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Just got a call from Hertzberg. He pulled the plug last night on trying to get an Edison MOU finished by this weekend. Too complicated; too rushed; he couldn't pull it off, but intends to continue working with folks. He said that likelihood now is that the Assembly will recess, come back on the 20th, and try again. Since the Legislature has adjourned without resolving the Edison/energy issue, the focus will now be at the CPUC, which is scheduled to rule on a rate agreement between DWR and the CPUC, Direct Access suspension, etc. at its August 23rd meeting. Best,

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OUT: California Update 07.26.01--Assembly Pulls Plug on Bailout

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I extended deal 559947 (Pool sale) thru the 31st, a volume of 27935 per day. I changed storage deal 456379 from 196985 to 46985 on the 31st ONLY!! Joann, for Jan, we are selling New Power 31,679 out of the pool and 25893 from other sources (AO6, Broad Run, Delmont, and Monclova - this includes the AO6 they are buying from us). Which means we should only have 3844 out of the pool. Actually the citygate and storage should be as follows Vol Comment 3844 Out of the pool 25893 Other receipt supply xxxx Storage - and this should match whats on the storage ticket.

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OUT: New Power deals

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1. Whenever we supersede and replace one Enron guaranty with another, we are supposed to have the "supersede and replace" language in the new guaranty. Is there some reason why it's not in there, and if we can't get it in at this late date, how are we going to make sure we don't have two live Enron guarantees out with the counterparty? 2. Is there some reason one the state of Oregon is bolded in the guaranty?

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OUT:
J. Aron Guaranty Questions