PIRA's Analysis of Sulfur Dioxide Credit Prices, Oct. 2001

PIRA Energy Group's Emissions Marketing Intelligence Service (EMIS)
released its latest report to clients. The report, entitled SO2 Credit
Prices in a "Multi-Pollutant," Post 9/11 World, is the second released
this year dealing with SO2 credit prices. This report updates our market
analysis for two developments since the release of the earlier report:
1) the growing prospect over the course of the past summer of a sharp
reduction in the Phase II Clean Air Act emissions cap as part of
eventual "multi-pollutant" legislation and 2), the political influence
on SO2 credit prices and legislation in a post September 11th world.

Non-EMIS clients can purchase the report for $2,000.

PIRA's Emissions Market Intelligence Service includes five to eight
reports per year analyzing the emissions credit market and public policy
for sulfur dioxide, nitrous oxide and carbon dioxide (global warming).
The annual fee is $5,000 for up to 10 users at one site. Phone access
for quick-turnaround research is included.

For information about PIRA's Emissions Market Intelligence Services
(EMIS), please contact Victoria Watkins at (212) 686-6808, ext. 315 or
vwatkins@pira.com .
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Key sections of SO2 Credit Prices in a "Multi-Pollutant," Post 9/11
World:
Summary
Credit Prices, Emissions Trends and Proposed Caps
Emissions Performance in Early 2001
Trends in Monthly Fossil Fuel-Fired Generation
Fuel Price Developments
Politics Before and After September 11th: the Shape of Compromise