More Follow-up with Hertzberg et. al.

I spoke again briefly with Hertzberg last night and had a lengthy discussion
late last night with the guy from CSFB who's been providing Hertzberg with
pro bono financial advice on the crisis. Hertzberg is still hot on putting
all of the utility past due on the noncore, though his consultant and I
agreed that, politically, the number is more likely to end up somewhere south
of 100% (if this thing gets legs). Hertzberg asked for, and we provided
today, a "fifth scenario," which shows how the numbers work out if 100% of
core's share of utility past due is shifted to noncore. It's attached. Will
report back with any further developments.

Note: Please discard the file that I sent you yesterday and replace it with
this one. That file accidentally had the same cents/kwh, noncore rate for
both Edison and PG&E. Edison's rate should be 12.98 cents/kwh NOT 12.21
cents/kwh. It's the line that reads "Total cost to Noncore under CPUC's
Recent Decision."

Best,
Jeff