Subject: "Frevert's Market Risk Report".

Body: I left a voice mail for David since he's out, but I have a suggestion on our reporting for this meeting (not that I'm reporting anymore...). I wasn't included in the discussions on how this report started up again, so I may not have all the facts on why we're doing what we're doing. - at a minimum, we should use the Commodity DPR instead of the Business Unit DPR - for example, he was unable to see the 850 Bcf NA Gas NOP, or the components thereof as the Business Unit DPR is used - would it be worthwhile to do a report that shows a week on week comparision of NOP, M/G, and VaR, with a 5-day P/L, based on the Concentration Limit DPR? It seems to me that is what he's looking for - what happened this past week, and why, not just what our current position is. This type of report is also consistent with how Credit presents their information (week on week change). Let me know if you agree, and maybe Veronica can have that ready for you next week. Regards,

Subject: "Causey Presentation".

Body: I have reviewed my section of Causey's presentation ( to be given by Brenda) and all looks fine except for page with world map. Can we add Portland to the map? That is the true trading location that is missing. If it is tough to do, don't worry about it. Thanks. --Sally

Subject: "GOVERNOR DAVIS SIGNS EXECUTIVE ORDERS".

Body: PR01: 174 FOR IMMEDIATE RELEASE 04/26/2001 GOVERNOR DAVIS SIGNS EXECUTIVE ORDERS TO PROVIDE POWER TO CALIFORNIA SACRAMENTO Governor Gray Davis has signed three executive orders to increase stabilization, conservation and generation of power in California. Executive Order D-34-01 Many numerous and complicated statutes, regulations, policies and procedures are delaying deployment of the energy conservation funding outlined in SB 5X and AB 29X signed by the Governor two weeks ago. Executive Order D-34-01 will speed up implementation of the measures. Together, the two bills provide over $850 million for energy conservation and distributed generation programs designed to save over 2,000 megawatts this summer. With the Executive Order, the Energy Commission will not have to go through the cumbersome process of guideline adoption to approve funding. The programs in the demand reduction program that will be streamlined included: Public Agency Loans and Grants (ECAA); Time-Of-Use and Real-Time Meters; Municipal Program; and Cool Roofs/Building Materials Executive Order D-33-01 Governor Davis signed Executive Order D-33-01 to extend the conservation rebate of the "20/20" program to the customers in the territory serviced by the San Diego Gas and Electric Company. The program is designed to help the state avoid the likelihood of blackouts this summer and reward consumers who significantly conserve energy. In addition, it could save the state up to $1.3 billion in power costs by reducing the amount of electricity the state must buy during expensive summer peak periods. Executive Order D-32-01 In Executive Order D-32-01, Governor Davis orders the transfer of funds from the Energy Commission to the Department of Water Resources for implementation of the power plant construction incentive program. Incentives will include: $5,000 per megawatt (MW) of average electrical output on the first 100 MW and $2,500 per MW for each MW above 100 MW, if brought on-line by July 1, 2001; $4,000 per MW of average electrical output on the first 100 MW and $2,000 per MW for each MW above 100 MW, if brought on-line between July 2, 2001 and August 1, 2001; and $3,000 per MW of average electrical output on the first 100 MW and $1,500 per MW for each MW above 100 MW, if brought on-line between August 2, 2001 and August 31, 2001. Executive Order D-32-01 Executive Order D-33-01 Executive Order D-34-01

Subject: "Cheryl Nelson - update".

Body:
Good Morning! I just received a call from Cheryl. She was able to get a flight out and will be traveling today. If you need immediate assistance, please feel free to call. Thank you.