April 12, 2002 Sacramento, CA – According to the latest release of Henwood's WSCC Power Market Forecast Report (April 2002), Henwood concludes that the severe supply shortages of 2000-01 are history and the region has now returned to adequate reserve margins driven by the competitive market forces that responded to the shortage of energy and capacity. Increasing supply, the impacts of recession, the return to a normal hydro year and substantial conservation by customers all combined to lower demand. Wholesale electricity prices have returned to historical low levels, prompting many developers to cancel, defer, or postpone projects previously announced and/or under construction. Additionally, more capacity is now under construction than was originally projected despite major cancellations and a worsening liquidity crisis affecting developers. Nonetheless, the impact of competition in the wholesale power markets has dramatically reduced the reaction time for market correction in the current boom and bust cycle.

"Against this background of healthy reserve margins and depressed prices in the WSCC, there are still opportunities for developers who can operate below average costs," explained Mark Henwood, President and CEO. "Henwood's latest WSCC Power Market Forecast Report provides the industry standard for independent opinion on market fundamentals that directly affect the long-term price formation process. This is especially important because current conditions offer opportunities for companies with relatively strong balance sheets to optimize their portfolios, hedge their exposure to risks, and strengthen their position vis-à-vis their weaker rivals for the next boom cycle taking shape."

The April 2002 release of WSCC Power Market Forecast Report covers 11 Western states, two Canadian provinces of British Colombia and Alberta as well as portions of the Mexican state of Baja California. It provides a perspective of the developments in the power markets in the West and other critical factors affecting the long-term price formation process for the period 2002-2027.

Henwood’s Power Market Forecast Reports cover five North American regions as well as strategic markets in Asia Pacific and Europe, and are updated twice annually. Henwood clients receive up-to-date insight about changing supply and demand conditions in each market, the status of generation investments, and future forecasts of prices as well as regular updates on important developments affecting each region, leveraged by the most comprehensive and extensive consulting experience in the industry as well as its market-leading EnerPrise TM software and data analytics. Interested subscribers can call Mark Foster at Henwood's U.S. corporate office: (916) 569-0985, or email mfoster@hesinet.com.

About Henwood: Henwood offers power generators, marketers, and retailers integrated EnerPrise TM Software solutions, comprehensive market intelligence data and information, and strategic consulting services to meet the challenges of restructured energy markets throughout North America, AustralAsia, and Europe. For more information why the top power generators rely on Henwood business solutions, call Tom O'Meara at 916/569-0985, (e-mail tomeara@hesinet.com) or visit www.henwoodenergy.com.