On Friday the Commission issued an order suspending (until October 15, 2000) 
TW's tariff sheets for acquiring PNM capacity, and calling for a technical 
conference.  The Commission stated that while TW's proposal may be in the 
public interest, further investigation of the issues, including those raised 
by Dynegy in its protest, is necessary prior to authorization.  The order 
does not make clear what issues are to be investigated, but they seem to 
include:  whether TW will, in effect, become a marketer for PNM's services, 
whether the rates are just and reasonable and whether there is any expansion 
of monopoly power.  Additionally, the Commission noted that while PNM has 
certificate (i.e., public convenience & necessity) authority to transport gas 
in interstate commerce, PNM will "have to either explain how it has 
appropriate rate authority for transportation of natural gas in interstate 
commerce, or seek appropriate rate authority from the Commission."   Lorraine 
has forwarded a copy of the order to PNM so that they can begin taking the 
appropriate steps.

I will talk with regulatory about technical conference dates and will tell 
you when I have further information.  If you would like a copy of the order, 
let me know.