Active

Trailblazer
Discussions with KM, NBP & EOTT
EOTT preliminary bid received - $65 - 70 MM
NBP preliminary bid indicated - $68 MM
KM may come back with another price
EOTT/NBP discussions on price planned for next week

MOPS
PSA signed 13 November
Will coordinate with Wilkie & Burleson on our obligations prior to close

Discovery
Have notified Merrill of ETS withdrawal and NBP interest

Calypso + Bahamas LNG
Development on sale to outside parties
No anticipated role for ETS

Southern Trails
TW has submitted expression of interest to Questar
Due diligence report expected

Beaver
Beginning to reinsert into information flow

Valuations
FPL (on hold)

Other
Industry analysis ongoing

Hold
Valuations Complete
Alta
PGT
Tornado
Wolverine
Columbia Gulf

TCPL
First cut valuation complete
Produces strong cash flow; long-term growth; growing power business; substantially cleaned-up balance sheet
Risks lie in competition (Alliance, etc) and regulatory environment; minimal transmission growth near term

MRT/REGT
First cut valuation complete
Reliant had put assets up for sale in early 2000 but didn't get their price; current indications that they may want to sell
MRT looks appealing - storage opportunities; cash flow; St Louis market
REGT - old supply basin; stagnant market; old infrastructure
Next step is to refine analysis and determine approach to Reliant



Stephen Dowd
Enron Transportation Services
713-345-7219 (office)
713-858-8867 (mobile)