Thanks Jeff.  On a related note, we are trying to put together a financial 
"headroom" forecast for DWR/State of California that goes out a few years and 
shows:  

Rate Revenues
less:  Utility gen costs
 QF costs
 DWR PPA's
 DWR spot purchases
Margin
Total Deficit

Bond Issue
Bond Principal & Interest

Would you know how to get something like that? 

Regards,

Chris


 -----Original Message-----
From:  Dasovich, Jeff  
Sent: Wednesday, May 16, 2001 10:12 AM
To: Calger, Christopher F.; Comnes, Alan; Shapiro, Richard; skean@enron.com; 
Steffes, James; Yoder, Christian; Kaufman, Paul
Subject: Rate Agreement between DWR and the PUC Regarding Creditworthiness
Sensitivity: Confidential

FYI:  Just got off the phone with Michael Hoffman, who's one of two key 
outside financial advisors to Davis on the electricity crisis. The 
administration is trying to get a legally binding agreement between the PUC 
and DWR to ensure that the PUC doesn't muck around with the money (via 
utility rates) DWR requires to be creditworthy.  They were shooting for this 
Friday to have a draft of the document read for folks to review, but it now 
looks like it won't get resolved until (at the earliest) next week----seems 
that the one PUC lawyer who can actually do the work is on vacation.  Go 
figure.

Best,
Jeff