FYI.  Not sure if you had seen this.  Hogan makes many of the arguments about 
the BB&W study that you made.

His other interesting conclusion is that operating reserve policies that 
obligate ISOs to pay up to infinity may be nonsensical.  Not sure if Enron 
wants to take a position on this thought.

Jim


----- Forwarded by James D Steffes/NA/Enron on 12/11/2000 09:45 AM -----

	Lynnette Barnes
	12/08/2000 03:27 PM
		 
		 To: James D Steffes/NA/Enron@Enron, Harry Kingerski/NA/Enron@Enron, Jeff 
Dasovich/NA/Enron@Enron
		 cc: 
		 Subject: Hogan-California Market Power