you obviously know the energy market better than most.  My guy at goldman,
Jonathan Raleigh, has been on calpine for 4 years and has killed it, so i'm
just following his lead. as for the futile leadership in ca, i agree.
wouldn't it be nice for you, me , tj, and sweets to run a company or a
state. j
----- Original Message -----
From: <Kevin.Ruscitti@enron.com>
To: <jstamas@carolina.rr.com>
Sent: Friday, March 23, 2001 7:42 AM
Subject: Re: Good Buying Opportunity????


>
> Stamos,
>
> Glad everyone had a good time at Sweets'.  I hope he had a blast.
>
> In terms of your email reply,
> you can have Calpine.  How are they going to make money long term if price
> caps are instituted?  This obviously would be the stupidest policy.  In
> addition
> their exposure to the CA crisis must be pretty significant - when and how
> are they
> going to get paid?  I wouldn't want to bank on the energy market in the
> most
> regulated state in the country.  Plus, if the state backs energy
purchases,
> it's
> going to get to the point where who wants to own CA credit??  PG&E and
> Edison
> International are doomed, as they should be.  The state of CA is going to
> go
> down the tubes unless they find some good leadership.  Unfortunately,
noone
> out there seems to have the least clue on how to solve the problem.  The
> politicians
> are a complete joke.  It is incredibly disheartening to witness the
> absolute stupidity
> of the CA politicians in addressing this issue.  They seem to be much more
> focused
> on finger pointing than coming up with a viable solution.  I honestly
think
> they are incable
> of solving the problem.
>
>
> KR
>