Investors don't like uncertainty.

But indeed a market like California is not good for Enron.

If there is anything material and we're not reporting it, we'll be breaking the law. We don't break the law.

Well, rates would go up whether you deregulate or not, and of course, the rates that are going up right now on the electricity side are still within the regulated framework.

We will cooperate fully with the SEC and look forward to the opportunity to put any concern about these transactions to rest.

When there's uncertainty they always think there's another shoe to fall. There is no other shoe to fall.

We see ourselves as first helping to open up markets to competition.