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=09 =09 Dear Randy, I'm Washington Bureau Chief Peter Cook filling in = for Jay Rickerts. In Washington, we'll continue to examine the major ener= gy issues expected to arise during the New Year. We'll take a look at what= Congress will do with comprehensive energy and electricity legislation. O= ur Washington bureau will also follow the FERC and its push for regional tr= ansmission organizations and wholesale competition. These are some of the= issues we'll look at as 2002 begins. On Wednesday, energy consultant and= former Assistant Secretary of Energy during the Clinton Administration Rob= ert Gee will join us in the Washington bureau. He'll give us his take on t= he U.S. relationship with OPEC and we'll get his assessment on the start of= retail competition in Texas. Gee will join us during the noon ET newscast= on Wednesday. The big switch is coming to Houston - On Wednesday we'll b= ring you a report on deregulation starting in Texas on January 1. The Hous= ton bureau will have details on how the power grid reacted to the switch, a= nd get an update from retail electricity providers. Also from Houston, = John S. Herold, Inc. CEO Arthur Smith says upcoming earnings releases may h= old some unwanted surprises. He'll join us from Houston on Wednesday to dis= cuss his company's research report and what we can look forward to in 2002.= Catch these reports from the Houston bureau on Wednesday. Closing P= rices for Monday, Dec. 31, 2001 Crude: $19.84/bbl -$0.57 Unleaded: $0.= 5725/gallon -$0.0157 Heating Oil: $0.5507/gallon -$0.0158 Gas: $2.570/m= mBtu -$0.204 Scheduling Note: We're dark on New Year's Day. We'll see yo= u Wednesday at 9:00 a.m. ET. Thanks for making this a great first year at = EnergyNewsLive - Have a Happy New Year! Keep in mind things are subject= to change at a moment's notice. Occasionally guests have to reschedule or = change time slots. We'll continue to do our best to keep you updated on fu= ture interviews and events. Be sure to watch our newscasts every busine= ss day - 9 a.m. to 5 p.m. ET, at the top of each hour. =09 =09=09=09=09 =09=09=09=09=09=09 =09 =09 =09Peter Cook, EnergyNewsLive.com Washington Bureau Chief View today's= Energy Wrap Video Windows Media Player: 56K | 100K | 300K Real Player: = 56K | 100K | 300K (Requires Windows Media Player or Real Player ) Expe= rience all that Williams Energy News Live has to offer! If you are receiv= ing this letter for the first time and wish to continue, subscribe now T= o stop receiving this letter, unsubscribe now If you are having trouble = receiving this e-mail, please let us know or call (800) WILLIAMS (800-945=

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OUT: Williams Energy News Live -- today's video newscast

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HELP STOP THE SHIFT OF OVER $600 MILLION OF POWER COSTS FROM S. CALIFORNIA TO N. AND CENTRAL CALIFORNIA RATEPAYERS. Please call the PUC at 415 703 2074 to voice your opposition to this unfair plan. Details and talking points are below. *********** According to the California Public Utilities Commission's (CPUC) draft decision on the California Department of Water Resources?s (DWR) revenue requirement (attached), the CPUC is proposing to shift over $600 million of unreviewed DWR power costs to PG&E?s customers from Southern California customers. If adopted by the CPUC, this would lock PG&E customers into 40-55 percent higher rates for DWR power over the next 10 years, compared to customers of Southern California Edison and SDG&E. It discriminates against PG&E?s customers and has not been subject to public review, due process, or cost justification by DWR or the CPUC. The CPUC has postponed the vote on the DWR cost shifting issue until later this month (Sept 20th, or sooner). Without a full public hearing at which all the cost and ratemaking issues can be aired, Northern and Central California customers will not have a full and fair opportunity to review DWR ?s multi-billion dollar rate demands and will be unable to influence these proceedings. The SVMG is strongly urging you to call the CPUC as well as your local legislators (contact information attached) to gain their support in opposing this unjustified and discriminatory rate shift. Main issues of concern are: 1)the unfair shift of over $600 million in costs from SCE customers to PG&E customers; 2)imposes higher Direct Access exit fees in Northern CA. than in Southern CA. ; 3)appears to fund a portion of SCE's debt repayment on the backs of PG&E customers without any justification from the CPUC (please find further talking points attached). We are asking that the CPUC conduct open public hearings so that public comment can be provided, and the DWR's basis for cost recovery can be reviewed. Thank you for your prompt support in this crucial effort.

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OUT:
VERY URGENT - $600million Cost Shifting to PG&E Customers