Mike,
Check out article in today's electric power daily.  DWR is having problems with bond issue and has yet to forward hedge gas exposure.
Frank


Also in the new filing, DWR lowered its estimate for
revenue from off-system power sales to $191-million from
$477-million. Nichols said the change reflected similar
volume, but less return given falling power prices. He said
he could not estimate exactly how much power the agency
will sell on the market.
Nichols added that DWR has yet to enter into natural
gas hedges to lower some contract prices, because the
agency is unsure it has the legal right to do so.