Attached is my analysis of the Paul Joskow paper (Joskow) as well as Robert 
Michaels' criticism (Joskow Critique).  Joskow's paper questions the 
viability of independent retail competition in electricity and invites 
regulators to harshly consider independent challenges to the utility simply 
passing through the wholesale price at retail.

Tomorrow at 4 PM Central and 2 Pacific we will have a conference call with 
Robert Michaels about his paper and my paper.  From this discussion we can 
make revisions and distribute a final to those who might be interested (such 
as Kathleen Magruder).

Note: Dr. Michaels, a trusted consultant of Enron for a number of years, has 
been told in very general terms about ResCo and is holding his knowledge in 
strict confidence.

If anyone outside of Houston would like to join us tomorrow on the call, let 
me know and I will give you a call-in number.