--------- Inline attachment follows ---------

From:  <"PIRA Distribution" <distribution@pira.com>@ENRON>
To: PIRA Oil Retainer Client <eileen@pira.com>
Date: Friday, December 21, 2001 9:42:19 GMT
Subject: 

Attached is PIRA's latest "World Oil Market Forecast."

If you have any questions regarding the report's content, please contact
Dr. Gary Ross at (212) 686-6808, email: garyross@pira.com.

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

NOTE: Circulation of the "World Oil 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


 - oildec01.pdf 

--------- Inline attachment follows ---------

From:  <"PIRA Distribution" <distribution@pira.com>@ENRON>
To: PIRA Western Grid Retainer Client <vwatkins@pira.com>
Date: Friday, December 21, 2001 4:36:52 GMT
Subject: 



Dear PIRA Western Grid Client:

Attached is PIRA's revised "Western Grid Market Forecast" for December 2001.

Tables showing supply and demand balances on the last two pages of the
December report have been replaced due to an error in the original report
sent to you on Thursday, December 20. Attached is the complete report with
the correct tables. Everything else in the report is the same as the
original version.

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 Client Services 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.

We apologize for any inconvenience this might have caused you.

Electricity Team
PIRA Energy Group
3 Park Ave., 26th Floor
New York, NY 10016
(212) 686-6808, ext. 315


 - westdec01.pdf 

--------- Inline attachment follows ---------

From:  <"PIRA Distribution" <distribution@pira.com>@ENRON>
To: PIRA Natural Gas Retainer Client <cathy@pira.com>
Date: Friday, December 21, 2001 10:08:29 GMT
Subject: 

Attached is PIRA's latest "Monthly Gas Forecast."

If you have any questions regarding the report's content, please
contact: Greg Shuttlesworth (email: greg@pira.com), Richard Redash
(email: Rich@pira.com), Nobu Tarui (email: nobuo@pira.com) or Jane Hsu
(email: jane@pira.com), at (212) 686-6808.

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

NOTE: Circulation of the "Monthly Gas 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


 - gasdec01.pdf 

--------- Inline attachment follows ---------

From:  <"PIRA Distribution" <distribution@pira.com>@ENRON>
To: PIRA Oil Retainer Client <eileen@pira.com>
Date: Friday, December 21, 2001 10:50:30 GMT
Subject: 

Attached is a slideshow summarizing PIRA's latest "World Oil Market
Forecast."

If you have any questions regarding the report's content, please contact
Dr. Gary Ross at (212) 686-6808, email: garyross@pira.com.

Contact Dyana Rothman regarding PIRA report distribution and address
changes at (212) 686-6808 x341, email: support@pira.com.

NOTE: Circulation of the "World Oil 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


 - Slidesh122101.pdf 

--------- Inline attachment follows ---------

From:  <webmaster@cera.com@ENRON>
To: clients@cera.com
Date: Saturday, December 22, 2001 3:00:13 GMT
Subject: 


Title: Hydro and Gas Storage Dampen Western Winter Markets
URL(s):

http://www.cera.com/eprofile?u=35&m=2908;


***********************************************************************

CONTINUED WESTERN MARKET SOFTNESS
High gas storage levels and western power storage in the form of growing
hydroelectric reserves will dampen prices for both commodities through
the winter and potentially deep into next year. Milder weather, retail
electricity price increases, economy-related demand reductions, improved
western hydroelectric conditions, generating capacity additions, and a natural
gas price decline will keep winter markets soft. Henry Hub prices have held
relatively strong in the face of extremely bearish fundamentals. Over the
next month, gas storage inventories will eventually weigh down prices, as that
near-term impact overshadows long-term concerns about declining US production
and weakening rig counts.

* Compared to first quarter 2001, power fundamentals in first quarter 2002 will
be characterized by 30 percent higher hydroelectric output and 8 percent lower
electricity demand.

* Western gas storage inventories remain very strong and increasing supply in
the Rockies and exports from western Canada will lower Rockies and San Juan gas
prices.

* Poor winter 2000/2001 precipitation left the Pacific Northwest vulnerable to
tight power supplies at the start of this winter, recent storms have eliminated
reliability concerns.


**end**

Follow above URL for complete CERA Monthly Briefing (11 printed pages).

E-mail Category: Monthly Briefing
CERA Knowledge Area(s): Western Energy



*****************************************************************************************
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Related Events REGISTER ONLINE TODAY AT:  http://www.cera.com/ceraweek
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Questions/Comments: webmaster@cera.com
Copyright 2001. Cambridge Energy Research Associates


--------- Inline attachment follows ---------

From:  <"PIRA Distribution" <distribution@pira.com>@ENRON>
To: PIRA Western Grid Retainer Client <vwatkins@pira.com>
Date: Wednesday, December 26, 2001 9:30:55 GMT
Subject: 

PIRA Western Grid Market Forecast Clients:

Attached are replacement pages for the last two pages of PIRA's December
2001 Western Grid Market Forecast:
WSCC Load/Resource Balance (Thousands of Average MW)
WSCC Load/Resource Balance (Thousands of MWhs)

The entire report is attached for your convenience.

PIRA's Electricity Team
PIRA Energy Group
3 Park Ave., 26th Floor
New York, NY 10016
(212) 686-6808, ext. 315


 - westdec01.pdf