Thank you for letting me read our Market Overview and Business Model for 
Japan.

When I went to the Exotic Energy Derivatives conference in December, I met 
Masayuki Fujita, who studies the Japanese power market for the Mitsubishi 
Research Institute.  We chatted about deregulation of the industry and about 
the entry of foreign companies into the market.

The Japanese understand the need to deregulate the industry, but want to 
avoid the pain that may be associated with it.  This process is very 
unfamiliar and uncomfortable for the Japanese.  They see power as a matter of 
national security (like agriculture), so foreign entrants into the market 
will have to tread with care, understanding, and sophistication.

Fujita is working on a report for the institute.  He has agreed to let me 
have copies of the non-confidential portions when it is finished.  In the 
interim, he sent me a copy of a presentation that I thought you might find 
interesting.

Regards,



Eugenio