IN: This is an email
Vince, I was just thinking about the subject project that you were trying to get off the ground (even though no commercial support existed!) that I worked on initially. I know you were trying to get this done before I arrived and then followed my effort with at least one other person. I think the reason we could not complete a comprehensive project was we did not have the mandate from the CEO office to do it so that relevant commercial and functional entities can provide the required information. Perhaps the reason there were no major thrust from the management was that most people knew the answer was going to be less than desirable. However, such information would have correctly priced the risk (to the shareholder not its agents--the management) so that we could have better managed the $20 Billion or so company specific (taking systemic market down turn, including telecom exposure, out) market value that perished.

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OUT: Enterprise-wide Risk Management

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Below is an update from the weekend's activities. The group negotiating the core/noncore proposal met over the weekend to attempt to put the proposal into legislative language/format. The product produced thus far is generally sloppy and ill-drafted and the individual facilitating the group is working tonite to integrate the comments provided and discussions that took place today. He will distribute a new draft by noon tomorrow (PDT). The plan as it currently stands is to deliver a product to Hertzberg by COB tomorrow (Monday). As expected, some in the group are attempting to "recontract" certain portions of the original deal, but those attempts are generally at the margin. The DWR contracts remain a key impediment to any deal. Senator Burton has still not definitively committed to a conference committee to produce a bill to deliver to Davis. In addition, the legislation to create a dedicated rate component to service the bonds to repay the state budget for power purchased by DWR (and de-link the bonds from the DWR contracts) may be on a slower track than folks thought initially. Will have more information tomorrow on where Burton and the bond legislation stand. Best,

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OUT: Weekend efforts to translate core/noncore proposal into legislative language

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Z6 to Z6 Contract Volume Comment 3.4367 16.500 Leidy to PSEG 3.4367 40,000 Segmented Leidy line (Z6 to Z6) space Z6 to Z1 3.6367 20,000 FT Backhaul space Long Haul to New York .7537 30,000 Z3 to Z6 .7537 21,100 Z3 to Z6 (Total 40,000 telescoped x 58% less 2100 of Z2 to Z3 space) .7537 12,100 Z2 to Z6 (Total 40,000 telescoped x 25% + 2100 of Z2 to Z3 space) .7537 6,800 Z1 to Z6(Total 40,000 telescoped x 17%) 70,000 Total delivered to Z6 New York Long Haul to Non New York .7537 3,000 Z3 to Z6 Other .7537 60,000 Segmented 4 to 4 space .7537 128,600 Segmented 3 to 3 space The numbers above do not include the Atlanta Gas Light space. And we should be getting 17,000 dth of Z3 to Z4 space from MGAG. I have not seen this space posted yet so the earliest we will be able to get this space is tomorrow afternoon.

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OUT:
Trco Space for August