Congressional Opinion of Restructuring

Cynthia, et al --

FYI. I was on a panel with Phil Moeller today in Las Vegas (he was the
moderator). Very nice guy. No real issues developed. I used (very
liberally) Steve Kean's testimony in San Diego to talk about California and
some material on RTOs. My speech is attached below.

Phil indicated that he thought that there was agreement on the Public Power
Tax issues and on NAERO language. He highlighted that comprehensive language
could be difficult if not impossible next year. (Joe - can you please send
me a copy of the NAERO bill and any summaries).

While Phil seemed to have a great sense of what is happening in California
and the electricity markets, he indicated that many of his staff collegues
were not so up to speed. Any way that we can help them out before their
minds are made up?

Jim