Let's discuss a bit.  When you get a chance, please page me at 888.916.7184. 

Best,
Jeff



	John Shelk
	06/26/2001 01:22 PM
		
		 To: Jeff Dasovich/NA/Enron@Enron
		 cc: 
		 Subject: Re: Follow Up On California Information

Alan and I spoke about point #2 on the comparison benchmark.  At this point, 
we may be able to just say it is based on a comparison of the contracts with 
today's forward market and gloss over the exact forward curve we used.  Of 
course if there is a way to come up with a similar number using publicly 
available data (or if we are willing to provide our numbers if pressed) then 
all the better.  In the mean time, should I hold off on using the $13.8 
billion number until I hear back from you about the conversation with Steve?

Also, do I understand correctly from Alan that the $13.8 billion figure is 
NOT comparing the long term contracts California signed with recent spot 
market prices, but rather is a comparison of the contracts to our present 
forward pricing curves?  From you e-mail, it is the latter, I take it.

As to point #1, on the deal last year, we just need a similar "back of the 
envelope" calculation on what California could have saved had California 
taken us up on the offers we and others made.  Any guidance on where to get 
that would be most helpful.