We hope that 2001 is off to a great start for you!  Last year, our law firm,
McDermott, Will & Emery hosted a conference for tax people in energy 
companies.
We are again hosting a complimentary, full day Energy Tax Workshop on Tuesday,
April 24, 2001, at the McDermott, Will & Emery offices in Chicago.  Although
April 2001 might seem like a long time away, please save the date!

With the dramatic changes faced by electric utilities, we plan to focus this
year on "Hot Tax Topics for Electric Utilities."  As we did last year, we want
to provide informative sessions to allow for the free flow of ideas among all 
of
the participants.

Topics will include:
- Restructuring issues (including internal and external spins)
- Nuclear decommissioning issues
- Cross-border acquisitions (both inbound and outbound)
- Energy trading and hedging activities in light of proposed amendments to the
hedging regulations

Proposed additional sessions could include:
- Generation disposition techniques
- Synthetic generation mechanisms
- Stranded asset securitizations
- Regional transmission organizations
- Tax issues raised by the California experience (such as NOL utilization,
interest income on unpaid receivables, and tax-exempt financing for 
electricity
purchasers).

We are open to suggestions for interesting and timely topics.

An important part of last year's conference was participation by a number of
representative companies.  As a result, please let us know if you are 
interested
in serving as a panelist or moderator for any of the sessions.

We have great ideas that we believe will make the workshop an exciting and
worthwhile experience for all of us.  We think it could be even better with 
your
involvement.  We know it will be beneficial with your participation and hope 
you
will be able to join us.

If you or someone else at your company is interested in attending the workshop
please e-mail Shannon Buchanan at sbuchanan@mwe.com.  Please let any one of us
know what you think.

We look forward to hearing from you.

David Hardy         Andie Kramer         Laurie Marsh
212/547-5307        312/984-6480         212/547-5562
dhardy@mwe.com akramer@mwe.com     lmarsh@mwe.com

Bill Pomierski           Marty Pugh
312/984-7531             202/756-8391
wpomierski@mwe.com       mpugh@mwe.com

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