fw dwr stranded cost update structuring risk groups entered executed cdwr contracts enpower included executed contracts letters intent contracts sufficient information model believe captured 80 percent 90 percent value attached spreadsheet shows results company data comes directly information released california state treasurer since using enpower calc deals update easily let know want anything else original message comnes alan sent wednesday july 11 2001 3 04 pm dasovich jeff thome jennifer shapiro richard steffes james mara susan perrino dave sharma ban belden tim alvarez ray subject dwr stranded cost update using information pulled together jennifer ban requested west tradings risk structuring group careful analysis market costs associated dwr contracts attached analysis analysis examined executed contracts agreements principle executed contracts released state last weeks also gas indexed contracts examined nongas costs since gas costs pass contracts excluded conservatism e ascribe costs gas portion contracts since float market costs time contracts marked market using current applicable curves finally discounted libor rate around 4 year stranded cost assumptions approximately 10 billion spreadsheet shows overmarket costs contract note negative mark market equals positive stranded cost analysis based upon enron confidential forward curves approval tim belden needed analysis released alan comnes