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To: DaveMG who wrote (196101)	10/8/2002 11:43:21 AM
From: patron_anejo_por_favor	Read Replies (1) \| Respond to of 436258

<<Anybody here understand what's going on with the utilities?>> Not completely. Some of the latest downturn is based on TXU's warning, to be sure. I think the larger issue is margin pressures due to rising fuel costs and rate pressures from states/regulatory agencies. And the "deregulated" utes are being pressured by derivative and accounting issues. It's funny, I was looking at PNW this am, now pays a 6.8% divi...but passed because the AZ corporation commission has been considering deregulation. At some point it'll be a buy, but I've gotta see that chart look better first.

To: DaveMG who wrote (196101)	10/8/2002 11:45:47 AM
From: Logain Ablar	Read Replies (1) \| Respond to of 436258

1) debt due to capacity buildouts on forecasts of increased demand. The forecasts are now for decreased demand (i.e. lower revenue, profits and cash to support debt load). 2) Liability exposure with market manipulation. There are more drivers but those 2 are near the top. a sector to be shunned for a couple of years. some of these co's will go bk