21-Jan-01 ECP/EPG Transaction Update

Unfortunately we have been unable to reach closure on the third party
conditions, namely the ISRA and Bayonne consents, to our Transaction
Agreement with El Paso. We have therefore negotiated an extension of the
deadline. The terms of the extension include a non-refundable deposit to be
paid to us by El Paso under certain circumstances and an extension to
22-Feb. Hopefully the extension will allow sufficient time for these two
remaining conditions to be satisfied. This extensio is expected to be
finalized tomorrow.