Thought this might be helpful.


---------------------- Forwarded by Don Miller/HOU/ECT on 04/06/2001 03:24 PM ---------------------------


Jon Cartwright <JCartwright@FI.RJF.com> on 04/06/2001 02:52:18 PM
To:	"'RJF Energy-Gram'" <cartwrit@bloomberg.net>
cc:	 
Subject:	ENERGY: Notes from PG&E Conference Call


> The PG&E conference call just ended.
> *	The Company reaffirmed that all trade suppliers will be paid in the
> normal course of business.  The Company specifically mentioned that it
> intended to maintain and pay in full all of its bi-lateral contracts,
> which includes a contract with Calpine.  The Company also plans to
> maintain and assume its contracts with Qualifying Facilities and will pay
> in full all post petition obligations.
> *	The Company will also make all interest payments on its mortgage
> bonds, however, no principle payments will be made until a reorganization
> is finalized.
> *	The Company indicated that it had "adequate cash for a significant
> period of time".
> *	PG&E did not provide a time table for the reorganization.
> *	The Company reiterated that this is a financial and regulatory
> crisis, not an operational one.
> *	The Company will continue to work towards and believes that it will
> be reimbursed in full, and, under that scenario, all creditors would be
> paid.

Jon Kyle Cartwright
VP & Senior Energy Analyst
Raymond James & Associates
Taxable Fixed Income Research
Raymond James Financial Center
Tower III, Third Floor
880 Carillon Parkway
St. Petersburg, FL 33733-2749
Telephone: 727-573-8366
Facsimile: 815-425-4161
JCartwright@fi.rjf.com

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