Message-ID: <15735786.1075851974562.JavaMail.evans@thyme>
Date: Wed, 11 Jul 2001 12:37:00 -0700 (PDT)
From: jeff.dasovich@enron.com
To: skean@enron.com, richard.shapiro@enron.com, mpalmer@enron.com, 
	karen.denne@enron.com, james.steffes@enron.com, susan.mara@enron.com
Subject: Re: DWR Stranded Cost Update--Calpine gets the prize
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FYI.  You may have read that Calpine is close to reaching a deal with the 
state on its overcharges (about $240MM).  Note from structuring's analysis 
that Alan sent around that Calpines share of the stranded costs is about 45% 
of the total amount of stranded costs arising from the DWR contracts.  That 
is, of the $9.5B (present value) of stranded costs, the Calpine contracts 
account for about $4.4B  So, in exchange for settling on $240MM, Calpine gets 
$4.4 B.  Nice work if you can get it.