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"THE SUBJECTS"


CALIFORNIA --- What's in store for the summer?

GAS PRICE VOLATILITY ---Why?

POWER MARKET RISKS --- Explained

THE TEXAS RETAIL MARKET --- Will it work?

NEW POWERPLANTS --- How big is the opportunity?

CREDIT RISK --- How to manage it.

REAL PRICES --- Is the retail market ready?

WEATHER RISK --- Is it a market yet?

TRANSMISSION CONSTRAINTS --- Completely intractable?

PROVIDER OF LAST RESORT --- Dumping Ground?

THE WEB --- Don?t get fooled again.

RETAIL BILLING --- Getting it right

POWERLINE TELECOM --- The next big thing?

ROLLING BLACKOUTS --- Peak shaving?

DISTRIBUTED GENERATION --- Ready to boom?

COAL --- Fuel of the Future?

And, WHERE IS YOUR CAREER GOING?

BE READY --- KNOW THE ANSWERS

Attend the Power Marketing Association?s annual spring meeting:

    POWER MARKETS 2001: CRISIS AND OPPORTUNITY
                March 14-16, 2001 Las Vegas

For the complete agenda:
http://www.pmaconference.com/0103Agenda.pdf

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--------------------T O P S T O R I E S--------------------

Top Stories (February 6)

CALIFORNIA BILL FOR POWER LINES TO BE INTRODUCED TUESDAY
California state Senate President John Burton plans to introduce a bill 
Tuesday at 2 p.m. EST for the state to purchase the transmission assets of 
Edison International Southern California Edison and PG&E Corp unit Pacific 
Gas and Electric Co., a spokesman for Burton said.
http://199.97.97.79/IMDS%PMADJN0%read%/home/content/users/imds/feeds/djn/2001/
02/06/eng-djn/eng-djn_000042_127_452061059885

CALIFORNIA-ISO APPEALS TO GENERATORS TO CONTINUE SELLING WEDNESDAY
Fearing statewide rolling blackouts Wednesday, the California Independent 
System Operator sent about 140 letters to generators asking that they 
continue selling supplies into the state, despite the possibility they may 
not be paid.
http://199.97.97.79/IMDS%PMADJN0%read%/home/content/users/imds/feeds/djn/2001/
02/06/eng-djn/eng-djn_002024_142_475460616406

MUNICIPAL UTILITIES LOBBY CONGRESS, SEEK POWER PRICE CAPS
The American Public Power Association is holding its annual legislative 
meeting in Washington this week, and executives from municipally owned 
utilities in the Pacific Northwest are visiting congressional offices 
clamoring for cost-based price caps on wholesale power throughout the Western 
U.S.
http://199.97.97.79/IMDS%PMADJN0%read%/home/content/users/imds/feeds/djn/2001/
02/06/eng-djn/eng-djn_180145_122_366353869438

US SENATOR REID SPONSORS RENEWABLE ENERGY INCENTIVES BILL
U.S. Sen. Harry Reid, D-Nev, introduced legislation Tuesday to expand the 
federal tax credits available for renewable energy production.
http://199.97.97.79/IMDS%PMADJN0%read%/home/content/users/imds/feeds/djn/2001/
02/06/eng-djn/eng-djn_184031_17_102945081424

IOWA GOVERNOR SIGNS $100 MLN TAX CUT AIMED AT HEATING BILLS
Iowans sweating over how they're going to pay soaring heating bills this 
winter will be getting a little relief from the state.
http://199.97.97.79/IMDS%PMADJN0%read%/home/content/users/imds/feeds/djn/2001/
02/06/eng-djn/eng-djn_152130_72_8055199468508

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DOW JONES NEWSWIRES
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Access stories online at: 
http://199.97.97.79/IMDS|PMADJN0,PMADJN1,PMADJN2,PMADJN3,PMADJN4|index

Stand-Alone Utility Holding Co Act Repeal Seen Unlikely

Solution To Calif Power Crisis Still Elusive - S&P

Australia's United Energy Final Div 9C/Shr Vs 9.5C/Shr

Australia's United Energy FY Net A$129.2M

US Sen Reid Sponsors Renewable Energy Incentives Bill

Vivendi Universal Begins Swap Offer For Equity Sec Units

MUNI WATCH: Crisis To Revive National Demand For Calif.

Municipal Utilities Lobby Congress, Seek Power Price Caps

Spain's CNMV/Cantabrico -2: Only 2 Offers Approved >E.HIC

RWE/Cantabrico -2: To Sell Shrs, Support Takeover >E.HIC

Spain's CNMV Approves EDP-Cajastur Bid For Cantabrico

RWE's Cantabrico Acceptances Are From Small Holders>E.HIC

RWE Has Acceptances For 10% Of Cantabrico Shrs >E.HIC

RWE Outbids EDP For Spain's Cantabrico, But Winner Unclear

Calif Bill To Buy Utils' Pwr Lines Seen Announced Tue PM

CNMV Lifts Cantabrico Shr Suspension After Bids Announced

Electrabel Won't Bid On Hidroelectrica For The Moment

Iowa Gov Signs $100 Mln Tax Cut Aimed At Heating Bills

REPEAT&CORRECT: 85% Of Williams Network In Operation

Orion Power Earnings -3: Street 2001 Net View $1.15/Shr

Orion Power Earnings -2: 4Q, Year Financial Table >ORN

Orion Power Hldgs 4Q Net 13c/Diluted Shr Vs 13c >ORN

Calpine Corp Earnings -3: Yr Fincl Table, Comment

Orion Power Hldgs Sees 1Q Net 14c/Diluted Shr >ORN

Calpine Corp Earnings -2: 4Q Fincl Table, Comment >CPN

Calpine Corp. Completes Several Purchases In 2000 >CPN

Calpine Corp. 4Q EBITDA $263.1M Vs $110.6M >CPN

Calpine Corp. 4Q Revenue $1B Vs $247.5M >CPN

Calpine Corp. 4Q Net 34c A Share Vs 12c >CPN

Timeline: Fight For Control Of Spain's Cantabrico >E.HIC

Cantabrico/Ferroatlantica -4:60% Condition Skirts EDP Bid

Cantabrico/Ferroatlantica -3: EnBW To Take Stake >E.HIC

Cantabrico/Ferroatlantica -2: Met Tue Bid Deadline >E.HIC

Ferroatlantica's Raised Bid Is For 100% Of Cantabrico

Ferroatlantica Raises Cantabrico Bid To EUR25.80 Per Shr

Cantabrico Shrs Suspended From Trade - CNMV >E.HIC

Cap Gemini Ernst & Young In Global Alliance With IFS

Strong Snowstorm Hits Northeastern US

Cal-ISO/Appeal -2: Generators Owed More Than $1B

Cal-ISO Appeals To Generators To Continue Selling Wed

Calif Bill/Lines -2: State Could Float $7.5B In Bonds-Grp

Calif Bill For Power Lines Purchase To Be Introduced Tue

FREE TRIAL: For a free trial of the Dow Jones Energy Service go to
www.dowjonesnews.com, and click "create account," or call
1-800-223-2274.

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N A T I O N A L
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Access stories online at: http://www.powermarketers.com/pma-nat.htm

President Bush Nominates Carolyn Huntoon to Be Acting Secretary of Energy

Empiric Energy, Inc. Reports Significant Production from Recent Well 
Completion!

GOP Senators to Pitch Energy Bill

Opc's Petition for Emergency Moratorium on Winter Utility Disconnections Is 
Granted by The PSCLimited Income Consumers Provided Some Relief During The 
Cold

Calif Reaches Agreement on Power Contracts

U.S. Energy Prices to Remain Firm

Leavitt Ignores Demos on Energy

New Jersey Natural Gas Offers Free Energy Savings Programs

Sdg&E's Power Buying Shifts to Department of Water Resources; Agreement 
Provides Customers with Immediate Access to State Power Purchases

Williams Announces Power Agreement with Allegheny Electric Cooperative

Fitch Rates Jea Electric System Bonds 'Aa+' Business Editors & Analysts

Nuclear Regulatory Commission Public Workshop to Discuss Nuclear Power 
Reactor Steam Generator Tube Issues

Lights Out: Cheap Energy Deregulated Or Not, Electricity Rates Likely to Rise

Confronting Energy Gridlock State Approaching Free-Market Power with An Eye 
on West Coast Chaos

Midcoast Energy Resources Inc. Declares $.07 Per Share Quarterly Dividend

The Ohio Consumers' Counsel Files Complaints Against Natural Gas Suppliers 
Participating in Ohio's Choice Programs

Power Plants Thirst for Gas New Generators' Demand to Outstrip Pipeline 
Capacity

Siemens Solar Comes to Los Angeles; New Siemens' Facility in Chatsworth 
Jump-Starts Ladwp Program That Reduces Cost of Solar Power Systems As Demand 
for Electricity Grows

Fed: Natural Gas Prices Not Hurting West

Intel Exec: Power Consumption Is Biggest Issue

Repeats: Energy Volume And Open Interest Totals-Feb 6

Merrill Lowers Consul Energy to I-T Accum, $35 Goal (Cnx)

Peco Energy Continues to Restore Electric Power After Winter Storm Brings 
Down Poles & Wires Throughout Region

Designation May Save Power Plant

Energy Update/Los Angeles Department of Water And Power Daily Energy Update 
for Tuesday, Feb. 6, 2001

State Could Face Natural-Gas Bottleneck

Two Energy Issues Start Trading

Getting Energy From Mexico

Fitch Upgrades Northeast Utilities And Utility Subsidiaries

Kansas City Power & Light Company Declares Dividends

Close Call on Power for Region

Altagas Services Inc - Expands Natural Gas Processing Capability

Stuart Energy's Fuel Appliance Receives CSA Approval

Cogdill Calls for More Power Supply

3 Cities Consider Alliance for Power

Business And Technology Expert Joins L90, As Focus Continues on the Future 
Development of Revenue-Generating ProfitoolsL90 Lands Former Avenue A Founder 
R. Michael Leo Who Will Oversee Growth, Strategic Development of 
Next-Generation Admonitor Technology

Rising Energy Costs Hurting Poor

Energy Prices Snapshot

In Pa., Deregulation Is Watts Up California Power Woes Haven't Affected 
State's Electric Choice. But Some Worry About Future.

PSE Challenges Price-Cap Pleas: Boeing, Equilon, Other Power Users Asking 
Rate Relief Face $100m Suit

Ethylene Glycol Hit by Energy Costs

Foxboro to Provide I/A Series Scada System for Idaho's Largest Municipal 
Electric Utility

Shiningbank Energy Income Fund - Closing of Equity Financing

Crispin Energy Inc - Completes Gas Well And Updates 2001 Budget

Emera Inc: Pengrowth Energy Trust - Emera Inc. And Pengrowth Offer to 
Purchase Assets of Nsrl

Southwestern Energy Announces Relocation of Corporate Headquarters to 
HoustonUtility Business Headquarters to Remain in Fayetteville; Corporate 
Headquarters Move Underscores Exploration And Production Focus; Richard Lane 
Appointed to Head E&P Operations

Bush on Blitz to Sell Tax Cut / It Could Pay Energy Bills for Californians, 
He Says

State Arranges to Buy Power for Utilities / Deadline / Federal Energy Support 
Ends Tonight

Contra Costa County Report ; Meeting on Emissions from Power Plants

'Peaker' Power Plant Supported for Spot Near S.F. Airport / Gas- Fired 
Generator to Operate During Summer

Schools Pay More for Power This Winter Some Districts Say They May Have to 
Cut Programs to Pay for Heat, Light

Southwestern Energy Announces Relocation of Corporate Headquarters to Houston

Pengrowth Energy Trust Acquiring Share of Sable Island Gas Reserves in $265 
Million Transaction

Williams Energy Partners L.P. Shares Begin Trading on NYSE

Tom Kuhn, President of Edison Electric Institute

Advisory/Solar Power to the People

Power Cut-Off Creates Ghost Town

Power Players

Natural Gas under Fire: Usage Will Tax System, Study Says

California State Senate Approves Bill to Buy Power

Davis Seizes Energy Deals: $1 Billion Price Tag Put on Governor's Actions

Util-Link And Omnimetrix Join Forces to Provide Wireless Electric Meter 
Systems

Electric City And Harza Energy Form Strategic AllianceAlliance to Focus on 
The Combination of Energy Savings Technologies And Distributed Generation 
Brings Enhanced Solutions to The Energy Crisis - Matching Megawatts with 
"Negawatts"

Cambridge Energy Research Associates Discovers Vignette E-Business 
Applications for Web Site Enhancement

Two Electric Companies Looking Into Merger Possibilities

Circumpacific Energy Corp - Farm-in Agreement with Drillsearch Energy

Electric City And Harza Energy Form Strategic Alliance

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I N T E R N A T I O N A L
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Access stories online at: http://www.powermarketers.com/pma-intr.htm

Russian Coal Mining Companies Exported 35,5 Million Tons of Coal in 2000, 
Which Is 42% More Than in 1999.

Repsol-Ypf to Produce Natural Gas in Venezuela, Sell It to Pdvsa

Top Energy Summaries - Tuesday, February 06, 2001 - 5:07 PM

US$140 Mln Power Plant Project Cleared for Palawan, Philippines

Tohoku Natural Gas to Provide Gas to Sendai

Top Energy Summaries - Tuesday, February 06, 2001 - 2:28 PM

Putin Fires Power Chief Over Cuts

Changing the Climate of Power Charges in Ulster

Armenia agrees pact on energy debts with Russia

Top Energy Summaries - Tuesday, February 06, 2001 - 12:34 PM

Foreign Investment in the Indian Power Sector

US Oxo Alcohols Market Plagued by Oversupply, Feedstock, Energy

Aussies Show Off Their Solar Ferryboat / Zero-Pollution Run Suggested for 
Alcatraz

Enron's Indian unit Dabhol Power invokes guarantee for outstanding bills

Rio De Janeiro Starts Wind Mapping - Brazil

Dynamotive Technologies Corp - Engineering Partnership to Develop Commercial 
Biooil Energy Projects

Chile: CGE Centers Power Transmission Business on Transnet

Brazil : Increases Competition for Electric Power Sale

Top Energy Summaries - Tuesday, February 06, 2001 - 9:37 Am

Data Systems & Solutions to Strengthen Transmission Control Functions at Two 
Scottish Power Substations

Chinese Joint Venture Announced by the Electric Transportation Company

REPSOL-YPF TO PRODUCE NATURAL GAS IN VENEZUELA, SELL IT TO PDVSA

Partnership between Mirant And Keppel Fels Energy Dropped

Indian Government: N.T.P.C.'S Achievements Commended by Minister of State for 
Power

Orbis Online Signs Letter of Intent with Leading Chinese Energy Provider

Korean Ministry Plans to Open Electric Power Exchange in April

Russian Press on Munich Forum, Energy Crisis, Debts, Israel.

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KRT DAILY ENERGY NEWS
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Access stories online at http://www.powermarketers.com/pma-krt.htm

West Virginia Utilities Show Great Variances in Rate Stability

Wisconsin Judge Tosses Utility Lawsuit to State Court

Vancouver, Wash., Businesses Suffer Impact of High Utility Prices

Vancouver, Wash.-Area Residents Struggle with High Utility Bills

Power Supply Sufficient for Washington State, Officials Say

Low Snowfall Portends Possible Summer Water Crisis for California

California Utilities Stop Charitable Giving

California Utilities Suffer Through Self-Wrought Energy Shortage

Power-Generating Companies Lead Industries in Return to Investors in 2000

California Governor to Unveil Extended Electricity Contracts

Energy Bill Likely First of Many Measures Needed to Calm California Crisis

California Governor Seizes Low-Cost Energy Contracts Put Up for Auction

California Governor Enlists Mcdonald's to Get Out Conservation Message

Northwest Power Generators, Farmers to Work Together to Conserve Water

Northwest Officials Reconsider Abandoned Nuclear-Plant Proposals

U.S. Energy Officials Give Western Governors the Cold Shoulder

Portland, Ore., Utility Clearinghouse Benefits from California Energy Crisis

Oregon Power Authority Puts Energy Needs above Salmon Conservation

Demonstrators Protest High Energy Bills at Philadelphia Utility

Monroeville, Pa.-Based Energy Company Stresses Need for More Nuclear Power

Tulsa, Okla.-Based Energy Firm Reports Increase in Income

Profits Escape Owner of Orange County, Calif., Electricity Generators

The Orange County Register, Calif., Jonathan Lansner Column

California Power Crisis Creates Losses for Some Out-of-State Energy Firms

Swarm of Pennsylvania Customers Could Halve Earnings of New Jersey Utility

California Power Crisis Puts Spotlight on Technology

Inefficient Homes, Appliances Contribute to Expensive Energy Bills

Arkansas' Largest Energy Consumers Propose Ways to Cut Power Costs

Energy Issues Take Center State in Policy Strategies

Renewable Electricity Company Boasts of Success in Pennsylvania Market

New England Power-Grid Operator Says Customers May Suffer Outages in 2003

Blackouts Highlight California Policy Flaws

Massachusetts Researchers Develop Uranium Fuel for Nuclear Power Plant

Scottishpower's Third-Quarter Results Meet Expectations

Dallas-Based Utility Txu Seeks to Raise Electric Rates, Add Surcharge

Power Supply Issue Could Threaten Many Regions, Duke Energy Chief Says

--Head of Georgia Natural-Gas Marketer Resigns

-Florida's Utility Customers May Pay Even Higher Rates in Spring

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REUTERS
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Access stories online at: http://207.32.82.57/news/ElectricPower.html

High winds cut power to 8,000 in Ireland

Manila to study revamp of bill on power reforms

Portugal EDP to stick by Cantabrico bid-source

Investors seek yield reward on Calif. utility bonds

EIA trims estimate of US natgas demand in Q1

Wisconsin energy says earnings rose

U.S. Energy Dept to let California power order expire

Calif. reaches agreement on long-term power contracts

UPDATE 2-Enron says invokes Indian fed govt guarantee

Ameren fourth quarter profit below estimates

S&P affirms Endesa S.A., Iberdrola S.A. ratings

Canada spot natgas rises with colder western weather

WRAPUP 4-Failed Spanish utility deal sparks new fight

Kansas City Power sees 2001 profits below forecasts

Saudi minister sees competitive power in 10 years

Enron says invokes Indian federal govt guarantee

S&P rates AES $600 mln snr unsecured notes

Brazil to adjust Furnas books for 2001 privatization

U.S. Northeast digs out from heavy snow

TABLE - Calpine Q4 net rises

NYMEX ups western electricity futures margins

Moody's affirms Iberdrola International

Orion earnings rise, top forecasts

Two Brazil power firms to join assets, stocks rally

EIA says electricity demand to rise in Q1 2001

Moody's maintains Endesa Aa3 rating

Techs lift eurostocks pre-Cisco, power firms add spark

INTERVIEW-Oslo Energi aims to form multi-utility giant

INTERVIEW-U.S. Cargill joins German LPX power exchange

Siemens opens plant in Los Angeles to make solar power systems

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NEW on the POWERMARKETERS.COM TRAINING PAGE
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Access all online presentations at: http://www.pmaconference.com

New! Now you can choose to stream the presentation immediately over the web, 
or download it to your computer for later viewing-- Free!

New! Five additional RealVideo-based powerpoint-based presentations, with the 
accompanying audio. Running about 30 minutes each, the new selections include:

ELECTRONIC TRADING. Power is following natural gas to become an 
electronically-traded commodity. The products, the technology and the future 
of electricity transactions. Kevin Sluder, Vice President, HoustonStreet 
Exchange.

NUTS AND BOLTS OF RETAILING. What it takes to put an energy retailing 
operation together-- the cash and credit requirements, back office, 
information technology, staffing, marketing, sales and organizational 
considerations. Andrew Serri, Vice President, AmerenEnergy Marketing.

RETAIL: WHAT WENT WRONG, HOW TO FIX IT. Retail electric deregulation has thus 
far been an underwhelming success, but a great deal has been learned, and it 
is eminently fixable. By Dr. John O'Brien, Principal, Skipping Stone

MANAGING BILLING. The complex requirements for managing billing and 
commodities in the deregulating energy industry cannot be met with current 
CIS and CRM technology. Energy Retailers must embrace the next evolution of 
energy customer management (ECM) solutions. Paul Grey, Chief Technology 
Officer, Peace Software.

THE INTERNET AND THE VELOCITY FACTOR. Greater price transparency, faster 
execution, reduced transaction costs, increased number and frequency of 
transactions and increased specialization are just some of the changes to 
energy markets wrought by the web, and it's just beginning. Implecations of 
the internet for energy markets. E. Russell "Rusty" Braziel, Chairman and 
Director, Altra Energy Technologies.

Access all online presentations at: http://www.pmaconference.com

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