CDWR EEI Agreement

Attached is a discussion memo outlining the important points to think about
before we decide whether or not to exercise our five year option under the
recently signed EEI Agreement with CDWR. The legal team is presently
scheduled to review the matter by way of a conference call at 9:00 am
Central / 7:00 am Pacific tomorrow, and following that session, I am going
to schedule a meeting with Chris Calger, Tim Belden and any of the credit
team that may wish to join. By the end of the day tomorrow, we should all
have made a thorough review of this issue.

----cgy