I'll discuss tomorrow with Bob.

Jim

 -----Original Message-----
From: 	Sanders, Richard B.  
Sent:	Sunday, August 26, 2001 7:51 AM
To:	Steffes, James D.; 'gfergus@brobeck.com'
Subject:	FW: Portland General PRIVILEGED AND CONFIDENTIAL


Can you guys handle this in my absence
 -----Original Message-----
From: 	"Seabron Adamson" <seabron.adamson@frontiereconomics.com>@ENRON [mailto:IMCEANOTES-+22Seabron+20Adamson+22+20+3Cseabron+2Eadamson+40frontiereconomics+2Ecom+3E+40ENRON@ENRON.com] 
Sent:	Friday, August 24, 2001 6:38 PM
To:	Sanders, Richard B.
Subject:	FW: Portland General PRIVILEGED AND CONFIDENTIAL


Dan:

(cc Richard Sanders and Gary Fergus)

I have a document by someone named Marty Howard, who I believe may be
associated with Portland General. The document was sent to me by Richard
Tabors. According to the email Howard used to work for McCullough.

After a very brief read through, I think it tries to show that the
statistical link between prices in CA and the PNW was WEAK in peak hours. I
suppose they are trying to show that the "contagion" effect from California
show not be an issue? I have some problems from an initial read with the
econometric analysis, but I have not yet reviewed it fully.

However, it also leaves open the very possibility that was discussed earlier
on the call. If there is a refund, and it is based on some notion of "PNW
prices", it could be a very large one. I think we need to consider this
issue quite carefully.

Seabron


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