CONFIDENTIAL DRAFT NOT FOR RELEASE
---------------------- Forwarded by Alan Comnes/PDX/ECT on 03/21/2001 02:02 
PM ---------------------------
   
	
	
	From:  Tim Belden                           03/20/2001 12:01 PM
	

To: Richard B Sanders/HOU/ECT@ECT, gfergus@brobeck.com, James D 
Steffes/NA/Enron@Enron, Alan Comnes/PDX/ECT@ECT, Karen 
Denne/Corp/Enron@ENRON, Tim Heizenrader/PDX/ECT@ECT
cc: Debra Davidson/PDX/ECT@ECT 

Subject: California Conference in Santa Fe

As you know, I plan to speak at a conference in Santa Fe on Monday.  I have 
adjusted the program so that I am no longer a "witness" who will be 
cross-examined.  That is, Michael Shames will not have an opportunity to ask 
me a series of uninterrupted questions.  I have also crafted a presentation 
that lays out a bunch of facts and introduces a theory for pricing storable 
commodities.  I think that my analysis highlights the major shortcomings for 
the Kahn/Joskow paper and the approach employed by the Department of Market 
Analysis.  My presentation has nothing to do with Enron.  I can defer any 
questions about generators to Gary Ackerman.  I can politely dismiss 
questions about Enron, its trading activities, or profitability.  I still 
could use some help on the just and reasonable price questions.  Attached 
below are the draft power point slides that I will use in the presentation as 
well as a word document with a draft script of the speech.  Please review and 
let me know your thoughts.  I will have my assistant, Debra Davidson, set up 
a call in the next couple of days to discuss.