
Date: Fri, 11 May 2001 00:07:00 -0700 (PDT)
From: michael.tribolet@enron.com
To: james.steffes@enron.com, jeff.dasovich@enron.com
Subject: RE: Concept for core/noncore Analysis for California
Cc: robert.neustaedter@enron.com, kortney.brown@enron.com, jeffrey.soo@enron.com,
don.black@enron.com, james.lewis@enron.com,
richard.shapiro@enron.com
Bcc: robert.neustaedter@enron.com, kortney.brown@enron.com, jeffrey.soo@enron.com,
don.black@enron.com, james.lewis@enron.com,
richard.shapiro@enron.com

All:

One thing to note is that while the DWR contracts are blended with the core,
the non-core, if our curve come to be true, would enjoy the back end of the
curve's lower price path.

We calculated, based on the DWR's figures, the negative mark-to-maket at the
various points in time:

6/02      $4.2B
12/02    $5.8B
6/03      $7.0B

While our curves differ, this gives an order of magnitute.


Michael



