the attached summarizes my points for the meeting wednesday.

the main message is that we have the hedging under control, we are doing what 
we said regarding hedging, even though the insurance has not come through 
yet, and our plans are intact, though modified.




let me know your thoughts.  i also have a figure to show how our exposure 
compares under insurance and the current hedge, but it's hard to draw.
(per - i just sent you a fax -- look for it at 6-3247 in the morning).


another update -- the head of berkshire re called this morning from london 
and i spent about a half hour talking to him.  he seems more comfortable with 
our motives and our business plan but will need to spend some time with us 
when he returns before he can recommend a deal to warren.  one issue is that 
warren knows more about electricity than he does (he owns midamerican  in 
iowa and is looking to buy more utilities -- maybe we can sell him PGE), so 
he will have to be better prepared.  i think they want to work with us, but 
timing is still an issue.