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<CAPTION>
FORM 13F INFORMATION TABLE
TITLE
OF VALUE SHARES/ SH/ PUT/INVSTMT OTHER VOTING AUTHORITY
NAME OF ISSUER CLASS CUSIP (X$1000PRN AMT PRN CALLDSCRETN MGRS SOLE SHARED NONE
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
AYE Allegany Energy COM 017361106 3206 100000SH SOLE 100,000 0 0
CEG Constellation EnCOM 210371100 16294 550000SH SOLE 550,000 0 0
CG Columbia Energy COM 197648108 20536 327600SH SOLE 327,600 0 0
CIN Cinergy COM 172474108 73600 2300000SH SOLE 2,300,00 0 0
EIX Edison Int'l COM 281020107 1070 40000SH SOLE 40,000 0 0
FE First Energy COM 337932107 68200 2200000SH SOLE 2,200,00 0 0
FPC Florida ProgressCOM 341109106 20656 500000SH SOLE 500,000 0 0
ILN Illinova Corp COM 452317100 46325 1700000SH SOLE 1,700,00 0 0
NES New England COM 644001109 12531 250000SH SOLE 250,000 0 0
NMK Niagra Mohawk COM 653520106 54612 3400000SH SOLE 3,400,00 0 0
NU Northeast Util COM 664397106 97281 5500000SH SOLE 5,500,00 0 0
PNW Pinnacle West COM 723484101 60375 1500000SH SOLE 1,500,00 0 0
TXU Texas Utilities COM 882848104 8250 200000SH SOLE 200,000 0 0
UNS Unisource COM 909205106 15519 1300000SH SOLE 1,300,00 0 0
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