Rene's best guess is that Shell is going to contribute their pipe and their 
marketing business to Intergen (a Shell-Bechtel JV involved in international 
generation...hence the name), and then spin it out to the public.  This would 
put cash in Shell's pocket and rid them of a business that they feel they 
paid way too much for.  It would give Intergen some needed scope, and an 
immediate presence in North America.  I understand there was some sort of 
"standstill" restricting Intergen's activities in the US that will soon 
expire.  Intergen plans to escalate its US activities when the standstill 
expires, and their management can't wait to get out from under the stodgy 
thumbs of Shell and Bechtel.

Rene just confirmed something that I had already been hearing on the street.  
I don't have a feel for the timing, and can't even handicap the odds, but 
that's the story.  By the way, I am hearing that Shell plans to keep their 
offshore pipe because (1) it is critical to their deepwater activities, and 
(2) not necessarily an advantage for Intergen's power generation plans.

I'll let you know if/when I hear from Charlie, or pick up any other scoop.  

JNG