Attached is a discussion memo outlining the important points to think about 
before we decide whether or not to exercise our five year option under the 
recently signed EEI Agreement with CDWR.  The legal team is presently 
scheduled to review the matter by way of a conference call at  9:00 am 
Central / 7:00 am Pacific tomorrow,  and following that session, I am going 
to schedule a meeting with Chris Calger, Tim Belden and any of the credit 
team that may wish to join.  By the end of the day tomorrow, we should all 
have made a thorough review of this issue. 

   

----cgy