Stan - FYI, we (Ron, John, Rod, Saeed and Dwight) had a great meeting today 
with PWC to discuss getting a better handle on both the operating synergies 
and growth potential for a combination pipes/wires Transco.  They had a very 
good outline of how to move forward at a 50,000 foot level, which is 
appropriate for our next meetings on 2/1/ and 2/4.  The action items 
resulting were as follows:

ENE to provide PWC w/ basic data download from our work in progress 
(assumptions we've used for the IOU's assets, GPG public data, shell models, 
etc.) (1/21)
PWC to provide ENE cost to complete study prior to 2/1 and 2/4 meetings (1/21)
PWC to provide ENE a template for evaluating each of the synergies we 
mutually agreed need focusing on now. (1/24)
PWC to provide ENE a similar template for the various growth prospects 
discussed (1/24)
Initial follow up meeting (same participants from ENE) on Monday, 1/24 to 
begin rationalizing the data and quantifying the numbers.
Rough draft of study due before 2/1 meeting.
Final draft prior to 2/4 meeting.

As always, call if any questions.

RANDY