Please call to discuss. Thanks.
---------------------- Forwarded by Richard Shapiro/NA/Enron on 12/19/2000 
07:01 PM ---------------------------


"JOHN G KLAUBERG" <JKLAUBER@LLGM.COM> on 12/07/2000 01:44:52 PM
To: Richard.Shapiro@enron.com
cc:  

Subject: Utility M&A Seminar

Rick:  it was great to catch up with you the other day in NY.  It seems like 
it was a very long time ago that we worked together on the PECO deal, doesn't 
it?

I look forward to doing the panel with you at the Utility M&A Symposium in NY 
on Monday, January 29, 2001.  Our panel is set for around 4:00 that 
afternoon.  I'll get off a brochure to you, but the panel will discuss price 
volatility and what strategies there may be for dealing with it.  I thought 
it would be great if you could address the California situation and your 
thoughts on why it occurred and what the causes are and perhaps what remedial 
measures should be undertaken.  Your thoughts on price caps and the "hard" 
and "soft" nature of the various approaches would also be on interest.  I 
think people would also have a keen interest in the differences between CA 
and other markets, such as PA and perhaps the soon to open Texas market.  
I'll follow up with more info as the time gets closer, but you probably may 
want to think of a talk in the 25 minute range or so.  I will let the EXNET 
(the seminar sponsor) know of your participation.

As you may also know, LeBoeuf sponsors a dinner that evening at LeCirque for 
our energy industry clients.  It is usually a good time and many of your 
compatriots, including Steve Kean, have attended in the past.  If you can 
possibly make it, that would be great.  My guess is that there also may be 
some people in attendance that you may wish to catch up with on various 
industry things that you may be working on.

Thanks again, Rick, and I'll be in touch soon.  John