Enclosed is a first cut at a very rough approximation of interchange 
benefits.  It assumes that the benefit to the exporting parties is a 
contribution to their fixed costs of capacity of base load plants already 
built equal to the difference between the sale price and the cost of fuel 
(estimated from gas combined cycle operation).  The tricky part is trying to 
unravel exports from the Southwest from the ownership shares of California 
parties.  The gain to California is (1) the capital savings of added peaking 
plants and (2) the variable cost savings from not operating high heat rate 
units.