energy notes pg e conference call thought might helpful forwarded miller hou ect 04 06 2001 03 24 pm jon cartwright 04 06 2001 02 52 18 pm rjf energy gram cc subject energy notes pg e conference call pg e conference call ended company reaffirmed trade suppliers paid normal course business company specifically mentioned intended maintain pay full bi lateral contracts includes contract calpine company also plans maintain assume contracts qualifying facilities pay full post petition obligations company also make interest payments mortgage bonds however principle payments made reorganization finalized company indicated adequate cash significant period time pg e provide time table reorganization company reiterated financial regulatory crisis operational one company continue work towards believes reimbursed full scenario creditors would paid jon kyle cartwright vp senior energy analyst raymond james associates taxable fixed income research raymond james financial center tower iii third floor 880 carillon parkway st petersburg fl 33733 2749 telephone 727 573 8366 facsimile 815 425 4161 jcartwright fi rjf com raymond james associates inc member new york stock exchange sipc institutional clients may call additional information high grade trading 800 248 8863 ext 8336 high yield trading 800 448 6623 communication offer sell solicitation buy securities mentioned herein high grade high yield securities mentioned herein may suitable investors raymond james associates inc affiliates rja may perform investment banking services solicit investment banking business company mentioned report rja officers employees affiliates may shares options rights warrants execute transactions securities mentioned report may consistent report conclusions additionally rja may times elect make markets particular high yield securities guarantee market making activities uninterrupted expressions opinion reflect judgment research department raymond james associates inc time publication may subject change without notice information obtained sources considered reliable guarantee foregoing report accurate complete departments rja may information available research department companies mentioned report institutional clients european economic area eea document attachments exhibits hereto intended eea institutional clients others may lawfully submitted information securities mentioned herein available upon request 2001 raymond james associates inc