Special Note Regarding Forward-looking Statements

• Some of the statements contained in this release constitute forward-looking statements in addition to historical information. These statements involve known and unknown risks and relate to future events, our future financial performance or our projected business results. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “believe,” “expect,” “guidance,” “targets,” “plans,” “pursuing,” “potential,” “enable” or “continue” or the negative of these terms or other comparable terminology.

• Forward-looking statements are only predictions. Actual events or results may differ materially from any forward-looking statement as a result of various factors, which include:

  • legislative and regulatory initiatives regarding deregulation, regulation or restructuring of the electric utility industry;
  • the extent and timing of the entry of additional competition in the markets of our subsidiaries and affiliates;
  • our pursuit of potential business strategies, including acquisitions or dispositions of assets or internal restructuring;
  • state, federal and other rate regulations in the United States and in foreign countries in which our subsidiaries and affiliates operate;
  • changes in or application of environmental and other laws and regulations to which we and our subsidiaries and affiliates are subject;
  • political, legal and economic conditions and developments in the United States and in foreign countries in which our subsidiaries and affiliates operate;
  • financial market conditions and the results of our financing efforts;
  • changes in market conditions, including developments in energy and commodity supply, volume and pricing and interest rates;
  • weather and other natural phenomena;
  • performance of our projects undertaken and the success of our efforts to invest in and develop new opportunities;
  • developments in the California power markets, including, but not limited to, governmental intervention, deterioration in the financial condition of our counterparties, default on receivables due and adverse results in current or future litigation;
  • the direct or indirect effects on our business, including the availability of insurance, resulting from the terrorist actions on September 11, 2001 or any other terrorist actions or responses to such actions, including, but not limited to, acts of war;
  • the direct or indirect effects on our business resulting from the financial difficulties of Enron, including, but not limited to, its effects on liquidity in the trading and power industry, and its effects on the capital markets views of the energy or trading industry and our ability to access the capital markets on the same favorable terms as in the past;
  • the direct or indirect effects on our business of a lowering of our credit rating (or actions we may take in response to changing credit ratings criteria), including, increased collateral requirements to execute our business plan, refusal by our current or potential counterparties to enter into transactions with us and our inability to obtain credit or capital in amounts or on terms favorable to us; and
  • other factors discussed in our reports (including our Form 10-K filed on March 21, 2001, as amended on June 29, 2001, and our Forms 10-Q filed on May 10, 2001, August 10, 2001, as amended on August 22, 2001 and November 9, 2001, as amended on November 14, 2001) filed from time to time with the SEC.

• Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, events, levels of activity, performance or achievements. We expressly disclaim a duty to update any of the forward-looking statements contained herein.

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