As you can see below, the DWR deals are horrible for CA consumers.

Jim

---------------------- Forwarded by James D Steffes/NA/Enron on 06/20/2001 
07:30 AM ---------------------------
From: Alan Comnes/ENRON@enronXgate on 06/19/2001 07:01 PM
To: James D Steffes/NA/Enron@Enron, Jennifer Thome/NA/Enron@Enron, Ban 
Sharma/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Jeff Dasovich/NA/Enron@Enron
cc: Tim Belden/ENRON@enronXgate 

Subject: DWR Stranded costs: $21 billion

I pulled the recent forward curves (confidential; not for external release 
without approval from West Power) and computed the stranded costs associated 
with the DWR contracts.  Assuming SP15 on peak (which is conservative since 
many of the contracts had off peak energy in them) the total overmarket is 
$21 billion, or $13 billion discounted at 12%.  The former number is most 
comparable to the $40+ billion DWR expenditure commitement number.

If we want to use this for any sort of external message I would like to 
refine further.

Alan