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