Thanks for the note.  The concern was not over the timing of the receipt of funds but rather a comment which implied that Allegheny needed to raise the funds through an equity offering.  Is that a fair characterization and, if so, do you have any concerns over Allegheny's short term access to capital (i.e. what is their funding strategy if the equity markets continue to be rocky).  My concern is heightened by the bankruptcy filing of PCG which will most likely create a fair amount of volatility through the utility sector.

I appreciate your thoughts.

Thanks,

Ben






Don Miller
04/06/2001 09:03 AM
To:	Ben Glisan/HOU/ECT@ECT
cc:	Louise Kitchen/HOU/ECT@ECT 
Subject:	Allegheny closing

Ben,

I have heard through the grape vine that concerns were raised this morning at your staff meeting about the Allegheny closing.  Just to clarify, we have set May 3, 2001 as the closing date.  On that date we should receive $1,028,000.00 plus $10-15 million for reimbursement of some cost associated with a build out of a sub station. 

Let me know if you have any other questions.

Regards,

Don