Thought you might find this interesting

 -----Original Message-----
From: 	"JOHN KLAUBERG" <JKLAUBER@LLGM.COM>@ENRON [mailto:IMCEANOTES-+22JOHN+20KLAUBERG+22+20+3CJKLAUBER+40LLGM+2ECOM+3E+40ENRON@ENRON.com] 
Sent:	Friday, June 22, 2001 9:19 AM
To:	Sager, Elizabeth
Subject:	Comment re: CDWR


    CALIF. DWR AGREES TO FOOT WINDFALL PROFITS TAX FOR SOME
     Some generators that have reached long-term contract deals
with California will not have to pay a windfall profits tax if
it's approved by the legislature, reports Dow Jones Newswires
after an state Senate Energy Committee hearing yesterday.
Instead, the Dept. of Water Resources will foot the bill.
     DWR director Ray Hart told lawmakers: "In some of our
contracts, in order to preserve economics, we had to assure
(generators) that we were not going to tax them." Critics said it
didn't make sense since the state would essentially be taxing
itself. One official with Dynegy Inc. said dealing with the DWR
"was like playing poker with a second grader" since the agency
seemed willing to "give up a lot" (Dow Jones Newswires, Jun. 21).



John Klauberg
LeBoeuf, Lamb, Greene & MacRae, L.L.P.
212 424-8125
john.klauberg@llgm.com


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