
Date: Fri, 18 May 2001 11:55:00 -0700 (PDT)
From: michael.tribolet@enron.com
To: jeff.dasovich@enron.com, skean@enron.com, james.steffes@enron.com,
richard.shapiro@enron.com
Subject: RE: Core/Noncore Analysis

All:

Attached is the latest version.    Note the average price of power assumed
purchased by the DWR, if smoothed to a fixed price equivalent for the 9.5
years beginning 7/1/01, is $106/mwh and $104/mwh if DWR's forward price
curves are used.  We used a range of $82.75 to $104/mwh in our sensitivity
page.   The $82.75 is the mid-point between Henwood and DWR curves.   Enron's
curves are significantly lower on the back-end.   The other switch is for the
allocation of the past utility purchases: 1) one pro rata, and 2)  one where
the non-core shares prorata, plus half the core's portion.  DWR past
purchases are handled pro rata in both scenarios.


Regards,


Michael














