Mr. Jess K. Hyatt
Director
Enron Transportation Services

Dear Mr. Hyatt:

Powerful new forces are transforming the North American gas and power
industry, bringing considerable volatility and uncertainty to investment
and strategy. Questions relating to prices, security, geopolitics, the
global economy, and environmental concerns are forcing reconsideration
of basic assumptions and plans.

To address these questions and concerns, Cambridge Energy Research
Associates (CERA) announces a timely new multiclient study, "New
Realities, New Risks: North American Power and Gas 2020."

In an online interview CERA Senior Director Lawrence J. Makovich
presents a brief overview of major issues to be addressed in the study.
To hear more information about the study, please access the interview on
our website at http://www.cera.com/mc?c=68386&p=1044 .

Using CERA's scenario planning methodology, "New Realities, New Risks"
will present plausible alternate paths to the future of power and gas
markets in North America over the next 20 years. The Study will provide
useful tools for evaluating corporate strategies and investments as well
as an integrated assessment of gas and power market analyses. 

The study will address key issues including
*What levels of gas and power prices are sustainable?
*How will the current wave of power plant and gas pipeline
infrastructure development shift North American energy dynamics?
*What opportunities, risks and challenges face those involved in the
industry?
*How will technological developments affect future gas and power
markets?
*Will the role of government expand or contract in the energy industry?
*What will be the cost and value of increased energy security?
*Who will be the winners and losers in each scenario?

For complete details of the study, including deliverables and proposed
study content, please visit our website at
http://www.cera.com/offerings/details/1,1504,CID2299,00.html.

In the traditional CERA format, the study will start with a kick-off
workshop. Exclusively hosted for study participants(*), the kick-off
workshop will take place in early January at a location to be announced.


To obtain your confidential study prospectus, please contact Noelle
Hernandez-Bullrich at nhernandez@cera.com or via phone at +1 617 498
9148.
You may also contact Ron Kapavik at rkapavik@cera.com or via phone at +1
617 441 2629 with any specific questions you have about the study. 

Thank you for your consideration, and we look forward to your
participation in this study.

Sincerely,

Noelle Hernandez-Bullrich
Associate, North American Energy

(*) Special discount for enrollment in the Study prior to December 31st.

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