, without additional proceedings such as a technical 
conference or a hearing.  These optimistic time tables are based on the 
assumption that Sierra will not take any action that will alienate or annoy 
FERC, which could result in a slowdown in FERC's approval process.

Adam Wenner, Steve Angle, Sam Behrends, Joanne Rutkowski and I all discussed 
the various time frames that are laid out in the slides, but they have not 
seen the slides, so we would like to reserve the right to amend the slides 
once everyone has a chance to review them.  Also, as we discussed yesterday, 
we would like to be able to revise the slides, if necessary, tomorrow once we 
get FERC's agenda for its November 8 meeting and we see what action FERC 
takes in the California investigation on price spikes this past summer.

Please let me know if you have any questions or comments.  

Sarah