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Building liquidity now!

AUDIO CONFERENCE ON CD
Presented on July 9, 2004


Your price:  $150

Energy trading is coming back.  Every big utility CEO knows that there's no money in back to basics and as the cloud over the industry begins to pass the trend gathers steam.

An example is TXU's new CEO John Wilder taking over TXU with a splashy announcement of a joint venture with Credit Suisse First Boston to build an independent national energy trading entity, the first IOU lunging away from back to basics since the Enron crash.

Given the credit crunch, Wilder senses a need for smaller and mid-size utilities and merchant generators to find trading partners.

And another is Michael Morris, AEP CEO telling an EEI financial conference recently in New York:

"We as an industry need to trade electricity.  It is going to happen.  We have excess generation. What are we going to do with it?"

Find out answers to questions like these on this audio CD:

• As the energy trading market is restored, how will liquidity be addressed?

• Are RTO markets run fairly and do they foster markets or do they need to be fixed?

• How soon can we expect a credit and clearing house to be set up?

• Is the choice of congestion path being used to manage the market?

• What is America's best chance to get back liquidity? What has to be done?

Expert Speakers:

William Hederman, director of FERC's Office of Market Oversight & Investigations, is charged with keeping wholesale energy markets honest. For him, boosting confidence in markets is a commitment.

Robert Levin, senior vice president research at the New York Mercantile Exchange, is widely respected for his knowledge of markets.

Robert Hayes of Trade Spark (Cantor Fitzgerald) is a veteran electronic broker with special insight into trading issues.

Becky Kilbourne, marketing and regulatory affairs executive of the North American Energy Credit & Clearing, is devoted to risk management and liquidity.

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