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Strategies & Market Trends : IPPs and Merchant Energy Co.s -- Ignore unavailable to you. Want to Upgrade?

To: Larry S. who wrote (3118)	2/26/2004 9:17:31 AM
From: jim_p	Respond to of 3358

Larry, I suspect we will see a similar release on RRI someday soon. With the change in leadership in CA, I'm glad they are starting to bring some of this mess to an end. Interesting to compare 2003 results of CPN with RRI. 1. For CPN, cash flow from operations declined from 1.06B in 02 to .286B in 03. RRI's cash flow from operations increased from .75B to .8B in the same periods. 2. In financing activities, CPN had net capital spending of $2.98B and RRI had a negative $(1.04)B. 3. CPN's debt increased $3.09, and RRI decreased debt by $2.88. 4. RRI's cash flow from operations before W/C adjustments was $2.73 per share and CPN was $.69 per share. Looks to me like RRI and CPN are both going in opposite directions??? Jim

To: Larry S. who wrote (3118)	2/26/2004 10:05:11 AM
From: jim_p	Read Replies (1) \| Respond to of 3358

02/25/04 04:29 pm EST... S&P REITERATES BUY SHARES OF RELIANT RESOURCES (RRI 7.25***): Shares of RRI and Williams Cos. (WMB 9.2*) are up today about 9% and 5%, respectively, after WMB's announced settlement with California over refund obligations and uncollected receivables. WMB appears to have settled refund claims for about 1/3rd less than the maximum gross FERC calculated obligation and stands to collect about $140M from larger overdue receivables owed by California. We estimate RRI will collect $70M-$200M from a similar resolution. Assuming a similar 1/3rd discount on RRI's gross FERC refund calculation, RRI would collect $150M in overdue receivables. /C.Shere-CFA