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The Bond Legislation The Democrats in the Assembly and Sentate have agreed to language to create a Dedicated Rate Component to repay the budget and de-link the bonds from the DWR contracts. But the Republicans have still not agreed to go along. The bill would require a 2/3's vote to keep the bond issuance on schedule, so Republican votes are necessary. The Republicans are trying to meet tonite or tomorrow to determine whether to go along. The Conference Committee Senator Burton does not like the idea of a conference committee and at this point prefers to use the existing committee structure to hear the core/noncore proposal. Using the existing committee structure could take longer to produce a bill than using the conference committee structure, but how much longer is uncertain. No sense yet of when hearings on the core/noncore proposal---in conference

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OUT: California Update 07.09.01

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Guys, I appreciate the quality work and deal flow that you are generating. In an effort to measure and reward performance from our middle market groups we have attempted to come up with several standardized reports to be issued monthly and to be reviewed at the QBR. I am a strong believer in that what is measured and rewarded gets done. As well, the middle market capability is crucial to the continued growth of our business; therefore, reporting metrics which define high performance will ensure great deal makers get rewarded and that you will be able to attract high quality talent into the mid market groups. Baughman and Presto have created a number of reports and metrics for the East Power group, I would like you to take a look and let me know how they should be changed to reflect the business in the West. Upon agreement on the metrics, I would like issue these reports on a monthly basis. Tammy Sheppherd will get you a copy of the reports/metrics utilized in the East. Regards

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OUT: EPMI WEST - Recent Trades with Long term Duration

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Dear Vince I am currently producing Risk 2001 Australia (Risk and EPRM magazines' annual Australian derivatives and risk management congress) which is taking place in Sydney on 20 & 21 August 2001. I understand that you spoke at our Australian Energy Risk 2000 conference last year. I have now put together the draft programme and I am at the stage of inviting people to speak at the event in August. I would like to invite you to speak at this year's congress and I attach a copy of the draft programme. I particularly had in mind the presentation 'Case study: learning the lessons of the Californian electricity crisis - could it happen here?' (talk number 7 in stream three of the programme which focuses on pricing, trading and risk management in the Australian energy markets). However, if there is another topic that you would be more interested in presenting then please let me know. This year's event combines last year's Australian Energy Risk 2000 and Risk 2000 conferences to create Australia's most comprehensive risk management and derivatives congress. This year the congress will also include two one-day post conference seminars on 22 August. Should you require any further information about the programme or the event generally, please don't hesitate to contact me either by telephone on +44 20 7484 9866 or by email at pannesley@riskwaters.com. I very much hope that you will be able to accept this invitation and I look forward to hearing from you. Kind regards

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OUT:
Risk 2001 Australia