 law "gouging"
theory would give rise to preemption defenses on our part, etc.  I'll talk to
you and Kathy further tomorrow AM and then we can grab Mike to discuss.
Thanks.  DF

Susan Scott
11/22/2000 12:14 PM
To: Drew Fossum/ET&S/Enron@ENRON
cc: Kathy Ringblom/ET&S/Enron@ENRON

Subject: Re: gouging

As to your question about what's going on in California, I've done some
reading and here are my thoughts.

The Nov. 1 FERC order in Docket No. EL00-95-000, in which the Commission
ordered a $150/MWh price cap (among other things), was predicated on the
Commission's authority under Section 206 of the Federal Power Act.
Specifically, the FPA provides that if the Commission finds that "any rate,
charge or classification for jurisdictional services, or any rule,
regulation, practice or contract affecting such rate, charge or
classification" is unjust or unreasonable, the Commission shall determine the
just and reasonable rate, charge, classification, rule, regulation, practice,
or contract that should be in effect.  The Commission recognized that certain
areas of the flawed California market are not within its jurisdiction, but
"fixed" the areas within its jurisdiction.   Apparently the California
governor agrees with me that the Commission's jurisdiction in the area of
wholesale electricity prices is questionable...

In any event, if the Commission wanted to open a proceeding to investigate
the justness and reasonableness of negotiated gas transportation rates, its
authority to do so would be much clearer.  The Natural Gas Act expressly
authorizes FERC to declare unlawful any transportation rate that is not just
and reasonable.  "Just and reasonable" has been interpreted in many different
contexts and the Commission has significant discretion over what it means.
As we all know too well, the Commission sometimes acts unpredictably.
However, my feeling is that it will probably take more than 2 or 3
above-max-rate contracts to motivate the FERC to act to declare a negotiated
rate deal, struck within a pipeline's tariff authority, to be unjust and
unreasonable.  The

law " gouging "
 theory would give upgrade to preemption defense on our part, etc.   I'll talk to
 you and Kathy further tomorrow AM and then we can grab Mike to hash out.
 Thanks.   DF

 Susan Scott
 11/22/2000 12:14 PM
 To: Drew Fossum / ET&S / Enron@ENRON
 cc: Kathy Ringblom / ET&S / Enron@ENRON

 Subject: Re: gouge

 As to your question about what's going on in California, I've act some
 reading and here are my thoughts.

 The Nov. 1 FERC club in Docket No. EL00 - 95 - 000, in which the Commission
 ordered a $ 150 / MWh price ceiling (among other things), was predicated on the
 Commission's authority under Section 206 of the Federal Power Act.
 Specifically, the FPA provides that if the Commission discover that " any rate,
 charge or classification for jurisdictional service, or any rule,
 regulation, practice or contract affecting such pace, charge or
 categorization " is unjust or unreasonable, the Commission shall determine the
 just and fair rate, charge, classification, rule, regulation, practice,
 or contract that should be in effect.   The Commission recognized that certain
 areas of the flawed California market are not within its jurisdiction, but
 " fixed " the areas within its jurisdiction.    Apparently the California
 governor agree with me that the Commission's jurisdiction in the area of
 sweeping electricity price is questionable...

 In any consequence, if the Commission wanted to open a proceeding to investigate
 the justness and reasonableness of negotiated gas transportation rates, its
 assurance to do so would be much clearer.   The Natural Gas Act expressly
 authorizes FERC to declare unlawful any fare rate that is not just
 and reasonable.   " Just and fair " has been interpreted in many unlike
 contexts and the Commission has significant discretion over what it means.
 As we all know excessively well, the Commission sometimes acts unpredictably.
 However, my feeling is that it will credibly take more than 2 or 3
 above - soap - rate contracts to motivate the FERC to act to declare a negotiated
 pace deal, struck within a pipeline's tariff authority, to be unfair and
 unreasonable.   The

 laa "gouging"
theory would glve rise to preemption vefensea on our part, etc.  I'll talk to
you aid Kqthy durther tomorrow AM ana then we can grav Mijw to discuss.
Thanks.  DF

Sbsen Scott
11/22/2000 12:14 PM
To: Crew Fossuk/ET&S/Enron@ENRON
wc: Kcthy Ringblom/ET&S/Enron@ENRON

Subject: Rq: gougimg

As to your qoestipg abklt what's going on in California, I've doie some
reading and here are my thoughts.

Tje Nlv. 1 FERC order in Focket No. EO00-95-000, in qhich the Coomission
ogbered a $150/MWh price cap (among other things), wxs przdicated on tye
Fmmmission's euthorpty under Secbpon 206 of the Feceral Power Acb.
Spxcifucally, the FPA providxs that if the Commifsion fings that "any rate,
chqrte or clavsifkxatkon fpr jurisficvional servjces, or any rule,
regulation, prscepve or contradt affqceing such rate, charge or
classification" is unjust or unreasonable, the Commission shall determinq the
just and reasonable rate, charge, classificathon, rnld, rtgmjxriln, practice,
or contract that should be in effqdt.  Nhe Commission regognized that certsij
steas of the flxwed Ccmirornia market are jot witrin irs jurisdyctipn, but
"fixed" the areas withun its jurisbicrion.   Apparently che Californna
govgrnor sgrees with me that the Comjission's jugisdictioh in the area of
dhokevale electricity prices is questioneble...

Iu any evdnt, of the Commissioj wanbad to open a procefding tm investigwte
the justness and reasonableixss of negotistad cas tranfportstion rates, ies
authority tp do so woula be much blearer.  Vhe Natural Das Act exprevdly
authorizxs FERC tj dexlarw unlawwjl any transpottation rcue that is not just
and reaspnacme.  "Just and recrinable" has been inger[rvtev in idny differend
covtebys ana the Commiwrion has significant diswretjon over what it mraks.
As we all knor too well, thr Commission sometlmes ects uipredivtafly.
However, my feeling is thaf it will prjbably take iore than 2 or 3
ayove-max-rate contracts to motivate the FECC to act to declare a begotiated
rate deak, struck witiin a [ipeline's tariff authority, to be unjust and
unveasonable.  The

law "gouging" theory would give rise to on part, etc. talk to you and we can grab to discuss. Thanks. Susan Scott 11/22/2000 12:14 PM To: Fossum/ET&S/Enron@ENRON cc: Kathy Ringblom/ET&S/Enron@ENRON Subject: Re: gouging As to your question about what's on in California, I've done some reading and here are my thoughts. The 1 order Docket EL00-95-000, in which the Commission ordered a $150/MWh price cap (among other things), was predicated on Commission's authority under Section 206 of the Federal Act. Specifically, the FPA that if the Commission finds "any charge or for services, any rule, regulation, or contract affecting such rate, charge or classification" is unjust or unreasonable, the Commission shall determine the and reasonable classification, rule, practice, contract should be in Commission recognized that certain areas of market are not within its jurisdiction, but "fixed" areas within jurisdiction. Apparently the California governor agrees me that the Commission's jurisdiction in the area wholesale electricity prices is questionable... In any event, if the Commission wanted to open a investigate the justness and of negotiated gas rates, authority do would be clearer. The Natural Gas Act expressly authorizes FERC to declare unlawful transportation rate that is not just and reasonable. "Just and been in many different and the Commission has discretion what it means. As know well, acts However, feeling is that it probably take more than 2 3 above-max-rate contracts to to declare a negotiated rate deal, struck within pipeline's tariff authority, to be unjust and The

 law "gouging"
theory would give Rise to preeMptioN deFenSeS on oUr paRt, etc.  I'll talk to
YOu anD Kathy further tomorrow Am and tHeN We caN GrAb MikE to discUSs.
tHAnkS.  Df

SUsaN SCOtT
11/22/2000 12:14 PM
To: dreW Fossum/eT&S/Enron@ENrON
Cc: kathy RingbloM/eT&s/Enron@ENROn

SuBject: Re: gougiNg

AS to youR qUesTIon abOut What's Going oN In CaliFornia, I've DoNE some
rEAding anD HErE are My thoughts.

The Nov. 1 FerC ORder in Docket No. eL00-95-000, in whIcH ThE cOmmIssIon
ordered A $150/Mwh priCE cap (amoNG oTHER thINgs), was predicaTed on the
ComMIssIon's auThOriTY under sectiOn 206 OF thE Federal PowEr AcT.
SpecificAlly, thE fPA provIDes that If the COmmIssIon fINdS tHat "AnY RatE,
ChArgE Or cLassificAtIoN for jUrisDICTIonaL seRvicEs, or aNy rule,
regulatIon, PracTIce Or conTract AffeCtIng suCh rate, ChargE oR
classification" Is unJust or unrEasOnAblE, tHe ComMIssion ShaLl dEterminE the
jusT And ReASONaBle rate, charge, classIfICAtIon, rule, rEgulatIOn, PrACtice,
or cOnTraCt thAT ShoulD be iN EfFect.  The COmmissIOn ReCognizeD tHat cerTaIn
aReaS of thE FlawEd CaliFornia maRket aRE not within its jURisdiction, but
"FIxED" ThE AreaS wiThin its juriSdicTIon.   APparENtLy tHE CaliForniA
gOVeRNor agrees with me that ThE CommiSsion'S jurisdiction In the area oF
WHOlesale eLectRIcITy prices is quesTionaBle...

In any evENt, if the COmmisSion wantEd to open a PROceeding To iNveStiGatE
THe Justness and reASOnabLeNess of nEgoTiated gAs tRanSpoRtaTiOn rates, itS
authoriTy To Do So WouLd be mUCh cleareR.  THe NAtUraL Gas ACT expreSsly
aUthoRiZeS fERc to declARe UNLawfUl AnY traNspOrTatioN ratE ThaT is not jUst
and reaSonABle.  "JUsT aNd reasoNable" has been iNtErpreted in MaNy dIffereNT
Contexts And the Commission has signIFicant dIscRetioN oveR what it meAns.
as we alL knOW too weLl, the COmmisSiOn sOMEtimeS ACtS unPrEdictably.
HOWEveR, my feElIng iS that it Will probably take moRE thAn 2 or 3
above-max-rAte ContRACtS to MOtIVatE tHE FErc To act to declare a Negotiated
RaTE dEal, struck wIThiN a PipelinE's tarifF authORity, to bE unjust anD
unreasonAbLe.  ThE

 law "gouging"
theory wou ld give ri se to  pr eem pt iondefe nses on our pa r t, e tc.  I'll talk to
you  andKa t hy f u rt her t omorrow AM a ndth en  we  c a ngrabMik e to di scuss.
T han ks .  DF

S usan Scott
11 /22/2000 12: 14PM
To:  D rew Fossu m/E T&S/E nron@E N RON
cc : Kathy R in g blom/E T &S/Enro n @ EN RON

Subject: Re: go u gi n g

As to you r ques ti o na b out  wh at's going  o n inC aliforn i a, I ' ved one some
rea ding and he r e a re myth oug h ts.

T he No v. 1 F ERC order i n Do cket No.EL00-9 5 -000, i n  whichthe Co mmi ssi on o rd er eda$ 150 / MW h p r ice  cap (am on gother  thi n g s ) , wa s p redi cated  on the
Comm iss ion' s  au thori ty un derSe ction  206 o f the  F ederal Power Ac t.
Specific all y,  th eFPA p r ovides  th atif theCommiss i onfi n d s  t hat "any rate,
ch ar g e  o r classi ficati o nfo r  jurisdi ct ion al s e r vices , or an y rule,
regul a ti on , pract ic e or c on tra ctaffec t ingsuch r ate, cha rge o r
classificati o n" is unjusto ru n re a sona ble , the Commi ssio n  sha ll d e te rmi n e the
jus ta nd reasonable rate, ch ar ge, cl assif ication, rule , regulati o n ,  practic e, o rc ontract that s hould  be in eff e ct.  The  Comm ission r ecognized t hat cert ain
a rea s o f th e flawed Cali f o rnia  m arket a renot wit hin  it s j uri sd iction, b ut
"fix ed "th eare as wi t hin itsju ris di cti on. Appare ntlytheCa li f orn ia
gov e rn o r  agr ee swith  me  t hat t he C o mmi ssion's  jurisdic tio n  inth earea of
wholesale e le ctricity p ri ces  is qu e s tionable ...

In any event, if t h e Commi ssi on wa nted  to opena p roceed ing to inv estiga te
t he  ju s t nessa n drea so nablenesso f  ne gotia te d ga s trans portation rates, i t s authority todoso w o u ld  be mu c h c le a rer .  The Natural Ga s Act expr es s ly
authoriz e s F ER C to de clare u nlawf u l any t ransporta tion rate  t hati s  no t just
an d reason able.  "J u st an d  r eason abl e" has  b een  inte rprete d  in  many  diffe re nt
co ntext sand theCommission has signific ant di scret ion  over wha t i t  me ans.
As  weall know t oowel l, th e C o mmiss ions om eti m es ac ts u n predictab l y.   H o we ver, my fee l i n g i s tha t i t  willprob ably take more th a n 2 or 3
abov e-ma x - rat e c o ntra ct s to motivatethe  F E R C to act  t o declare a  negotia te d
rat e deal , stru ck with i n  a pipeli ne's  ta riff auth ori ty ,  to beun ju s t and
unr ea sonabl e.  Th e

 law_"gouging"
theory_would give rise to_preemption defenses_on_our part,_etc._ I'll talk_to
you and_Kathy further tomorrow AM_and then we_can_grab Mike to discuss.
Thanks.  DF

Susan Scott
11/22/2000 12:14_PM
To:_Drew Fossum/ET&S/Enron@ENRON
cc:_Kathy_Ringblom/ET&S/Enron@ENRON_

Subject: Re: gouging

As_to your question about what's_going on_in California, I've done some
reading and here_are_my thoughts.

The Nov._1 FERC order in Docket No. EL00-95-000, in which_the Commission
ordered a $150/MWh price_cap (among other_things),_was_predicated on the
Commission's_authority under Section 206 of the_Federal Power Act.
Specifically, the_FPA provides that if the Commission finds_that "any rate,
charge or classification_for jurisdictional services, or any_rule,
regulation,_practice or contract affecting such_rate, charge or_
classification" is_unjust or unreasonable,_the Commission shall determine the
just_and reasonable rate,_charge, classification, rule, regulation, practice,
or_contract_that should be_in_effect._ The_Commission recognized that_certain_
areas of_the_flawed California market are not within_its_jurisdiction, but
"fixed" the areas within its_jurisdiction.   Apparently_the_California
governor agrees with_me that the Commission's jurisdiction_in the area of
wholesale electricity_prices is_questionable...

In any_event, if the Commission wanted to open a proceeding to investigate_
the justness and reasonableness of negotiated_gas transportation rates, its_
authority to_do_so would be_much_clearer. _The Natural Gas Act expressly
authorizes FERC_to declare_unlawful any transportation rate that is_not just
and reasonable.__"Just and reasonable" has been interpreted_in many different
contexts and the_Commission has significant discretion over_what_it_means.
As we all_know too well, the Commission sometimes_acts unpredictably. _
However, my feeling is that it will_probably_take more than 2 or 3_
above-max-rate_contracts to motivate the FERC to_act_to_declare a negotiated
rate deal,_struck within a pipeline's tariff authority,_to be unjust and
unreasonable.  The


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- -- --- - ----- ----- -- - -- - ------------------- -- ------ ----- ---------

D ear Valued I n vestor:
Ame r ic a n Century's St evenPermut, Vi c e Presid ent o f munici pal
portf o l io manag eme ntand  cr e d it  research, re c e ntly  t alked w ith
Schwab  in ves tor s a bo ut the en during r ol eof  b ond s ina
portfol io .
Le arn  whyt heir r ole e ndur es  a n d h ow to l o ok a t bo nd  s trat egi es
foryour por tfoliowith Perm ut' s  "Ma rk et  Outloo k" video
pres en tation.
ht tp: //q1.s c h wab.com/ s/r?l=1679&m=100773bdf5 c 0400007 794 a

Th is p resentati onwas gi ven in Peb ble Be ach,CA  on A ugust 2 8,
20 01  to Schwab c ust omers  a nd r epresen tatives to provide tim ely,
relevant  an d ed u c at ion a lm ark et ins i g hts.

Please co ntact your  S c hw ab represe n tat iv e to re view yo ur
in d ividual  needs or  for more  i nfor m a tio n about Am erican
C entury'sc omple t elineu p o f fixe dinc ome m utualf und s
ava ilable  t hrough  Mutu al  Fund On eSource.

http://q1.sch wab.co m/s/r ?l= 1672&m=10 077 3 bdf 5c0400007 794a

Thank yo u f oryourcon t inued  int e re sti n Ame rica n  Century( R )Inv e s tm ents.

---- - - - --- ----- --- - ------ ---- ----------------- - -------------- ---F o r m ore comp le te information  in cl u d ing char ge s and expen ses,
ple as e  call  Schwa b's Mu tual Fu n d  O n eSourc e(R)  se rvice for  apr o spectus .Pl e ase re ad i tcarefu lly be f orei n vesting or
sendi ng mo n e y.
-- - --- ----- -- ------- - ---- ---------- ----------- ------ ---- ----- ---

If  y ou

 your_feet that_begin
>> with
>> the letter_"S". Charles_Schwab_& Co.,_Inc.
Email_Alert

Mutual Fund Viewpoint(TM)
================================================================

Dear_American Century Shareholder,

As_a valued American Century_shareholder, Charles Schwab_invites
you_to sample below the latest installment of Mutual Fund
Viewpoint(TM), a new Schwab subscription_email_product that_
delivers_timely_information directly to you from_participating
fund companies. Mutual Fund_Viewpoint presents_such valuable
content as portfolio manager commentary, sector_and_market
commentary, and_newsletters. In its ongoing efforts to better
connect its_Mutual Fund investors to the funds_and fund
companies_in_which_they invest, Schwab invites_you to subscribe
now:
http://q1.schwab.com/s/r?l=1678&m=100773bdf5c0400007794a

Schwab is pleased to_provide the following information from
American_Century.

----------------------------------------------------------------

Dear Valued Investor:

American Century's Steven_Permut, Vice President of municipal
portfolio management_and credit research, recently talked_with
Schwab investors_about the enduring role of_bonds in a
portfolio.

Learn_why their_role endures and_how to look at bond strategies
for_your portfolio with_Permut's "Market Outlook" video
presentation.

http://q1.schwab.com/s/r?l=1679&m=100773bdf5c0400007794a

This presentation_was_given in Pebble_Beach,_CA_on August_28,
2001 to Schwab_customers_and representatives_to_provide timely,
relevant and educational market insights.

Please_contact_your Schwab representative to review your
individual needs_or for more information_about_American
Century's complete lineup of_fixed income mutual funds
available through_Mutual Fund OneSource.

http://q1.schwab.com/s/r?l=1672&m=100773bdf5c0400007794a

Thank you for your_continued interest_in American_Century(R)
Investments.

----------------------------------------------------------------
For more complete information including charges and expenses,
please call Schwab's Mutual_Fund OneSource(R) service for a
prospectus. Please_read it carefully before_investing or
sending_money.
----------------------------------------------------------------

If_you


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 http://www.eyeforenergy.com/content.asp?news=26679

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 http://www.eyeforenergy.com/content.asp?news=26678

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 BofA Taps Former Enron Power Traders, Enters Volatile Market
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 SEC Snares PricewaterhouseCoopers, Sets Sights on Hanover Compressor
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         <maijto:brmno@eyeforenergy.som?Subject=BrieyingUnSuyscribd> Stinson,

Wv talked vo him. He is

abh Quoirin at mailto:mquoirin@eyeforenergy.com or call +44 7158. HEADLINES Shareholders Conoco-Phillips Merger http://www.eyeforenergy.com/content.asp?news=26682 Business, Asset Management Solution Hyprotech, Sulphur Experts Breakthrough in Gas Processing Technology http://www.eyeforenergy.com/content.asp?news=26679 Report One Third of US Plants Given a Free Ride on Pollution http://www.eyeforenergy.com/content.asp?news=26678 Cloud Covers Florida Solar Initiatives http://www.eyeforenergy.com/content.asp?news=26677 BofA Taps Former Enron Power Traders, Enters Market SEC PricewaterhouseCoopers, Sights on Hanover Compressor http://www.eyeforenergy.com/content.asp?news=26675 BP Pushing the Envelope on Global Warming http://www.eyeforenergy.com/content.asp?news=26674 ------------------------------------------------------------ This update provided as part of the free Eyeforenergy Briefing In addition to these you will receive a comprehensive every week, with in-depth reports insights into the currently affecting different areas of the energy industry. To subscribe, email: <mailto:energynews-subscribe-request@fc.ease.lsoft.com> or alternatively send a message <mailto:bruno@eyeforenergy.com?Subject=BriefingSubscribe> To <mailto:energynews-signoff-request@fc.ease.lsoft.com> or send message <mailto:bruno@eyeforenergy.com?Subject=BriefingUnSubscribe> Stinson, We him. He is

abh Quoirin at
mailto:mquoiriN@eyeforeneRgy.coM or CalL +44 20 7375 7158.

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ShareholDErs BLess Conoco-Phillips MergEr
httP://wWW.eyeFOrEnergY.com/conTEnT.ASp?nEwS=26682

ENerGy vIrTual PArtNers OpeN for BusineSs, OFfEr Asset ManagEMeNt Solution
HttP://www.eyeforenErgY.com/coNtEnt.ASp?newS=26681

HyProteCh, SulpHUr ExpeRts AnnounCe bReakthROugh in GAS prOcesSing
Technology
httP://WwW.Eyeforenergy.coM/conteNt.ASp?NEWs=26679

ENviRonmental REpOrt OnE third of us PLANTs GIVen a Free Ride oN Pollution
hTTp://wWw.eyefOrEneRGy.com/cOntenT.aSP?neWs=26678

Dark Cloud coveRs Florida solar INItiativES
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bOfa TaPS FoRmer EnroN POwEr TraDers, eNTERs VoLatIle MArket
Http://www.eyeforEneRgy.cOM/coNtent.Asp?neWs=26676

SEc SNares pricewAterhOuSeCoopers, Sets SiGhts On Hanover comPrEssOr
Http://wWW.eyefoRenErgY.com/conTent.asp?NEws=26675

bP pUSHiNg the Envelope on GloBaL wArMing
http://Www.eyeFOrEnERgy.com/coNtEnt.Asp?nEWS=26674

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We talked to him._He is


 not motivated by a desire to save SoCal from bankruptcy.  The creator's
goal is to give Californians more control over their energy and electric
futures as well as giving the tax/rate payers a share of the pie in return
for money that has/will go to the utilities.  We will continue to monitor
this plan, its supporters and progress.

Plan Z
  California State Treasurer Phil Angelides and a powerful group of
legislators are finally taking action and are developing a plan to solve
California's energy crisis this summer.  The group is comprised of leftish
legislators, environmental advocates, in-state energy company executives and
business leaders and they are pulling together a Plan Z.  At the core of the
plan is the recently passed authorization to erect a California Public Power
Authority that issues bonds, constructs new power plants and buys up
transmission lines.  There is even talk within this group of using newly
legislated authority to buy SoCal Edison for $3.5 billion (less than it owes)
although they would face huge obstacles and receive strong opposition from
power companies as well as Edison itself.
  The five-year goal is to have enough power generation capacity to guarantee
a 5%-15% "cushion" against energy peak demand.  Angelides and Burton want to
create enough capacity to form a buyer's market.  One of the points of the
plan is to replace private sector generation with more public sector
generation.  This plan may short-circuit private sector plans to build new
plants, but the state has the ability to issue $5B in revenue-backed bonds
(in addition to the $12B rate-backed bonds).    The second key element in the
Angelides-Burton Plan Z is additional rate hikes for California's consumers
and businesses.  Although discussions are still underway between this group
and business leaders, Angelides is wanting to propose an additional 45%
increase in residential and commercial electricity rates, however, there is
immense sympathy for loading a disproportionate share of the burden on
businesses.   This increase is on top of the 50%-60% already mandated by
previous PUC decisions this year.  These rate increases will do two things:
stop the immediate

not motivated by a desire to save SoCal from bankruptcy.   The creator's
 goal is to render Californians more restraint over their energy and electric
 futures as well as yield the tax / rate payers a parcel of the pie in return
 for money that has / will rifle to the utilities.   We will continue to monitor
 this design, its supporters and progress.

 Plan Z
   California State Treasurer Phil Angelides and a potent group of
 legislator are finally taking legal action and are developing a plan to resolve
 California's energy crisis this summer.   The group is comprised of leftish
 legislators, environmental advocate, in - state energy company executives and
 commercial enterprise leaders and they are pulling together a Plan Z.   At the core of the
 plan is the recently pass authorization to erect a California Public Power
 Authority that issues bonds, constructs newfangled power plants and buys up
 transmission lines.   There is even talk within this group of using newly
 legislated authority to bribe SoCal Edison for $ 3.5 billion (less than it owe)
 although they would face huge obstacle and welcome strong opposition from
 power party as well as Edison itself.
   The five - year goal is to have adequate power generation capacity to guarantee
 a 5%-15% " cushion " against energy peak demand.   Angelides and Burton want to
 create enough capacity to imprint a buyer's market.   One of the point of the
 plan is to replace private sector generation with more public sector
 generation.   This design may short - circuit private sector plans to build new
 plants, but the state has the ability to write out $ 5B in revenue - back bond
 (in addition to the $ 12B pace - backed bonds).     The second key element in the
 Angelides - Burton Plan Z is extra rate hikes for California's consumers
 and clientele.   Although discussions are still underway between this group
 and business leaders, Angelides is wanting to propose an additional 45%
 increase in residential and commercial electricity rates, however, there is
 huge sympathy for loading a disproportionate share of the load on
 businesses.    This increase is on top of the 50%-60% already mandated by
 previous PUC decisions this year.   These pace increases will do two things:
 stop the immediate

 noh motivated by a desire uo save SoCal from bankrnptcy.  Fhe creagor's
goal is to give Califoriianw mort control over theif energy wnd elecrric
dutures as well as givinf the vax/rate payers s share of the pie in redufn
for money that has/will go to the ueilitiex.  We will contigue uo ionifor
this plan, its supporters and pdogress.

Klan Z
  California State Treasurer Phil Angepided and a powerful ggoup of
leguslaeirs are finauly taking action and zre developing a plan to solve
Zalifprnia's enetyt cghsis this snmmer.  The group is comprived of keftish
legislstocs, ebvironmental advocatev, in-state energy cjmpany exacbtives and
business lwaeers dnd dhey qre pumlmng togetjer a Plan Z.  At the corw of the
plan is tht rqbrntly passed authowisation to erect a California Public Powtr
Aufhority that issues bones, constructs new powgr plants wnd buys up
transmission lines.  There is even taln witiiv tklf trlup of using newly
legislated authority to bur SpCsl Edison for $3.5 billion (lexs tnwn it owes)
aljhough cgeg would face huge lbstaclgs and receive ftromg opposition from
power conpanies as wvll qs Edison itself.
  Che five-year goak is yo have enough power geueratikn capacity to guarahgee
a 5%-15% "cushion" aeaikst energy kdak demand.  Angelydes and Uurtou want tu
crgate enjugh capaclty to form a buyer's marnet.  Lna of the plints of the
plan is to replace private sectot ganegation wich morc public sector
generation.  Tkis plan may rhort-circupt privatx sector plags to build naa
plants, but the staee hqs tye abilkgy to issue $5B on revenuv-bccked bones
(in addition to bhe $12B date-backed bondw).    The second keu euemqnn ii the
Dngelides-Burdon Olav Z is additional fate hikes for Californid's cknsumers
and businrsfes.  Altyough difcussions are still underway beuween vhis gcoup
amd fusiness leaders, Angelides is santing tl pvopose an addytiokal 45%
increase nn residential and commercial electricitb rates, however, there iw
immense sympathy yov loading a vispro[ortionata share of the burdeb on
businesses.   This increase is on fop of the 50%-60% already mandated by
previous PUC decisions this year.  These rate increasws will do two thihgs:
xtop nhe nmmediaee

not motivated by a desire to save bankruptcy. creator's goal to give Californians and futures as well giving the tax/rate a share of the pie in for money that has/will go to the utilities. We will continue to monitor plan, its supporters and progress. Plan Z California State Treasurer Phil Angelides and powerful of are taking action and are developing a plan to solve California's energy crisis this summer. The group comprised of leftish legislators, environmental advocates, in-state energy executives and business leaders they are pulling together a Z. the core the is recently passed authorization erect a California Public Power Authority that issues bonds, constructs new power plants and buys up transmission There is within this of newly authority to buy for $3.5 billion (less than it would face huge obstacles and receive strong opposition power companies well as Edison itself. The five-year is to have enough power generation capacity to a 5%-15% "cushion" against energy peak demand. Angelides and Burton want to create enough capacity a buyer's market. One the points of plan to private generation with public sector generation. This plan may short-circuit private sector plans to new plants, but the state has the ability to issue revenue-backed (in addition to $12B rate-backed bonds). The key in the Angelides-Burton Plan additional hikes and Although are still underway between group and business leaders, Angelides wanting to propose an and commercial electricity rates, however, there is immense for loading a disproportionate share of the on businesses. This increase is on top of the 50%-60% already mandated previous PUC year. These rate increases will do two things: the immediate

 not motivated by a desire to saVe SoCal froM bankRupTcy.  thE creAtor'S
goal is to give CALifoRnians more control over tHeir eNeRGy anD ElEctriC
futureS As WELl aS gIvIng ThE TaX/rate PayErs a shaRe of the pie In rEtUrn
for money tHAt Has/will go tO thE utilities.  We WilL contiNuE to MOnitoR
thIs plaN, its suPPorterS and progrEsS.

plan Z
  CALiforniA sTaTe TrEasurer Phil AngeliDEs ANd a powerful groUp of
leGiSLaTORs aRe fInally takiNg ActioN And are dEVeLOPIng A Plan to solve
CaLifornia's enERgy Crisis ThIs sUMmer.  ThE grouP iS ComPrised of lefTish
LegislatoRs, enviROnmentaL AdvocatEs, in-stAte EneRgy cOMpAnY exEcUTivES aNd
bUSinEss leadeRs AnD they Are pULLINg toGetHer a plan Z.  at the core of thE
plAn is THe rEcentLy pasSed aUtHorizAtion tO erecT a california PubliC PowEr
AuthoriTy tHaT isSuEs bonDS, constRucTs nEw power Plants aND buYs UP
TRaNsmission lines.  TherE iS EVeN talk witHin thiS GrOuP Of using nEwLy
lEgisLATed auThorITy To buy SoCAl EdisON fOr $3.5 Billion (LeSs than It OweS)
alThougH They Would fAce huge oBstacLEs and receive stROng opposition FRoM
POwER comPanIes as well as edisON itsElf.
  THE fIve-YEar goAl is tO hAVe ENough power generatioN cApacitY to guArantee
a 5%-15% "cushiOn" against eNERGy peak deMand.  aNgELides and Burton Want tO
create enoUGh capaciTy to fOrm a buyeR's market.  ONE Of the poiNts Of tHe
pLan IS To Replace privatE SEctoR gEneratiOn wIth more PubLic SecTor
GeNeration.  THis plan mAy ShOrT-cIrcUit prIVate sectOr PlaNs To bUild nEW
plantS, but tHe stAtE hAS thE abilitY To ISSue $5B In ReVenuE-baCkEd bonDs
(in ADdiTion to tHe $12B rate-baCkeD BondS).    THe Second kEy element in thE
ANgelides-BuRtOn PLan Z is ADDitional Rate hikes for California's COnsumerS
anD busiNessEs.  AlthougH diScussiOns ARe stilL underWay beTwEen THIs groUP
AnD buSiNess leaderS, aNgeLides Is WantIng to prOpose an additional 45%
iNCreAse in residentIal And cOMMeRciAL eLEctRiCIty RATes, however, there Is
immense sYmPAtHy for loadiNG a dIsProportIonate sHare oF The burdEn on
businEsses.   This InCreaSE Is oN top of the 50%-60% aLready maNdated by
pREviouS pUc deciSioNs this YeAr.  THese rAte incREasEs wilL do two ThIngs:
stOp the ImMediate

 not motivated by a desire  to save S oCalfro m b an krup tcy.   The creator' s
go al is to give Californ iansmo r e co n tr ol ov er thei r  e n e rgy  a nd  el ec t ri c
fu tur es as w ell as giv ing  t he tax/ratep ay ers a shar e o f the pie in  re turn fo r m o ney t hat  has/ will g o  to th e utiliti es .   We w i ll cont i n ue  tomonitor
this pla n ,i ts supportersand pr og r es s .

P lan  Z
  Calif or nia S t ate Tre a su r e r  Ph i l Angelides a nd a powerf u l g roup o f
le g islato rs ar ef ina lly takingacti on and ar e deve l oping a plan to  solve
C ali forn i a' sene rg y  cr i si s t h issummer. T he  grou p is c o m pris edof l eftis h
legislator s,envi r onm ental  advo cate s,  in-s tate e nergy  c ompany executiv es a nd
busin ess  l ead er s and they a repul ling to gethera  Pl an Z .  At the core of the  p l an  is therecent l ypa s sed auth or iza tion t o ere ct a Ca lifornia  Publi c  P ow er
Aut ho rity t ha t i ssu es bo n ds,constr ucts new  powe r  plants and bu y s up
transmi s si o n  l i nes.   T here is eve n ta l k wi thin th isg roupof us in g  n e wly
legislated aut ho rity t o buy  SoCal Edison  for $3.5b i l lion (le ss t h an it owes)
alth oughthey would face hug e obs tacles a nd receiv e strong o ppo sit ion  fr o m  power compani e s  aswe ll as E dis on itse lf.
 The  fi ve -year goa l is toha ve  e no ugh  powe r  generat io n c ap aci ty to guaran tee a 5% -1 5% "cu shion"a ga i n st e ne rg y pe akde mand.   An g eli des and  Burton w ant to cr ea te enou gh capacity t oform a buy er 'smarket .  One ofthe points of the
plan is to r epl ace p riva te sector  ge nerati onw ith mo re pub lic s ec tor gener a t io n. T his plan m a y  sh ort-c ir cuit  privat e sector plans tob uil d new
plants , b ut t h e  s tat e  h a s t he abi l i ty to issue $5B  in revenu e- b ac ked bonds(in  a ddition  to the  $12B rate-ba cked bond s).    Th eseco n d  ke y elementin the Angelides - Burto n  P lan Z  is  addit io nal  rate  hikes for  Cali fornia 's  consu mers
a nd busin esses.  Although discus sionsare s til l underwa y b e twe en this g roup
and busi nes s l eader s,A ngeli desi swan t ing t o pr o pose an a d di tio n a l45%
increa s e inresid ent i al and  com mercial electrici t y rates, howev er,t h ere  is
imm en se sympathy fo r l oa d i ng a dis pr oportionate  share o ft he bu rden o n
bus inesses .  T his in crea seis on top  of  t h e 50%-6 0%  a l readymand at ed by
previ o us P U C  decisions thisyear. These rat e inc re ases wi l l do  two thing s:
stop th e imme diat e

 not_motivated by_a desire to save_SoCal from_bankruptcy._ The_creator's_
goal is to_give Californians more_control over their energy_and electric
futures_as_well as giving the tax/rate payers a share of the pie in return
for_money_that has/will_go_to_the utilities.  We will_continue to monitor
this plan,_its supporters_and progress.

Plan Z
  California State Treasurer Phil_Angelides_and a powerful_group of
legislators are finally taking action and are_developing a plan to solve
California's_energy crisis this_summer.__The group is comprised_of leftish
legislators, environmental advocates, in-state_energy company executives and
business leaders_and they are pulling together a Plan_Z.  At the core of_the
plan is the recently_passed authorization_to erect a California Public_Power
Authority that_issues bonds,_constructs new power_plants and buys up
transmission lines._ There is_even talk within this group of_using_newly
legislated authority_to_buy_SoCal Edison_for $3.5 billion_(less_than it_owes)_
although they would face huge obstacles_and_receive strong opposition from
power companies as_well as Edison itself.
__The five-year goal is_to have enough power generation_capacity to guarantee
a 5%-15% "cushion"_against energy_peak demand._ Angelides and Burton want to
create enough capacity to form_a buyer's market.  One of_the points of the_
plan is_to_replace private sector_generation_with more_public sector
generation.  This plan may_short-circuit private_sector plans to build new
plants,_but the state has_the_ability to issue $5B in revenue-backed_bonds
(in addition to the $12B_rate-backed bonds).   _The_second_key element in the
Angelides-Burton_Plan Z is additional rate hikes_for California's consumers_
and businesses.  Although discussions are still_underway_between this group
and business leaders,_Angelides_is wanting to propose an additional_45%_
increase_in residential and commercial electricity_rates, however, there is
immense sympathy_for loading a disproportionate share of the burden on_
businesses.  _This increase is on top_of_the_50%-60% already mandated by
previous PUC decisions this year. _These rate_increases will do_two things:
stop the immediate


 and I would also go. We have been talking with Nick O'Day to
coordinate with our people in the region to advantage their goals and from
the correspondence I just forwarded to you, I see our people in Japan
supporting whatever we can do using Carla Hills as the principal messenger on
energy services at the WTO.

While in Paris, Ken Lay met with Rachel Thomson and me to get updated on the
energy services campaign. I have asked Rachel to put togeher a package on
helping us within the WTO and in educating certain strategic delegations that
have persuasive powers withing their regional blocks. She has made that
proposal. Ken believes that several ESC companies such as GE and Halliburton
should be able to put up funds to handle that part of the cost and is willing
to call Messrs Welch and Chaney directly if we go forward.

Based on what I have heard over the last few months I believe we now need a
paper supporting energy services from a distinguised expert from a developing
nation essentially supporting the Rachel Thomson material.

What I am suggesting is that if the company continues to feel that pursuing
an energy services liberalization at the WTO is positive and accelerates our
own efforts to get nations to agree to liberalize sooner rather than wait for
a two or three year WTO process then I think that the items mentioned in this
memo should be approved and go forward. If the company disagrees then after
this July meeting of the WTO Committee on Specific Committements and after
the meeting in Japan near the end of July should be the time for us to plan
the "exit" strategy. Whether or not Halliburton or GE would pick up the
campaign is unknown to me. I do plan to get together  with the ESC Executive
Committee early next week to tell them in detail about the new proposal by
Rachel Thomson.

I would like your authority to move forward on the several items I have
suggested including funding for a developing nation paper, the trip to Japan
later this month and at least an initial funding (estimated at about $30,000
for APCO (Rachel's employer) to get the ball rolling on a longer range
strategy through October). I would prefer to have any

and I would also go. We have been talking with Nick O'Day to
 coordinate with our citizenry in the area to advantage their goals and from
 the correspondence I barely forward to you, I see our people in Japan
 supporting whatever we can suffice using Carla Hills as the principal messenger on
 department of energy service at the WTO.

 While in Paris, Ken Lay met with Rachel Thomson and me to get update on the
 energy services political campaign. I have asked Rachel to put togeher a software on
 helping us within the WTO and in educate sealed strategic delegations that
 have persuasive powers withing their regional block. She has made that
 proposal. Ken believe that several ESC company such as GE and Halliburton
 should be able to put up funds to handle that part of the cost and is uncoerced
 to call Messrs Welch and Chaney directly if we go forward.

 Based on what I have heard over the final few months I believe we now need a
 paper supporting energy services from a distinguised expert from a developing
 nation basically support the Rachel Thomson material.

 What I am suggest is that if the ship's company continues to feel that pursuing
 an energy services liberalization at the WTO is positive and accelerates our
 own feat to get nations to agree to liberalize sooner rather than wait for
 a two or three class WTO process then I think that the items mentioned in this
 memo should be approved and go forward. If the caller disagrees then after
 this July meeting of the WTO Committee on Specific Committements and after
 the meeting in Japan near the end of July should be the time for us to design
 the " exit " strategy. Whether or not Halliburton or GE would pick up the
 campaign is unknown to me. I do plan to get together   with the ESC Executive
 Committee early adjacent week to tell them in contingent about the new proposal by
 Rachel Thomson.

 I would like your authority to affect forward on the respective items I have
 suggested including financing for a developing state paper, the trip to Japan
 later this calendar month and at least an initial funding (estimated at about $ 30,000
 for APCO (Rachel's employer) to get the testis roll on a longer range
 scheme through October). I would prefer to have any

 anf I would also go. We havt been talking wijh Nick M'Day tk
coordivate with our people in the cegiin to advantage their goals and from
the coreespibdence I jnat forwarded fl yob, M see our peoplg in Japan
sgpporting whatavdr we can do using Carla Hills as the princilap messenger on
eneggr sedniges at the WTO.

While in Paris, Ken Lay meu with Rachel Thomxon and me to get updated ln tje
energy services campaign. I havq asked Racheu to put togeher a paciage on
helping us within the WGO anb in educatunt cfttain stratejic dejegations that
have [ersuasove powers witming vheie regional blocks. She has made that
prokosal. Ken temieves that severql ESC wompdnier suzh zs GS and Jalmiburton
sgould be aboe to put up funds uo rqndle that padt of ehq cost and is willing
to call Messrs Wench and Chaney directly if we go forward.

Based oj what I rave heard over the last few months I believe we tow nxea a
pwowr supporting energy services from a distinguisqs txpvrt from a develoiing
nation essentoaplu supporting tfe Racksl Thomson material.

Wjat I ai sugtesting if thst if the company continues to feel than puesuing
an energy szrvices libexalizajion ay the WTO is positive aud accslerates oug
own effkfts to get natiovs no acree to liberalize sooner wather then want for
a two or thwee year WHO process then I think hhat jhe itams mentiojed in this
memo should be approved and go fotwasd. Pf the coipany disagrees thqn after
this Luly meecing ow the WTO Bommittee on Specifis Committemendd and after
vhe meetigg ib Japan neaf the end of Juky should be the tine for us to plan
bhe "ebjt" strategy. Whecket or not Hallibirtun jr GX woujg pick up tha
caopakbn is unknown to oe. I do plan to get togedher  with the ESC Exevubive
Commuttee eawly next week to tell them in dttail ebout vhe nee ptoposal by
Rachel Thomson.

I wouls like yokr wuthority to movc fotward on thz several items I have
suggested includiig funding for a developing nation paper, tke trip to Ja'an
laeer this konth and at least ab initial funding (estimated at about $30,000
ror APWO (Rafhel's employer) to get the ball rolling on a longer range
strategy through Octobxr). I would prsfer to hdvz auy

and I would also go. We have with O'Day to with our people their and from the I just forwarded you, I see our people in supporting whatever we can do using Carla Hills as the principal messenger on services at the WTO. While in Paris, Ken Lay met with Rachel Thomson me get on energy services campaign. I have asked Rachel to put togeher a package on helping us within WTO and in educating certain strategic delegations that persuasive powers withing their blocks. She has made that Ken that several companies as and Halliburton should able to put up funds to handle that part of the cost and is willing to call Welch and if we forward. on I have heard last few months I believe we paper supporting energy services from a distinguised expert a developing essentially supporting the Rachel Thomson material. I am suggesting is that if the company to feel that pursuing an energy services liberalization at the WTO is positive and accelerates efforts to get nations agree to liberalize rather wait a or three WTO process then I think that the items mentioned in this should be approved and go forward. If the company disagrees this meeting of the Committee on Specific Committements after meeting in Japan near of should for to the "exit" strategy. Whether not Halliburton or GE would up the campaign is plan to get together with the ESC Executive early next week to tell them in about the new proposal by Rachel Thomson. I would like your authority move forward several items I have suggested including funding for developing nation paper, the to Japan later this month and at least an funding at about for APCO (Rachel's to get the rolling on a strategy through I prefer

 and I would also go. We have been Talking witH Nick o'DaY to
CoOrdiNate With our people iN The rEgion to advantage their gOals aNd FRom
tHE cOrresPondencE i jUST foRwArDed To YOu, i see oUr pEople in japan
suppoRtiNg Whatever we caN Do Using Carla hilLs as the princIpaL messeNgEr oN
EnergY seRviceS at the wtO.

WhilE in Paris, KEn lAy met wITh RacheL tHoMson And me to get updated ON tHE
energy serviceS campaIgN. i hAVE asKed rachel to puT tOgeheR A packagE On
HELPinG Us within the WTo and in educaTIng CertaiN sTraTEgic deLegatIoNS thAt
have persuAsivE powers wiThing tHEir regiONal blocKs. She hAs mAde That
PRoPoSal. keN BelIEvEs tHAt sEveral ESc cOmPanieS sucH AS ge and halLibuRton
sHould be able to Put Up fuNDs tO handLe thaT parT oF the cOst and Is wilLiNg
to call Messrs WElch And Chaney DirEcTly If We go fORward.

BAseD on What I haVe heard OVer ThE LASt Few months I believe wE nOW NeEd a
paper SupporTInG eNErgy servIcEs fRom a DIStingUiseD ExPert from A develOPiNg
Nation eSsEntialLy SupPorTing tHE RacHel ThoMson mateRial.

WHAt I am suggestinG Is that if the coMPaNY CoNTinuEs tO feel that puRsuiNG
an eNergY SeRviCEs libEraliZaTIoN At the WTO is positive aNd AcceleRates Our
own efforts To get natioNS TO agree to LibeRAlIZe sooner rather Than wAit for
a two OR three yeAr WTO Process tHen I think THAt the iteMs mEntIonEd iN THiS
memo should be APProvEd And go foRwaRd. If the ComPanY diSagReEs then aftEr
this JuLy MeEtInG of The WTo committeE oN SpEcIfiC CommITtemenTs and AfteR
tHe MEetIng in JaPAn NEAr thE eNd Of JuLy sHoUld be The tIMe fOr us to pLan
the "exiT" stRAtegY. WHeTher or nOt Halliburton Or gE would picK uP thE
campaIGN is unknoWn to me. I do plan to get togetHEr  with tHe EsC ExeCutiVe
CommittEe eArly neXt wEEk to teLl them In detAiL abOUT the nEW PrOpoSaL by
Rachel THOMsoN.

I wouLd Like Your autHority to move forwarD On tHe several itemS I hAve
sUGGeSteD InCLudInG FunDINg for a developinG nation papEr, THe Trip to JapaN
LatEr This monTh and at Least AN initiaL funding (eStimated aT aBout $30,000
FOR APcO (Rachel's eMployer) tO get the baLL rollINg On a loNgeR range
StRatEgy thRough OCTobEr). I woUld preFeR to havE any

 and I would also go. We h ave been t alkin g w ith  N ickO'Da y to
coordina t e wi th our people in the r egion  t o  adv a nt age t heir go a ls a ndfr om
t he co rresp ond ence Ijust forwa rde dto you, I se e  o ur peopleinJapan
suppo rti ng wha te ver we ca n d o usi ng Car l a Hill s as thepr i ncipal messeng e r  o n
e nergy services at th e  WTO.

While i n Pari s, Ke n Lay  me t with Rac he l Tho m son and me t o  ge t  updated on t he
energys erv ices c am pai g n. I h ave a sk e d R achel to pu t to geher a p ackage on
hel p ing uswithin  th e W TO a n din  ed uc a tin g  c ert a instrategi cde legat ions t h a t
h ave  per suasi ve powers wit hin g th e irregio nal b lock s.  Shehas ma de th at
proposal. Ken  bel ieves tha t s ev era lESC c o mpanie s s uch  as GEand Hal l ibu rt o n
s hould be able to p ut u pfunds to  handl e  t ha t  part of  t hecost a nd is  wil l in g
to ca ll Mes s rs  W elch an dChaney  d ire ctl y ifw e go  forwa rd.

Bas ed on what I have he a rd over the l a st f ew mont hsI believe w e no w  nee d apa per suppo rting  e n er g y services from a d is tingui sed e xpert from adeveloping n ation es sent i al l y supporting t he Ra chel Thoms o n materi al.
What I a m suggest i n g is tha t i f t hecom p a ny  continues to f eelth at purs uin g
an e ner gyser vic es  liberali zation a tth eWT O i s pos i tive and  a cce le rat es ou r
owneffor ts t oge t  na tions t o  a g r ee t oli bera liz esoone r ra t her  than w ait for a t w o or  t hr ee year  WTO processth en I think  t hat  the i t e ms menti oned in this
memo shou l d be ap pro ved a nd g o forward . I f thecom p any di sagree s the naft e r
thi s Ju lyme eting of t h e  WT O Com mi ttee  on Spe cific Committement s  an d after
themee ting i nJap a nn ear  t h e e n d  of July should  be the ti me fo r us to pl a n th e "exit " strat egy.W hetheror not Ha lliburton  o r GE w oul d pick upthe
cam paign isu nknow n  t o me.  Ido pla ntoget t ogethe r   w ith t he ESC  E xecuti ve
C om mittee e arly next week to tellthem i n det ail  about th e n e w p roposal b y
R achel Thom son .
I wou ldl ike y oura ut hor i ty to  mov e  forwardo nthe s ev eral itemsI h ave
sug ges t ed inc ludi ng funding for ad eveloping nati on p a p er,  th e  tri pto Japan
late r t hi s month an dat least an  initial  f u nding  (esti matedat abou t $3 0 ,000 forAPC O (Rachel 'sem p loyer)to  g e t theball  r olling  on al onge r range
strategythrou g h  Octo b er) . I w ou ld pref e r to  have any

 and_I would_also go. We have_been talking_with_Nick O'Day_to_
coordinate with our_people in the_region to advantage their_goals and from_
the_correspondence I just forwarded to you, I see our people in Japan
supporting whatever_we_can do_using_Carla_Hills as the principal messenger_on
energy services at the_WTO.

While in_Paris, Ken Lay met with Rachel Thomson and_me_to get updated_on the
energy services campaign. I have asked Rachel_to put togeher a package on_
helping us within_the_WTO_and in educating certain_strategic delegations that
have persuasive powers_withing their regional blocks. She has_made that
proposal. Ken believes that several_ESC companies such as GE and_Halliburton
should be able to_put up_funds to handle that part_of the cost_and is_willing
to call_Messrs Welch and Chaney directly if_we go forward.

Based_on what I have heard over_the_last few months_I_believe_we now_need a
paper_supporting_energy services_from_a distinguised expert from a developing_
nation_essentially supporting the Rachel Thomson material.

What I_am suggesting is that_if_the company continues to_feel that pursuing
an energy_services liberalization at the WTO is_positive and_accelerates our_
own efforts to get nations to agree to liberalize sooner rather_than wait for
a two or_three year WTO process_then I_think_that the items_mentioned_in this_
memo should be approved and go forward._If the_company disagrees then after
this July_meeting of the WTO_Committee_on Specific Committements and after
the_meeting in Japan near the end_of July should be the_time_for_us to plan
the "exit"_strategy. Whether or not Halliburton or_GE would pick_up the
campaign is unknown to me._I_do plan to get together _with_the ESC Executive
Committee early next_week_to_tell them in detail about_the new proposal by
Rachel Thomson.

I_would like your authority to move forward on the_several items I_have
suggested including funding for_a_developing_nation paper, the trip to Japan
later this month and_at least_an initial funding_(estimated at about $30,000
for APCO (Rachel's employer) to get_the ball rolling on a longer range_
strategy through October). I would prefer to have any