Dear PIRA Retainer Client:

European electricity markets are experiencing an unprecedented surge in trading volumes and will be entering new phases of integration and liberalization in the years to come. As barriers to trade rapidly erode among countries, and regional markets emerge, we are witnessing all forms of change in pricing basis, and new areas of power trade are constantly evolving.

With these changes in mind, PIRA Energy Group announces the launching of its new European Electricity Service (EES) <http://www.pira.com/ClientServices/EES.htm>, an Internet-based Retainer Service that complements PIRA's existing market coverage of European and North American natural gas, North American power, and global oil.

EES provides clients with a robust data base, including detailed information for over 4,000 power plants, as well as market insights into the developments of power generation, demand, cross-border trading, and prices. PIRA's reputation for grasping market fundamentals is unrivaled, and EES continues in that tradition by helping clients to analyze how to capture value in the rapidly changing European electricity market.

Clients of EES will benefit from:

1. Analysis of major and subtle shifts in market trends, which will impact supply availability, power demand, cross-border trading, and price direction;

2. Opportunities to dig deeply into the rich EES database and reveal key issues influencing both short- and long-term market fundamentals;

3. Integration of PIRA's unparalleled reputation for gas and oil forecasting in addressing interfuel competition and arbitrage opportunities in the European market.

The attached prospectus provides more information about EES or you can go to our website at http://www.pira.com/ClientServices/EES.htm. Please take some time to review the material and contact me to discuss the service or to sign up for an online trial of EES.

PLEASE NOTE: Current PIRA European Natural Gas (ENG) Clients can realize significant discounts when adding EES to their existing ENG Retainer Service.

If you have any further questions, please do not hesitate to contact me.

Regards,

A.J. Conley
Managing Director, Client Services
PIRA Energy Group
(212) 686-6808
ajconley@pira.com <mailto:ajconley@pira.com>