Subject: British Energy Update
From: [email-masked]
To: [email-masked], [email-masked]
Cc: [email-masked], [email-masked], [email-masked]
Date: Fri, 26 Oct 2001 07:02:25 -0700 (PDT)

As promised, attached is the second update on our British Energy hedging program.  We have been very successful in the last few weeks moving a number of deals forward.  Other retail marketers are starting to come out of the woodwork to purchase power for retail intitiatives.  The pending deals listed are those with >50% probability of closing.  Obviously, none of these deals are binding, and as we execute some of these, we will re-evaluate the position.

Cheers, Paul D