PIRA's Emissions Marketing Intelligence Service (EMIS) just released its
latest report to clients entitled, "Update: The Southern California (NOx)
RECLAIM Market."  On May 11 the South Coast Air Quality Management District
Board removed power generators, as defined under the program, from the NOx
RECLAIM market at least until 2004. However, their actions to date have left
the rest of the RECLAIM participants, such as oil refineries, facing an
ongoing, extremely tight market balance.

A second, extensive report analyzing trends and prospects in the SO2 Credit
Market will be released shortly.

Non-EMIS clients interested in the latest RECLAIM report can purchase it for
$2,000. The annual fee for quarterly EMIS reports is $4,500 for up to 10
users at one client site (office).

For more information, please contact Victoria Watkins at (212) 686-6808,
ext. 315 or vwatkins@pira.com.