Greetings:

We are getting considerable traction with the idea of using a "benchmark" to 
judge utility purchases, similar in concept to what's in place on the gas 
side.  To oversimplify it:  

1) set the benchmark 
2) the utility buys for consumers and tries to beat the benchmark 
3) if (at the end of the year) the utility has beat the benchmark, it shares 
the profits with consumers; if the benchmark wins, the utility shares the 
losses with consumers 
4) the PUC performs no "after-the-fact" reasonableness; no "second-guessing"

California likes the idea and is now looking to Enron to come up with what 
the benchmark ought to be.  I talked to Calger a bit about it today and he 
suggested that I get together with you guys.  As always, time's short. Are 
you available on Monday?

Thanks,
Jeff