Dear Vince,

Greetings from Boston... In the last year, I've been associated with the
Neptune merchant transmission project... check it out at www.NeptuneRTS.com.
We filed with FERC last week and I'm sending you the Wall Street Journal and
Megawatt Daily articles on it.

Have you seen any good analytical work on merchant transmission? I'm in a
dialogue with Paul Joskow and others on this issue but as always would
appreciate your thoughts.

All the best,

Ed



Edward N. Krapels, PhD
Director
ESAI Power and Gas Services
tel 781 245 2036
cell 617 899 4948
ekrapels@esaibos.com
www.esai.com


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