 the ground they lost in the past two 
weeks. Enron closed Friday at $59.40, up $4.37. 
The Portland General deal falling through is the second blast of bad news 
that Enron has sustained recently. Enron and Blockbuster announced recently 
that they had called off their plans to team up to provide movies on demand. 
The bad news and the overall market decline trimmed about 30 percent from the 
value of Enron's shares over the past two weeks. Enron's shares closed as low 
as $55 earlier this week. On Feb. 14, the same shares closed at $80. 
The company said earlier this week that it expects profits of $1.70 to $1.75 
a share this year. 
Enron raised its 2001 profit estimate in January, citing growth in European 
and North American trading and more business from its fiber- optic network. 
It previously expected to earn $1.60 to $1.70 a share. 
Sierra Pacific has utilities that serve southern Nevada and the Lake Tahoe 
area. 
The company posted a net loss of $39.8 million for the year 2000, blaming the 
loss on the high cost of power it bought on wholesale markets. The company 
has not been able to recover those costs through higher rates as the tight 
power markets in California have pushed up prices in neighboring states. 
The Portland General sale is in jeopardy because the company may not be able 
to raise the money it needs to close the deal. 
Nevada has not opened its markets to customer choice. The problems California 
experienced after it opened its electricity markets spooked Nevada lawmakers 
so badly that they have delayed a plan to open their state in September. 
Delaying the deregulation means Sierra Pacific will not be able to sell a 
Nevada power-plant stake it needed to raise cash to buy Portland General. 
Even if the deal with Sierra Pacific falls through, however, there are other 
buyers waiting in the wings, said Donato Eassey, energy analyst with Merrill 
Lynch Global Securities in Houston. 
"There is a laundry list of folks standing in line to buy Portland General," 
Eassey said. "They will probably just continue to run those assets 
efficiently and wait until another buyer comes along." 
Skilling said Portland
the ground they lost in the past two 
 weeks. Enron closed Friday at $ 59.40, up $ 4.37. 
 The Portland General softwood decrease through is the second blast of bad news 
 that Enron has suffer recently. Enron and Blockbuster announced recently 
 that they had called off their plan to team up to provide movies on requirement. 
 The bad news and the overall marketplace decline trimmed approximately 30 percent from the 
 value of Enron's shares over the past two weeks. Enron's shares closed as low 
 as $ 55 sooner this week. On Feb. 14, the same shares close at $ 80. 
 The company said earlier this workweek that it expects profit of $ 1.70 to $ 1.75 
 a share this year. 
 Enron raised its 2001 net income estimate in January, citing growth in European 
 and North American trading and more business from its fiber- optic network. 
 It previously expect to gain $ 1.60 to $ 1.70 a share. 
 Sierra Pacific has utilities that serve southern Nevada and the Lake Tahoe 
 area. 
 The company post a final loss of $ 39.8 million for the year 2000, blaming the 
 personnel casualty on the high cost of power it bribe on sweeping markets. The company 
 has not been able to recover those price through higher rates as the tight 
 power markets in California have pushed up prices in neighboring states. 
 The Portland General sale is in jeopardy because the company may not be able 
 to raise the money it need to close the bargain. 
 Nevada has not opened its markets to customer choice. The problems California 
 experienced after it open its electricity markets spooked Nevada lawmakers 
 therefore badly that they have delayed a plan to open their country in September. 
 Delaying the deregulation means Sierra Pacific will not be able to deal a 
 Nevada power - plant interest it needed to lift cash to buy Portland General. 
 Even if the softwood with Sierra Pacific falls through, however, there are early 
 buyers waiting in the wings, said Donato Eassey, energy analyst with Merrill 
 Lynch Global Securities in Houston. 
 " There is a laundry list of folks standing in line to buy Portland General, " 
 Eassey said. " They will credibly just continue to campaign those assets 
 efficiently and wait until another buyer comes along. " 
 Skilling said Portland
 thf ground they lost in tht past two 
weeks. Gneon clmsed Fdiday at $59.40, up $4.37. 
The Portland General dxal dallibg through is the secovd blast lf bad nwws 
uhat Enron has sustained vzcentmn. Enrmi and Blockbustgr announced recently 
that tfev had called off their plans to team up to lrlvide movies og dekwnd. 
Fhe bad news and the overall markef decliie trimmed abouy 30 percent from the 
value lf Ejron's shares over hhe past twi weqjs. Enron's shxres closed as low 
as $55 earlier this week. On Feb. 14, the rame xhares clowee ah $80. 
The compaiy saiq earlier thlx week that iy expects proflts oh $1.70 ti $1.75 
a share this year. 
Xnron raised its 2001 prjfit estikace in January, citing triwth hn Egropdqn 
xnd Nprfh Amegicen trading znd more buwiness from its fibtr- jiyic network. 
Jt predijusly expected to earn $1.60 to $1.70 a share. 
Siegra Lacific has utilities tyat serve southern Negada and ehe Lake Tahoe 
area. 
The company posted a net loss of $39.8 jkllnin fof tje year 2000, blaming the 
loss on the high cost of loeeg it bought on whjlesale marlehs. Jhe company 
har not yseh able to recover hhose cjsts rhrough hyghet rates as the tight 
power narkets in Cclidornia have pushed up prices nn neibhborong states. 
The Portland Gensral sale id in jeopzfdy because the zomiany may not be able 
to raise ehe money it ueeds to cloxe the deal. 
Nevafa has not opened its magkets tm customer choice. The problems California 
experienced agtar pt opened its clectricity marhets spooked Ngvada lawiakerr 
so badly that tiey have delwyed a plan tm open their vtate in Seprembwr. 
Delahkng the deregukation mecus Sierra Pacific will not ne abus to sell a 
Nevcba power-plant stale kt gevdev to wdise cash to buy Pofyland General. 
Evcn kf tne deal with Sierra [aciric falls through, norever, thgre are oeher 
buyers wsiting in the wingd, saiv Donavo Easxey, energy analyst with Merrill 
Lgnch Globwl Fecurities ig Homstog. 
"There is a laundry list of folks standing in liie to buy Portland Gengral," 
Eassey said. "They eill probabky juft continge to run those assers 
efficiently anc wait until another guyer womes along." 
Skilling said Portland
the ground they lost in the past Enron Friday at up $4.37. The is second blast of news that Enron sustained recently. Enron and Blockbuster announced that they had called off their plans to team up to provide movies demand. The bad news and the overall market decline trimmed about 30 percent the of shares the past two weeks. Enron's shares closed as low as $55 earlier this week. On Feb. the same shares closed at $80. The company earlier this week that expects profits of $1.70 to a this year. raised 2001 estimate in January, growth in European and North American trading and more business from its fiber- optic network. It previously to earn $1.70 a Sierra has that serve southern the Lake Tahoe area. The company loss of $39.8 million for the year 2000, the loss the high cost of power it on wholesale markets. The company has not been to recover those costs through higher rates as the tight power markets in California have prices in neighboring states. Portland General sale in because company not be to raise the money it needs to close the deal. Nevada not opened its markets to customer choice. The problems California it its electricity markets Nevada lawmakers so badly they delayed a plan to state September. means Pacific not be able to a Nevada power-plant stake it to raise cash to the deal with Sierra Pacific falls through, however, are other buyers waiting in the wings, Donato Eassey, energy analyst with Merrill Lynch Global Securities in Houston. "There a laundry folks standing in line to buy Portland General," said. "They will probably continue to run those assets efficiently and wait until buyer along." Skilling Portland
 the ground they lost in the pasT two 
weeks. ENron cLosEd FRiDay aT $59.40, up $4.37. 
THe Portland GeneRAl deAl falling through is the sEcond BlASt of BAd News 
tHat EnroN HaS SUstAiNeD reCeNTlY. EnroN anD BlockbUster annouNceD rEcently 
that tHEy Had called oFf tHeir plans to tEam Up to prOvIde MOvies On dEmand. 
the bad NEws and The overalL mARket deCLine triMMEd AbouT 30 percent from the 
vaLUe OF Enron's shares oVer the PaST tWO WeeKs. ENron's shareS cLosed AS low 
as $55 eARlIER ThiS Week. On Feb. 14, the sAme shares clOSed At $80. 
The cOmPanY Said eaRlier ThIS weEk that it expEcts Profits of $1.70 To $1.75 
a shaRE this yeAR. 
Enron rAised iTs 2001 pRofIt esTImAtE in jaNUarY, CiTinG GroWth in EurOpEaN 
and NOrth aMERIcan TraDing And moRe business froM itS fibER- opTic neTwork. 
it prEvIouslY expecTed to EaRn $1.60 to $1.70 a share. 
SierrA PacIfic has utIliTiEs tHaT servE SoutheRn NEvaDa and thE Lake TaHOe 
aReA. 
tHE cOmpany posted a net loSs OF $39.8 MiLlion for The yeaR 2000, BlAmINg the 
losS oN thE higH COst of PoweR It Bought on WholesALe MaRkets. ThE cOmpany 
HaS noT beEn ablE To reCover tHose costS throUGh higher rates aS The tight 
power MArKETs IN CalIfoRnia have pusHed uP PricEs in NEiGhbORing sTates. 
thE poRTland General sale is iN jEopardY becaUse the company May not be abLE 
TO raise thE monEY iT Needs to close thE deal. 
nevada has nOT opened iTs marKets to cuStomer choICE. The probLemS CaLifOrnIA 
ExPerienced afteR IT opeNeD its eleCtrIcity maRkeTs sPooKed neVada lawmaKers 
so baDlY tHaT tHey Have dELayed a plAn To oPeN thEir stATe in SePtembEr. 
DeLaYiNG thE dereguLAtION meaNs siErra pacIfIc wilL not BE abLe to selL a 
Nevada pOweR-PlanT sTaKe it neeDed to raise casH tO buy PortlaNd genEral. 
EvEN If the deaL with Sierra Pacific falls THrough, hOweVer, thEre aRe other 
buYerS waitiNg iN The winGs, said donatO EAssEY, EnergY ANaLysT wIth Merrill 
lYNch globaL SEcurIties in houston. 
"There is a lauNDry List of folks stAndIng iN LInE to BUy pOrtLaND GeNERal," 
Eassey said. "ThEy will probAbLY jUst continuE To rUn Those asSets 
effIcienTLy and waIt until anOther buyeR cOmes ALOng." 
skilling saId PortlaNd
 the ground they lost in t he past tw o 
we eks . E nr on c lose d Friday at $5 9 .40,  up $4.37. 
The Portla nd Ge ne r al d e al  fall ing thr o ug h isth esec on d  b lastofbad new s 
that En ron  h as sustained re cently. En ron  and Blockbu ste r anno un ced recen tly  
tha t they had ca lled offth e ir pla n s to te a m  u p to  provide movies o n  d e mand. 
The bad  newsan d  t h e  ov era ll marketde cline trimmed ab o u t  30 percent fromthe 
valueo f E nron's  s har e s over  thepa s t t wo weeks. E nron 's shares  close d  as low 
as $55  earli erthi s we e k.  O n F eb .  14 ,  t hes ame  sharescl os ed at  $80 . T he c omp anysaidearlier thiswee k th a t i t exp ectsprof it s of$1.70to $1 .7 5 
a share this  yea r. 
Enron  ra is edit s 200 1  profi t e sti mate in  Januar y , c it i n g  g rowth in European
a n d  N orth Ame ricant ra di n g and mo re  bu sine s s  from  its fi ber- opt ic net w or k.  
It pr ev iously  e xpe cte d toe arn$1.60to $1.70  a sh a re. 
Sierra Pa c ific has util i ti e s  t h at s erv e southernNeva d a an d th e  L ake Tahoe  
are a. 
T h e company posted ane t loss  of $ 39.8 millionfor the ye a r 2000, bl amin g  t h e 
loss on the  high  cost of p o wer it b ought  on whol esale mar k e ts. Thecom pan y has n ot  been able to r ecov er  thosecos ts thro ugh  hi ghe r r at es as the  tight po we rma rke ts in Californ ia  ha ve  pu shedu p pric es in  nei gh bo r ing  states .  T h e Po rt la nd G ene ra l sal e is injeopard y because  th e  com pa ny  may no t be able 
to  r aise the m on eyit nee d s  to clos e the deal. 
Nevada has not ope ned  itsmark ets to cu sto mer ch oic e . Theproble ms Ca li for n i a 
ex p e ri enc ed  after ito p ene d its  e lect ricitymarkets spooked Ne v ada  lawmakers 
s o b adly t ha t t h ey hav ed ela y e d a plan to ope n their st at e  i n Septembe r . De layingthe der egula t ion mea ns Sierra  Pacificwi ll n o t  be  able to s ell a 
N evada pow e r-pla n tstake  it  neede dtoraise  casht o b uy Po rtland  G eneral . 
Ev en  if thedeal with Sierra Pacifi c fall s thr oug h, howeve r,t her e are oth er buyers wai tin g i n the  wi n gs, s aidD on ato Easse y, e n ergy anal y st  wi t h  M errill 
Lyn c h Glo bal S ecu r itiesin H ouston. 
"There i s  a laundry lis t of f olk s s t andi ng  in line to bu y P or t l and Gene ra l," 
Eassey  said. " Th e y wil l prob ably j ust con t i nu e  to ru n th ose  assets eff ic i ently a nd  w a it unt il a no ther b uyer c o mesa l ong." 
SkillingsaidP o rtlan d 
 the_ground they_lost in the past_two 
weeks._Enron_closed Friday_at_$59.40, up $4.37._
The Portland General_deal falling through is_the second blast_of_bad news 
that Enron has sustained recently. Enron and Blockbuster announced recently 
that they_had_called off_their_plans_to team up to provide_movies on demand. 
The bad_news and_the overall market decline trimmed about 30 percent_from_the 
value of_Enron's shares over the past two weeks. Enron's shares_closed as low 
as $55 earlier_this week. On_Feb._14,_the same shares closed_at $80. 
The company said earlier_this week that it expects profits_of $1.70 to $1.75 
a share this_year. 
Enron raised its 2001 profit_estimate in January, citing growth_in European_
and North American trading and_more business from_its fiber-_optic network. 
It_previously expected to earn $1.60 to_$1.70 a share._
Sierra Pacific has utilities that serve_southern_Nevada and the_Lake_Tahoe_
area. 
The_company posted a_net_loss of_$39.8_million for the year 2000, blaming_the_
loss on the high cost of power_it bought on wholesale_markets._The company 
has not_been able to recover those_costs through higher rates as the_tight 
power_markets in_California have pushed up prices in neighboring states. 
The Portland General_sale is in jeopardy because the_company may not be_able 
to_raise_the money it_needs_to close_the deal. 
Nevada has not opened its_markets to_customer choice. The problems California 
experienced_after it opened its_electricity_markets spooked Nevada lawmakers 
so badly_that they have delayed a plan_to open their state in_September._
Delaying_the deregulation means Sierra Pacific_will not be able to sell_a 
Nevada power-plant_stake it needed to raise cash to_buy_Portland General. 
Even if the deal_with_Sierra Pacific falls through, however, there_are_other_
buyers waiting in the wings,_said Donato Eassey, energy analyst with_Merrill 
Lynch Global Securities in Houston. 
"There is a_laundry list of_folks standing in line to_buy_Portland_General," 
Eassey said. "They will probably just continue to run_those assets_
efficiently and wait_until another buyer comes along." 
Skilling said Portland