Memo on policy paper conclusions and staff call

Rick:

Please find attached a short memo regarding last week's call with Jim and
the Enron RTO team. It also has some thoughts on what we might cover with
Steve K. at 2:00 p.m. CDT today.

Some other time I would like to have a quick chat about how we move to the
next step with the RTOs. It strikes me that there has been a real absence of
cleare-headed thinking in the stakeholder chin-wagging sessions. If FERC
will not impose a single design - on an abbreviated timeframe - is there
another way to add some economic logic into the equation?

Speak to you later...

Seabron

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Seabron Adamson
Frontier Economics Inc
Two Brattle Square
Cambridge, MA 02138 USA
Ph: (617) 354-0060
Fax: (617) 354-0640
seabron.adamson@frontier-economics.com

- 01-05-21 SA Memo to Rick Shapiro on RTO conference call.doc