As requested, MRW & Associates has completed a very expedited forecast of
the impact of legislative and regulatory activities on bundled service
rates for PG&E and SCE. This memorandum is attached. Also attached is the
spreadsheet used for this assignment.

Please let me know if you have questions or comments about this analysis.

Best regards,


 - ENRON2.xls
 - Enron Rate Forecast final.doc


Bill Monsen
MRW & Associates, Inc.
1999 Harrison Street, Suite 1440
Oakland, CA  94612
U.S.A.

(510) 834-1999 (voice)
(510) 834-0918 (fax)
wam@mrwassoc.com (e-mail)
http://www.mrwassoc.com/