Guys, attached you will find a completed 2001 Pro Forma budget needing Lavo's 
review and then detailed review with each team.

This workbook has a number of worksheets including:
 a) pkrs o&m - this details the o&m costs for the sold peakers assuming we 
own throught Q2 - charged to the OOC;
 b) driftPrepay - shows the detail as provided netting drift and pre-pay 
expenses - not all that relevant if you assume that increasing drift will be 
offset by larger monetizations;
 c) Summary - overall completed income statement - note that non-external 
capital charges are added back to reach EBIT;
 d) commercial income - guts of the commercial budget;
 e) group expenses - shows the detail on ENA net groups expenses, EIS/ENW/IT 
non-allocable, corporate charges not allocated to specific commercial groups 
and bonus/other comp;
 f) HP&L - takes a cut at HP&L income statement and balance sheet in 2001 
assuming a sale by the end of Q2 - this needs some sit down work with Redmond;
 g) Balance Sheet Allocations - this defines by group the capital employed, 
assets to be sold and new capital expenditures expected in 2001 - then 
calculates a net capital and depreciation charge;
 h) Balance Sheet - this defines the existing balance sheet with no 
anticipated sales or increases by vehicle (ie) Enserco, JEDI, etc - merchant 
investments are charged @ a blended rate of 15% and strategic investments are 
charged @ a blended rate of 9%.

Two action items:
 a) Print out for John - Commercial Income  & Summary worksheets for his 
comment and review &
 b) Start putting completed commercial packages together for 
distribution/further comment by the business units in the next couple of 
weeks - include detailed income statement, headcount, balance sheet 
(including expected increases,decreases, capital charge and depreciation), 
leave pages open for goals & objectives and target customer list.  I would 
like to review format and detail for each group before distribution.



Regards
Delainey