We're getting close to a final draft of our filing in FERC's investigation of 
the wholesale market in California.  So if you would like an opportunity to 
read it please get me your comments by tomorrow.  

The motion still does not have a section on governance, but Ron is drafting 
it and it will simply summarize Seabron's paper.   Also, I made some changes 
to Ron's draft to require the FERC to find that it has a pervasive system of 
wholesale regulations in California and that the CPUC is therefore pre-empted 
from placing restrictions on hedging by wholesale market participants.  I 
think that argument could be extended to cover the UDC's recovery of stranded 
costs, but have not added that to the draft.   I wanted to get your feed back 
first.  If the stranded cost mechanism isn't fixed, I'm not sure that the 
other market changes we have recommended will be sufficient.  On the other 
hand, maybe the PUC is on its way to fixing this part of the problem.  Do you 
want to have this discussion via E-mail or do you want a conference call on 
this?