-----Original Message-----
From:  Baker, Ron  
Sent: Thursday, February 15, 2001 9:12 AM
To: Siurek, Ryan; McKean, George; McKillop, Gordon; Ephross, Joel
Subject: Raptor 2 - Sale of CEG/RioGas

FYI
I was just notified that the sale of CEG and RioGas which are hedged in 
Raptor 2 will likely close next week.  Current estimates indicate that the 
loss on the sale will be around $30MM.  It is expected that the sale of the 
one remaining South American LDC will result in gains that will more than 
offset this loss.  Obviously, those expectations can change, but I wanted to 
keep everyone informed on this.

Ryan - This expected realized loss is exactly the situation which most 
concerned us in the meeting with Patti this week.  Is there anything we can 
do to push them towards resolving that timing of realized losses is 
irrelevent, and this is not an issue?