California Conference in Santa Fe

As you know, I plan to speak at a conference in Santa Fe on Monday. I have
adjusted the program so that I am no longer a "witness" who will be
cross-examined. That is, Michael Shames will not have an opportunity to ask
me a series of uninterrupted questions. I have also crafted a presentation
that lays out a bunch of facts and introduces a theory for pricing storable
commodities. I think that my analysis highlights the major shortcomings for
the Kahn/Joskow paper and the approach employed by the Department of Market
Analysis. My presentation has nothing to do with Enron. I can defer any
questions about generators to Gary Ackerman. I can politely dismiss
questions about Enron, its trading activities, or profitability. I still
could use some help on the just and reasonable price questions. Attached
below are the draft power point slides that I will use in the presentation as
well as a word document with a draft script of the speech. Please review and
let me know your thoughts. I will have my assistant, Debra Davidson, set up
a call in the next couple of days to discuss.