----- Forwarded by Jeff Dasovich/NA/Enron on 01/25/2001 09:47 AM -----

	Michael Tribolet
	01/25/2001 09:08 AM
		 
		 To: Susan J Mara/NA/Enron@ENRON, Harry Kingerski/NA/Enron@Enron, Sandra 
McCubbin/NA/Enron@Enron, Alan Comnes/PDX/ECT@ECT, Jeff 
Dasovich/NA/Enron@Enron, Tim Belden/HOU/ECT@ECT, Paul Kaufman/PDX/ECT@ECT, 
Mary Hain/HOU/ECT@ECT, Christian Yoder/HOU/ECT@ECT, Christopher F 
Calger/PDX/ECT@ECT, Vicki Sharp/HOU/EES@EES, Mike D Smith/HOU/EES@EES, 
Elizabeth Sager/HOU/ECT@ECT, Travis McCullough/HOU/ECT@ECT, William S 
Bradford/HOU/ECT@ECT, Richard B Sanders/HOU/ECT@ECT, Leslie 
Lawner/NA/Enron@Enron, mday@gmssr.com, Joe Hartsoe/Corp/Enron@ENRON, Steven J 
Kean/NA/Enron@Enron, Richard Shapiro/NA/Enron@Enron, jklauber@llgm.com, 
Ceklund@llgm.com
		 cc: 
		 Subject: CSFB report

FYI

	Credit Suisse First Boston <Paul_Patterson@xmr3.com>
	01/25/2001 07:33 AM
		 
		 To: chip.schneider@enron.com
		 cc: 
		 Subject: Governor Gives Limited Information on Auction


Credit Suisse First Boston
Paul Patterson
Good morning,
Here are some of the recent developments in the California power crisis:
? Yesterday evening, Governor Davis revealed preliminary results of the DWR's 
auction for long-term forward power contracts. 39 bidders participated, with 
an average weighted bid of $0.069 per kWh excluding "Super Peak" periods.
? However, the governor did not discuss the quantity of power actually bid, 
the breakdown between offers for base-load, peak, and off-peak power, or 
provisions for ancillary services.  In our opinion, these are exceedingly 
important issues that need to be known to adequately determine the "success" 
of any auction.
? Republican Assembly leader Bill Campbell is reportedly working on an 
alternative bill to Speaker Hertzberg's proposed bill. Reportedly Campbell's 
bill would call for the state to arrange long-term contracts for the 
utilities, in exchange for the option to purchase ownership stakes.
? We believe that the actual results of the long-term contract auctions 
should be a key point of focus for investors and may help determine what 
headroom, if any, the utilities could have. We believe that investors should 
remain aware of the high risk still associated with shares of PCG ($9.94, 
Hold) and EIX ($9.63, Hold).

Paul Patterson, 212-325-5876
Neil Stein, 212-325-4217
Wen-Wen Chen, 212-538-0223
Emily Lao Chua, 212-325-1982

----------------------------------------------
If you would prefer not to receive further messages from this sender, please 
click on the following e-mail link and send a message with or without any 
text:
Mailto:K-8-62573-297576-2-410-US2-34108E44@xmr3.com
You will receive one additional e-mail message confirming your removal
 - ppp012501.pdf