1. SDG&E's  Annual Transition Cost Proceeding

This reviews reasonabless of entries in the transition cost balancing
account and establishes the revenue requirement for the calendar year 2002.
Enron is concerned that the revenue requirement is intentionally set to
high to produce a resulting overcollection.  SDG&E has indicated that the
overcollection will be used to offset undercollections resulting from the
rate cap.

All customers pay the CTC, not all customers benefit from the rate cap.  We
would have a concern that the appropriate allocation of the overcollection
of CTC would be returned to our customers.

2.  Hydro

The Commission has just opened another testimony phase.  Interested parties
can update their testimony by December 5, based on more current market
data.

We have asked MRW to update their analysis, but have not decided whether we
would be filing updated testimony.  The Commission should also be releasing
its Draft EIR soon.

3.  OII into Wholesale/Retail Markets-nothing happening now but this is the
place to address retail market structure issues.

4.  OII (PTR-3)-this could address global issues around ending the rate
freeze, interim protection for consumers from fluctuating market prices,
etc.

5.  RCS/DASF-no proposed decision yet.  Not likely to be issued until early
01.  ARM participated in this case.

6.  SDG&E application implementing AB 265.  Affect our deals in San Diego.