Attached is PIRA's latest "Western Grid Market Forecast."

If you have any questions regarding the report's content, please contact
Morris Greenberg (email: morris@pira.com),  Allan Stewart (email:
astewart@pira.com), Victoria Watkins (email: vwatkins@pira.com), or Alastair
Stevenson (email: alastair@pira.com), at (212) 686-6808.

Contact John Graziano regarding PIRA report distribution and address changes
at (212) 686-6808, email: support@pira.com.

NOTE: Circulation of the "Western Grid Market Forecast" outside a Client's
licensed distribution area is strictly prohibited. Clients that are unsure
of their licensed distribution or require an extension of their current
license should contact their PIRA sales representative, or email to
sales@pira.com.

PIRA Energy Group

Attached is PIRA's Western Grid Market Forecast.

Please direct questions regarding this report to Victoria Watkins, Morris
Greenberg, Allan Stewart or Alastair Stevenson at (212) 686-6808.

Please contact John Graziano regarding PIRA report distribution at ext. 341.

NOTE: Circulation of the "Western Grid Service" outside a Client's licensed
distribution area is strictly prohibited. Copyright compliance is enforced.
Clients that are unsure of their licensed distribution or require an
extension of their current license should contact their PIRA sales
representative, or email to sales@pira.com.

PIRA Electricity Group

 - westmay01.pdf