Dean Tyson:

It was a pleasure to see you again today. Phil, it was a pleasure to meet you 
and I look forward to working together.  Since time is of the essence, I 
wanted to summarize where we left off at today,s meeting regarding California,
s energy crisis.  That summary is attached.  I've also attached three 
articles from the business section of today's Chronicle that arguably bolster 
our arguments for adopting the approach that we discussed at today's meeting.

 Given the fact that the legislative process is moving rapidly, bankruptcy is 
a daily threat, and Dean Tyson will be attending the meetings in Davos, it 
appears that our window of opportunity is very small.  It seems that success 
requires a meeting of the principals by the end of the week, if not sooner.  
The chances of success are obviously limited, but I think that we agreed that 
all concerned have nothing to lose and everything to gain by taking a shot. 
Your offer to help in the effort obviously increases the likelihood of 
success and is greatly appreciated.  

My apologies in advance if I have mischaracterized any of the points made at 
the meeting.  It represents a &first cut,8 it will undoubtedly change as the 
details get worked out, and I,m sure I,ve missed something.  So please don,t 
hesitate to edit the draft.

Please keep in mind that I have not had a chance to discuss this proposal 
internally.  As such, I can,t yet commit Enron to the specifics of the 
proposal.  But I,m confident that the company can support something akin to 
this structure and can let you and Phil know first thing Monday.

In addition, given the political environment in California, Enron has played 
a constructive role by providing low-key, behind the scenes advice and 
analysis to policy makers.  That approach seems preferable in this effort as 
well.

Finally, Dean Tyson, I mentioned that Linda Robertson heads-up our Washington 
D.C. office.  If she can help in any way, please don,t hesitate to let me 
know.  Both of you should feel free to call me at home over the weekend to 
discuss things further.  My home phone is 415.621.8317.

Best,
Jeff