---------------------- Forwarded by Phillip K Allen/HOU/ECT on 04/12/2001
10:33 AM ---------------------------

From: Phillip K Allen 04/12/2001 08:09 AM

To: Jeff Richter/HOU/ECT@ECT, Tim Belden/HOU/ECT@ECT, Tim
Heizenrader/PDX/ECT@ECT
cc:
Subject:

Here is a simplistic spreadsheet. I didn't drop in the new generation yet,
but even without the new plants it looks like Q3 is no worse than last year.
Can you take a look and get back to me with the bullish case?

thanks,

Phillip