All:

Attached is the latest version.    Note the average price of power assumed 
purchased by the DWR, if smoothed to a fixed price equivalent for the 9.5 
years beginning 7/1/01, is $106/mwh and $104/mwh if DWR's forward price 
curves are used.  We used a range of $82.75 to $104/mwh in our sensitivity 
page.   The $82.75 is the mid-point between Henwood and DWR curves.   Enron's 
curves are significantly lower on the back-end.   The other switch is for the 
allocation of the past utility purchases: 1) one pro rata, and 2)  one where 
the non-core shares prorata, plus half the core's portion.  DWR past 
purchases are handled pro rata in both scenarios.


Regards,


Michael














 -----Original Message-----
From:  Dasovich, Jeff  
Sent: Friday, May 18, 2001 4:53 PM
To: skean@enron.com; Steffes, James; Shapiro, Richard
Cc: Tribolet, Michael
Subject: Core/Noncore Analysis

Michael Tribolet and I (about 99% Michael) have put together a rough cut 
analysis of the core/noncore structure, and some scenarios Hertzberg has 
asked for.  Hertzberg's expecting some info from us on Monday (and I'm sure 
that he'll want more scenarios, too).  Are you available first thing Monday 
morning to be briefed on the analysis, my conversations with Hertzberg, what 
Hertzberg's strategy is, etc.?