PG&E PX Credit Calculation

From: d..steffes@enron.com

To: jeff.dasovich@enron.com, michael.tribolet@enron.com, wanda.curry@enron.com,lisa.mellencamp@enron.com, e-mail <.jan@enron.com<, steve.swain@enron.com, susan.mara@enron.com, alan.comnes@enron.com

Subject: PG&E PX Credit Calculation

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Date: Wed, 14 Nov 2001 07:22:00 -0800 (PST)

Attached is a summary of PG&E's notes on how they calculate the PX Credit (until January 19, 2001 when they hardwired $150/mwh). We continue to try and get a handle on how the FERC Refund case will impact the PX Credit and Negative CTC. If anyone has any issues or comments, please let me know.

Thanks.

Jim