Title: The Fallout from Enron:  Implications for Gas and Power Markets
URL(s):

http://www.cera.com/eprofile?u=35&m=2831;

http://www.cera.com/eprofile?u=35&m=2832;

http://www.cera.com/eprofile?u=35&m=2833;

http://www.cera.com/eprofile?u=35&m=2834;


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The collapse of the proposed Enron/Dynegy merger has sent a shock wave through
the industry but does not threaten the effective functioning of wholesale gas
and power markets in North America. Major market participants have had more
than a month to unwind positions with Enron, and thus the overall exposure has
been greatly reduced.

*  Wholesale gas and power markets in North America continue to function
effectively. There is no reason for the physical flow of gas or power to be
impeded this winter.

*  Liquidity for longer-term structured products has temporarily been reduced.
Others will move in to fill the gap, but this will take time.

*  Enron's problems do not represent a critical blow to deregulating gas and
power markets.

We are sending this Alert to Global Energy clients also because of Enron's
major role in the US gas and power markets.

**end**

Follow above URL to complete Alert (2 printed pages).

E-mail Category: Alert
CERA Knowledge Area(s): Western Energy, Global Energy, North American Gas, North American Power


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