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To: Don Miller who wrote (1423)	3/23/2001 11:35:13 AM
From: Raymond Duray	Read Replies (1) \| Respond to of 1805

OT: California Energy Woes Hi Don, I did not happen to catch the second day proceedings at the US Chamber Energy Conference. It doesn't appear to be available at the Chamber site. Maybe it will be edited and put up later, according to their spokesman. One of the rules of engagement in California that simply blew me away was the decision to pay all willing sellers the top price that the Cal ISO was forced to pay when the ISO was forced to buy in the spot market at any given moment. This method gave all the negotiating power to those who constrained supply, IMHO. I concur that the natural gas situation is going to be a serious matter for the foreseeable future. I've been trying to see who the winners will be in this area. As you may have read in the news, Shell Oil has a hostile bid in play for Barrett Resources. This is indicative to me that the smart money sees nat gas as a fuel that is in critically short supply. Best, Ray