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The information contained herein is based on sources that we believe to be reliable, but we do not represent that it is accurate or complete. Nothing contained herein should be considered as an offer to sell or a solicitation of an offer to buy any financial instruments discussed herein. Any opinions expressed herein are solely those of the author. As such, they may differ in material respects from those of, or expressed or published by on behalf of Carr Futures or its officers, directors, employees or affiliates. ? 2001 Carr Futures The charts are now available on the web by clicking on the hot link(s) contained in this email. If for any reason you are unable to receive the charts via the web, please contact me via email and I will email the charts to you as attachments. (See attached file: AGAMAIL.pdf) - AGAMAIL.pdf

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OUT: AGA report 1/30

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Attached is the fred file. On the recon variances tab, please note the liquidations coded in puke green, bright pink, blood red and blue. These items will resolve our variance within 60K. We will take the 60K expense. Please try and resolve those issues before close of 0201. Let me know if you get resistance or need help. Thanks. PL

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OUT: 0008 fin liq var - FRED

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I have had several conversations with EPNG about the possibility of ENA turning back capacity to satisfy 1) requests for new capacity in the Power Up 2000 project and 2) any possible capacity that EPNG may need to provide to satisfy incremental needs of full requirements customers as they convert billing determinants to Contract Demand quantities. In order to preserve our position, should I send a formal letter to Al Clark stating our desire to turn the capacity back? The Power Up 2000 deadline is noon, Thursday, August 2, 2001. They did not provide for turn back in the posting that is currently on the capacity system. While we do not know how EPNG will be forced to resolve their capacity issues in the receipt point allocation proceeding, I believe that a letter can help us preserve our position should we choose to turn back capacity under either scenario. We have approx. 54,000 of Block I and III capacity and 200,000 of Block III capacity. The Block II capacity is subject to PG&E recall - PG&E paid approx. $58 million for those recall rights in a settlement. Could EPNG pay a negotiated sum of money for the remaining value of the recall rights to fund the needs full requirement customers? I have to believe this option would be cheaper than adding new capacity. Leslie - could you help me with the letter? Many thanks! Stephanie

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OUT:
Turnback of EPNG Capacity