Doug:
Thank you for meeting with us on Friday, that was a very informative
meeting.  We really appreciate that you took the time to come to the
Commission and meet with us.  I hope you will be able to send me the code to
access Enron Online soon, it will be most useful to me if I can get it
before the end of this week.  I have one additional question for you:  If a
REP wanted to hedge against market price risk or volume risk and approached
you to get a sense of the cost of hedging these types of risk, what
information would you give that person to help him assess the cost of
hedging his risk?  What are some of the variables, and what are some
strategies to mitigate risk while keeping costs at a minimum?  I think you
mentioned a couple of interesting strategies when we met, if you could go
over those, that would greatly help me.  Thank you for sharing your
knowledge with us and thank you for your time.  Cordially,

Danielle Jaussaud
Director of Economic & Strategic Analysis
Market Oversight Division
Public Utility Commission of Texas
(512) 936-7396
danielle.jaussaud@puc.state.tx.us <mailto:danielle.jaussaud@puc.state.tx.us>