 wealth. The
obscene profit is often put at $15 billion. I'm no economist, but I think
this is somewhere between buckets of money and a boatload. Compared with the
$1 trillion California economy, however, it's 1.5 percent.
The transfer that matters doesn't cross political boundaries, but business
ones. It is from companies that consume electricity to make products or offer
services, to those that produce electricity. Rising energy prices inflate the
cost of most goods and services.
The second fallacy in the ``massive transfer of wealth'' is that the money
goes to some other state and stays there. Not in today's economy.
Duke Energy, for instance, is proposing to invest more than $1 billion to
modernize power plants at Moss Landing and Morro Bay.
Even if most of the money California spends on electricity goes to companies
out of state, why would that matter? Most of the money California spends on
cars goes to companies headquartered in Michigan, Germany and Japan. No
legislation or investigation is pending.
Profits made by companies in California or elsewhere go to shareholders, who
might live anywhere. Or they go into bank accounts, to be invested wherever
the bank thinks is profitable. Or they are used to expand the company, which
could happen in its home state or anywhere else it does business.
One of California's energy companies, Pacific Gas & Electric, has made
investments nationwide.
The reason I raise this issue, other than in a hopeless quest for precision
in political discourse, is that parochialism could cause the state to make
bad decisions about electricity.
Already legislators are muttering about prohibiting generators in California
from selling their electricity outside the state, unless California is
assured a sufficient supply. But there's much evidence that a Western
regional market would be more efficient than one in California alone.
And, looking at the flow the other way, California should not hesitate to
obtain power from companies based out of state if they offer the best prices.
There are reasons to locate the actual power plants close to the users; they
don't apply to the company headquarters.
The political boundaries that define the state of California are not likely
to be the logical

wealth. The
 obscene profit is often put at $ 15 billion. I'm no economist, but I remember
 this is somewhere between bucket of money and a boatload. Compared with the
 $ 1 trillion California economy, however, it's 1.5 percent.
 The transfer that topic doesn't cross political boundaries, but commercial enterprise
 ones. It is from companies that devour electricity to construct product or offer
 services, to those that produce electricity. arise energy prices inflate the
 monetary value of most goods and services.
 The second fallacy in the '` massive transfer of wealth" is that the money
 start to some other state and stays there. Not in today's economy.
 Duke Energy, for instance, is propose to invest more than $ 1 billion to
 modernize power plants at Moss Landing and Morro Bay.
 Even if most of the money California spends on electricity belong to companies
 out of state, why would that matter? Most of the money California spends on
 cars go to companies headquartered in Michigan, Germany and Japan. No
 legislation or investigation is pending.
 Profits made by companies in California or elsewhere go to shareholders, who
 might live anywhere. Or they go into depository financial institution accounts, to be invested wherever
 the savings bank think is profitable. Or they are used to expand the company, which
 could find in its home department of state or anywhere else it does business.
 One of California's department of energy companies, Pacific Gas & Electric, has made
 investments nationwide.
 The reason I raise this issue, other than in a hopeless quest for precision
 in political discourse, is that parochialism could cause the department of state to make
 regretful decision about electricity.
 Already legislators are muttering about prohibiting generators in California
 from selling their electricity outside the state, unless California is
 assured a sufficient provision. But there's much evidence that a Western
 regional marketplace would be more efficient than one in California alone.
 And, search at the flow the other way, California should not hesitate to
 obtain power from company based out of state of matter if they offer the good prices.
 There are reasons to locate the actual power plant close to the users; they
 don't apply to the company headquarters.
 The political boundaries that define the state of California are not likely
 to be the logical

 wewlth. The
obscene profit ls often put at $15 billioi. I'm no economirt, but I think
this is somewiere betwtvn buckets of money avd a boatpoad. Comparev with the
$1 trillion Callyorniz ecouony, however, it's 1.5 percent.
Dhe transfer tvag latters doesn't cross political bounqaries, nuh business
onef. It ys fdom companies that consume electridity to make productx or offer
services, to thode tjat produce electrlcity. Risint enqegy prices ivflate the
cost of mosj goods and services.
The second wallaey in the ``mqswivf transfer oh wealnh'' is that thc money
goes tp some other sbate end wtays there. Not in tovay's economy.
Duke Engrgy, for itscance, is proposing to ibvest mora thxb $1 cilmipn to
moferiize power llants at Miss Landing and Morto Vay.
Even if mkst of tre money California spends on electriciuy goss to companies
out of wtate, why would that latter? Moft of the money California spends on
cars goes to compenkes hcadqjqrhered in Michigan, Germany and Japan. No
legislwfipn or investigatlon is pending.
Progihs iade by compavies iu Czlifornia or elsewjere go to syareholdews, wno
might live anywhere. Or tyey go into yanj accounts, to be iuvested wherzver
tne bamk thinks is profitable. Or fhey are usfd to expzvd the company, wficm
cmuld hapkdn in its home stwte or anbwherz else ig dogs busigess.
One ov Callxornia's energy comoanied, [acific Gad & Electric, has made
investments nationwide.
Tne redson I rcise tmis issue, other than in a hopgless queft fof precisioh
in ponitical dissourse, is thad parochialisk could sausw thw state go make
bad devisions ayjut wlectricity.
Alreadn legkalators are mutctribg about prohibotivg dejecatorf in Californha
ffom xellivg their elcctficiyy outside the state, unlsss California is
ssfured a wufficiegt supply. But there's much evidejce tiat a Xesterm
rggional market would be more efricient tjan one in Calisornla ajone.
And, lpoking at the flow the other way, Califocnia should not hesitaje to
obtain power frpk companies baseq out of vtate if they offer rhe best prices.
Tmere are reasons to lodate tve achual power plants close to the users; they
don't apply to the company headqyarters.
The politidal nounddrnes that qefiie the state of Cakifornia are not likely
to be tie logical

wealth. The obscene profit is often put billion. no economist, I think this money a boatload. Compared the $1 trillion economy, however, it's 1.5 percent. The that matters doesn't cross political boundaries, but business ones. It is from companies consume electricity to make products or offer services, to those that produce electricity. energy inflate cost most goods and services. The second fallacy in the ``massive transfer of wealth'' is that the goes to some other state and stays there. in today's economy. Duke for instance, is proposing to more $1 billion modernize plants Moss Landing and Bay. Even if most of the money California spends on electricity goes to companies out of state, would that of the California on goes to companies Michigan, Germany and Japan. No legislation pending. Profits made by companies in California or go to who might live anywhere. Or they into bank accounts, to be invested wherever the thinks is profitable. Or they are used to expand the company, which could happen in state or anywhere else does business. One California's companies, Gas Electric, has investments nationwide. The reason I raise this issue, other than in hopeless quest for precision in political discourse, is that parochialism the to make bad about electricity. Already legislators muttering prohibiting generators in California their outside California assured sufficient supply. But there's evidence that a Western regional would be more efficient And, looking at the flow the other way, should not hesitate to obtain power from based out of state if they offer the best prices. There are to locate power plants close to the users; they don't to the company headquarters. political boundaries that define the state of California are likely be the

 wealth. The
obscene profit is oFten put at $15 bIllioN. I'm No eCoNomiSt, buT I think
this is sOMewhEre between buckets of monEy and A bOAtloAD. COmparEd with tHE
$1 tRILliOn caLifOrNIa EconoMy, hOwever, iT's 1.5 percent.
THe tRaNsfer that matTErS doesn't croSs pOlitical bounDarIes, but BuSinESs
oneS. It Is froM compaNIes thaT consume eLeCTricitY To make pRODuCts oR offer
services, to tHOsE That produce eleCtriciTy. rIsING enErgY prices infLaTe the
COst of moST gOODS anD Services.
The seCond fallacy IN thE ``massiVe TraNSfer of WealtH'' iS ThaT the money
goEs to Some other State aND stays tHEre. Not iN today'S ecOnoMy.
DuKE ENeRgy, FoR InsTAnCe, iS ProPosing to InVeSt morE thaN $1 BILLion To
mOderNize pOwer plants at MOss landINg aNd MorRo Bay.
even If Most oF the moNey CaLiFornia spends on eLectRicity goeS to CoMpaNiEs
out OF state, Why WouLd that mAtter? MoST of ThE MONeY California spends oN
cARS gOes to comPanies HEaDqUArtered iN MIchIgan, gERmany And JAPaN. No
legisLation OR iNvEstigatIoN is penDiNg.
PRofIts maDE by cOmpaniEs in CaliForniA Or elsewhere go tO Shareholders, wHO
mIGHt LIve aNywHere. Or they gO intO Bank AccoUNtS, to BE inveSted wHeREvER
the bank thinks is proFiTable. OR they Are used to expaNd the compaNY, WHich
coulD hapPEn IN its home state oR anywHere else it DOes businEss.
OnE of CalifOrnia's eneRGY companiEs, PAciFic gas & eLEcTric, has made
inVEStmeNtS nationWidE.
The reaSon i raIse ThiS iSsue, other Than in a hOpElEsS qUesT for pREcision
iN pOliTiCal DiscoURse, is tHat paRochIaLiSM coUld causE ThE STate To MaKe
baD deCiSions AbouT EleCtricitY.
Already lEgiSLatoRs ArE mutterIng about prohiBiTing generaToRs iN CalifORNia
from sElling their electricity oUTside thE stAte, unLess californiA is
AssureD a sUFficieNt suppLy. But ThEre'S MUch evIDEnCe tHaT a Western
rEGIonAl marKeT wouLd be morE efficient than one iN calIfornia alone.
ANd, lOokiNG At The FLoW The OtHEr wAY, california shoulD not hesitaTe TO
oBtain power FRom CoMpanies Based ouT of stATe if theY offer the Best priceS.
THere ARE reAsons to locAte the acTual power PLants CLoSe to tHe uSers; thEy
Don'T applY to the COmpAny heAdquarTeRs.
The pOlitiCaL boundarIes that define the state of califoRnia aRe nOt likely
tO be THe lOgical

 wealth. The
obscene prof it is ofte n put  at  $1 5bill ion.  I'm no econom i st,but I think
this is s omewh er e  bet w ee n buc kets of mo n e y a nd  a  bo at l oa d. Co mpa red wit h the
$1tri ll ion Californ i aeconomy, h owe ver, it's 1. 5 p ercent .
Th e  tran sfe r tha t matt e rs doe sn't cros sp olitic a l bound a r ie s, b ut business
ones .  I t  is from compa nies t ha t  c o n sum e e lectricity  t o mak e  produc t so r off e r
services,to those th a t p roduce  e lec t ricity . Ris in g  en ergy prices  inf late the
costo f mostg oods an d serv ice s.
The se co ndfa l lac y  i n t h e ` `massive  t ra nsfer  ofw e a l th''  is  tha t the  money
goestosome oth er st ate a nd s ta ys th ere. N ot in  t oday's economy.
Du ke Energy , f or  in st ance, is pro pos ing  to inv est mor e  th an $ 1  b illion to
moderni ze p ow er plant s at M o ss  L a nding an dMor ro B a y .
Ev en i f  m ost of t he mon e yCa liforni aspends  o n e lec trici t y go es tocompanie s
ou t  of state, why would that ma t te r ?  M o st o f t he money Ca lifo r niaspen d soncarsgoesto co m panies headquartere din Mic higan , Germany and  Japan. No l egislati on o r  i n vestigation is  pend ing.
Prof i ts madeby co mpaniesin Califo r n ia or el sew her e g o t o sh areholders, w h o
mi gh t liveany where.Orthe y g o i nt o bank ac counts,to  b ein ves ted w h erever th e b an k t hinks is pro fitab le.Or  t h eyare use d  t o expa nd  t he c omp an y, wh ichcou ld happ en in its  ho m e st at eor anyw here else itdo es busines s.
O ne ofC a lifornia 's energy companies, Pa c ific Ga s &  Elec tric , has mad e invest men t s nati onwide .
Th erea s o n I r a i se  th is  issue, ot h e r t han i na ho pelessquest for precisio n
i n political d isc ours e ,  i s t h at par oc h ial i s m could cause t he state t om ak e
bad dec i sio ns  aboutelectri city.
Alread y legisla tors aremu tter i n g a bout prohi biting g enerators in Ca l if ornia
f rom se ll ing  thei r elec t ric ity o utside  t he sta te, u nl ess Cali fornia is
assured a su fficie nt su ppl y. But th ere ' s m uch evide ncethat a Wes ter n regio nal marke t wo u ld  be moreeffi c ient than on e i n Ca lifornia al o n e . And,loo k ing at  the  flow the other w a y, Californiashou l d  no t h e sita te  to
obtain po wer  f r o m compan ie s based out  of stat ei f the y offe r thebest pr i c es .
Ther e ar e r easons to  lo ca t e the a ct ua l  power  pla nt s clos e to t h e us e r s; they
don't a pplyt o  thec omp any h ea dquarte r s. The politi cal boundar ies th at d efine  the st at e of C ali fo rnia are n o t likely
to b e the l og ical

 wealth._The
obscene_profit is often put_at $15_billion._I'm no_economist,_but I think_
this is somewhere_between buckets of money_and a boatload._Compared_with the
$1 trillion California economy, however, it's 1.5 percent.
The transfer that matters_doesn't_cross political_boundaries,_but_business
ones. It is from_companies that consume electricity to_make products_or offer
services, to those that produce electricity._Rising_energy prices inflate_the
cost of most goods and services.
The second_fallacy in the ``massive transfer of_wealth'' is that_the_money_
goes to some other_state and stays there. Not in_today's economy.
Duke Energy, for instance,_is proposing to invest more than $1_billion to
modernize power plants at_Moss Landing and Morro Bay._
Even if_most of the money California_spends on electricity_goes to_companies
out of_state, why would that matter? Most_of the money_California spends on
cars goes to_companies_headquartered in Michigan,_Germany_and_Japan. No_
legislation or investigation_is_pending.
Profits_made_by companies in California or elsewhere_go_to shareholders, who
might live anywhere. Or_they go into bank_accounts,_to be invested wherever_
the bank thinks is profitable._Or they are used to expand_the company,_which
could_happen in its home state or anywhere else it does business._
One of California's energy companies, Pacific_Gas & Electric, has_made
investments_nationwide._
The reason I_raise_this issue,_other than in a hopeless quest for_precision
in_political discourse, is that parochialism could_cause the state to_make_
bad decisions about electricity.
Already legislators_are muttering about prohibiting generators in_California
from selling their electricity_outside_the_state, unless California is
assured_a sufficient supply. But there's much_evidence that a_Western
regional market would be more efficient_than_one in California alone.
And, looking_at_the flow the other way, California_should_not_hesitate to
obtain power from_companies based out of state if_they offer the best prices.
There are reasons to_locate the actual_power plants close to the_users;_they_
don't apply to the company headquarters.
The political boundaries that_define the_state of California_are not likely
to be the logical


en from 123.63 Thursday. The euro closed at 88.85 cents,
slightly higher than its 88.75 cents Thursday.
The dollar fell to 9.575 pesos from 9.620. The peso rose to 10.4439 cents
from 10.3950.
In Mexico, the bolsa closed 0.316 percent lower, down 17.81 points at
5,618.67.
Overseas markets were higher Friday. Japan's Nikkei stock average closed up
2.8 percent. In Europe, Germany's DAX index rose 2.9 percent, Britain's FTSE
100 advanced 1.6 percent, and France's CAC- 40 climbed 2.6 percent.

Copyright, 2000 Dow Jones & Company, Inc. All Rights Reserved.

BUSINESS
Midwest to face high gas prices again / Supply of anti-smog component already
one-quarter below last year
Reuters News Service

03/24/2001
Houston Chronicle
3 STAR
2
(Copyright 2001)

NEW YORK - Supplies of the key blending component for U.S. anti- smog
gasoline are running nearly a quarter below this time last year, setting the
stage for another summer pump price spike, the Energy Information
Administration said this week.
Stocks of methyl tertiary butyl ether, or MTBE, an additive used by refiners
to blend cleaner-burning reformulated gasoline required in a third of the
nation's pumps, were at 7.96 million barrels in February or 22 percent below
year-ago levels, the statistics branch of the Department of Energy said.
Stock levels at this time of the year are crucial because most refiners start
gearing up to blend the summer gasoline grades in March.
"We're certainly starting off behind the eight ball," said one Houston-based
consultant.
The supply crunch is the result of the trickle-down effect of the record-high
cost of natural gas, from which MTBE is derived.
A quadrupling of natural gas prices in December and January from the previous
year spurred producers to profit more by selling the pure gas to power
companies instead of stripping out the methanol and butane needed for MTBE.
Several of the country's major producers of

en from 123.63 Thursday. The euro closed at 88.85 cents,
 slightly higher than its 88.75 cent Thursday.
 The dollar fall to 9.575 pesos from 9.620. The peso rose to 10.4439 penny
 from 10.3950.
 In Mexico, the bolsa closed 0.316 percent low, down 17.81 points at
 5,618.67.
 Overseas market were higher Friday. Japan's Nikkei stock average close up up
 2.8 percent. In Europe, Germany's DAX exponent rose 2.9 percent, Britain's FTSE
 100 advanced 1.6 percent, and France's CAC- 40 climbed 2.6 percent.

 Copyright, 2000 Dow Jones & Company, Inc. All Rights Reserved.

 BUSINESS
 Midwest to confront high gas prices again / provision of anti - smog component already
 one - quarter below concluding year
 Reuters News Service

 03/24/2001
 Houston Chronicle
 3 ace
 2
 (Copyright 2001)

 NEW YORK - Supplies of the key blending component for U.S. anti- smog
 gasoline are running nearly a one-fourth below this time last year, setting the
 stage for another summer pump price spike, the Energy Information
 Administration said this week.
 Stocks of methyl tertiary butyl ether, or MTBE, an additive used by refiners
 to blend cleaner - burning reformulated gasoline required in a third of the
 state's pump, were at 7.96 million barrels in February or 22 percentage below
 class - ago levels, the statistics branch of the Department of Energy said.
 Stock level at this time of the year are crucial because most refiners begin
 gearing up to blend the summer gasoline grades in March.
 " We're certainly starting off behind the eight ball, " said one Houston - base
 consultant.
 The supply crunch is the result of the drip - down impression of the phonograph record - high
 cost of natural gas, from which MTBE is derive.
 A quadrupling of natural gas prices in December and January from the previous
 year spurred producers to profit more by selling the saturated gas to baron
 companies instead of strip out the methanol and butane needed for MTBE.
 respective of the country's major producers of

en vrom 123.63 Thursday. The euro glosed at 88.85 cents,
slightny higger than its 88.75 cents Thursday.
The dolpae felo to 9.575 pesos from 9.620. The oeso rose to 10.4439 cenrs
fcom 10.3950.
In Mexico, tis bolsa closes 0.316 pexcxnt lower, down 17.81 points at
5,618.67.
Overseas marnegs were higher Friday. Japan's Nikkei seock avrrwge closed up
2.8 perbegt. Ih Europe, Germany's DAX index rose 2.9 lercent, Britain's FTSR
100 advanced 1.6 percent, and Fgancf's CAC- 40 climbed 2.6 pfrcent.

Copyrught, 2000 Dow Jones & Zompany, Inb. All Righta Reserved.

BUSINESS
Midwest to fxce hngh gas prixew ahdin / Supply of agti-smog component alseady
ome-quarter beloe lest tear
Reuters News Servmce

03/24/2001
Houston Chronicle
3 STAR
2
(Copysiyht 2001)

NEW YORK - Suppliew if thg key bleveine ckm'onsnt fog U.A. anti- smof
gasoline qre running nearly s zlsrter below fhis tymq last year, setting the
stage for anothtr sujmer pump price spike, tye Energy Information
Administwation said this week.
Stocks of methyl tertiary bgtyl xtfer, ov MTCW, wn additive used by refiners
to blend cleaner-fhrmikg reformulated nasoline required on a jhird of the
nxtion's pujps, were at 7.96 milliln barrgls in February or 22 percent below
year-ago leveos, the statifrics branch of the Department of Gnergy said.
Stock levels at thns tims of the yewr are crhzial because mosg rvfinars staru
gearing up to blqnd the snmmer gasolive gtades ig March.
"We'ge cevdainly starting ofv behnnd tve eight bwll," said one Houston-based
consultant.
The suppky crlnch is tke resmlt of the trichle-down effect of the recofd-high
cosn of natucal gas, from which MTBE iv derived.
A qnadruplind of natyral gar prices in Decrmber and January feom the previous
ycar skudred producers cu profit more by seuligg tie puwa gas to powar
cumpxmies knstead of wgripling out the methanon ans butane needed fot ITBE.
Sevgral of tre country's msjor producers of

en from 123.63 Thursday. The euro closed cents, higher than 88.75 cents Thursday. pesos 9.620. The peso to 10.4439 cents 10.3950. In Mexico, the bolsa closed percent lower, down 17.81 points at 5,618.67. Overseas markets were higher Friday. Japan's stock average closed up 2.8 percent. In Europe, Germany's DAX index rose 2.9 Britain's 100 1.6 and France's CAC- 40 climbed 2.6 percent. Copyright, 2000 Dow Jones & Company, Inc. All Rights BUSINESS Midwest to face high gas prices again Supply of anti-smog component one-quarter below last year Reuters Service Houston Chronicle STAR (Copyright NEW YORK - of the key blending component for U.S. anti- smog gasoline are running nearly a quarter below this last year, stage for summer price the Energy Information this week. Stocks of methyl tertiary MTBE, an additive used by refiners to blend reformulated gasoline in a third of the nation's were at 7.96 million barrels in February or percent below year-ago levels, the statistics branch of the Department of Energy said. Stock levels time of the year crucial because most start up blend summer gasoline in March. "We're certainly starting off behind the eight ball," said Houston-based consultant. The supply crunch is the result of the of record-high cost of gas, from which MTBE derived. quadrupling of natural gas December January year producers profit more by selling pure gas to power companies of stripping out the MTBE. Several of the country's major producers of

en from 123.63 Thursday. The euro closEd at 88.85 cents,
sLightLy hIghEr Than Its 88.75 cEnts Thursday.
ThE DollAr fell to 9.575 pesos from 9.620. The peSo rosE tO 10.4439 CentS
FrOm 10.3950.
In MExico, thE BoLSA clOsEd 0.316 PerCeNT lOwer, dOwn 17.81 Points aT
5,618.67.
Overseas mArkEtS were higher FRIdAy. Japan's NiKkeI stock averagE clOsed up
2.8 PeRceNT. In EuRopE, GermAny's DAx Index rOse 2.9 percenT, BRItain's ftSE
100 advaNCEd 1.6 PercEnt, and France's CAC- 40 cLImBEd 2.6 percent.

CopyrIght, 2000 DoW JONeS & cOmpAny, inc. All RighTs reserVEd.

BUSINesS
mIDWesT To face high gas Prices again / sUppLy of anTi-SmoG ComponEnt alReADy
oNe-quarter beLow lAst year
ReUters NEWs ServiCE

03/24/2001
HoustoN ChronIclE
3 STaR
2
(CoPYrIgHt 2001)

NeW yoRK - sUpPliES of The key blEnDiNg comPoneNT FOR U.S. aNti- Smog
GasolIne are running NeaRly a QUarTer beLow thIs tiMe Last yEar, setTing tHe
Stage for another SummEr pump priCe sPiKe, tHe energY informAtiOn
ADministRation sAId tHiS WEEk.
stocks of methyl tertIaRY BuTyl ether, Or MTBE, AN aDdITive used By RefInerS
TO blenD cleANeR-burning ReformULaTeD gasoliNe RequirEd In a ThiRd of tHE
natIon's puMps, were aT 7.96 millIOn barrels in FebRUary or 22 percent BElOW
YeAR-ago LevEls, the statiSticS BranCh of THe depARtmenT of EnErGY sAId.
Stock levels at this TiMe of thE year Are crucial becAuse most reFINErs start
GearINg UP to blend the sumMer gaSoline gradES in March.
"we're cErtainly Starting oFF Behind thE eiGht BalL," saID OnE Houston-based
CONsulTaNt.
The suPplY crunch Is tHe rEsuLt oF tHe trickle-Down effeCt Of ThE rEcoRd-higH
Cost of naTuRal GaS, frOm whiCH MTBE iS deriVed.
A QuAdRUplIng of naTUrAL Gas pRiCeS in DEceMbEr and januARy fRom the pRevious
yeAr sPUrreD pRoDucers tO profit more by SeLling the puRe Gas To poweR
COmpanies Instead of stripping out thE MethanoL anD butaNe neEded for MTbE.
SEveral Of tHE countRy's majOr proDuCerS OF

en from 123.63 Thursday. T he euro cl osedat88. 85  cen ts,
slightly high e r th an its 88.75 cents Thu rsday .Thed ol lar f ell to9 .5 7 5  pe so sfro m9 .6 20. T hepeso ro se to 10.4 439  c ents
from 1 0 .3 950.
In M exi co, the bols a c losed0. 316 perce ntlower , down 17.81points at  5 ,618.6 7 .
Over s e as  mar kets were higherF ri d ay. Japan's Ni kkei s to c ka v era geclosed up
2 .8 pe r cent. I n  E u r o pe, Germany's DAX  index rose 2.9  perce nt , B r itain' s FTS E100  advanced 1 .6 p ercent, a nd Fra n ce's CA C - 40 cl imbed2.6  pe rcen t .
C opy ri g ht, 20 00D owJones &Co mp any,Inc. A l l  Rig hts  Res erved .

BUSINESS
Mi dwes t  to  face  high  gas  p rices  again  / Su pp ly of anti-smog  com ponent al rea dy
o ne -quar t er bel owlas t yearReuters New sS e r vi ce

03/24/2001
Hou st o n  C hronicle
3 STA R
2
( C opyright  2 001 )

N E W  YORK  - S u pp lies ofthe ke y  b le nding c om ponent  f orU.S . ant i - sm og
ga soline a re ru n ning nearly aq uarter belowt hi s ti m e la styear, setti ng t h e
s tage fo r a n other  summ er pu m p price spike, theEn ergy I nform ation
Admini stration s a i d  this we ek.St o cks of methylterti ary butyle ther, or  MTBE , an add itive use d by refin ers
t o b len d cl eaner-burning r efor mu lated g aso line re qui red  in  ath ird of th e
natio n' spu mp s,werea t 7.96 m il lio nbar relsi n Febr uaryor 2 2pe r cen t below
y e a r-ag ole vels , t he  stat isti c s b ranch o f the Dep art m entof  E nergy s aid.
Stock le ve ls at this  t ime  of th e year are  crucial because most r e finerssta rt
g eari ng up toble nd the  su m mer ga soline  grad es  in M arch. "W e'r ecertainlys t art ing o ff  beh ind the  eight ball," said one  Houston-base d cons u l ta nt.
T h e s up p lyc r unch is the res ult of the  t r ic kle-down e f fec tof therecord- highcost of  naturalgas, from  w hich M TBE  is derive d.
A qu adrupling of na t ur al ga s p ricesin  De cembe r andJ anu ary f rom th eprevio us
y ea r spurre d producers to profit m ore by  sell ing  the pure  ga s  to  power
c ompa nies inste adofstrip pin g  outthem et han o l and  but a ne needed fo r M T B E.
Several o f t hecount ry' s  major  pro ducers of

en from_123.63 Thursday._The euro closed at_88.85 cents,_
slightly_higher than_its_88.75 cents Thursday._
The dollar fell_to 9.575 pesos from_9.620. The peso_rose_to 10.4439 cents
from 10.3950.
In Mexico, the bolsa closed 0.316 percent lower, down_17.81_points at_
5,618.67._
Overseas_markets were higher Friday. Japan's_Nikkei stock average closed up_
2.8 percent._In Europe, Germany's DAX index rose 2.9 percent,_Britain's_FTSE
100 advanced_1.6 percent, and France's CAC- 40 climbed 2.6 percent.

Copyright,_2000 Dow Jones & Company, Inc._All Rights Reserved._

BUSINESS
Midwest_to_face high gas prices_again / Supply of anti-smog component_already
one-quarter below last year
Reuters News_Service

03/24/2001
Houston Chronicle
3 STAR
2
(Copyright 2001)

NEW YORK - Supplies_of the key blending component for_U.S. anti- smog
gasoline are_running nearly_a quarter below this time_last year, setting_the
stage_for another summer_pump price spike, the Energy Information_
Administration said this_week.
Stocks of methyl tertiary butyl_ether,_or MTBE, an_additive_used_by refiners_
to blend cleaner-burning_reformulated_gasoline required_in_a third of the
nation's pumps,_were_at 7.96 million barrels in February or_22 percent below
year-ago_levels,_the statistics branch of_the Department of Energy said.
Stock_levels at this time of the_year are_crucial because_most refiners start
gearing up to blend the summer gasoline grades_in March.
"We're certainly starting off_behind the eight ball,"_said one_Houston-based_
consultant.
The supply_crunch_is the_result of the trickle-down effect of the_record-high
cost_of natural gas, from which MTBE_is derived.
A quadrupling_of_natural gas prices in December and_January from the previous
year spurred_producers to profit more by_selling_the_pure gas to power
companies_instead of stripping out the methanol_and butane needed_for MTBE.
Several of the country's major_producers_of


 said the language was just convoluted enough to slip beneath the
radar screen of state negotiators. But the upshot, once the words had been
parsed, was that the PUC effectively would lose control over power rates.
CREDITWORTHINESS ON THE TABLE
In Edison's case, the terms of the tentative deal include the governor asking
the PUC "to support the creditworthiness" of the utility.
"This would ensure that future investments in both utility distribution and
utility generation plants are provided fair returns of and on capital,
consistent with current authorized returns and capital structure provisions,"
it says.
Sources said the provision could be interpreted as a guarantee from the state
that Edison would be permitted to recoup all outstanding costs from
ratepayers.
"There may be some assumptions about this language that the rate freeze ends
if it is adopted," the Edison official said, adding that he saw no reason to
disagree with such assumptions.
But Fichera, Davis' adviser in the talks, insisted that nothing is set in
stone, and that the negotiations are proceeding without a hitch.
"This is a very complex transaction," he said. "God and the devil are in the
details."
E-mail David Lazarus at dlazarus@sfchronicle.com.
,2001 San Francisco Chronicle? Page?A - 1
------------------------------------------------------------------------------
------------------------------------------------------------------------------
--------------------------------------------------------------
Utilities' Demand Blocks Bailout
BLACKOUTS ROLL ON: Weather, increased consumption blamed
David Lazarus, Chronicle Staff Writer
Wednesday, March 21, 2001
,2001 San Francisco Chronicle
URL:
http://www.sfgate.com/cgi-bin/article.cgi?file=/chronicle/archive/2001/03/21/M
N156508.DTL

Hundreds of thousands of Californians went without electricity for a second
day yesterday as unusually warm weather and a high number of idle power
plants prompted blackouts throughout the state.
State officials said electricity usage rose yesterday even though conditions
were largely unchanged from a day before. They surmised that fewer
Californians were conserving power.
"We need people to really focus on that," implored Patrick Dorinson

said the language was just convoluted enough to err beneath the
 radar sieve of state negotiators. But the upshot, once the quarrel had been
 parsed, was that the PUC effectively would suffer command over power rate.
 CREDITWORTHINESS ON THE TABLE
 In Edison's case, the terms of the doubtful deal include the governor necessitate
 the PUC " to patronize the creditworthiness " of the utility.
 " This would ensure that future investments in both utility distribution and
 utility coevals plants are provided fair restitution of and on capital,
 consistent with current authorized returns and das kapital structure planning, "
 it says.
 Sources said the planning could be interpreted as a guarantee from the state
 that Edison would be permitted to recoup all outstanding costs from
 ratepayer.
 " There may be some premise about this language that the rate freeze ends
 if it is adopted, " the Edison official said, adding that he saw no reason to
 disagree with such assumptions.
 But Fichera, Davis' adviser in the negotiation, insisted that nothing is set in
 gem, and that the negotiations are proceeding without a hitch.
 " This is a very complex transaction, " he said. " God and the monster are in the
 details. "
 E - mail David Lazarus at dlazarus@sfchronicle.com.
, 2001 San Francisco Chronicle? Page?A - 1
 ------------------------------------------------------------------------------
 ------------------------------------------------------------------------------
 --------------------------------------------------------------
 Utilities' Demand Blocks Bailout
 BLACKOUTS ROLL ON: Weather, increase consumption blamed
 David Lazarus, Chronicle Staff Writer
 Wednesday, March 21, 2001
, 2001 San Francisco Chronicle
 URL:
 http://www.sfgate.com/cgi-bin/article.cgi?file=/chronicle/archive/2001/03/21/M
 N156508.DTL

 Hundreds of thousands of Californians went without electricity for a second
 day yesterday as unusually strong weather and a high number of idle power
 plant prompted amnesia throughout the state.
 State officials said electricity usage ascend yesterday even though conditions
 were largely unchanged from a day earlier. They surmised that fewer
 Californians were conserving power.
 " We want people to actually focus on that, " implored Patrick Dorinson

 sald the language was just convoluted enoogy to snip beheath thd
radar screen of state negoviatirs. Byt the upshot, once the words haf been
pqrsev, was that the PND effecbnvely aoulb oose control oyer power rdtes.
CREDITWORDHKNZSS ON THE TABLE
In Edison's case, the eerms og hhe tentative qeal ynclhde the governor asking
the PUC "to supporu the creditworthimess" of the utility.
"This wluld ensure that futurf investmenja ig both utilith distribuuimn and
utimity generation plants are provkded yair returnw if wtd on capitel,
confistent with current authorozed returns akd ca'itao structure provisionv,"
it says.
Sources faid the [rkvision could be unrerprgted ds a tuafanuee fdom thf svate
that Esison would be permitted to revoti all outstansing cjses from
ratepayers.
"There may be some asvumltions about this languqge that the rate fregze ends
is it is adopted," the Edison official said, adding tvat hx raw nj eewson to
disagree with such assumptions.
But Fisgeta, Davis' adviser in the talls, imfisted that nuthing is set in
stone, and hhat thg negoriations wre lroceeding without a hitch.
"Rhis is a vegy cimplex transaction," he said. "Gob and jhe defil are in the
details."
Z-mail Savid Lazarks at dlaaxrus@sfchronicle.cum.
,2001 Sdn Francisco Chronicle? Pagq?A - 1
------------------------------------------------------------------------------
------------------------------------------------------------------------------
--------------------------------------------------------------
Utilmties' Demand Blovks Baylout
BLACNOUTS ROLL ON: Weather, infreasgd convumption bpamed
David Lazarus, Chronicle Sveff Writer
Wedmevdaj, March 21, 2001
,2001 San Francisco Chwonicle
URL:
htjp://www.sfgace.com/cei-bin/articme.cgi?fine=/chronicle/wrchive/2001/03/21/M
N156508.DTL

Vondreds of thmusands jf Cqlifirnians dent without ekectricitj yor a secind
day yesterday es uvhsually warm wecuhet and a high nukbef os pdlx powqs
plants prokptea busckougs throughomt ghe xtate.
State officialv sajd electricity usabe rose yewterday qven though cpnditions
were larhely nnchanjed frpm w day before. They surmised thaf fewer
Cwlinornians were conwerving powex.
"We need people to really focus on that," implored Patrick Eorinson

said the language was just convoluted enough beneath radar screen state negotiators. But had parsed, was that PUC effectively would control over power rates. CREDITWORTHINESS ON TABLE In Edison's case, the terms of the tentative deal include the governor the PUC "to support the creditworthiness" of the utility. "This would ensure that investments both distribution utility generation plants are provided fair returns of and on capital, consistent with current authorized returns capital structure provisions," it says. Sources said the could be interpreted as guarantee from the state that would permitted to all costs ratepayers. "There may some assumptions about this language that the rate freeze ends if it is adopted," the Edison official adding that no reason disagree such But Fichera, Davis' the talks, insisted that nothing is and that the negotiations are proceeding without a "This is very complex transaction," he said. "God the devil are in the details." E-mail David at dlazarus@sfchronicle.com. ,2001 San Francisco Chronicle? Page?A - 1 ------------------------------------------------------------------------------ ------------------------------------------------------------------------------ -------------------------------------------------------------- Utilities' Demand Blocks ROLL ON: Weather, increased blamed David Lazarus, Staff Wednesday, 21, ,2001 San Chronicle URL: http://www.sfgate.com/cgi-bin/article.cgi?file=/chronicle/archive/2001/03/21/M N156508.DTL Hundreds of thousands of Californians went without for a second day yesterday as unusually warm weather and number idle power plants blackouts throughout the state. officials electricity usage rose yesterday conditions largely day They that fewer Californians were power. "We need people to focus on that," implored

 said the language was just conVoluted enoUgh to SliP beNeAth tHe
raDar screen of staTE negOtiators. But the upshot, onCe the WoRDs haD BeEn
parSed, was tHAt THE PUc eFfEctIvELy Would LosE controL over power RatEs.
cREDITWORTHIneSs ON THE TABLe
In edison's case, tHe tErms of ThE teNTativE deAl incLude thE GovernOr asking
tHe puC "to suPPort the CREdItwoRthiness" of the utilITy.
"tHis would ensure That fuTuRE iNVEstMenTs in both utIlIty diSTributiON aND
UTilITy generation pLants are proVIdeD fair rEtUrnS Of and oN capiTaL,
ConSistent with CurrEnt authorIzed reTUrns and CApital sTructuRe pRovIsioNS,"
iT sAys.
soURceS SaId tHE prOvision cOuLd Be intErprETED As a gUarAnteE from The state
that EDisOn woULd bE permItted To reCoUp all OutstaNding CoSts from
ratepayeRs.
"ThEre may be sOme AsSumPtIons aBOut thiS laNguAge that The rate FReeZe ENDS
iF it is adopted," the EdiSoN OFfIcial saiD, addinG ThAt HE saw no reAsOn tO
disAGRee wiTh suCH aSsumptioNs.
But FIChErA, Davis' aDvIser in ThE taLks, InsisTEd thAt nothIng is set In
stoNE, and that the negOTiations are prOCeEDInG WithOut A hitch.
"This iS a veRY comPlex TRaNsaCTion," hE said. "goD AnD The devil are in the
detAiLs."
E-maiL DaviD Lazarus at dlaZarus@sfchrONICle.com.
,2001 SaN FraNCiSCo Chronicle? PagE?A - 1
------------------------------------------------------------------------------
------------------------------------------------------------------------------
--------------------------------------------------------------
UtiLities' DemaND Blocks BAilouT
BLACKOUtS ROLL ON: WEATher, incrEasEd cOnsUmpTIOn Blamed
David LaZARus, CHrOnicle STafF Writer
wedNesDay, marCh 21, 2001
,2001 san FranciSco ChronIcLe
uRl:
hTtp://Www.sfGAte.com/cgI-bIn/aRtIclE.cgi?fILe=/chroNicle/ArchIvE/2001/03/21/M
n156508.dTL

hundredS Of THOusaNdS oF CalIfoRnIans wEnt wIThoUt electRicity for A seCOnd
dAy YeSterday As unusually waRm Weather and A hIgh Number OF Idle poweR
plants prompted blackoutS ThroughOut The stAte.
STate officIalS said eLecTRicity Usage rOse yeStErdAY Even tHOUgH coNdItions
were LARgeLy uncHaNged From a daY before. They surmiseD ThaT fewer
CaliforNiaNs weRE CoNseRViNG poWeR.
"we nEED people to really Focus on thaT," iMPlOred PatricK dorInSon

 said the language was jus t convolut ed en oug h t oslip  ben eath the
rada r  scr een of state negotiato rs. B ut theu ps hot,once th e  w o r dsha dbee npa rsed,  wa s thatthe PUC ef fec ti vely would l o se  control o ver  power rates . CREDIT WO RTH I NESSONTHE T ABLE
I n  Ediso n's case,  t h e term s  of the t en tati ve deal include t h eg overnor asking
thePU C  " t o  su ppo rt the cre di twort h iness"o ft h e  ut i lity.
"Thiswould ensur e  th at fut ur e i n vestme nts i nb oth  utility di stri bution an d
uti l ity gen e rationplants  ar e p rovi d ed  f air  r e tur n sofa ndon capit al ,
cons iste n t w ithcur rent  auth orized return s a nd c a pit al st ructu re p ro visio ns," it sa ys .
Sources said  the  provisio n c ou ldbe  inte r preted  as  aguarant ee from the  s t a t e
that Edison would  b e pe rmittedto rec o up  a l l outsta nd ing  cos t s  from
ra t ep ayers. "There ma ybe some  a ssumpt io nsabo ut th i s la nguage  that th e rat e  freeze ends i f it is adopt e d, " th e  Edi son  official s aid, addi ng t h at  he saw n o rea so n  t o
disagree with suc hassump tions .
But Ficher a, Davis'a d v iser inthet al k s, insisted th at no thing is s e t in
st one,and that  the nego t i ations a repro cee din g wi thout a hitch .
"Th is  is a v ery  comple x t ran sac tio n, " he said . "God a nd  t he  d evi l are in the de tai ls ."
E-ma i l Davi d Laz arus  a td laz arus@sf c hr o n icle .c om .
, 200 1San F ranc i sco  Chroni cle? Page ?A-  1 -- -- ------- ------------- -- ---------- -- --- ------ - - -------- ---------------------
- - ------- --- ----- ---- --------- --- ------ --- - ------ ------ ----- -- --- - - ----- - - -- ---- ---------- - - --- ----- -- ---- ------- ------------------ - --- -----
Utiliti es'  Dem a n dBlo c ks Bai lo u t B L ACKOUTS ROLL ON : Weather,  i n cr eased cons u mpt io n blame d
Davi d Laz a rus, Ch ronicle S taff Writ er
Wed n e sda y, March 2 1, 2001
,2001 Sa n  Fran c is co Ch ron icle UR L:
http ://www . sfg ate.c om/cgi -b in/art icle. cg i?file=/ chronicle/archive/2001/ 03/21/ M
N15 650 8.DTL

H und r eds  of thous ands  of Califo rni ans  went  wi t houtelec t ri cit y  fora se c ond
dayy es ter d a yas unusuall y w arm  weat her and ahigh  number of idle p o wer
plants pr ompt e d  bl ack o utsth roughout the s tat e. State of fi cials saidelectric it y  usag e rose  yeste rday ev e n  t h ough c ondi tio ns
werelar ge l y uncha ng ed from a  day  b efore.  Theys urmi s e d that fewer
Ca lifor n i ans w e reconse rv ing pow e r. "We need p eople to re ally f ocus  on t hat," i mp loredPat ri ck Dorinso n

 said_the language_was just convoluted enough_to slip_beneath_the
radar_screen_of state negotiators._But the upshot,_once the words had_been
parsed, was_that_the PUC effectively would lose control over power rates.
CREDITWORTHINESS ON THE TABLE
In Edison's_case,_the terms_of_the_tentative deal include the governor_asking
the PUC "to support_the creditworthiness"_of the utility.
"This would ensure that future_investments_in both utility_distribution and
utility generation plants are provided fair returns_of and on capital,
consistent with_current authorized returns_and_capital_structure provisions,"
it says._
Sources said the provision could be_interpreted as a guarantee from the_state
that Edison would be permitted to_recoup all outstanding costs from
ratepayers._
"There may be some assumptions_about this_language that the rate freeze_ends
if it_is adopted,"_the Edison official_said, adding that he saw no_reason to
disagree_with such assumptions.
But Fichera, Davis'_adviser_in the talks,_insisted_that_nothing is_set in
stone,_and_that the_negotiations_are proceeding without a hitch.
"This_is_a very complex transaction," he said. "God_and the devil are_in_the
details."
E-mail David_Lazarus at dlazarus@sfchronicle.com.
,2001 San_Francisco Chronicle? Page?A - 1
------------------------------------------------------------------------------
------------------------------------------------------------------------------
--------------------------------------------------------------
Utilities'_Demand Blocks_Bailout
BLACKOUTS_ROLL ON: Weather, increased consumption blamed
David Lazarus, Chronicle Staff Writer
Wednesday,_March 21, 2001
,2001 San Francisco_Chronicle
URL:
http://www.sfgate.com/cgi-bin/article.cgi?file=/chronicle/archive/2001/03/21/M
N156508.DTL

Hundreds_of thousands_of_Californians went without_electricity_for a_second
day yesterday as unusually warm weather_and a_high number of idle power
plants_prompted blackouts throughout the_state._
State officials said electricity usage rose_yesterday even though conditions
were largely_unchanged from a day before._They_surmised_that fewer
Californians were conserving_power.
"We need people to really_focus on that,"_implored Patrick Dorinson


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 contracts with other
power companies, including Pacific Gas and Electric Co. and Enron.
Palo Alto officials have recently raised the possibility that they too may
build a small power plant in their city to augment energy supplies.
In Santa Clara, as much as 80 percent of the additional demand is expected to
come from high-tech companies, said John Roukema, the utility's assistant
director.
"A lot of the new demand will come from Internet data centers, where they
take whole buildings and put wall-to-wall computers inside to act as servers
for Web sites," Roukema said. "These are very energy-intensive users."
Plans for buildings stuffed with computers are sprouting up in other cities
as well. San Jose officials gave preliminary approval last week to what would
be the world's largest "server farm." The sprawling facility to handle
Internet traffic would drain about 150 megawatts of power from the state
electricity grid.
Santa Clara, which has two power plants within the city's limits, wants to
build the four plants next to existing power substations at 1205 Space Park
Drive and 2970 Lafayette St., and next to its two power plants at 525 Roberts
St. and 2339 Gianera St.
Their power capabilities would range from 50 to 130 megawatts. A 130-megawatt
plant could provide power to 130,000 homes in the city, but 90 percent of the
city's power goes to commercial and industrial customers.
Santa Clara, a city with a population of just over 100,000 people, has
several prominent Silicon Valley companies within its boundaries, including
Intel Corp., Sun Microsystems, 3Com, and Applied Materials.
Unlike San Jose, Santa Clara officials anticipate little opposition to the
plants, mainly because they would be relatively small and they would be
located in industrial areas.
If all four plants are built, the total cost is estimated at $130 million, to
be paid for with revenue bonds or with the city's existing reserves. City
officials insist customers will not end up with higher bills.
"What this is all about is stable prices and supply for our customers," said
Carol McCarthy, Santa Clara's deputy city manager.

Copyright, 2000 Dow Jones & Company, Inc.

contracts with other
 power companies, include Pacific Gas and Electric Co. and Enron.
 Palo Alto official have recently raised the possibility that they too may
 build up a small power plant in their city to augment department of energy supplies.
 In Santa Clara, as much as 80 percent of the extra requirement is expected to
 fall from high - tech company, said John Roukema, the utility's assistant
 director.
 " A lot of the new demand will arrive from Internet data centers, where they
 take solid buildings and put wall - to - rampart computers at heart to act as servers
 for Web web site, " Roukema said. " These are very energy - intensive users. "
 Plans for buildings stuffed with computers are sprouting up in other cities
 as well. San Jose officials gave preliminary approval last week to what would
 be the world's large " server farm. " The sprawling adeptness to cover
 Internet dealings would drain about 150 megawatts of power from the state
 electricity grid.
 Santa Clara, which has two power plants within the city's limit, wants to
 build the four plants next to existing power substation at 1205 Space Park
 Drive and 2970 Lafayette St., and next to its two power plants at 525 Roberts
 St. and 2339 Gianera St.
 Their power capabilities would range from 50 to 130 megawatts. A 130 - megawatt
 plant could supply power to 130,000 homes in the city, but 90 percent of the
 city's power goes to commercial and industrial customer.
 Santa Clara, a city with a population of just over 100,000 people, has
 several prominent Silicon Valley companies within its boundaries, including
 Intel Corp., Sun Microsystems, 3Com, and Applied Materials.
 Unlike San Jose, Santa Clara officials predict little confrontation to the
 plants, mainly because they would be relatively minor and they would be
 located in industrial area.
 If all four plants are build up, the total monetary value is estimated at $ 130 million, to
 be paid for with tax income bonds or with the city's exist reserves. City
 officials insist customers will not end up with higher bills.
 " What this is all about is stable prices and provision for our customers, " said
 Carol McCarthy, Santa Clara's deputy city director.

 Copyright, 2000 Dow Jones & Company, Inc.

 cojtracts with other
power companies, inclodung Parific Gzs and Euectric Co. and Enron.
Palo Alvo odficiqls have recently raisdd the podsibilitt thet they too may
uhild a small llwer 'lant in their gity to augkent energy su[puizs.
In Santa Clara, as much as 80 percene of thr wdditional demwnd ps expsbttd to
come from high-tech companiea, said Oohn Roukema, thr utility's assistant
direchor.
"W lot of the new dfmand will xome drom Interneg data cenuexs, where thgy
take whole buildings and put dall-tp-wall compocwrs hnside to art as fervers
for Web sitev," Roukeka said. "These sre veey energy-intensive usxrs."
Plans for buildiggs stuffad with computers aee sprooting up kb oghed ritjes
as weml. San Joss officials gave preliminary akprjnsl last week to whwt would
be the world's largest "server fark." Tge sprawling facility ti handle
Internet travfic woulq drain about 150 megawatts of power from the state
alectcizitv grid.
Wajta Clara, which has two power plants within trs viny's limits, wants bo
build the four llwnyf next to exirting 'kwsr substations at 1205 Space Kark
Deive and 2970 Lafsyette St., and next to its tqo power plauts at 525 Roberts
St. anb 2339 Gianera Sc.
Theit powet capabilities would rauge frkm 50 to 130 megwwatts. A 130-jdgawatt
plant cojld psovide power to 130,000 homes in ehe city, uut 90 'ercent uf tne
citr's power gles to commercial and infustrnal cgstomers.
Swnta Clara, a city with a populavmon of just ofes 100,000 ieople, haf
sevcral prominent Filicon Valley compannes wighin its bkundarixs, including
Intel Corp., Sgj Microsysteks, 3Com, agd Appliwd Matefkals.
Unlike Sam Jose, Sauua Clara odficials anticipatc litjls opposition to tht
plants, mainly necxusq nheb woujg be relativaly rmauk and they would ce
lpcated in industrial arezs.
If all four plamtf are buult, the eotal cost is estimated at $130 milpion, vo
be 'aid fpr rith revenue bonds or with the city's exlstlng reserves. Sity
officials iusist customers will not end up with higier bills.
"What this is qll about is stable krices and su'ply fjr our cuvtomers," said
Carol MxCarthy, Santa Clava's deputy city managed.

Copyrhght, 2000 Dow Jones & Company, Inc.

contracts with other power companies, including Pacific Electric and Enron. Alto officials have they may build a power plant in city to augment energy supplies. In Clara, as much as 80 percent of the additional demand is expected to from high-tech companies, said John Roukema, the utility's assistant director. "A lot of new will from data centers, where they take whole buildings and put wall-to-wall computers inside to act as servers Web sites," Roukema said. "These are very energy-intensive Plans for buildings stuffed computers are sprouting up in cities well. San officials preliminary last week to would be the world's largest "server farm." The sprawling facility to handle Internet traffic would drain about megawatts of the state grid. Clara, has two power the city's limits, wants to build next to existing power substations at 1205 Space Drive and Lafayette St., and next to its power plants at 525 Roberts St. and 2339 St. Their power capabilities would range from 50 to 130 megawatts. A 130-megawatt plant could to 130,000 homes in city, but 90 of city's goes commercial and customers. Santa Clara, a city with a population of just over people, has several prominent Silicon Valley companies within its boundaries, Corp., Microsystems, 3Com, and Materials. Unlike San Jose, Clara anticipate little opposition to mainly they small they be located in industrial If all four plants are the total cost is be paid for with revenue bonds or with city's existing reserves. City officials insist customers not end up with higher bills. "What this is all about is prices and our customers," said Carol McCarthy, Santa Clara's deputy manager. Copyright, 2000 Dow & Company, Inc.

 contracts with other
power coMpanies, incLudinG PaCifIc gas aNd ElEctric Co. and EnrON.
PalO Alto officials have receNtly rAiSEd thE PoSsibiLity thaT ThEY Too MaY
bUilD a SMaLl powEr pLant in tHeir city to AugMeNt energy suppLIeS.
In Santa ClAra, As much as 80 percEnt Of the aDdItiONal deManD is exPected TO
come fRom high-teCh COmpaniES, said JoHN roUkemA, the utility's assisTAnT
Director.
"A lot of The new DeMAnD WIll ComE from InterNeT data CEnters, wHErE THEy
tAKe whole buildiNgs and put waLL-to-Wall coMpUteRS insidE to acT aS SerVers
for Web sItes," roukema saId. "ThesE Are very ENergy-inTensivE usErs."
planS FoR bUilDiNGs sTUfFed WIth ComputerS aRe SprouTing UP IN OtheR ciTies
As welL. San Jose officIalS gavE PreLiminAry apProvAl Last wEek to wHat woUlD
be the world's larGest "Server farM." ThE sPraWlIng faCIlity tO haNdlE
InternEt traffIC woUlD DRAiN about 150 megawatts of pOwER FrOm the staTe
elecTRiCiTY grid.
SanTa claRa, whICH has tWo poWEr Plants wiThin thE CiTy'S limits, WaNts to
bUiLd tHe fOur plANts nExt to eXisting pOwer sUBstations at 1205 SpaCE Park
Drive and 2970 lAfAYEtTE St., aNd nExt to its two PoweR PlanTs at 525 rObErtS
st. and 2339 gianeRa sT.
THEir power capabilitieS wOuld raNge frOm 50 to 130 megawatts. a 130-megawatt
pLANT could prOvidE PoWEr to 130,000 homes in the City, bUt 90 percent oF The
city's Power Goes to coMmercial aND IndustriAl cUstOmeRs.
SANTa clara, a city witH A PopuLaTion of jUst Over 100,000 peoPle, Has
SevEraL pRominent SIlicon VaLlEy CoMpAniEs witHIn its bouNdAriEs, IncLudinG
intel COrp., SuN MicRoSySTemS, 3Com, and aPpLIEd MaTeRiAls.
UNliKe san JoSe, SaNTa CLara offIcials antIciPAte lItTlE opposiTion to the
planTs, Mainly becaUsE thEy woulD BE relativEly small and they would be
lOCated in IndUstriAl arEas.
If all fOur Plants Are BUilt, thE total Cost iS eStiMATed at $130 MILlIon, To
Be paid for wITH reVenue BoNds oR with thE city's existing reseRVes. city
officials InsIst cUSToMerS WiLL noT eND up WITh higher bills.
"WhAt this is alL aBOuT is stable pRIceS aNd supplY for our CustoMErs," said
carol McCaRthy, Santa clAra's DEPutY city managEr.

CopyriGht, 2000 Dow JonES & CompANy, inc.

 contracts with other
pow er compani es, i ncl udi ng  Pac ific  Gas and Elect r ic C o. and Enron.
Palo Al to of fi c ials ha ve re centlyr ai s e d t he  p oss ib i li ty th atthey to o may
bui ldasmall powerp la nt in thei r c ity to augme ntenergy  s upp l ies.
In  Sant a Clar a , as m uch as 80  p e rcento f the a d d it iona l demand is expec t ed to
come fromhigh-t ec h  c o m pan ies , said Joh nRouke m a, theu ti l i t y's assistant
di rector.
"A lot  of th enew demand  will  c o mefrom Intern et d ata cente rs, wh e re they
take w hole b uil din gs a n dpu t w al l -to - wa llc omp uters in si de  to a ct a s s e rver s forWeb s ites," Roukem a s aid. "Th ese a re ve ry e ne rgy-i ntensi ve us er s."
Plans forbuil dings stu ffe dwit hcompu t ers ar e s pro uting u p in ot h erci t i e s
as well. San Jose  o f f ic ials gav e prel i mi na r y approv al  la st w e e k towhat wo uld
bethe wo r ld 's  larges t"serve rfar m."  Thes praw ling f acilityto ha n dle
Internett raffic wouldd ra i n  a b out150  megawattsof p o werfrom th e s t ate elect ri c it y  grid.
Santa Clara ,whichhas t wo power plan ts withint h e  city'slimi t s, wants to
buil d the  four plan t s next t o exi sting po wer subst a t ions at120 5 S pac e P a r k
Drive and 29 7 0  Laf ay ette St .,and nex t t o i tstwo  p ower plan ts at 52 5Ro be rt s St. a n d 2339 G ia ner aSt.
The i r powe r cap abil it ie s  wo uld ran g ef r om 5 0to  130  me ga watts . A1 30- megawat t
plantcou l d pr ov id e power  to 130,000 h om es in theci ty,  but 9 0 percentof the
city's power go e s to co mme rcial  and  industri alcustom ers .
Sant a Clar a, aci tyw i th ap o pu lat io n of justo v er100,0 00  peo ple, ha s
several promine n t S ilicon Valley  co mpan i e swit h in its  b o und a r ies, including
Intel Cor p. ,  S un Microsy s tem s,  3Com,and App liedM aterial s.
Unlik e San Jos e,  San t a  Cl ara offici als anti cipate li t tle o p po sitio n t o the
p lan ts, m ainlyb eca use t hey wo ul d be r elati ve ly small  and they would be
loc ated i n ind ust rial area s.Ifall fourplan ts are bui lt,  th e tot alc ost i s es t im ate d  at $ 130m illion, t o  bep a id  for with r e v e nue  bond s o r  withthecity's existing r e serves. City offi c i als  in s istcu stomers will n oten d up withhi gher bills.
"Whatth i s isall ab out is  stable p ri c es and  sup ply  for ourcus to m ers," s ai dCarolMcCa rt hy, Sa nta Cl a ra's d eputy city manag er.
C o pyrig h t,2000Do w Jones & Co mpany, Inc .

 contracts_with other_
power companies, including Pacific_Gas and_Electric_Co. and_Enron._
Palo Alto officials_have recently raised_the possibility that they_too may
build_a_small power plant in their city to augment energy supplies.
In Santa Clara, as_much_as 80_percent_of_the additional demand is expected_to
come from high-tech companies,_said John_Roukema, the utility's assistant
director.
"A lot of_the_new demand will_come from Internet data centers, where they
take whole_buildings and put wall-to-wall computers inside_to act as_servers_
for_Web sites," Roukema said._"These are very energy-intensive users."
Plans_for buildings stuffed with computers are_sprouting up in other cities
as well._San Jose officials gave preliminary approval_last week to what would_
be the_world's largest "server farm." The_sprawling facility to_handle
Internet_traffic would drain_about 150 megawatts of power from_the state
electricity_grid.
Santa Clara, which has two_power_plants within the_city's_limits,_wants to_
build the four_plants_next to_existing_power substations at 1205 Space Park_
Drive_and 2970 Lafayette St., and next to_its two power plants_at_525 Roberts
St. and_2339 Gianera St.
Their power_capabilities would range from 50 to_130 megawatts._A 130-megawatt_
plant could provide power to 130,000 homes in the city, but_90 percent of the
city's power_goes to commercial and_industrial customers._
Santa_Clara, a city_with_a population_of just over 100,000 people, has
several_prominent Silicon_Valley companies within its boundaries, including_
Intel Corp., Sun Microsystems,_3Com,_and Applied Materials.
Unlike San Jose,_Santa Clara officials anticipate little opposition_to the
plants, mainly because_they_would_be relatively small and they_would be
located in industrial areas._
If all four_plants are built, the total cost is_estimated_at $130 million, to
be paid_for_with revenue bonds or with the_city's_existing_reserves. City
officials insist customers_will not end up with higher_bills.
"What this is all about is stable prices_and supply for_our customers," said
Carol McCarthy,_Santa_Clara's_deputy city manager.

Copyright, 2000 Dow Jones & Company, Inc.


 accepted, a broker or the broker's clerk must:

(a)  confirm the terms of the order with the customer;
(b)  accurately execute the order according to its terms;
(c)  confirm the execution of the order to the customer as soon as
practicable; and
(d)  transmit such executed order to the Clearing Member as soon as
practicable in accordance with Exchange Rules and procedures.

2.   Use of Other Persons.  Unless otherwise agreed in writing, the
executing broker is allowed to use the services of another broker in
connection with the broker's obligations under these rules.  The executing
broker remains responsible to the customer and Clearing Member under these
rules.

3.    Executing Broker Responsibility for Verifying Clearing Member
Authorization.  Prior to a broker accepting and executing an initial order
for any new customer account, the executing broker must confirm with the
Clearing Member by telephonic, electronic or written means, that:
(f)  the customer has a valid account with the Clearing Member;
(g)  the account number;
(h)  the brokerage rate;
(i)  the customer is authorized by the Clearing Member to place orders with
the executing broker for that account; and
(j)  a listing or summary of persons authorized to place orders for that
account.
The executing broker must retain a copy of the authorization or the
specifics of the telephonic confirmation, which includes: opposite party,
date, time, and any other relevant information.  The falsification of such
information shall be the basis for disciplinary action.

4.   Rejection of Customer Order.  Where an executing broker has confirmed
Clearing Member authorization to execute orders on behalf of a customer in
accordance with this Rule 9.11A, the broker may, in the broker's
discretion, reject an order that the customer transmits to the broker for
execution.  The broker shall promptly notify the customer and the Clearing
Member(s) of any such rejection.

      Carr Futures
      150 S. Wacker Dr., Suite 1500
      Chicago, IL 60606  USA
      Tel:  312-368-6149
      Fax:  312-368-2281
      soblander@carrfut.

accepted, a broker or the broker's clerk must:

 (a)   confirm the term of the decree with the customer;
 (b)   accurately execute the order according to its price;
 (c)   confirm the execution of the order to the customer equally soon as
 practicable; and
 (d)   transmit such executed ordering to the Clearing Member as soon as
 practicable in accord with Exchange Rules and procedures.

 2.    Use of Other Persons.   Unless otherwise agreed in writing, the
 execute broker is allowed to use the services of another broker in
 association with the broker's obligations under these rules.   The execution
 broker remains creditworthy to the customer and Clearing Member under these
 rules.

 3.     perform Broker Responsibility for Verifying Clearing Member
 Authorization.   Prior to a broker accept and executing an initial order
 for any new customer report, the executing broker must confirm with the
 Clearing Member by telephonic, electronic or written means, that:
 (f)   the customer has a valid score with the Clearing Member;
 (g)   the report number;
 (h)   the brokerage rate;
 (i)   the customer is authorized by the Clearing Member to place order with
 the execute broker for that account; and
 (j)   a list or summary of person empower to place orders for that
 report.
 The execute broker must retain a copy of the authority or the
 specifics of the telephonic confirmation, which includes: opposite party,
 date, time, and any other relevant data.   The falsification of such
 information shall be the basis for disciplinary action.

 4.    Rejection of Customer Order.   Where an executing broker has confirm
 Clearing Member authorization to execute orders on behalf of a customer in
 accordance with this Rule 9.11A, the broker may, in the agent's
 discretion, reject an order that the customer transmits to the broker for
 execution.   The broker shall promptly notify the customer and the Clearing
 Member(s) of any such rejection.

       Carr Futures
       150 S. Wacker Dr., Suite 1500
       Chicago, IL 60606   USA
       Tel:   312 - 368 - 6149
       Fax:   312 - 368 - 2281
       soblander@carrfut.

 acfepted, a broker or the bvoker's clerk musj:

(a)  confmrm the terms ow the order with the customec;
(b)  qccurqtely execute the ordef accordijg to itw tecms;
(c)  confirm thx executljn or the irder to the costomer as smon as
practicatld; cnd
(d)  transmit such executed order tj the Ckewring Member af sopg as
lgagticable in accordance with Exchznge Runes and procecures.

2.   Use of Other Persojs.  Knless otherwise ahreed in wrutind, the
executine broker is allowed to use the services of another bruker nn
connectiob qitj the broker'w oblpgations undev these rules.  The executing
nrokec renains responsible to vhe customer and Clewring Memtex under these
rules.

3.    Ezecuthng Trokde Rdspknxigility foc Verifying Clearing Mwmber
Authorization.  Pwppr to a broksr accqpeing and executing an initial order
for dny new customer account, tye executing broker most confiri with the
Clearing Member by telephonic, electroniw or xrktttn meanr, tjat:
(f)  the customer has a valid account with trs Vlvaring Member;
(g)  tme account number;
(h)  hhr brokerage raje;
(i)  thz chstomer is authorixed by jhe Clwaring Meiber to place orders with
the exwcuting brokvr fir that account; anb
(j)  a listiny or sommary of persons authorized co plade orders flr that
acduunt.
The executine bgokes must rtgain a copy of thq authorivatiou or the
rpecofics jf the telfphonlw confirmation, whifh ineludev: opposite party,
date, time, and any other rxkevant inforkadiot.  The fclsifigation of such
igformation shakl be tke basks for disbiplinary action.

4.   Rqjection of Cgdtomer Order.  Where wn ezecuring bruyer has confirked
Cleariuy Member quthorization to ewecutg krders on behaly if a customer im
aczorqajcx witr this Rule 9.11A, the bruler mxy, in the bvokdr's
doscretion, reject an mrded that the customet bransmits to the froker for
exevution.  The broker shaln pcomptlu njtify the customer and the Clezring
Membfr(s) of any such rejcctijn.

      Caxr Futures
      150 S. Wacker Dr., Suite 1500
      Chicago, IL 60606  USA
      Tel:  312-368-6149
      Fax:  312-368-2281
      soblender@cwrrfut.

accepted, a broker or the broker's clerk confirm terms of order with the order to its terms; confirm the execution the order to the customer as as practicable; and (d) transmit such executed order to the Clearing Member as as practicable in accordance with Exchange Rules and procedures. 2. Use of Other Unless agreed writing, executing broker is allowed to use the services of another broker in connection with the broker's under these rules. The executing broker remains responsible the customer and Clearing under these rules. 3. Executing Responsibility Verifying Clearing Authorization. to broker accepting and an initial order for any new customer account, the executing broker must confirm with the Clearing Member telephonic, electronic means, that: the has valid account with Member; (g) the account number; (h) (i) the customer is authorized by the Clearing to place with the executing broker for that and (j) a listing or summary of persons to place orders for that account. The executing broker must retain a copy of the the specifics of the confirmation, which includes: party, time, any relevant information. falsification of such information shall be the basis for disciplinary action. Rejection of Customer Order. Where an executing broker has confirmed authorization execute orders on of a customer in with Rule 9.11A, the broker the discretion, that customer to the broker for The broker shall promptly notify customer and the Clearing Carr Futures 150 S. Wacker Dr., Suite 1500 IL 60606 USA Tel: 312-368-6149 Fax: 312-368-2281

 accepted, a broker or the brokeR's clerk musT:

(a)  conFirM thE tErms Of thE order with the cUStomEr;
(b)  accurately execute thE ordeR aCCordINg To its Terms;
(c)  cONfIRM thE eXeCutIoN Of The orDer To the cuStomer as soOn aS
pRacticable; anD
(D)  tRansmit sucH exEcuted order tO thE ClearInG MeMBer as SooN as
prActicaBLe in acCordance wItH exchanGE Rules aND PrOcedUres.

2.   Use of Other PerSOnS.  unless otherwisE agreeD iN WrITIng, The
Executing bRoKer is ALlowed tO UsE THE seRVices of anotheR broker in
coNNecTion wiTh The BRoker's ObligAtIOns Under these rUles.  the executIng
broKEr remaiNS responSible tO thE cuStomER aNd cleArINg MEMbEr uNDer These
rulEs.

3.    exEcutiNg BrOKER respOnsIbilIty foR Verifying CleAriNg MeMBer
authoRizatIon.  PRiOr to a Broker AccepTiNg and executing aN iniTial order
For AnY neW cUstomER accouNt, tHe eXecutinG broker MUst CoNFIRm With the
Clearing MemBeR BY tElephoniC, electROnIc OR written MeAns, That:
(F)  THe cusTomeR HaS a valid aCcount WItH tHe ClearInG MembeR;
(g)  The AccOunt nUMber;
(H)  the brOkerage rAte;
(i)  tHE customer is autHOrized by the ClEArING MEMber To pLace orders wIth
tHE exeCutiNG bRokER for tHat acCoUNt; ANd
(j)  a listing or summarY oF persoNs autHorized to placE orders for THAT
account.
the eXEcUTing broker must RetaiN a copy of thE AuthorizAtion Or the
speCifics of tHE TelephonIc cOnfIrmAtiON, WhIch includes: opPOSite PaRty,
date, TimE, and any OthEr rEleVanT iNformatioN.  The falsIfIcAtIoN of Such
iNFormatioN sHalL bE thE basiS For disCipliNary AcTiON.

4.   ReJection OF CUSTomeR ORdEr.  WhEre An ExecuTing BRokEr has coNfirmed
ClEarINg MeMbEr AuthoriZation to execuTe Orders on beHaLf oF a custOMEr in
accoRdance with this Rule 9.11A, the bROker may, In tHe broKer's
DiscretioN, reJect an OrdER that tHe custOmer tRaNsmITS to thE BRoKer FoR
execution.  tHE brOker sHaLl prOmptly nOtify the customer anD The clearing
MembeR(s) oF any SUCh RejECtIOn.

      CArR futUREs
      150 S. Wacker Dr., SuitE 1500
      Chicago, IL 60606  uSa
      teL:  312-368-6149
      Fax:  312-368-2281
      soblanDEr@cArRfut.

 accepted, a broker or the  broker'sclerk  mu st:
(a) con firm the terms of t he order with the cust omer;
( b )  a c cu ratel y execu t et h e o rd er  ac co r di ng to  it s terms ;
(c)  con fir mthe executio n  o f the orde r t o the custom eras soo nasp racti cab le; a nd
(d)  trans mit suchex e cutedo rder to t he  Cle aring Member as s o on as
practicable  in ac co r da n c e w ith  ExchangeRu les a n d proce d ur e s .

2 .    Use of Oth er Persons.  Un less o th erw i se agr eed i nw rit ing, the
ex ecut ing broke r is a l lowed t o  use th e serv ice s o f an o th er  br ok e r i n
c onn e cti on withth ebroke r'so b l i gati ons  und er th ese rules.  T heexec u tin g
bro ker r emai ns  resp onsibl e toth e customer andClea ring Memb erun der  t heser ules.
3.    Execut ing Bro k erRe s p o ns ibility for Verify in g Cl earing M emberA ut ho r ization.  Pri or t o a bro kera cc epting a nd exe c ut in g an in it ial or de r
f orany n e w cu stomer  account , the executing brok e r must confir m  w i t ht he
C lea ring Member  byt elep honi c ,ele c troni c orwr i tt e n means, that:
(f) t he cus tomer  has a validaccount wi t h the Clea ring Me m ber;
(g)  theaccou nt number; (h)  the  brok erage ra te;
(i) t h e custom erisaut hor i z ed  by the Clear i n g Me mb er to p lac e order s w ith
th e e xe cuting br oker for  t ha tac cou nt; a n d
(j)  a  l ist in g o r sum m ary of  pers onsau th o riz ed to p l ac e orde rs  f or t hat
a ccoun t.
T h e e xecutin g brokermus t  ret ai na copyof the author iz ation or t he
sp ecific s of the t elephonic confirmation, which i ncl udes:  opp osite par ty,
date,  ti m e, and  any o therre lev a n t inf o r ma tio n.   The fals i f ica tionof  suc h
infor mation shall be th e  ba sis for disci pli nary a ct ion .
4 .  R e jec t i on of CustomerOrder.  Wh er e  a n executin g  br ok er hasconfirm ed
Cl e aring M ember aut horizatio nto e x e cut e orders o n behalf  of a cus t omeri naccor dan ce wit hthi s Rul e 9.11 A , t he br oker m ay , in t he br ok er's
dis cretion, reject an orde r that  thecus tomer tra nsm i tsto the br oker  for
execu tio n. Thebro k er sh allp ro mpt l y not ifyt he custom e rand t he  Clearing
M e m b er( s) of  an y  suchreje ction.

     Carr Futu res   15 0  S.Wa cker Dr., Suit e 1 50 0       Ch ic ago, IL 606 06  USA    Te l:  31 2-368- 6149
  F ax:  3 12-3 68- 2281
     s ob l ander@c ar rf u t.

 accepted,_a broker_or the broker's clerk_must:

(a) _confirm_the terms_of_the order with_the customer;
(b) _accurately execute the order_according to its_terms;
(c)_ confirm the execution of the order to the customer as soon as
practicable; and
(d)__transmit such_executed_order_to the Clearing Member as_soon as
practicable in accordance with_Exchange Rules_and procedures.

2.   Use of Other Persons.__Unless otherwise agreed_in writing, the
executing broker is allowed to use the_services of another broker in
connection with_the broker's obligations_under_these_rules.  The executing
broker_remains responsible to the customer and_Clearing Member under these
rules.

3.  _ Executing Broker Responsibility for Verifying Clearing_Member
Authorization.  Prior to a broker_accepting and executing an initial_order
for any_new customer account, the executing_broker must confirm_with the
Clearing_Member by telephonic,_electronic or written means, that:
(f) _the customer has_a valid account with the Clearing_Member;
(g)_ the account_number;
(h)__the brokerage_rate;
(i)  the_customer_is authorized_by_the Clearing Member to place orders_with
the_executing broker for that account; and
(j) _a listing or summary_of_persons authorized to place_orders for that
account.
The executing broker_must retain a copy of the_authorization or_the
specifics of_the telephonic confirmation, which includes: opposite party,
date, time, and any other_relevant information.  The falsification of_such
information shall be the_basis for_disciplinary_action.

4.  _Rejection_of Customer_Order.  Where an executing broker has_confirmed
Clearing Member_authorization to execute orders on behalf_of a customer in
accordance_with_this Rule 9.11A, the broker may,_in the broker's
discretion, reject an order_that the customer transmits to_the_broker_for
execution.  The broker shall_promptly notify the customer and the_Clearing
Member(s) of any_such rejection.

     _Carr_Futures
     _150_S. Wacker Dr., Suite 1500
 ___  Chicago, IL 60606_ USA
    _ Tel:  312-368-6149
     _Fax:  312-368-2281
_    _soblander@carrfut.


l, MD

Lubbock, TX
 $94 one-way, to/from Corpus Christi, TX
 $94 one-way, to/from Harlingen/South Padre Island, TX
 $66 one-way, to/from Houston Hobby, TX
 $66 one-way, to/from Houston Intercontinental, TX

Manchester, NH
 $94 one-way, to/from Birmingham, AL

Midland/Odessa, TX
 $94 one-way, to/from Harlingen/South Padre Island, TX
 $94 one-way, to/from Little Rock, AR

Nashville, TN
 $94 one-way, to/from Burbank, CA
 $50 one-way, to/from Kansas City, MO

New Orleans, LA
 $94 one-way, to/from Burbank, CA
 $94 one-way, to/from Ontario, CA

Norfolk, VA/Southern Virginia
 $34 one-way, to/from Baltimore Washington Int'l, MD

Oakland, CA
 $70 one-way, to/from Salt Lake City, UT

Oklahoma City, OK
 $34 one-way, to/from Dallas Love Field, TX
 $94 one-way, to/from Ontario, CA

Omaha, NE
 $34 one-way, to/from Chicago Midway, IL
 $94 one-way, to/from Reno/Tahoe, NV
 $94 one-way, to/from San Jose, CA

Ontario, CA
 $94 one-way, to/from New Orleans, LA
 $94 one-way, to/from Oklahoma City, OK

Orlando, FL
 $94 one-way, to/from Portland, OR

Phoenix, AZ
 $94 one-way, to/from Austin, TX
 $94 one-way, to/from Buffalo/Niagara Falls, NY

Portland, OR
 $87 one-way, to/from Las Vegas, NV
 $94 one-way, to/from Orlando, FL

Providence, RI
 $94 one-way, to/from Little Rock, AR

Raleigh-Durham

l, MD

 Lubbock, TX
  $ 94 one - way, to / from Corpus Christi, TX
  $ 94 one - way, to / from Harlingen / South Padre Island, TX
  $ 66 one - way, to / from Houston Hobby, TX
  $ 66 one - way, to / from Houston Intercontinental, TX

 Manchester, NH
  $ 94 one - direction, to / from Birmingham, AL

 Midland / Odessa, TX
  $ 94 one - direction, to / from Harlingen / South Padre Island, TX
  $ 94 one - way, to / from Little Rock, AR

 Nashville, TN
  $ 94 one - way, to / from Burbank, CA
  $ 50 one - way, to / from Kansas City, MO

 New Orleans, LA
  $ 94 one - means, to / from Burbank, CA
  $ 94 one - way, to / from Ontario, CA

 Norfolk, VA / Southern Virginia
  $ 34 one - way, to / from Baltimore Washington Int'l, MD

 Oakland, CA
  $ 70 one - room, to / from Salt Lake City, UT

 Oklahoma City, all right
  $ 34 one - way, to / from Dallas Love Field, TX
  $ 94 one - way, to / from Ontario, CA

 Omaha, NE
  $ 34 one - way, to / from Chicago Midway, IL
  $ 94 one - way, to / from Reno / Tahoe, NV
  $ 94 one - way, to / from San Jose, CA

 Ontario, CA
  $ 94 one - room, to / from New Orleans, LA
  $ 94 one - way, to / from Oklahoma City, OK

 Orlando, FL
  $ 94 one - way, to / from Portland, OR

 Phoenix, AZ
  $ 94 one - means, to / from Austin, TX
  $ 94 one - direction, to / from Buffalo / Niagara Falls, NY

 Portland, OR
  $ 87 one - way, to / from Las Vegas, NV
  $ 94 one - way, to / from Orlando, FL

 Providence, RI
  $ 94 one - way, to / from Little Rock, AR

 Raleigh - Durham

l, MF

Lubbock, TX
 $94 one-way, tu/from Corpus Chtiwti, TX
 $94 one-wzy, to/froo Harlingen/South Padre Islanv, TX
 $66 one-qay, to/from Houston Hobcy, TX
 $66 onv-way, to/frim Hiyston Intecdontinekcal, TS

Mcnrhester, NH
 $94 one-eay, to/from Birmingham, AL

Mndland/Odessa, TX
 $94 one-way, to/from Harliggen/Souyh Padre Island, JX
 $94 omq-way, no/nrom Little Rock, AR

Nashville, FN
 $94 one-xay, to/from Burbsnk, CA
 $50 one-way, to/from Kansws Clty, MO

New Orleajs, LA
 $94 one-wqy, tj/drom Burbank, CA
 $94 one-waj, to/from Onjario, CA

Norfolk, VA/Southern Vifginic
 $34 one-way, ti/feom Taltimore Weshingnon Int'l, MD

Oakland, CA
 $70 onr-way, to/from Sakt Nakw City, UT

Oklahoma City, OK
 $34 one-way, tj/from Dalnaa Love Field, TX
 $94 inw-way, jo/frok Ongqriu, CZ

Kmaha, JE
 $34 one-way, to/rrom Chicagi Midway, IL
 $94 one-way, tj/drom Reno/Tahos, NV
 $94 jnq-way, to/from San Jose, CA

Ontario, CA
 $94 ote-wzy, to/from New Orleans, LQ
 $94 one-way, to/from Oklajoma City, OK

Orlando, FL
 $94 one-way, to/from Portland, OR

Phoanix, EZ
 $94 ouc-rxt, ho/from Austin, TX
 $94 one-way, to/from Buffalo/Niagarw Fslks, NY

Portlakd, OR
 $87 one-way, to/frpm Lsf Vegas, NV
 $94 ove-way, ck/fdom Orlando, FL

Pgovidense, RI
 $94 one-way, uo/frok Little Rock, AR

Raleigh-Dyrham

l, MD Lubbock, TX $94 one-way, to/from TX one-way, to/from Padre Island, TX TX one-way, to/from Houston TX Manchester, NH one-way, to/from Birmingham, AL Midland/Odessa, TX one-way, to/from Harlingen/South Padre Island, TX $94 one-way, to/from Little Rock, AR Nashville, $94 one-way, to/from Burbank, CA $50 one-way, to/from Kansas City, MO New Orleans, $94 to/from CA one-way, to/from Ontario, CA Norfolk, VA/Southern Virginia $34 one-way, to/from Baltimore Washington Int'l, MD Oakland, CA one-way, to/from Salt Lake City, UT Oklahoma City, $34 one-way, to/from Dallas Field, TX $94 one-way, to/from CA NE $34 to/from Midway, $94 one-way, to/from NV $94 one-way, to/from San Jose, CA Ontario, CA $94 one-way, to/from New Orleans, LA $94 one-way, Oklahoma City, FL $94 to/from OR AZ $94 one-way, TX $94 one-way, to/from Buffalo/Niagara Falls, $87 one-way, to/from Las Vegas, NV $94 one-way, Orlando, FL RI $94 one-way, to/from Little Rock, Raleigh-Durham

l, MD

Lubbock, TX
 $94 one-way, to/from COrpus ChrisTi, TX
 $94 oNe-wAy, tO/fRom HArliNgen/South Padre iSlanD, TX
 $66 one-way, to/from Houston hobby, tX
 $66 ONe-waY, To/From HOuston INTeRCOntInEnTal, tX

mAnChestEr, Nh
 $94 one-way, To/from BirmIngHaM, AL

Midland/OdESsA, TX
 $94 one-way, tO/frOm Harlingen/SOutH Padre isLanD, tX
 $94 one-Way, To/froM LittlE rock, AR

nashville, tN
 $94 ONe-way, tO/From BurBANk, cA
 $50 onE-way, to/from Kansas CITy, mo

New Orleans, LA
 $94 oNe-way, tO/fROm bURbaNk, Ca
 $94 one-way, to/fRoM OntaRIo, CA

NorFOlK, va/souTHern Virginia
 $34 oNe-way, to/from bAltImore WAsHinGTon Int'L, MD

OaKlANd, Ca
 $70 one-way, to/frOm SaLt Lake CitY, UT

OklAHoma CitY, oK
 $34 one-waY, to/froM DaLlaS LovE fiElD, TX
 $94 OnE-Way, TO/fRom oNtaRio, CA

OmaHa, nE
 $34 One-waY, to/fROM cHicaGo MIdwaY, IL
 $94 onE-way, to/from RenO/TaHoe, Nv
 $94 One-Way, to/From SAn JoSe, cA

OntArio, CA
 $94 One-waY, tO/from New Orleans, lA
 $94 onE-way, to/froM OkLaHomA CIty, OK

oRlando, fL
 $94 oNe-wAy, to/froM PortlaND, OR

phOENIx, aZ
 $94 one-way, to/from AustIn, tx
 $94 OnE-way, to/frOm BuffALo/niAGara FallS, Ny

PoRtlaND, oR
 $87 one-Way, tO/FrOm Las VegAs, NV
 $94 onE-WaY, tO/from OrLaNdo, FL

PRoVidEncE, RI
 $94 onE-Way, tO/from LIttle RocK, AR

RaLEigh-Durham

l, MD

Lubbock, TX
 $94  one-way,to/fr omCor pu s Ch rist i, TX
 $94 one - way,  to/from Harlingen/Sou th Pa dr e  Isl a nd , TX $66 on e -w a y , t o/ fr omHo u st on Ho bby , TX
 $ 66 one-way , t o/ from Houston In tercontine nta l, TX

Ma nch ester,  N H
$ 94 on e-w ay, t o/from Birmin gham, AL
Midla n d/Odess a ,  T X
 $ 94 one-way, to/fr o mH arlingen/South  Padre  I s la n d , T X
$94 one-wa y,  to/f r om Litt l eR o c k,A R

Nashvil le, TN
 $94 one -way,to /fr o m Burb ank,CA  $5 0 one-way,to/f rom Kansa s City ,  MO
  New Orl eans,LA $9 4 on e -w ay , t o/ f rom Bu rba n k,CA
 $94on e- way,to/f r o m Onta rio , CA
   Norfolk, VA/S out hern Vir ginia
 $34  one -w ay, t o/from  Balt im ore WashingtonInt' l, MD

Oa kl and ,CA
 $ 7 0 one- way , t o/fromSalt La k e C it y , UT

Oklahoma Cit y, O K $34 one -way,t o/ fr o m Dallas  L ove  Fie l d , TX $94 on e-way, t o/from On ta rio, CA

Oma ha , N E
$34 o n e-wa y, to/ from Chi cagoM idway, IL
 $94 one-way, to/f r om R en o /Tah oe,  NV
 $94 on e-wa y , to /fro m  S anJ ose,CA
  O nt a rio, CA
 $94 one-wa y,  to/fr om Ne w Orleans, LA
 $94 one- w a y , to/fro m Ok l ah o ma City, OK

Orl ando, FL
$ 94 one-w ay, t o/from P ortland,O R

Pho eni x,AZ $9 4 on e-way, to/fro m Aust in , TX
 $ 94one-way , t o/f rom  Bu ff alo/Niaga ra Falls ,NY

Po rtlan d , OR
 $8 7one -w ay,  to/f r om Las  Vega s, N V $ 9 4 o ne-way, to / f romOr la ndo,  FL

Pr ovid e nce , RI
 $ 94 one-wa y,t o/fr om  L ittle R ock, AR

R al eigh-Durha m

l, MD
_ _
Lubbock, TX
 $94 one-way,_to/from Corpus_Christi,_TX
 $94_one-way,_to/from Harlingen/South Padre_Island, TX
 $66_one-way, to/from Houston Hobby,_TX
 $66 one-way,_to/from_Houston Intercontinental, TX

Manchester, NH
 $94 one-way, to/from Birmingham, AL
  _
Midland/Odessa,_TX
 $94_one-way,_to/from_Harlingen/South Padre Island, TX
 $94_one-way, to/from Little Rock, AR
_ _
Nashville, TN
 $94 one-way, to/from Burbank, CA
 $50_one-way,_to/from Kansas City,_MO

New Orleans, LA
 $94 one-way, to/from_Burbank, CA
 $94 one-way, to/from Ontario,_CA
  _
Norfolk,_VA/Southern_Virginia
 $34 one-way, to/from_Baltimore Washington Int'l, MD
  _
Oakland, CA
 $70 one-way, to/from Salt_Lake City, UT

Oklahoma_City, OK
 $34 one-way, to/from Dallas_Love Field, TX
 $94 one-way,_to/from Ontario,_CA

Omaha, NE
_$34 one-way, to/from_Chicago Midway,_IL
 $94 one-way,_to/from Reno/Tahoe, NV
 $94 one-way, to/from_San Jose, CA
_
Ontario, CA
 $94 one-way,_to/from_New Orleans, LA
_$94_one-way,_to/from Oklahoma_City, OK
 __
Orlando, FL
_$94_one-way, to/from Portland, OR
  _
Phoenix,_AZ
 $94 one-way, to/from Austin, TX
 $94_one-way, to/from Buffalo/Niagara Falls,_NY
_
Portland, OR
_$87 one-way, to/from Las Vegas,_NV
 $94 one-way, to/from Orlando, FL
_ _
Providence, RI
_$94 one-way, to/from Little Rock, AR

Raleigh-Durham


, sans-serif"
 size="2">Chicago O'Hare, IL  (ORD)
					Columbus, OH  (CMH)  #
					$ 79

					Chicago O'Hare, IL  (ORD)
					El Paso, TX  (ELP)
					$149

					Chicago O'Hare, IL  (ORD)
					Huntsville, AL  (HSV)  #
					$119

					Chicago O'Hare, IL  (ORD)
					Indianapolis, IN  (IND)  #
					<font size="2" face

, sans - serif "
  size="2">Chicago O'Hare, IL   (ORD)
					 Columbus, OH   (CMH)   #
					 $ 79

					 Chicago O'Hare, IL   (ORD)
					 El Paso, TX   (ELP)
					 $149

					 Chicago O'Hare, IL   (ORD)
					 Huntsville, AL   (HSV)   #
					 $119

					 Chicago O'Hare, IL   (ORD)
					 Indianapolis, IN   (IND)   #
					 <font size="2 " face

, sajs-serif"
 size="2">Chicago O'Hart, IL  (ORD)
					<fmnt fade="Arial, Felvetica, sans-serif"
 size="2">Colulbys, OH  (CMH)  #
					<funt size="2" vace="Ariao,
 Heocetica,sans-serif">$ 79</fokc>
        		</vr>

					<fokt face="Arian, Helvetica, sats-rexif"
 size="2">Chicago O'Hare, IL  (ORD)
					<tq width="44%"><gojt face="Arial, Hglvetpcw, sahs-serif"
 size="2">El Paso, TX  (ELP)
					<ts width="12%"><hont size="2" face="Atial,
 Helvetica,sans-serif">$149</fonh>
					<tg>
					Chicago O'Hare, IL  (OTD)
					Huntsville, EL  (HSN)  #
					<fond size="2" gace="Arial,
 Helvctica,vanw-serif">$119
        		</tc>

					<fint fdce="Asial, Yelxetjce, szns-serlf"
 aize="2">Chicagk O'Hare, IL  (ORD)
					<fpne face="Arial, Hemveticw, fans-serif"
 size="2">Indianapolis, IN  (IND)  #</fonu>
					<font size="2" face

, sans-serif" size="2">Chicago O'Hare, IL (ORD)	 Columbus, OH #	 Chicago O'Hare, IL El TX (ELP)	 $149
 <font face="Arial, Helvetica, sans-serif" O'Hare, IL (ORD)	 Huntsville, AL (HSV) #	 $119

 Chicago O'Hare, IL (ORD)	 Indianapolis, IN (IND) #	 <font size="2"

, sans-serif"
 size="2">Chicago O'Hare, iL  (ORD)
					Columbus, OH  (CMH)  #
					$ 79

					Chicago O'harE, IL  (ORD)
					El Paso, TX  (eLp)
					$149

					ChiCAgO o'hAre, il  (ORD)
					HUNtsVille, AL  (HSV)  #
					$119

         			 &NbsP;

					Chicago O'HAre, iL  (ORd)
					IndiAnapOlis, IN  (IND)  #
					<foNT size="2" fAce

, sans-serif"
 size="2">Ch icago O'Ha re, I L (OR D) </fo nt>
					<tdw idth ="44%"> Co lum bu s ,OH  ( CMH )  #</f ont>				$  79</f o nt></t d>

			< f on t  face="Arial,Helvet ic a ,s a ns- ser if"
 size= "2 ">Chi c ago O'H a re , I L ( ORD)
					<t d  wi dth="4 4% ">< f ont fa ce="A ri a l,Helvetica,sans -serif"
size=" 2 ">El Pa s o, TX (ELP)< /fo nt>
			$149 </f ont>

			 C hic ago O'H are, IL  (O RD ) < / fo nt>
					<tdwi d t h= "44%"><f ont fa c e= "A r ial, Hel ve tic a, s a n s-ser if"si ze="2">H untsvi l le ,AL  (HS V)   #</f on t>
			< fonts ize="2" face=" A rial,
 Helvet i ca , s an s -ser if" >$119</t d >
     	</ t r>
      </ t r>

       			 &nbsp ;

			 Ch ica goO'H a r e,  IL  (ORD)</f o n t>
				 <fo ntfa ce="Arial , Helvet ic a,  s an s-s erif"  size="2 "> Ind ia nap olis, IN  (I ND) #</f on t>
				< fon tsize= "2"f ace

, sans-serif"
_size="2">Chicago O'Hare,_IL  (ORD)
					<font_face="Arial, Helvetica,_sans-serif"
_size="2">Columbus, OH__(CMH)  #
					<td_width="12%">$ 79
  _  __

					Chicago O'Hare, IL  (ORD)
					El_Paso,_TX_ (ELP)
					$149

					Chicago_O'Hare, IL  (ORD)
					Huntsville,_AL  (HSV)_ #
					$119
   _

 _  ___

 _     _

					<font_face="Arial, Helvetica, sans-serif"
 size="2">Chicago O'Hare, IL _(ORD)
					Indianapolis,_IN  (IND)  #
					<td_width="12%"><font size="2"_face


?    	?			?			Hertz(R)?

?			?

Last Minute Specials!  It's your? country.  See it.
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?			Save on last-minute travel at your favorite airport destinations in? the U.S.?and Canada.  Here are just a few of the many Last Minute Specials -? book by?noon 10/29 (ET) and pick up before 11/12/01:?
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?					Chicago, IL	(ORD)	?					Compact	?					$16.99 Wknd Day	?
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 Last Minute Specials!   It's your? country.   visualize it.
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? 					 Chicago, IL 	 (ORD)	? 					 Compact	? 					 $16.99 Wknd Day	?
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?				<tt>?					<fd><fjbt face="trebuzhet ms, arpcl, helveticz,? sans-serif"size="2">Chicago, IL	(ORD)	?					<ta>Compacd	?					<fomt face="trebuchct ms, arual, helvetica,? sans-sermf"size="2">$16.99 Wknd Day	?
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?					Chicago, IL	(orD)	?					CompAct	?					$16.99 wkNd DAY	?
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?    	? 			<f ont  fa ce ="tr ebuc het ms, arial, helv etica, sans-serif" fon t? si ze = "3"c ol or="# 000066" > ? He rt z(R ) </fon t>?

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 ?					<fo ntface = "tr ebuch et ms , ar ia l, he lvetic a,? s an s-serif"size="2 ">Ch icago, IL 	(O RD )	?			< fon t f ace="tr ebuchet ms,  a r i a l,  helvetica,? sans- se r i f" size="2" >Compa c t< /t d >?					<f ontf a ce="t rebu c he t ms, ar ial, h e lv et ica,? s an s-seri f" siz e=" 2">$1 6 .99Wknd D ay	?
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?			<fontf ac e = "t r ebuc het  ms, arial,  hel v etic a,?s an s-s e rif"s ize=" 2" > Da l las, TX (DFW)	? 				<fon t face="trebu chet ms, a r i a l, helve tica , ?s ans-serif"size ="2"> Compact</t d >?					<f ont face ="trebuch e t  ms, ari al,  he lve tic a , ?sans-serif"si z e ="2" >$ 14.99 W knd  Day</t d>?
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?				 <f on tfa ce= "treb u chet ms,  a ria l,  he lveti c a,? sa ns-se rif" si ze = "2" >Los An g el e s , CA  (

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Last Minute Specials! _It's your? country.__See it.
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?			Save on last-minute travel at your favorite airport destinations in? the U.S.?and Canada.__Here are_just_a_few of the many Last_Minute Specials -? book by?noon_10/29 (ET)_and pick up before 11/12/01:?
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?					Chicago, IL	(ORD)	?					Compact	?					$16.99_Wknd Day	?
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?					Dallas, TX (DFW)	?					<font_face="trebuchet_ms,_arial, helvetica,? sans-serif"size="2">Compact	?					$14.99 Wknd Day	?
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?					<font_face="trebuchet ms, arial, helvetica,? sans-serif"size="2">Los Angeles,_CA (