Re: DWR Stranded Cost Update--Calpine gets the prize

FYI. You may have read that Calpine is close to reaching a deal with the
state on its overcharges (about $240MM). Note from structuring's analysis
that Alan sent around that Calpines share of the stranded costs is about 45%
of the total amount of stranded costs arising from the DWR contracts. That
is, of the $9.5B (present value) of stranded costs, the Calpine contracts
account for about $4.4B So, in exchange for settling on $240MM, Calpine gets
$4.4 B. Nice work if you can get it.