Sarah, I have reviewed your presentation. It is a good summary of our
consensus prediction for the timing of future regulatory action respecting
the merger.

-----Original Message-----
From: Sarah.Novosel@enron.com [mailto:Sarah.Novosel@enron.com]
Sent: Tuesday, October 31, 2000 3:16 PM
To: J.Mark.Metts@enron.com; Mitchell.Taylor@enron.com;
Ann.Ballard@enron.com; Dwight.Larson@enron.com;
Richard.Shapiro@enron.com; Steven.J.Kean@enron.com;
Joe.Hartsoe@enron.com; Paul.Kaufman@enron.com; awenner@velaw.com;
sangle@velaw.com; sbehrend@llgm.com; jrutkowsk@llgm.com
Subject: Timelines on PGE Sale


Attached are our power point slides laying out the time line for FERC
action.  The estimated time frames for FERC action, even without a
settlement, are somewhat more positive than we discussed yesterday (e.g.,
FERC order on the merits after a technical conference by mid-February).
Also, the group is somewhat optimistic that the FERC order in November
could be an order on the merits, without additional proceedings such as a
technical conference or a hearing.  These optimistic time tables are based
on the assumption that Sierra will not take any action that will alienate
or annoy FERC, which could result in a slowdown in FERC's approval process.

Adam Wenner, Steve Angle, Sam Behrends, Joanne Rutkowski and I all
discussed the various time frames that are laid out in the slides, but they
have not seen the slides, so we would like to reserve the right to amend
the slides once everyone has a chance to review them.  Also, as we
discussed yesterday, we would like to be able to revise the slides, if
necessary, tomorrow once we get FERC's agenda for its November 8 meeting
and we see what action FERC takes in the California investigation on price
spikes this past summer.

Please let me know if you have any questions or comments.

Sarah

(See attached file: Timeline for Federal Regulatory Approvals of PGE
Sale.ppt)
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