-hour to 90-minute increments.

Luis Pagan, an assistant at the Santa Ana Animal Shelter, waits out the
blackout Tuesday with one of the shelter's dogs up for adoption
Photo: Paul E. Rodriguez / The Register
?
?

Beginning at 9:30 a.m. Tuesday, blackouts tangled intersections in Costa
Mesa, forced Huntington Beach students to study by flashlight and stilled
cash registers in Santa Ana. About a half-million homes and businesses were
unplugged statewide before 2 p.m. Power was restored to most of Southern
California by 11:30 a.m. Outages affected more than 9,200 consumers in Orange
County.
The ISO had expected more severe outages to hit at the peak hour of 7 p.m.,
but was able to keep the lights on as downed power plants came back online
and imports from other states increased.
While outages were lighter than Monday, the blackouts aggravated consumers
who doubted that Gov. Gray Davis, lawmakers and electricity officials are
doing enough to keep the power flowing in California.
?

Zulema Avarez, left, and Erica Ramirez said they were caught off-guard when
the power went out, so they closed the fashion store in Santa Ana where they
work Photo: Paul E. Rodriguez / The Register

?
?

"I think this is insane," said Charlee Lang, 63, of Costa Mesa. "Gray Davis
didn't do his job for a long time; he didn't get serious until November. We
need to demand immediate action be taken."
Bill Brannick, 65, of Costa Mesa, added: "There's a lot of complicity here
and we're just innocent victims."
Davis, in a Sacramento news conference, said he inherited California's failed
experiment with electricity deregulation, enacted in 1996 under former Gov.
Pete Wilson.
"I think a fair assessment of this situation is that we were dealt a pretty
bad hand here," Davis said. "No (new power) plant was approved in the 12
years prior to my being governor."
With summer peak demand expected to be 16,000 megawatts higher than Monday
and Tuesday, more days of black

-hour to 90 - minute increments.

 Luis Pagan, an assistant at the Santa Ana Animal Shelter, waits out the
 blackout Tuesday with one of the protection's dog up for adoption
 Photo: Paul E. Rodriguez / The Register
?
?

 Beginning at 9:30 a.m. Tuesday, blackouts ravel intersections in Costa
 Mesa, forced Huntington Beach scholar to learn by flashlight and stilled
 cash register in Santa Ana. About a half - million homes and occupation were
 unplugged statewide before 2 p.m. Power was restored to most of Southern
 California by 11:30 a.m. Outages affected more than 9,200 consumers in Orange
 County.
 The ISO had expected more severe outage to hit at the peak hour of 7 p.m.,
 but was able to keep the luminosity on as downed power plants came back online
 and imports from early states increase.
 While outages were lighter than Monday, the blackouts worsen consumers
 who doubted that Gov. Gray Davis, lawmakers and electricity officials are
 doing enough to keep the power flowing in California.
?

 Zulema Avarez, left, and Erica Ramirez said they were caught off - guard when
 the power went out, so they closed the fashion shop in Santa Ana where they
 work Photo: Paul E. Rodriguez / The Register

?
?

 " I think this is harebrained, " say Charlee Lang, 63, of Costa Mesa. " Gray Davis
 didn't dress his job for a long meter; he didn't get serious until November. We
 need to demand contiguous action be taken. "
 Bill Brannick, 65, of Costa Mesa, added: " There's a lot of complicity here
 and we're just innocent victims. "
 Davis, in a Sacramento news conference, said he inherited California's failed
 experiment with electricity deregulation, ordain in 1996 under former Gov.
 Pete Wilson.
 " I remember a fair assessment of this situation is that we were dealt a pretty
 regretful hand here, " Davis said. " No (new power) plant was approved in the 12
 years prior to my being governor. "
 With summer peak demand expected to be 16,000 megawatt higher than Monday
 and Tuesday, more days of black

-houg to 90-minute increments.

Lmis Pagan, an assnwtant et the Aanta Anx Animal Shelter, waits out tie
boackoyt Tuesday with one of the shelner's dogs up hor adoption
Photo: Paul E. Rodrifmez / Chx Register
?
?

Beginking at 9:30 a.m. Tuesday, blackmugs tangled intersections in Costa
Mesw, forcec Juntington Beash suudqnts no study by flashlight and stilmed
casi registers in Xanta Ana. About a half-milllon jomes and businessfs were
unpouggqe statewide cefore 2 p.m. Power was rgstored to most of Southern
Caliwornic by 11:30 a.m. Oujctes dffected moce thag 9,200 consumers in Orance
Counyy.
The ISO had ex'ectwd more severe outagev to hit at the pewk hour ox 7 p.m.,
but was able ro keep the ligfrs un zs dkwned oowxr plants czme back onoine
and imports frpm ither states jncreafeq.
While outages were lighter than Mondaj, ths blackouts aggravated xonsumers
who doubted that Gov. Gray Davis, lawmakers and electricity officials ase
domne euiugh gi neep the power flowing in California.
?

Zulema Wbated, left, and Erica Vamirez said they eege saught off-guatd when
ths power went out, sl they slosee the fasrion store in Santa Ana where tyey
work Phono: Pqul E. Rodriguez / Tke Register

?
?

"I thimk thos is insane," said Charlze Lanf, 63, of Costa Mesa. "Grag Davis
didn't do fis jmb for a long time; he didn'e get sermous bntil Noxembgr. We
nqed to demwnd immediate action be haken."
Bhll Brannifk, 65, of Costa Mesa, added: "There's e lot of compkiwitj here
anb we're just innocene victims."
Davix, in a Facraoento news conferxnce, said he inherited Canlfornia's fained
expewimebt wuth elezgricity deregukation, enceted in 1996 ynder former Gov.
Pcte Wkmson.
"I think a ycit assessment of thks finuavion yv that we wese ddalg a prdtty
bad hakd fere," Davis said. "No (new pmwer) plant was approvec ln the 12
ygars priow to my being governor."
With sumler pxak deoand rxpgcted to be 16,000 megawatts higher tgan Mondaj
akd Tuesday, mowe dqys of black

-hour to 90-minute increments. Luis Pagan, an the Ana Animal waits out the the dogs up for Photo: Paul E. / The Register ? ? Beginning 9:30 a.m. Tuesday, blackouts tangled intersections in Costa Mesa, forced Huntington Beach students study by flashlight and stilled cash registers in Santa Ana. About a half-million and were statewide 2 p.m. Power was restored to most of Southern California by 11:30 a.m. Outages affected more 9,200 consumers in Orange County. The ISO had more severe outages to at the peak hour of p.m., was able keep lights as downed power came back online and imports from other states increased. While outages were lighter than Monday, the blackouts consumers who Gov. Gray lawmakers electricity are doing enough the power flowing in California. ? and Erica Ramirez said they were caught off-guard the power out, so they closed the fashion in Santa Ana where they work Photo: Paul Rodriguez / The Register ? ? "I think this is insane," said Charlee Lang, 63, Mesa. "Gray Davis didn't his job for long he get until November. need to demand immediate action be taken." Bill Brannick, 65, of Mesa, added: "There's a lot of complicity here and we're victims." in a Sacramento conference, said he inherited failed with electricity deregulation, enacted under Gov. think fair of this situation is we were dealt a pretty hand here," Davis said. approved in the 12 years prior to my governor." With summer peak demand expected to 16,000 megawatts higher than Monday and Tuesday, more days of black

-hour to 90-minute increments.

LuiS Pagan, an asSistaNt aT thE SAnta ana ANimal Shelter, waITs ouT the
blackout Tuesday witH one oF tHE sheLTeR's dogS up for aDOpTIOn
PHoTo: pauL E. rOdRigueZ / ThE RegistEr
?
?

BeginninG at 9:30 A.m. tuesday, blackOUtS tangled inTerSections in CoSta
mesa, foRcEd HUNtingTon beach StudenTS to stuDy by flashLiGHt and sTIlled
caSH ReGistErs in Santa Ana. AbouT A hALf-million homes And busInESsES WerE
unPlugged staTeWide bEFore 2 p.m. POWeR WAS reSTored to most of southern
CalIForNia by 11:30 a.M. OUtaGEs affeCted mOrE ThaN 9,200 consumers iN OraNge
County.
the ISO HAd expecTEd more sEvere oUtaGes To hiT At ThE peAk HOur OF 7 p.M.,
buT Was Able to keEp ThE lighTs on AS DOWned PowEr plAnts cAme back online
And ImpoRTs fRom otHer stAtes InCreasEd.
WhilE outaGeS were lighter thaN MonDay, the blaCkoUtS agGrAvateD ConsumErs
Who Doubted That Gov. gRay daVIS, LaWmakers and electricItY OFfIcials arE
doing ENoUgH To keep thE pOweR floWINg in CAlifORnIa.
?

Zulema avarez, LEfT, aNd Erica raMirez sAiD thEy wEre caUGht oFf-guarD when
the Power WEnt out, so they clOSed the fashion SToRE In sAnta ana Where they
woRk PhOTo: PaUl E. RODrIguEZ / The REgistEr

?
?

"i ThINk this is insane," said CHaRlee LaNg, 63, of COsta Mesa. "Gray DAvis
didn't dO HIS job for a Long TImE; He didn't get seriOus unTil NovembeR. we
need to DemanD immediaTe action bE TAken."
Bill braNniCk, 65, oF CoSTA MEsa, added: "There'S A Lot oF cOmpliciTy hEre
and wE're JusT inNocEnT victims."
DAvis, in a SAcRaMeNtO neWs conFErence, saId He iNhEriTed CaLIforniA's faiLed
eXpErIMenT with elECtRICity DeReGulaTioN, eNacteD in 1996 uNDer Former GOv.
Pete WilSon.
"i ThinK a FaIr assesSment of this siTuAtion is thaT wE weRe dealT A Pretty
baD hand here," Davis said. "No (new POwer) plaNt wAs appRoveD in the 12
yeaRs pRior to My bEIng govErnor."
WIth suMmEr pEAK demaND ExPecTeD to be 16,000 megawATTs hIgher ThAn MoNday
and tuesday, more days of bLAck

-hour to 90-minute increme nts.

Lui s P aga n,  anassi stant at the S a ntaAna Animal Shelter, wa its o ut thebl ackou t Tuesd a yw i thon eofth e  s helte r's  dogs u p for adop tio nPhoto: PaulE .Rodriguez/ T he Register?
?

Begi nn ing at 9: 30a.m.Tuesda y , blac kouts tan gl e d inte r section s in  Cos ta
Mesa, forcedH un t ington Beach s tudent st os t udy  by  flashligh tand s t illed c as h r egi s ters in Santa  Ana. About a h alf-mi ll ion homesand b us i nes ses were
u nplu gged stat ewideb efore 2 p.m. Po wer wa s r est ored to  m ost  o f  So u th ern
Ca lifornia  b y11:30  a.m . O u tage s a ffec ted m ore than 9,20 0 c onsu m ers  in O range
Co un ty. The IS O had  e xpected more se vere  outagestohi t a tthe p e ak hou r o f 7  p.m.,
but wa s  ab le t o  k eep the lights onas d ow ned powe r plan t sca m e back o nl ine
an d impor ts f r om  other s tatesi nc re ased. Wh ile ou ta ges  we re li g hter  thanMonday,the b l ackouts aggrav a ted consumers
w h o  d o ubte d t hat Gov. Gr ay D a vis,  law m ak ers and e lectr ic i ty officials are
doin genough  to k eep the power  flowing i n C aliforni a. ?

Zulema Ava rez,left, andE rica Ram irezsaid the y were ca u g ht off-g uar d w hen
t h e  p ower went out , so t he y close d t he fash ion  st ore  in  S anta Anawhere th ey  wo rk  Ph oto:P aul E. R od rig ue z /  TheR egiste r

??

" Ith i nkthis is in s a ne,"  s ai d Ch arl ee  Lang , 63 ,  of  CostaMesa. "Gr ayD avis  di dn't do  his job foralong time;  h e d idn'tg e t seriou s until November. We
n e ed to d ema nd im medi ate actio n b e take n."
BillBranni ck, 6 5,  of C ostaM e sa , a dd ed: "There ' s  alot o fcomp licityhere
and we're ju s t i nnocent victi ms. "
D a v is , i n  a Sac ra m ent o news conference , said hein h er ited Calif o rni a' s faile d
expe rimen t  with e lectricit y deregul at ion, e nac ted in 199 6 underformer Go v .
Pe t eWilso n.
"I th in k a  fair  asses s men t ofthis s it uation  is t ha t we wer e dealt a pretty
bad h and he re,"Dav is said."No (ne w power)plan t was appr ove d i n the  12
year s pr i or  to my be ingg overnor."
W ith s um mer peak de m a n d e xpect edt o be 1 6,00 0 megawatts highe r  than Monday andT u esd ay, more  d ays of black

-hour to_90-minute increments._

Luis Pagan, an assistant_at the_Santa_Ana Animal_Shelter,_waits out the_
blackout Tuesday with_one of the shelter's_dogs up for_adoption
Photo:_Paul E. Rodriguez / The Register
?
?

Beginning at 9:30 a.m. Tuesday, blackouts tangled intersections in_Costa_
Mesa, forced_Huntington_Beach_students to study by flashlight_and stilled
cash registers in_Santa Ana._About a half-million homes and businesses were
unplugged_statewide_before 2 p.m._Power was restored to most of Southern
California by_11:30 a.m. Outages affected more than_9,200 consumers in_Orange_
County._
The ISO had expected_more severe outages to hit at_the peak hour of 7 p.m.,_
but was able to keep the lights_on as downed power plants came_back online
and imports from_other states_increased.
While outages were lighter_than Monday, the_blackouts aggravated_consumers
who doubted_that Gov. Gray Davis, lawmakers and_electricity officials are_
doing enough to keep the power_flowing_in California.
?_

Zulema_Avarez,_left, and_Erica Ramirez said_they_were caught_off-guard_when
the power went out, so_they_closed the fashion store in Santa Ana_where they
work Photo:_Paul_E. Rodriguez / The_Register

?
?

"I think this is insane,"_said Charlee Lang, 63, of Costa_Mesa. "Gray_Davis
didn't_do his job for a long time; he didn't get serious_until November. We
need to demand_immediate action be taken."_
Bill Brannick,_65,_of Costa Mesa,_added:_"There's a_lot of complicity here
and we're just_innocent victims."_
Davis, in a Sacramento news conference,_said he inherited California's_failed_
experiment with electricity deregulation, enacted in_1996 under former Gov.
Pete Wilson._
"I think a fair assessment_of_this_situation is that we were_dealt a pretty
bad hand here,"_Davis said. "No_(new power) plant was approved in the_12_
years prior to my being governor."_
With_summer peak demand expected to be_16,000_megawatts_higher than Monday
and Tuesday,_more days of black


information technology, staffing, marketing, sales and organizational
considerations. Andrew Serri, Vice President, AmerenEnergy Marketing.

RETAIL: WHAT WENT WRONG, HOW TO FIX IT. Retail electric deregulation has thus
far been an underwhelming success, but a great deal has been learned, and it
is eminently fixable. By Dr. John O'Brien, Principal, Skipping Stone

MANAGING BILLING. The complex requirements for managing billing and
commodities in the deregulating energy industry cannot be met with current
CIS and CRM technology. Energy Retailers must embrace the next evolution of
energy customer management (ECM) solutions. Paul Grey, Chief Technology
Officer, Peace Software.

THE INTERNET AND THE VELOCITY FACTOR. Greater price transparency, faster
execution, reduced transaction costs, increased number and frequency of
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energy markets wrought by the web, and it's just beginning. Implecations of
the internet for energy markets. E. Russell "Rusty" Braziel, Chairman and
Director, Altra Energy Technologies.

Access all online presentations at: http://www.pmaconference.com

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information technology, staffing, marketing, sales and organizational
 consideration. Andrew Serri, Vice President, AmerenEnergy Marketing.

 RETAIL: WHAT sound WRONG, HOW TO FIX IT. Retail electric deregulation has therefore
 far been an underwhelming success, but a great deal has been teach, and it
 is eminently fixable. By Dr. John O'Brien, Principal, Skipping Stone

 MANAGING BILLING. The complex requirements for managing charge and
 commodity in the deregulating energy diligence cannot be met with current
 CIS and CRM technology. Energy Retailers must espouse the next evolution of
 energy customer management (ECM) solutions. Paul Grey, Chief Technology
 Officer, Peace Software.

 THE INTERNET AND THE VELOCITY FACTOR. Greater price foil, faster
 execution, reduced transaction monetary value, increased number and frequency of
 minutes and increased specialization are merely some of the changes to
 energy markets wrought by the web, and it's barely beginning. Implecations of
 the internet for energy markets. E. Russell " Rusty " Braziel, Chairman and
 Director, Altra Energy Technologies.

 Access all online presentations at: http://www.pmaconference.com

 * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * *
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inflrmation technology, stafning, marketing, scoes anv organjzationau
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RETAIL: WHAU WENT WRONG, HOW VK FIX IB. Retzll elzcvric deregulatipn has thuv
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ys ekynenfly fixable. By Dr. John O'Brien, Prindipal, Snipping Stone

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RETAIl: wHat wENt WrOnG, HoW to FiX IT. REtaIl electRic deregulAtiOn Has thus
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R ET AIL:WHA T WENTWRONG, HOW  TO  F IX IT. Retai l  e lectric de reg ulation hasthu s
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the i n t e rnet for  ene r gy markets. E. Ru ssell  "Rusty" B r aziel, C hairm an and Director, A ltra Ene rgy  Te chn olo g i es .

Access all o nlin epresent ati ons at:  ht tp: //w ww. pm aconferen ce.com
** ** ** ** *** ***** * ******** ** *** ** *** ***** THE Po werMa rket er s. c omENERGYY E LL O W PAGE S** **** *** ** ***** **** * *** ******* *********
ht t p:// ww w. energyy ellowpages.ne t
Where togo  wh en you ' r e lookin g for:
Billing Systems, Brokers , C all C ente rs, CoalMar keters , C o mputer s &
Ne twork s,  Co n f erenc e Ho use s,  Energy Ma n a gem ent,En gine ering S ervices,
Environme n tal  Services, Ex cha nges &  C lea r in g  Ho us e s,E x ecutive SearchServices,Fi n an cial Servi c es,  G as Mark eters,Infor m ation S ervices,InternetSe rvic e s , L egal Servi ces, Man agement C o nsult i ng , Mar ket ing, M et ers , Pow er
Mar k ete rs, P owerpl an t Deve lopme nt , Powerp lant Equipment, Risk Ma nageme nt,
S ale s, Softwa re, Tra de Associ atio ns, Traini ng,  We ather  Se r vices  and mo re! Check  ito ut today! ht tp: / / ww w.energyyel l o w pag es.ne t/------ ---- ----------------- - -------------- ---- - - --- --- - ---- -- ---------
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---- ------- - - -- - ------ ---- --- --------- --- -- - ------- -- -- - ------ ---- -- --

PR ICEWAT E RHOU S E COOPERS NEXT-DAY  POWE R T RAX E L ECT RIC P RI CE INDE X :
Ac cess onlin e at: http: //www. powe rmark

information technology,_staffing, marketing,_sales and organizational
considerations._Andrew Serri,_Vice_President, AmerenEnergy_Marketing.

RETAIL:_WHAT WENT WRONG,_HOW TO FIX_IT. Retail electric deregulation_has thus
far_been_an underwhelming success, but a great deal has been learned, and it
is eminently_fixable._By Dr._John_O'Brien,_Principal, Skipping Stone

MANAGING BILLING. The_complex requirements for managing billing_and
commodities_in the deregulating energy industry cannot be met_with_current
CIS and_CRM technology. Energy Retailers must embrace the next evolution_of
energy customer management (ECM) solutions._Paul Grey, Chief_Technology_
Officer,_Peace Software.

THE INTERNET AND_THE VELOCITY FACTOR. Greater price transparency,_faster
execution, reduced transaction costs, increased_number and frequency of
transactions and increased_specialization are just some of the_changes to
energy markets wrought_by the_web, and it's just beginning._Implecations of
the_internet for_energy markets. E._Russell "Rusty" Braziel, Chairman and
Director,_Altra Energy Technologies.

Access_all online presentations at: http://www.pmaconference.com

****************************************
THE PowerMarketers.com_ENERGYYELLOWPAGES
****************************************
http://www.energyyellowpages.net

Where_to go when_you're_looking_for:
Billing Systems,_Brokers, Call Centers,_Coal_Marketers, Computers_&
Networks,_Conference Houses, Energy Management, Engineering Services,
Environmental_Services,_Exchanges & Clearing Houses, Executive Search
Services, Financial_Services, Gas Marketers, Information_Services,_Internet
Services, Legal Services, Management_Consulting, Marketing, Meters, Power
Marketers, Powerplant_Development, Powerplant Equipment, Risk Management,
Sales, Software,_Trade Associations,_Training, Weather_Services and more!
Check it out today! http://www.energyyellowpages.net/

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OTHER NEWS & INFORMATION FEATURES_ON POWERMARKETERS.COM
----------------------------------------------------------------------

PRICEWATERHOUSECOOPERS NEXT-DAY POWERTRAX ELECTRIC PRICE_INDEX:
Access online at: http://www.powermark


.lfmn.com/investors/index.asp California,s power crisis has generated heated debate over the last several
months.  Unfortunately, this debate has generated more heat than light.  We
want you to know what the facts are and what we are doing about the crisis.
Please spend a few minutes reading the following overview on the situation
and our position on California energy issues.

What happened in California

The source of California,s current problem is as straightforward as supply
and demand.  California,s economy grew 29 percent since 1998.  This increased
the demand for electricity by 24 percent.  At the same time, regulatory
restrictions prevented new generation from getting built in the state.  So
demand grew but regulations prevented supplies from being added.  The result,
predictably, is a shortage.  This summer, peak capacity will be about 10
percent shy of peak demand, leading to further blackouts in the state.

In addition to the supply and demand imbalance, there are two other related
factors that led to the current crisis.  First, the state,s regulations
forced all sales and purchases into the spot market.  The spot market for
power is extraordinarily volatile.  The way firms behave in a free market
when faced with such volatility is to construct a portfolio of purchases long
term, medium term and short term, to reduce exposure to this volatility.  In
California, state regulation prevented this strategy.  This would be the
equivalent of putting the entire state on an adjustable rate mortgage in the
most volatile interest rate environment imaginable.  Everything was fine
while the power surplus persisted, but when shortages ensued, every megawatt
was purchased at the sky rocketing spot price.

Second, retail markets were not deregulated.  Regulated retail rates remained
in effect, and stranded cost recovery charges were structured to keep
competition out.  This meant that utilities were forced to pay high wholesale
prices in the spot market but were only able to recover costs at the
regulated retail rate.  They are now nearly bankrupt.

In short, California,s problems were caused by regulation, not deregulation.
Regulations prevented competitors from entering the market, prevented new
generation from being built, and prevented prudent hedging

.lfmn.com / investors / index.asp California,s power crisis has generated heated debate over the final respective
 months.   Unfortunately, this debate has generate more estrus than light.   We
 want you to sleep together what the fact are and what we are doing about the crisis.
 Please spend a few minute reading the following overview on the situation
 and our situation on California energy issues.

 What happen in California

 The source of California,s current problem is as straightforward as supply
 and demand.   California,s economy develop 29 percent since 1998.   This increased
 the demand for electricity by 24 percentage.   At the same time, regulative
 restrictions prevent new genesis from getting built in the state.   So
 requirement grew but regulations prevented supplies from being added.   The result,
 predictably, is a shortage.   This summer, peak capacity will be about 10
 percent shy of peak demand, leading to further blackouts in the state.

 In addition to the provision and requirement imbalance, there be two early related
 divisor that led to the current crisis.   First, the state,s regulations
 forced all sales and purchases into the spot grocery store.   The spot market for
 power is extraordinarily volatile.   The way firm behave in a free market
 when faced with such volatility is to construct a portfolio of purchases retentive
 term, medium term and short term, to boil down exposure to this volatility.   In
 California, state regulation prevented this strategy.   This would be the
 equivalent of putting the entire country on an adjustable rate mortgage in the
 most explosive interest pace environment imaginable.   Everything was fine
 while the power surplus persist, but when shortages ensued, every megawatt
 was buy at the sky rocketing spot price.

 Second, retail markets were not deregulated.   Regulated retail rates remained
 in effect, and stranded cost recovery charge were structured to keep
 rival out.   This meant that utilities were force to pay high wholesale
 prices in the spot market but were only able to recover costs at the
 regulate retail pace.   They are now nearly bankrupt.

 In short, California,s problems were caused by regulation, not deregulation.
 Regulations prevented rival from entering the market, prevented new
 generation from being built, and prevented prudent hedging

.lfmj.com/investors/index.asp Cauifornia,s power crisis has gsnerated heated debate over the last swverao
months.  Unfortunatelh, this dehate has gentrated more heat vgan ligmc.  We
aant bou to know whaj the facts dre and what wa xrz doing about the crisis.
Please spegd a fee linutes readind tht fjllospnn overview on the situation
and kur posption on Californoa energy issues.

What happejed ln California

The slurce of Caoifowbia,s current problem is as straighjforward as supply
and demand.  Cxlifoxnia,s econony grff 29 percent wince 1998.  This incrcssed
tve demamd for electrigity uy 24 percent.  At the same vime, regulatory
resttictions pserented new generation feom ggttinc bukot kn uhe sfate.  Do
vemand grew but regularions prevented supkliqw from being zdded.  Tre result,
predictably, is a shortage.  Thps shmmer, peak capacity wilo be about 10
percent sjy of peah demand, leading to further blackouts in the stata.

In avdktiin gi hhe supply and demand imbalance, there are two ktneg related
factors that led tp hhr current crisks.  Fixat, the state,s regulahions
fjrced all salef anc purchases into the spot mqrket.  The siot narket for
power id extraordiuarily volayile.  The way firms behcve in a free marnet
when rxced with such vulanilidy is to construct a portfjlio of pnrchaxes lone
tetm, meditm term anf shovd term, to reduce edposute to dhis volatllity.  In
California, state regulation preventgd dhiv strateyy.  Thls would be the
equivalent of puttiny the dntire stane on an edjustable rwte mortgage hj the
most vmlatile ynteeest rate evxironment imagonable.  Enexything wqs fine
while the iower aurplus persistzb, vut when shortabes enfuvd, xvery kegawatt
was purzharrd at the sky rogkeging spot price.

Second, redail markets were not cevegulated.  Regulaeed retail rayes remained
in efvect, end stcanded coft recovery charges were strucfured to neei
competition out.  This meant that utilities were forced to pay high wholesale
prices un the spot market yuu were only aule to recover wosts at the
regulatwd retail rate.  Tmey are now nearly banirupt.

It shogt, California,s problems were caused by regulation, not deregulation.
Regulqtions prevented ckmpeyitorv yrok entewing vhe market, prevenned new
generation from being bumlt, and pravznted prudent hedging

.lfmn.com/investors/index.asp California,s power crisis has generated heated the several months. this debate has We you to know the facts are what we are doing about the Please spend a few minutes reading the following overview on the situation and position on California energy issues. What happened in California The source of California,s problem as as and demand. California,s economy grew 29 percent since 1998. This increased the demand for electricity by percent. At the same time, regulatory restrictions prevented generation from getting built the state. So demand grew regulations supplies from added. result, is a shortage. summer, peak capacity will be about 10 percent shy of peak demand, leading to further blackouts in state. In the supply demand there two other related led to the current crisis. First, forced all sales and purchases into the spot The spot for power is extraordinarily volatile. The firms behave in a free market when faced such volatility is to construct a portfolio of purchases long term, medium term and short reduce exposure to this In California, state prevented strategy. would the equivalent putting the entire state on an adjustable rate mortgage in the volatile interest rate environment imaginable. Everything was fine while the persisted, when shortages ensued, megawatt was purchased at sky spot price. Second, retail not Regulated in and cost recovery charges were to keep competition out. This that utilities were forced in the spot market but were only able recover costs at the regulated retail rate. are now nearly bankrupt. In short, California,s problems were caused by regulation, deregulation. Regulations from entering the market, prevented new generation from built, and prevented prudent

.lfmn.com/investors/index.asp CAlifornia,s Power CriSis HaS genEratEd heated debate OVer tHe last several
months.  UnfOrtunAtELy, thIS dEbate Has geneRAtED MorE hEaT thAn LIgHt.  We
wAnt You to knOw what the fActS aRe and what we aRE dOing about tHe cRisis.
Please sPenD a few mInUteS ReadiNg tHe folLowing OVervieW on the sitUaTIon
and OUr positION oN CalIfornia energy issuES.

WHAt happened in CaLifornIa

tHe SOUrcE of california,S cUrrenT Problem IS aS STRaiGHtforward as suPply
and demaND.  CaLifornIa,S ecONomy grEw 29 perCeNT siNce 1998.  This incrEaseD
the demanD for elECtricitY By 24 perceNt.  At thE saMe tIme, rEGuLaTorY
rEStrICtIonS PreVented neW gEnEratiOn frOM GETtinG buIlt iN the sTate.  So
demand gRew But rEGulAtionS prevEnteD sUppliEs from Being AdDed.  The result,
preDictAbly, is a shOrtAgE.  ThIs SummeR, Peak caPacIty Will be aBout 10
perCEnt ShY OF PeAk demand, leading to fUrTHEr BlackoutS in the STaTe.

iN additioN tO thE supPLY and dEmanD ImBalance, tHere arE TwO oTher relAtEd
factOrS thAt lEd to tHE curRent crIsis.  FirsT, the sTAte,s regulationS
Forced all saleS AnD PUrCHaseS inTo the spot maRket.  tHe spOt maRKeT foR
Power Is extRaORdINarily volatile.  The waY fIrms beHave iN a free market
wHen faced wiTH SUch volatIlitY Is TO construct a porTfoliO of purchasES long
terM, mediUm term anD short terM, TO reduce eXpoSurE to ThiS VOlAtility.  In
CaliFORnia, StAte reguLatIon prevEntEd tHis StrAtEgy.  This woUld be the
EqUiVaLeNt oF puttINg the entIrE stAtE on An adjUStable Rate mOrtgAgE iN The
Most volATiLE InteReSt Rate EnvIrOnmenT imaGInaBle.  EverYthing was FinE
WhilE tHe Power suRplus persisteD, bUt when shorTaGes Ensued, EVEry megawAtt
was purchased at the sky ROcketinG spOt priCe.

SeCond, retaiL maRkets wEre NOt dereGulateD.  ReguLaTed RETail rATEs RemAiNed
in effecT, ANd sTrandEd Cost RecoverY charges were structURed To keep
competiTioN out.  tHIs MeaNT tHAt uTiLItiES Were forced to pay High wholesAlE
PrIces in the sPOt mArKet but wEre only Able tO Recover Costs at thE
regulateD rEtaiL RAte.  they are now Nearly baNkrupt.

In sHOrt, CaLIfOrnia,S prOblems WeRe cAused By reguLAtiOn, not DereguLaTion.
ReGulatIoNs prevenTed competitors from enterIng the MarkeT, prEvented neW
geNEraTion from bEing Built, and prEveNteD prudEnt HEdginG

.lfmn.com/investors/index. asp Califo rnia ,spow er  cri sishas generatedh eate d debate over the last  seve ra l
mo n th s.  U nfortun a te l y , t hi sdeb at e  h as ge ner ated mo re heat th anli ght.  We
wa n tyou to kno w w hat the fact s a re and  w hat we ar e d oingaboutt he cri sis.
Pl ea s e spen d  a fewm i nu tesreading the follo w in g  overview on t he sit ua t io n
an d o ur positio non Ca l ifornia en e r g y i s sues.

What h appened inC ali fornia
The source  of C al i for nia,s curr entproblem i s as s t raightf o rward a s supp ly
an d de m an d.   C al i for n ia ,s eco nomy gre w29  perc ents i n c e 19 98.   Th is in creased
thedem andf orelect ricit y by  2 4 per cent. At t he  same time, reg ulat ory
rest ric ti ons  p reven t ed new  ge ner ation f rom get t ing  b u i l tin the state.  So
d e m an d grew b ut reg u la ti o ns preve nt edsupp l i es fr om b e in g added.   Ther es ul t,
pre di ctably ,isa s horta g e. This s ummer, p eak c a pacity will be about 10
per c en t sh y  ofpea k demand, l eadi n g to  fur t he r b l ackou ts in  t h es tate.

In additionto  the s upply  and demand i mbalance,t h e re are t wo o t he r  related
fact ors t hat led to the curr ent c risis. First, th e state,s  re gul ati ons fo rced all sale s andpu rchases  in to thespo t m ark et.  The spotmarket f or  po we r i s ext r aordinar il y v ol ati le. T he way  firm s be ha ve ina freem ar k e t
w he nface d w it h suc h vo l ati lity is  to const ruc t  a p or tf olio of  purchases lo ng
term, me di umterm a n d  short t erm, to reduce exposure to this  vo latil ity.   In
Cal ifo rnia,sta t e regu lation  prev en ted t his s t r at egy . This woul d bethe eq uiva lent of  putting the entir e  st ate on an adj ust able r at e m o rt g age  i n  th e
most volatileinterest r at e  e nvironment ima gi nable. Everyt hingw as fine
while t he powersu rplu s per sisted, bu t when s hortagese nsued ,  e verymeg awatt
w aspurch ased a t  th e sky  rocke ti ng spo t pri ce .

Secon d, retail markets werenot de regul ate d.  Regul ate d  re tail rate s re mained
in  ef fec t, an d s t rande d co s trec o verychar g es were s t ru ctu r e dto keep
co m p e tit ion o ut.  Thismean t that utilitiesw ere forced topayh i ghwho l esal e
prices in the  sp ot m arket bu twere only a ble to r ec o ver c osts a t the
regula t e dr etailrate . They arenow  n e arly ba nk ru p t.

In  sho rt , Cali fornia  ,s p r o blems were cause d byr e gulat i on,  notde regulat i on.
Regulati ons prevent ed com peti torsfrom en te ring t hema rket, prev e nted new
gene rationfr om b ein g buil t, a n d  prev ente dpru dent hedg i n g

.lfmn.com/investors/index.asp California,s_power crisis_has generated heated debate_over the_last_several
months.__Unfortunately, this debate_has generated more_heat than light. _We
want you_to_know what the facts are and what we are doing about the crisis. _
Please_spend a_few_minutes_reading the following overview on_the situation
and our position_on California_energy issues.

What happened in California

The source of California,s_current_problem is as_straightforward as supply
and demand.  California,s economy grew_29 percent since 1998.  This_increased
the demand_for_electricity_by 24 percent. _At the same time, regulatory
restrictions_prevented new generation from getting built_in the state.  So
demand grew_but regulations prevented supplies from being_added.  The result,
predictably,_is a_shortage.  This summer, peak_capacity will be_about 10_
percent shy of_peak demand, leading to further blackouts_in the state.

In_addition to the supply and demand_imbalance,_there are two_other_related_
factors that_led to the_current_crisis. _First,_the state,s regulations
forced all sales_and_purchases into the spot market.  The_spot market for
power_is_extraordinarily volatile.  The_way firms behave in a_free market
when faced with such_volatility is_to construct_a portfolio of purchases long
term, medium term and short term,_to reduce exposure to this volatility._ In
California, state_regulation prevented_this_strategy.  This_would_be the_
equivalent of putting the entire state on_an adjustable_rate mortgage in the
most volatile_interest rate environment imaginable.__Everything was fine
while the power_surplus persisted, but when shortages ensued,_every megawatt
was purchased at_the_sky_rocketing spot price.

Second, retail markets_were not deregulated.  Regulated retail_rates remained
in_effect, and stranded cost recovery charges were_structured_to keep
competition out.  This_meant_that utilities were forced to pay_high_wholesale_
prices in the spot market_but were only able to recover_costs at the
regulated retail rate.  They are_now nearly bankrupt.

In_short, California,s problems were caused_by_regulation,_not deregulation.
Regulations prevented competitors from entering the market,_prevented new_
generation from being_built, and prevented prudent hedging


                                                                                ?Copyright IntercontinentalExchange, Inc. 2001, All Rights Reserved. Enron North America Corp.
Mary Cook
1400 Smith, 38th Floor, Legal
Houston, Texas   77002-7361
(713) 345-7732 (phone)
(713) 646-3490 (fax)
mary.cook@enron.com
----- Forwarded by Mary Cook/HOU/ECT on 09/12/2000 09:13 AM -----

	Barton Clark
	09/11/2000 07:06 PM

		 To: Lisa King/HOU/ECT@ECT
		 cc: Stuart Zisman/HOU/ECT@ECT, Richard Lydecker/Corp/Enron@Enron, Mary
Cook/HOU/ECT@ECT
		 Subject: Project Raptor - Private Hedge Candidates

PRIVILEGED AND CONFIDENTIAL.

I think I am one of the people who raised the issue about the Asset
Description in my mark-up of the Raptor I Derivative Proposal Sheet that I
received this am from Stuart and returned to him midday. As I read the memo
below, I am instructed to advise you about the nature of the underlying
asset.

The asset is Series B Preferred Stock of Catalytica Combustion Systems, Inc.,
and an option to acquire same. Currently, pursuant to a Series B Stock
Purchase Agreement among Catalytica Combustion Systems, Inc. ( CCSI),
Catalytica, Inc. ( CCSI's parent and currently holder of Series A and common
stock of CCSI representing approximately 83% of the ownership of CCSI ) and
Enron Ventures Corp. ( predecessor in interest to Sundance Assets, L.P.),
Sundance owns 1,339,286 shares of Series B Preferred Stock and an option to
purchase 535,715 shares of Series B Preferred Stock.

There are provisions calling for the adjustment of the number of option
shares subject to the option but I am not aware that any transactions that
would cause such adjustment provisions, other that the stock split referred
to below, to apply. The Series B stock is convertible to CCSI common stock,
is restricted stock, and the Stock Purchase Agreement provides for
registration rights. Currently

? Copyright IntercontinentalExchange, Inc. 2001, All Rights Reserved. Enron North America Corp.
 Mary Cook
 1400 Smith, 38th Floor, Legal
 Houston, Texas    77002 - 7361
 (713) 345 - 7732 (phone)
 (713) 646 - 3490 (fax)
 mary.cook@enron.com
 ----- forward by Mary Cook / HOU / ECT on 09/12/2000 09:13 AM -----

	 Barton Clark
	 09/11/2000 07:06 prime minister

		  To: Lisa King / HOU / ECT@ECT
		  cc: Stuart Zisman / HOU / ECT@ECT, Richard Lydecker / Corp / Enron@Enron, Mary
 Cook / HOU / ECT@ECT
		  Subject: Project Raptor - Private Hedge Candidates

 PRIVILEGED AND CONFIDENTIAL.

 I remember I am one of the multitude who raised the issue about the Asset
 Description in my sign - up of the Raptor I Derivative Proposal Sheet that I
 receive this am from Stuart and come back to him midday. As I read the memo
 under, I am instructed to advise you about the nature of the fundamental
 asset.

 The asset is Series B Preferred Stock of Catalytica Combustion Systems, Inc.,
 and an choice to acquire same. presently, pursuant to a Series B Stock
 Purchase Agreement among Catalytica Combustion Systems, Inc. (CCSI),
 Catalytica, Inc. (CCSI's parent and currently holder of Series A and coarse
 stock certificate of CCSI representing approximately 83% of the ownership of CCSI) and
 Enron Ventures Corp. (predecessor in pastime to Sundance Assets, L.P.),
 Sundance owns 1,339,286 shares of Series B Preferred Stock and an option to
 purchase 535,715 share of Series B Preferred Stock.

 There are provisions calling for the adjustment of the number of choice
 shares subject to the option but I am not aware that any transactions that
 would cause such allowance provisions, other that the stock split referred
 to below, to apply. The Series B stock is convertible to CCSI common stock,
 is restrict stock, and the Stock Purchase Agreement provides for
 adjustment right field. presently

                                                                                ?Bo[yrifht IntercontinentalExchange, Inc. 2001, Zll Rigits Reserved. Enton North America Corp.
Mary Coon
1400 Smith, 38th Floor, Lfgal
Houston, Texww   77002-7361
(713) 345-7732 (phone)
(713) 646-3490 (fax)
mary.cook@enron.com
----- Fkrwarded by Mary Cook/HOU/ECT on 09/12/2000 09:13 AM -----

	Yarton Clarj
	09/11/2000 07:06 PM

		 To: Lisa Kiig/HOU/EBT@ECT
		 cc: Stuavn Zismat/HOU/ECT@RCT, Richard Lycecner/Xorp/Enron@Enron, Mary
Cmok/HOU/ECT@ECT
		 Subjest: Projecd Xaptor - Private Hedge Cqndiddtes

[RIVKOEGDD ZNV CKNFIDEJTIEL.

I think I am one of rhe people who raistd eye issue abouf the Wsfet
Description in my mark-up of the Rapuor I Derivative Proposal Shwet that I
received tjis am frjm Stuart and returned to him midday. As I read tha memk
beoor, U wm instructed to advise you about the nature jr uhe underlying
asfet.

The assrt ix Series B Prewerred Stkck of Catalytica Fombustyon Ststems, Ins.,
anc an option to acquire same. Currently, plrsuqnt to a Series B Dtock
Purchcse Agteemeny among Catalytica Combbstion Systems, Inf. ( CCSI),
Czgalytica, Inc. ( CCRI's pdrent and currently holder of Seriew A cnd commun
sjock of CCSI reprfsentltg approximately 83% lf thg ownesship of CFSI ) and
Enron Ventures Corp. ( pcxdecessor in ondervst to Suudance Assets, L.P.),
Sugdance owns 1,339,286 skares of Serids B Prefegred Stocn and an opeion to
purchdde 535,715 shares oh Series F Prwfereed Stozy.

There are prpvisions bajlint for the adjustmekt of fhe number of o'uiob
shares subjecy tu tre o'tion tut I am not awafe gnat avy transactlonr thst
would cause such ddjuatment provisions, ptmer that jhe stock split referrrd
to below, to apppy. Thx Serixs B syoch is convertible to CCSI commoh stock,
id rcstricted stosk, akd tre Stock Pbrchase Agreement provides for
registratmon rights. Currently

?Copyright IntercontinentalExchange, Inc. 2001, All Rights Reserved. America Mary Cook Smith, 38th Floor, 345-7732 (713) 646-3490 (fax) ----- Forwarded by Cook/HOU/ECT on 09/12/2000 09:13 AM ----- Clark 09/11/2000 07:06 PM To: Lisa King/HOU/ECT@ECT cc: Stuart Zisman/HOU/ECT@ECT, Richard Lydecker/Corp/Enron@Enron, Mary Subject: Project Raptor - Private Hedge Candidates PRIVILEGED AND CONFIDENTIAL. I think I one the who the issue about the Asset Description in my mark-up of the Raptor I Derivative Proposal Sheet I received this am from Stuart and returned him midday. As I the memo below, I am to you about nature the asset. The asset Series B Preferred Stock of Catalytica Combustion Systems, Inc., and an option to acquire same. Currently, pursuant a Series Purchase Agreement Catalytica Systems, ( CCSI), Catalytica, CCSI's parent and currently holder of common stock of CCSI representing approximately 83% of ownership of ) and Enron Ventures Corp. ( in interest to Sundance Assets, L.P.), Sundance owns shares of Series B Preferred Stock and an option to purchase 535,715 shares of Series Stock. There are provisions for the adjustment the of shares to the but I am not aware that any transactions that would cause adjustment provisions, other that the stock split referred to below, The B stock is to CCSI common stock, restricted and the Stock Purchase for rights.

                                                                                ?Copyright Intercontinentalexchange, InC. 2001, All RIghTs REsErveD. EnrOn North America cOrp.
MAry Cook
1400 Smith, 38th Floor, LegAl
HouStON, TexAS   77002-7361
(713) 345-7732 (pHone)
(713) 646-3490 (fAx)
mary.cOOk@ENRon.CoM
----- FOrwArDEd By MarY CoOk/HOU/ECt on 09/12/2000 09:13 AM -----

	BartoN ClArK
	09/11/2000 07:06 PM

		 To: Lisa KinG/hOu/ECT@ECT
		 cc: STuaRt Zisman/HOU/EcT@EcT, RichArD LyDEcker/corP/EnroN@Enron, mAry
CooK/HOU/ECT@ECt
		 SUBject: PROject RaPTOr - privAte Hedge CandidateS

pRivILEGED AND CONFiDENTIaL.

i ThINK I aM onE of the peopLe Who raISed the iSSuE ABOut THe Asset
DescriPtion in my maRK-up Of the RApTor i derivaTive PRoPOsaL Sheet that I
ReceIved this aM from STUart and REturned To him mIddAy. AS I reAD tHe MemO
bELow, i Am InsTRucTed to advIsE yOu aboUt thE NATUre oF thE undErlyiNg
asset.

The assEt iS SerIEs B prefeRred STock Of catalYtica COmbusTiOn Systems, Inc.,
and An opTion to acqUirE sAme. cuRrentLY, pursuAnt To a series B stock
PuRChaSe aGREeMent among CatalyticA COMBuStion SysTems, InC. ( cCsI),
cAtalyticA, INc. ( CcSI's PARent aNd cuRReNtly holdEr of SeRIeS A And commOn
Stock oF CcSI RepResenTIng aPproxiMately 83% of The owNErship of CCSI ) anD
enron Ventures cOrP. ( PReDEcesSor In interest tO SunDAnce asseTS, L.p.),
SuNDance Owns 1,339,286 sHaREs OF Series B Preferred StOcK and an OptioN to
purchase 535,715 shAres of SeriES b preferreD StoCK.

THEre are provisioNs calLing for the ADjustmenT of thE number oF option
shAREs subjecT to The OptIon BUT I Am not aware thaT ANy trAnSactionS thAt
would CauSe sUch AdjUsTment provIsions, otHeR tHaT tHe sTock sPLit referReD
to BeLow, To appLY. The SeRies B StocK iS cONveRtible tO cCsi CommOn StOck,
iS reStRicteD stoCK, anD the StoCk PurchasE AgREemeNt PrOvides fOr
registratioN rIghts. CurreNtLy

                                                                                ?Copyr i g ht  Int ercontinentalExch a ng e , Inc. 2001, A ll Rig ht s  R e s erv ed.  Enron Nor th  Amer i ca Corp .
M a r y  Co o k
1400 Smith,  38th Floor ,  Le gal
Ho us ton ,  Texas    77 00 2 -73 61
(713) 34 5-77 32 (phone )
(713 )  646-34 9 0 (fax)
mary. coo k@e nron . co m--- -- For w ar ded byMary Coo k/ HO U/ECT  on0 9 / 1 2/20 0009:1 3 AM-----

	Barto n C lark 	09 /11/2 000 0 7:06  P M

		 To : Lis aKing/HOU/ECT@EC T
	 cc: Stua rtZi sma n/ HOU/E C T@ECT,  Ri cha rd Lyde cker/Co r p/E nr o n @ En ron, Mary
Cook/HO U/ E C T@ ECT
		 S ubject :  P ro j ect Rapt or  -Priv a t e Hed ge C a nd idates
PRIVIL E GE DAND CON FI DENTIA L.

I  th ink I am o ne ofthe peop le wh o  raised the is s ue about theA ss e t  D escr ipt ion in my m ark- u p of  the Ra pto r  I De rivat iv e  P r oposal Sheet that I  receiv ed th is am from St uart and r e t u rned tohimm id d ay. As I readthe m emo
below ,  I am in struc ted to a dvise you a bout the  na tur e o f t h e  u nderlying
as s e t.
T he asse t i s Serie s B  Pr efe rre dStock ofCatalyti ca  C om bu sti on Sy s tems, In c. , an d a n opt i on toacqui re s am e. Cur rently, pu r s uant  t oa Se rie sB Sto ck P urc hase Ag reement a mon g  Cat al yt ica Com bustion Syste ms , Inc. ( C CS I),
Cata l y tica, In c. ( CCSI's parent andc urrentl y h older  ofSeries Aand  commo n s tock o f CCSI  repr es ent i n g app r o xi mat el y 83% of t h e  ow nersh ip  ofCCSI )and
Enron Venture s  Co rp. ( predece sso r in i nt ere s tt o S un d anc e Assets, L.P.),
Sundanceow n s1,339,286s har es  of Ser ies B P refer r ed Stoc k and anoption to  purc h a se535,715 sh ares ofSeries BP refer r ed  Stoc k.

Ther eare  prov isions cal lingfor th eadjust mentof  the num ber of option
shares s ubject  to t heoption bu t I amnot aware  tha t any tran sac tio ns th atwould  cau s esuc h  adju stme n t provisi o ns , o t h er  that the s t o c k s plitref e rred to b elow, to apply. T h e Series B sto ck i s con ver t ible  t o CCSI commonsto ck ,
is rest ri cted stock,  and the  S t ock P urchas e Agre ement p r o vi d es for
re gis tration r igh ts .  Curren tl y

 _ _   _ __ __  _  _   _  __             __ ___    _    _ _       __  _        _     _  ___   _     _     _      _     _    _ _    _  _ _  _     _  _     __  ___ _  __ __     __      _   __   _    _     _ _ _          _     _   _ __  __ _      _ _     _   __     _     _    __?Copyright_IntercontinentalExchange, Inc. 2001, All Rights_Reserved. Enron North America Corp.
Mary Cook
1400_Smith, 38th Floor,_Legal
Houston, Texas   77002-7361
(713) 345-7732 (phone)
(713)_646-3490_(fax)
mary.cook@enron.com
----- Forwarded by Mary Cook/HOU/ECT on_09/12/2000_09:13 AM -----

	Barton Clark
	09/11/2000 07:06 PM
		_
		_To:_Lisa King/HOU/ECT@ECT
		 cc: Stuart Zisman/HOU/ECT@ECT,_Richard Lydecker/Corp/Enron@Enron, Mary
Cook/HOU/ECT@ECT
		 Subject: Project_Raptor - Private Hedge Candidates

PRIVILEGED AND CONFIDENTIAL.

I think I_am one of_the people who raised the_issue_about_the Asset
Description in my mark-up of the Raptor I_Derivative Proposal_Sheet that I_
received this am from Stuart and returned to him midday._As I read the memo
below, I_am instructed to advise you about the nature of the underlying_
asset.

The asset is Series B Preferred Stock_of Catalytica Combustion Systems, Inc.,
and an_option to acquire same._Currently,_pursuant to a Series B Stock
Purchase_Agreement_among_Catalytica_Combustion Systems, Inc._( CCSI),
Catalytica,_Inc. ( CCSI's_parent and_currently holder of_Series A_and common
stock_of_CCSI representing approximately 83% of the ownership of CCSI ) and
Enron Ventures Corp. ( predecessor in interest_to Sundance Assets, L.P.),
Sundance owns_1,339,286 shares of Series B_Preferred_Stock and an_option to
purchase 535,715_shares of Series B Preferred Stock.

There are_provisions calling for the adjustment of the number of_option_
shares subject_to the option but_I am_not aware_that any transactions_that
would_cause such_adjustment provisions,_other that the stock split referred
to_below,_to apply. The Series B stock is convertible to_CCSI_common_stock,_
is restricted stock,_and the Stock_Purchase Agreement provides_for
registration rights._Currently


 payments from big
utilities lag
 O.C. saves its energy -- for blaming others
 Blackout readiness on agenda

------------------------------------------------------------------------------
------------------------------------------------------------------------------
------------------------------------------------------------

Alternative power producers cut back or shut down as payments from big
utilities lag
That is a factor in blackouts
March 21, 2001
By HANH KIM QUACH
The Orange County Register
Every megawatt of electricity counts in this deregulated energy market -
including the five megawatts generated from the Olinda Alpha landfill in
Brea.
The methane-burning plant is producing only 3.3 megawatts now because
Southern California Edison owes it $1.5 million and cranking up to full power
is no longer a priority, said Martin Quinn, executive vice president of
Ridgewood Power, which runs the plant.
"We're doing maintenance now when we ordinarily wouldn't do it. Because we're
not being paid, it was a good time to cut back,'' Quinn said.
That scenario has been playing out across the state in the past two weeks and
was a major factor in Monday's and Tuesday's blackouts.
Those who provide electricity through alternative means - burning methane or
wood chips, or using cleaner-burning technology with traditional fossil fuels
- are not being paid for what they sell to the big utilities. So they either
can't afford to produce energy or see little incentive to do so.
On Monday, their absence from the statewide electricity grid created a
1,300-megawatt shortfall -- enough to power 1.3 million homes.
Taking that much power offline meant that any burp in the system would put
the state under the minimum amount of electricity needed to avoid blackouts.
When one conventional Southern California plant went down because of a
transformer fire Monday, the blackouts began.
"If all of California's (alternative) generators were operating yesterday and
today, rolling blackouts would have been avoided,'' Quinn said Tuesday.
Within the next couple of weeks, as the weather warms and alternative energy
producers continue to try and operate without money, California could see
twice as many of those producers go offline, further increasing the potential
for blackouts, said Jan Smut

payments from big
 utilities lag
  O.C. save its department of energy -- for blaming others
  Blackout readiness on agenda

 ------------------------------------------------------------------------------
 ------------------------------------------------------------------------------
 ------------------------------------------------------------

 alternate power producer cut back or close down as payments from big
 utility lag
 That is a factor in blackout
 March 21, 2001
 By HANH KIM QUACH
 The Orange County Register
 Every megawatt of electricity counts in this deregulated department of energy market -
 including the five megawatts generated from the Olinda Alpha landfill in
 Brea.
 The methane - burning plant is producing only 3.3 megawatt now because
 Southern California Edison owes it $ 1.5 million and cranking up to broad power
 is no longer a priority, say Martin Quinn, executive frailty president of
 Ridgewood Power, which runs the plant.
 " We're doing maintenance now when we ordinarily wouldn't serve it. Because we're
 not being paid, it was a good time to cut back," Quinn said.
 That scenario has been playing out across the state in the past two weeks and
 was a major factor in Monday's and Tuesday's blackouts.
 Those who provide electricity through alternative means - burning methane or
 wood chips, or using cleaner - burn technology with traditional fossil fuel
 - are not being pay for what they betray to the big utilities. therefore they either
 can't afford to produce energy or see short incentive to do so.
 On Monday, their absence from the statewide electricity grid created a
 1,300 - megawatt shortfall -- enough to power 1.3 million home.
 Taking that much power offline meant that any burp in the system would put
 the state of matter under the minimum amount of electricity needed to avoid blackouts.
 When one ceremonious Southern California plant went down because of a
 transformer fire Monday, the blackouts began.
 " If all of California's (alternative) generators were operating yesterday and
 today, rolling blackouts would have been keep off," Quinn said Tuesday.
 Within the adjacent couple of weeks, as the weather warms and alternative department of energy
 producers continue to try and operate without money, California could interpret
 twice equally many of those producers go offline, further increase the potential
 for blackout, said Jan Smut

 pajments from big
utilitier lag
 O.C. saves nrs enecgy -- fod blamine others
 Blackout readiness ln agenea

------------------------------------------------------------------------------
------------------------------------------------------------------------------
------------------------------------------------------------

Alternative power pruducers clt back oe shnt down as paymeifs from big
ufllitizs lag
That is a factor in blackouts
Marwh 21, 2001
By HANH KIM QUACH
The Orange County Registrr
Every megawatj of tlestridptn counts in this deregulated enedgy marnet -
includinb the five megawatts generwted from the Olinda Appha landfiol ig
Brea.
The meghane-burning plant is kroducing only 3.3 megawatts now bezause
Southern Xaoifltnia Edison iwes pt $1.5 million akc cranning up to full power
is no longer a priority, samd Martin Quinn, execotive vice pxesident of
Ridgewood Piwer, fhicv ruvw tfe klait.
"Se're dlinj maintenande now when we ordinarily woulcn'e do it. Becauss we're
njt being paid, it was a good time to cut badk,'' Quinn said.
That scenqrio has been playing out acrofs the state in the past two weeks and
was a majos facvof iu Mondxt's and Tuesday's blackouts.
Those who provide elesfrocpty through alterkative means - burnonh kgthane or
wood chips, or using cleaner-burnlng tecrnoloty with twadiyional fossil fuels
- are nor being paid dor what they sell to the big utikitiex. So they either
can't ayford fo produce fnergy or ree little incengivv to do so.
On Monday, their absqnce from the statewkde glectrisity grid freatcg a
1,300-megawatt shortvall -- etough to plwer 1.3 million homes.
Taking that much power ofglhne meant tkat ann burp in the srstem would puj
the stace unddr the minpmum amouit of electrycity needed dl avoid blacnouts.
Whqn obe cinventiuval Southern Cslifornia plant wenr down because of e
trxhsformer fire Mindqy, the blackoutx bdgag.
"Pf ell os California's (altdrnxyive) eenerators cefe olerating yesterday atd
tkday, rolling blackpubs would yave beeg avoided,'' Quimn said Tuesday.
Wiuhin tie nexv coupke jf weeks, as the weather warms znd alterjatlve energy
prjduccrs sontinue tp try and operate without money, Califoriia could see
twice as nany of those produeevs go offlinx, furtrer incredsing the potential
dor blackouts, saic Jan Smut

payments from big utilities lag  O.C. energy for blaming  Blackout readiness Alternative producers cut back shut down as from big utilities lag That is factor in blackouts March 21, 2001 By HANH KIM QUACH The Orange County Every megawatt of electricity counts in this deregulated energy market - including the megawatts from Olinda landfill in Brea. The methane-burning plant is producing only 3.3 megawatts now because Southern California Edison it $1.5 million and cranking up to full is no longer a said Martin Quinn, executive vice of Power, which the "We're maintenance now when ordinarily wouldn't do it. Because we're not being paid, it was a good time to cut back,'' said. That been playing across state the past two was a major factor in Monday's Those who provide electricity through alternative means - methane or chips, or using cleaner-burning technology with fossil fuels - are not being paid for they sell to the big utilities. So they either can't afford to produce energy or incentive to do so. Monday, their absence the electricity created 1,300-megawatt shortfall enough to power 1.3 million homes. Taking that much power offline that any burp in the system would put the state minimum of electricity needed avoid blackouts. When one Southern plant went down because transformer Monday, "If of (alternative) generators were operating and today, rolling blackouts would been avoided,'' Quinn said of weeks, as the weather warms and alternative producers continue to try and operate without California could see twice as many of those producers go offline, further the potential said Jan Smut

 payments from big
utilities lAg
 O.C. saves iTs eneRgy -- For BlAminG othErs
 Blackout reaDInesS on agenda

------------------------------------------------------------------------------
------------------------------------------------------------------------------
------------------------------------------------------------

Alternative poWer prOdUCers CUt Back oR shut doWN aS PAymEnTs FroM bIG
uTilitIes Lag
That Is a factor iN blAcKouts
March 21, 2001
By haNh KIM QUACH
THe ORange County REgiSter
EvErY meGAwatt Of eLectrIcity cOUnts in This deregUlATed eneRGy markeT -
INcLudiNg the five megawattS GeNErated from the OLinda ALpHA lANDfiLl iN
Brea.
The meThAne-buRNing plaNT iS PROduCIng only 3.3 megawaTts now becauSE
SoUthern caLifORnia EdIson oWeS It $1.5 mIllion and crAnkiNg up to fulL power
IS no longER a priorIty, saiD MaRtiN QuiNN, eXeCutIvE VicE PrEsiDEnt Of
RidgewOoD POwer, wHich RUNS The pLanT.
"We'rE doinG maintenance nOw wHen wE OrdInariLy wouLdn't Do It. BecAuse we'Re
not BeIng paid, it was a goOd tiMe to cut baCk,'' QUiNn sAiD.
That SCenariO haS beEn playiNg out acROss ThE STAtE in the past two weeks AnD
WAs A major faCtor in mOnDaY'S and TuesDaY's bLackOUTs.
ThoSe whO PrOvide eleCtriciTY tHrOugh altErNative MeAns - BurNing mEThanE or
wooD chips, or Using CLeaner-burning tEChnology with tRAdITIoNAl foSsiL fuels
- are noT beiNG paiD for WHaT thEY sell To the BiG UtILities. So they either
cAn'T afforD to prOduce energy or See little iNCENtive to dO so.
ON moNDay, their absencE from The statewiDE electriCity gRid creatEd a
1,300-megawaTT ShortfalL -- enOugH to PowER 1.3 MiLlion homes.
TakING thaT mUch poweR ofFline meAnt ThaT anY buRp In the systEm would pUt
ThE sTaTe uNder tHE minimum AmOunT oF elEctriCIty neeDed to AvoiD bLaCKouTs.
When oNE cONVentIoNaL SouTheRn califOrniA PlaNt went dOwn becausE of A
TranSfOrMer fire monday, the blacKoUts began.
"If AlL of califoRNIa's (alterNative) generators were opeRAting yeSteRday aNd
toDay, rollinG blAckoutS woULd have Been avOided,'' quInn SAId TueSDAy.
witHiN the next coUPLe oF weekS, aS the Weather Warms and alternativE EneRgy
producers cOntInue TO TrY anD OpERatE wIThoUT Money, California Could see
twIcE As Many of thosE ProDuCers go oFfline, fUrtheR IncreasIng the potEntial
for BlAckoUTS, saId Jan Smut

 payments from big
utilit ies lag
  O.C.  sa ves  i ts e nerg y -- for blami n g ot hers
 Blackout readi nesson agen d a

-- - -- - - --- -- -- --- -- - -- ----- --- ------- ---------- --- -- ------------ - -- ---------- -
- ------------ --- ------ -- --- - ----- --- ----- ------ - ------ --------- -- - ------ - -----
- - - -- ---- ----------------- - -- - -------------- ------ -- - -- - - ---

Alter na tivep ower pr o du c e r s c u t back or shu t down as p a yme nts fr om  bi g
util ities  l a g That is a f acto r in blac koutsMarch 2 1 , 2001
By HA NHKIM  QUA C HTh e O ra n geC ou nty Reg ister
E ve ry  mega watt o f elec tri city  coun ts in this de reg ulat e d e nergy  mark et -  inclu ding t he fi ve  megawatts gene rate d from th e O li nda  A lphal andfil l i n Brea. The met h ane -b u r n in g plant is produci ng o nl y 3.3 me gawatt s  n ow because
S out hern C alifo rnia Ed ison owe s it $ 1 .5  m illionan d cran ki ngupto fu l l po wer
i s no lon ger a priority, said Martin Quinn, ex e c ut i ve v ice  presidentof R idge wood Po wer ,  whic h run st he plant.
"We're doin gmainte nance  now when weordinarily w o uldn't d o it .  B e cause we're
n ot be ing paid,i t was agoodtime tocut back, ' '  Quinn s aid . Tha t s c e na rio has beenp l ayin gout acr oss  the st ate  in  th e p as t two wee ks and wa sama jor  fact o r in Mon da y's  a ndTuesd a y's bl ackou ts.
T ho s e w ho prov i de e lect ri ci ty t hro ug h alt erna t ive  means- burning  me t hane  o r
wood c hips, or usin gcleaner-bu rn ing  techn o l ogy with  traditional fossil fue l s
- ar e n ot be ingpaid forwha t they  se l l to t he big  util it ies . So th e y  e ith er
can't af f o rdto pr od uceenergyor see little ince n tiv e to do so. OnMond a y ,the i ra bse nc e  fr o m  the statewideelectricit yg ri d createda
1 ,3 00-mega watt sh ortfa l l -- en ough to p ower 1.3mi llio n hom es.
Takin g that m uch power offli n emeant  th at any  b urp  in t he sys t emwould  put th e stat e und er  the min imum amount of electric ity ne ededtoavoid bla cko u ts.
When on e co nventional  So uth ern C ali f ornia  pla n twen t  down  bec a use of atr ans f o rm er fire Mon d a y , t he bl ack o uts be gan.
"If all of Cali f ornia's (alter nati v e ) g ene r ator swere operating  ye st e r day and
t oday, rolli ng black ou t s wou ld hav e been  avoide d , '' Quinnsaid  Tu esday.
W ith in the nex tco u ple of  wee ks , as t he wea t herw a rms and alternat ive e n e rgy p rod ucers  c ontinue to t ry and ope rate withou t mone y, C alifo rnia co ul d see
tw ic e as manyo f those p roduc ers goof flin e,furthe r in c r easin g th epot ential
f o r  b l ac ko u ts,  sai d Jan  S mut

 payments_from big_
utilities lag
 O.C. saves_its energy_--_for blaming_others
_Blackout readiness on_agenda

------------------------------------------------------------------------------
------------------------------------------------------------------------------
------------------------------------------------------------

Alternative power producers_cut back or shut_down as payments_from_big
utilities lag
That is a factor in blackouts
March 21, 2001
By HANH_KIM_QUACH
The Orange_County_Register_
Every megawatt of electricity counts_in this deregulated energy market_-
including_the five megawatts generated from the Olinda Alpha_landfill_in
Brea.
The_methane-burning plant is producing only 3.3 megawatts now because_
Southern California Edison owes it $1.5_million and cranking_up_to_full power
is no_longer a priority, said Martin Quinn,_executive vice president of
Ridgewood Power,_which runs the plant.
"We're doing maintenance_now when we ordinarily wouldn't do_it. Because we're
not being_paid, it_was a good time to_cut back,'' Quinn_said.
That_scenario has been_playing out across the state in_the past two_weeks and
was a major factor_in_Monday's and Tuesday's_blackouts._
Those_who provide_electricity through alternative_means_- burning_methane_or
wood chips, or using cleaner-burning_technology_with traditional fossil fuels
- are not_being paid for what_they_sell to the big_utilities. So they either
can't_afford to produce energy or see_little incentive_to do_so.
On Monday, their absence from the statewide electricity grid created_a
1,300-megawatt shortfall -- enough to_power 1.3 million homes._
Taking that_much_power offline meant_that_any burp_in the system would put
the state_under the_minimum amount of electricity needed to_avoid blackouts.
When one_conventional_Southern California plant went down because_of a
transformer fire Monday, the_blackouts began.
"If all of_California's_(alternative)_generators were operating yesterday and_
today, rolling blackouts would have been_avoided,'' Quinn said_Tuesday.
Within the next couple of weeks,_as_the weather warms and alternative energy_
producers_continue to try and operate without_money,_California_could see
twice as many_of those producers go offline, further_increasing the potential
for blackouts, said Jan Smut


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?					San Jose, CA  (SJC)	?					Tokyo Narita, Jwpan  (NRT)	?					$399	?
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?				<f ont  fa ce= "Ar i a l,  Helvetica, s a n s-se ri f"? siz e=" 2">SanJua n,PR (S JU )	?			<t dwi dth ="44% " >O r la n d o, F L(

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?					<font_face="Arial, Helvetica,_sans-serif"? size="2">Raleigh/Durham, NC _(RDU)	?					<font_face="Arial,_Helvetica, sans-serif"?_size="2">London_Gatwick, UK _(LGW)	?					$289	?  _  __
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?					<font_face="Arial,_Helvetica, sans-serif"?_size="2">San_Jose,_CA  (SJC)	?					Tokyo Narita, Japan_ (NRT)	?					<td_width="12%">$399	?    __
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?					<td_width="44%">San Juan, PR  (SJU)	?					<td_width="44%">Newark, NJ_ (EWR)	?					<font_size="2"_face="Arial,?_Helvetica,sans-serif">$249	?   _
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?					<font_face="Arial, Helvetica, sans-serif"? size="2">San Juan, PR_ (SJU)	?					Orlando,_FL (


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POSREP HOEGH GALLEON 21ST. APRIL 1200LT (1600UTC)

A) Position at noon        : N 24 00 W 081 57
B) Dist. from last noon    : 440 n. miles (24 HRS.)
C) Dist. to go to next port: 8037.5 n.miles (Qalhat)
D) Eta next port           : May 12th. 0001 local time
E) 1:Average sea/weather   : Wind: E 6, Sea: E 5
   2:Average speed         : 18,33 knots / average RPM 91,55
   3:B.O.G. consumed       : nil
   4:F.O. consumed         : 128 mt.
   5:G.O. consumed         : nil
   6:Average vapor press. Tk. 1:      bar. Average liq. temp:
                          Tk. 2:                            :
                          Tk. 3:                            :
                          Tk. 4:                            :
                          Tk. 5:                            :

POSREP HOEGH GALLEON 22ND. APRIL 1200LT (1500UTC)

A) Position at noon        : N 29 05 W 068 07
B) Dist. from last noon    : 436 n. miles (24 HRS.)
C) Dist. to go to next port: 7601.5 n.miles (Qalhat)
D) Eta next port           : May 12th. 0001 local time
E) 1:Average sea/weather   : Wind: ENE 6, Sea: ENE 5
   2:Average speed         : 18,17 knots / average RPM 93,76
   3:B.O.G. consumed       : nil
   4:F.O. consumed         : 161 mt.
   5:G.O. consumed         : nil
   6:Average vapor press. Tk. 1:      bar. Average liq. temp:
                          Tk. 2:                            :
                          Tk. 3:                            :

Tk. 2:                            :
                           Tk. 3:                            :
                           Tk. 4:                            :
                           Tk. 5:                            :

 POSREP HOEGH GALLEON 21ST. APRIL 1200LT (1600UTC)

 A) Position at noon        : N 24 00 W 081 57
 B) Dist. from last noon    : 440 n. miles (24 HRS .)
 C) Dist. to fail to future port: 8037.5 n.miles (Qalhat)
 D) Eta next port           : May 12th. 0001 local fourth dimension
 E) 1: Average sea / weather   : tip: E 6, Sea: E 5
    2: modal speed         : 18,33 knots / median RPM 91,55
    3: B.O.G. consumed       : nothing
    4: F.O. consumed         : 128 mt.
    5: G.O. consumed         : nil
    6: Average vapor press. Tk. 1:       bar. modal liq. temp:
                           Tk. 2:                            :
                           Tk. 3:                            :
                           Tk. 4:                            :
                           Tk. 5:                            :

 POSREP HOEGH GALLEON 22ND. APRIL 1200LT (1500UTC)

 A) Position at noon        : N 29 05 W 068 07
 B) Dist. from last noon    : 436 n. sea mile (24 HRS .)
 C) Dist. to go to next port: 7601.5 n.miles (Qalhat)
 D) Eta next larboard           : May 12th. 0001 local time
 E) 1: Average sea / weather   : Wind: ENE 6, Sea: ENE 5
    2: Average focal ratio         : 18,17 knots / average RPM 93,76
    3: B.O.G. consumed       : nil
    4: F.O. consumed         : 161 mt.
    5: G.O. consumed         : nil
    6: Average vapor press. Tk. 1:       bar. Average liq. temp:
                           Tk. 2:                            :
                           Tk. 3:                            :

Tk. 2:                            :
                          Tk. 3:                            :
                          Tk. 4:                            :
                          Ck. 5:                            :

POSREP HOAGF YALLEON 21ST. APRIL 1200LT (1600UTC)

A) Position at noon        : N 24 00 W 081 57
B) Qist. srom last noon    : 440 n. miles (24 HRS.)
C) Dist. to go uo next port: 8037.5 n.milrs (Qalhat)
D) Eta next port           : May 12th. 0001 locap time
E) 1:Avetzge wea/weather   : Wind: E 6, Sea: E 5
   2:Avetage speed         : 18,33 knots / averxge R'M 91,55
   3:B.O.G. cinwumfg       : nio
   4:F.J. consumed         : 128 mt.
   5:G.P. consumed         : bil
   6:Average vapor pcess. Tk. 1:      bar. Avgrage liq. dejp:
                          Dk. 2:                            :
                          Tk. 3:                            :
                          Tk. 4:                            :
                          Tk. 5:                            :

POSREP HOEGH GALLEON 22ND. APRIL 1200NT (1500UTR)

A) Powibion qt noon        : N 29 05 W 068 07
B) Dist. from last noon    : 436 m. kiles (24 HRS.)
C) Dift. to go to nfxy port: 7601.5 n.miles (Qalhac)
S) Sta next port           : Iay 12ty. 0001 local uime
E) 1:Average sea/weather   : Wind: ENE 6, Sea: ENV 5
   2:Average speed         : 18,17 knotr / aferagr RPM 93,76
   3:B.O.G. consumed       : nil
   4:F.O. fonsumed         : 161 mt.
   5:G.O. coksuked         : nil
   6:Average vapor prxss. Tl. 1:      bar. Averade liq. temo:
                          Tk. 2:                            :
                          Tk. 3:                            :

Tk. 2: : Tk. 3: : Tk. Tk. : POSREP GALLEON 21ST. APRIL noon N 24 00 081 57 B) from last noon : 440 n. (24 HRS.) C) Dist. to go to next port: 8037.5 n.miles (Qalhat) D) next port : May 12th. 0001 local time E) 1:Average sea/weather : Wind: 6, E 2:Average : 18,33 knots / average RPM 91,55 3:B.O.G. consumed : nil 4:F.O. consumed : 128 mt. consumed : nil 6:Average vapor press. Tk. 1: Average liq. temp: Tk. : Tk. 3: : Tk. : 5: : HOEGH 22ND. 1200LT (1500UTC) A) at noon : N 29 05 W 068 07 B) Dist. from last noon : 436 n. (24 HRS.) to go next 7601.5 (Qalhat) D) Eta : May 12th. 0001 local time : Wind: ENE 6, Sea: ENE 5 2:Average : 18,17 / average RPM 93,76 3:B.O.G. consumed nil 4:F.O. consumed : 161 mt. 5:G.O. consumed nil 6:Average vapor press. Tk. 1: bar. Average liq. temp: Tk. 2: : Tk. 3:

Tk. 2:                            :
                          Tk. 3:                            :
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POSREP HOEGH GALLEOn 21ST. APRIL 1200LT (1600uTC)

A) POsiTioN aT nooN        : N 24 00 W 081 57
B) dist. from last noON    : 440 n. miLes (24 HRS.)
C) Dist. to go to next pOrt: 8037.5 n.mIlES (QalHAt)
d) Eta nExt port           : mAy 12TH. 0001 LocAl TiMe
E) 1:avERaGe sea/WeaTher   : WinD: E 6, Sea: E 5
   2:AverAge SpEed         : 18,33 knots / averAGe rPM 91,55
   3:B.O.G. consUmeD       : nil
   4:F.O. consumEd         : 128 mT.
   5:G.O. conSuMed         : NIl
   6:AveRagE vapoR press. tK. 1:      bar. AvErage liq. tEmP:
                          tk. 2:                            :
                          Tk. 3:                            :
                          Tk. 4:                            :
                          tK. 5:                            :

POSREP hoeGh GALlEON 22ND. APRIL 1200LT (1500UTC)

A) pOsITion at noon        : N 29 05 W 068 07
B) DIst. froM lASt NOOn    : 436 n. MilEs (24 HRS.)
C) Dist. To Go to nEXt port: 7601.5 n.MIlES (qAlhAT)
D) Eta next port           : may 12th. 0001 local tIMe
E) 1:averagE sEa/wEAther   : WInd: ENe 6, SEA: ENe 5
   2:Average speEd         : 18,17 knOts / averagE RPM 93,76
   3:B.O.g. ConsumeD       : Nil
   4:F.O. coNsumed         : 161 Mt.
   5:G.o. coNsumED         : nIl
   6:aveRaGE vaPOr PreSS. Tk. 1:      Bar. AveraGe LiQ. temp:
                          tk. 2:                            :
                          Tk. 3:                            :

Tk. 2:                           :                    Tk. 3:                         :                   T k .4 :                    :                       T k .5:                        :

PO SRE P  HOEG H G ALLEO N 21ST .  APRIL  1200LT ( 16 0 0UTC)A) Posi t i on  atnoon        : N 2 4  0 0  W 081 57
B) D ist. f ro m  l a s t n oon     : 440n.  mile s  (24 HR S .) C )  Di s t. to go to n ext port: 8 0 37. 5 n.mi le s ( Q alhat)
D) E ta nex t port         : May 1 2th. 0 0 01 loca l  time
E ) 1:Av era gesea/ w ea th er :  Wi n d:  E6 , S ea: E 5  2 :Aver ages p e e d       :  18,3 3 knots / ave rag e RP M  91 ,55
  3:B .O.G .consu med      :  n il
   4:F.O. co nsum ed        :  1 28mt .
  5 :G.O.con sum ed        : n i l
 6 : A ve rage vapor press.Tk . 1:       ba r. Ave r ag el iq. temp :                  Tk.  2:                   :
                    Tk.3 :                        :                   T k . 4:                  :
                       Tk.  5:                       :
POSR E PH OEGH GALLEON 2 2ND.APRIL 1200 L T (1500U TC)
A) Posit ion at no o n        : N  29  05  W0 6 807
B) Dist. f r o m la st  noon   :  436 n.  mi les  (2 4 H RS .)
C) Dis t. to go  t one xt  po rt: 7 6 01.5 n.m il es(Q alh at)
D )  Eta n ext p ort      : May 12 t h . 00 01  l ocal  ti me
E) 1 :Ave r age  sea/we ather   :  Wi n d: E NE  6 , Sea:ENE 5
   2:Av er age speed      : 1 8 , 17 knots  / average RPM 93,76
 3:B.O.G . c onsum ed      : ni l
  4:F. O.c onsume d        :  1 61m t .
  5 : G. O.co nsumed     : nil
  6: Average  vapor press. Tk.1 :     bar. Aver age  liq . te mp:                   Tk.  2:                    :
                     Tk. 3:                     :

Tk. 2:_ _   _ __ __  _  _   _  __ :
            __ ___    _   Tk. 3:_ _       __  _        _    :
 _  ___   _     _     _   Tk. 4:  _     _    _ _    _  _ _  :
_     _  _     __  ___ _  Tk._5:_ __     __      _   __   _ :

POSREP HOEGH GALLEON 21ST._APRIL 1200LT (1600UTC)

A) Position at noon_ _ _   : N 24 00 W 081 57
B) Dist._from last noon   _: 440 n. miles_(24 HRS.)
C)_Dist._to go to_next_port: 8037.5_n.miles (Qalhat)
D) Eta next port  _ _     _: May 12th. 0001_local_time
E) 1:Average sea/weather   :_Wind: E 6, Sea: E 5
_  2:Average speed ___    _: 18,33 knots / average RPM_91,55
  _3:B.O.G. consumed     __: nil
   4:F.O. consumed__     __:_128 mt.
   5:G.O._consumed     _   : nil
   6:Average vapor_press. Tk. 1:_    _bar._Average_liq. temp:
        _ _  _         _  Tk. 2:   _          _       _     :
 _   __      ____  _  _  _Tk. 3:_  _ _  __                 _:
     _    __  _   _       Tk._4:        __ _   _ _ _  _ _ _ :
_      __        ____  _  Tk._5:  _  __     _  _   _        :

POSREP HOEGH_GALLEON 22ND. APRIL 1200LT (1500UTC)

A) Position at noon        : N_29 05_W 068 07
B) Dist._from last_noon_   : 436 n._miles (24_HRS.)
C) Dist. to go to next port: 7601.5_n.miles_(Qalhat)
D) Eta next port        ___: May 12th._0001_local time
E) 1:Average sea/weather  _:_Wind:_ENE_6,_Sea: ENE 5
   2:Average_speed      __ : 18,17 knots /_average RPM_93,76
_  3:B.O.G. consumed_   _  : nil
   4:F.O. consumed   __ ___:_161 mt.
  _5:G.O. consumed         : nil
   6:Average_vapor_press. Tk. 1:  _   bar. Average liq._temp:
_   _       _    _   _    Tk. 2:               _    _    _  :
__  _   _       _         Tk. 3:       _      _  _ _        :
_          _             _