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USA: UPDATE 1-PG&E utility gives Calpine debt priority status. 07/06/2001 Reuters English News Service (C) Reuters Limited 2001. (changes 1st paragraph, adds details, company statement) SAN JOSE, Calif., July 6 (Reuters) - Independent power generator Calpine Corp. said on Friday that its contracts with Pacific Gas and Electric Co. will be altered, ensuring that Calpine will continue to supply power to the bankrupt California utility and that it will get paid more than $250 million for power already sold. Calpine stocks rose more than 14 percent, or more than $5, to $43 after the announcement. As part of the contract modification, the $267 million, with interest, that the utility, a unit of PG&E Corp , owes Calpine in past due receivables under the contracts, will be elevated to "administrative priority status," a claim which is paid before any other general unsecured creditors. Calpine will get the money, in a lump sum, as soon as PG&E has a confirmed reorganization plan, which can take as long as four to six months from now, Calpine said. The move is also a step in the process of untangling California's energy crisis, which stemmed from a flawed deregulation plan that has hit the state with a series of rolling blackouts. Under the agreement, Calpine will continue to receive its contractual capacity payments, but it has also set up a fixed rate contract for the next five years of about 5.37 cents per kilowatt-hour. The contracts are known as qualifying facility contracts because Calpine's power plants are qualifying facilities. These types of facilities represent more than 20 percent of the state's power supply and sell power generated from renewable energy sources to the regulated utilities. "Calpine is the first power company to modify its QF contract with PG&E to ensure that Northern California consumers will continue to benefit from these affordable and reliable energy resources," Calpine senior vice president James Macias said in a statement.

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OUT: PG&E utility gives Calpine debt priority status.

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Martin, Subsequent to my last e-mail I discovered an additional detail which may po= ssibly clarify why ENCE prefers to purchase the Chilean E. globulus species= to the Brazilian species for pulp production. It would appear that the E.= globulus species holds up better than the various Brazilian species during= the refining process. While most papermakers generally don't refine hardw= oods and softwoods with the same equipment, many smaller European mills are= unable to afford the capital investment of a second refiner and accordingl= y do use a single refiner for all grades. This is particularly true of the= Italian mills. Since hardwoods cannot withstand the rigorous refining req= uired for softwoods without losing their papermaking characteristics (opaci= ty, etc. ), these papermakers need to utilize the hardwood species best suit= ed for this type of processing. Accordingly, the globulus species (which i= s also the predominant species in the Iberian peninsula) holds up much bett= er under this type of heavy refining than any other species of eucalyptus. In any case, I hope this helps shed additional light on this issue, and, as= always, please feel free to revert with any questions you might have. Tha= nks. Karen

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OUT: Eucalyptus Pulp - Final Note

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NYISO has made several new FERC filings, which are described below: ER02-194-000: Proposed tariff amendments to implement Interregional Transmission Pilot Program for generation redispatch in emergency conditions between the NYISO and the PJM Interconnection, L.L.C. (Interventions/protests due November 16, 2001). ER02-195-000: Revisions to NYISO's Market Administration and Control Area Services Tariff to revise the tariff's definition of Load Shedding. The NYISO has requested a December 28, 2001 effective date. (Interventions/protests due November 19, 2001). ER02-209-000 Filing to continue the effectiveness of provisions in NYISO's Market Administration and Control Area Services Tariff regarding certain market power mitigation penalties. The NYISO has requested a November 1, 2001 effective date. (Interventions/protests due November 14, 2001). Please contact me if you need any further information.

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OUT:
FERC filings by NYISO