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NORTH AMERICA'S FREE POWER AND GAS INFORMATION SOURCE
Thursday, May 31, 2001 No. 751
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GAS FUTURES
Henry Hub
12 Month Strip  4.1437
18 Month Strip  4.0980
| Month | High  |  Low  | Close | Change |
| JUL   | 3.990 | 3.670 | 3.981 | +0.171 |
| AUG   | 4.070 | 3.750 | 4.055 | +0.162 |
| SEP   | 4.100 | 3.815 | 4.087 | +0.157 |
| OCT   | 4.100 | 3.845 | 4.117 | +0.155 |
| NOV   | 4.282 | 4.020 | 4.282 | +0.140 |
| DEC   | 4.460 | 4.190 | 4.447 | +0.126 |
| JAN   | 4.520 | 4.270 | 4.525 | +0.124 |
| FEB   | 4.400 | 4.160 | 4.408 | +0.117 |
| MAR   | 4.215 | 3.990 | 4.239 | +0.109 |
| APR   | 3.870 | 3.665 | 3.896 | +0.083 |
| MAY   | 3.800 | 3.600 | 3.821 | +0.068 |
| JUN   | 3.840 | 3.680 | 3.866 | +0.063 |


PHYSICAL GAS PRICES
| Gulf/Eastern Region              |        |
| Agua Dulce                       |  3.60  |
| ANR SE                           |  3.64  |
| Carthage TG                      |  3.65  |
| Chicago Citygate                 |  3.75  |
| Columbia Gulf Onshore            |  3.63  |
| Dominion TTT South(CNG S. Point) |  3.93  |
| Henry Hub                        |  3.66  |
| Houston Ship Channel             |  3.70  |
| Katy Hub                         |  3.64  |
| NGPL - Midcontinent              |  3.54  |
| NGPL STX                         |  3.56  |
| NGPL TX/OK                       |  3.64  |
| Niagara                          |  3.86  |
| Sonat Tier 1                     |  3.67  |
| TCO IPP Pool                     |  3.87  |
| Tetco ELa                        |  3.62  |
| Tetco M-3                        |  3.97  |
| Tetco STX                        |  3.57  |
| TGP Zone 0                       |  3.57  |
| TGP Zone 1                       |  3.65  |
| TGT Zone SL                      |  3.62  |
| New York Citygate                |  3.98  |
| Transco Station 65               |  3.76  |
| Transco Zone 6 (NY)              |  3.98  |
| Trunk ELa                        |  3.53  |
| Western Region                   |        |
| California Border                | 10.15  |
| El Paso Permian                  |  3.49  |
| El Paso San Juan                 |  2.80  |
| Waha Hub                         |  3.52  |
| Canadian/Rockies Region          |        |
| Nova/Aeco (in C$/GJ)             |  4.92  |
| Dawn Hub/Union                   |  3.86  |
| Northwest Stanfield              |  3.56  |
| Wyoming Pool                     |  2.48  |
| Opal                             |  2.55  |
| PGT-Malin                        |  4.12  |
| Sumas                            |  3.55  |


POWER FUTURES
| Month |   COB   | Change |   PV    | Change |
| JUL   | 300.00  | +0.00  | 325.00  | +0.00  |
| AUG   | 360.00  | +0.00  | 365.00  | +0.00  |
| SEP   | 225.00  | +0.00  | 210.00  | +0.00  |
| OCT   | 215.00  | +0.00  | 155.00  | +0.00  |
| NOV   | 185.00  | +0.00  | 105.00  | +0.00  |
| DEC   | 220.00  | +0.00  | 110.00  | +0.00  |
| JAN   | 175.00  | +0.00  |  90.00  | +0.00  |
| FEB   | 160.00  | +0.00  |  80.00  | +0.00  |
| MAR   | 115.00  | +0.00  |  70.00  | +0.00  |
| APR   |  72.00  | +0.00  |  70.00  | +0.00  |
| MAY   |  72.00  | +0.00  |  70.00  | +0.00  |
| JUN   |  72.00  | +0.00  |  90.00  | +0.00  |
| Month | Entergy | Change | Cinergy | Change |
| JUL   |  90.00  | -3.00  |  86.00  | -4.00  |
| AUG   |  90.00  | -3.00  |  75.00  | +0.00  |
| SEP   |  42.50  | -1.50  |  36.50  | -1.00  |
| OCT   |  36.00  | -1.50  |  34.25  | -1.25  |
| NOV   |  36.00  | -1.50  |  34.25  | -1.25  |
| DEC   |  36.00  | -1.50  |  34.25  | -1.25  |
| JAN   |  38.50  | -1.50  |  37.50  | -1.25  |
| FEB   |  38.50  | -1.50  |  37.50  | -1.25  |
| MAR   |  35.50  | -1.75  |  34.50  | -0.50  |
| APR   |  35.50  | -1.75  |  34.50  | -0.50  |
| MAY   |  40.00  | -4.00  |  39.00  | -1.50  |
| JUN   |  52.00  | -5.00  |  49.00  | -2.75  |


POWER FUTURES
| Month |  PJM  | Change |
| JUL   | 84.00 | -3.00  |
| AUG   | 74.00 | +0.00  |
| SEP   | 39.75 | -1.25  |
| OCT   | 36.25 | -0.50  |
| NOV   | 36.25 | -0.50  |
| DEC   | 36.25 | -0.50  |
| JAN   | 42.00 | -1.00  |
| FEB   | 42.00 | -1.00  |
| MAR   | 37.50 | +0.00  |
| APR   | 37.50 | +0.00  |
| MAY   | 40.50 | -2.00  |
| JUN   | 51.00 | -4.00  |


NATURAL GAS OPTIONS
|       | Closing | Days | Implied ATM |
| Month |  Price  | Left | Volatility  |
| JUL   |  3.981  |  28  |   56.42%    |
| AUG   |  4.055  |  58  |   55.42%    |
| SEP   |  4.087  |  91  |   56.51%    |
| OCT   |  4.117  | 119  |   56.99%    |
| NOV   |  4.282  | 150  |   57.45%    |
| DEC   |  4.447  | 182  |   57.96%    |


PHYSICAL POWER PRICES
|            |  High   |   Low   | Average |
|            |  $/MWh  |  $/MWh  |  $/MWh  |
| Cinergy    |  21.50  |  17.00  |  18.70  |
| ECAR       |  21.45  |  17.65  |  19.35  |
| ERCOT      |  37.00  |  32.75  |  35.15  |
| Entergy    |  35.25  |  33.50  |  34.60  |
| TVA        |  23.00  |  18.90  |  20.60  |
| ComEd      |  20.00  |  19.50  |  19.85  |
| PJM West   |  28.50  |  27.25  |  28.30  |
| Main       |  21.50  |  16.00  |  18.30  |
| MAPP       |  23.25  |  20.50  |  22.40  |
| Palo Verde | 140.00  | 115.00  | 125.85  |
| Mid C      | 115.00  | 100.00  | 104.15  |
| COB        | 115.00  | 115.00  | 115.00  |
| 4 Corners  | 170.00  | 160.00  | 165.00  |
| Mead       | 170.00  | 150.00  | 170.00  |
| NP 15      | 200.00  | 150.00  | 154.60  |
| SP 15      | 210.00  | 130.00  | 173.80  |
_______________________________________________

For a Free White Paper Report from FAME:

Forward Curves Managing Price Risk

Go to http://www.fame-energy.com/fcreg.htm
_________________________________________________

Today's Power Bulletins
 * Dominion Applies to Renew Virginia Nuclear Licenses
 * EU Approves Shell/United Technologies Fuel Cell Joint Venture
 * Enron's Dabhol Stops Generating Power
 * India Prime Minister Says Government Committed to Resolve Enron Dispute
 * New Southern California Edison Default Leaves Analysts Wary
 * Stage Two Emergency Declared, Electrical Usage Trending Higher; California ISO Urges Conservation
 * Ingersoll-Rand Tells Senate Committee How Microturbine Technology Helps to Address America's Energy Needs
 * El Paso Announces 340 MW Natural Gas Fired Power Plant Development in Michigan
 * Western Spot Power Prices Jump as Hot Weather Propels Demand
 * PJM Spot Power Prices Continue to Fall on Low Demand
 * Mid-Continent Power Prices Drop Again; Mild Weather Forecast to Continue
 * Most Southeast Spot Power Prices Fall with Natural Gas and Mild Weather
 * Diablo Canyon Nuclear Power Plant Unit 2 Back On Line
 * American Superconductor Positioned to Meet Critical Power Grid Needs

More stories with bulletins at http://www.enerfactsdaily.com
____________________________________________________

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________________________________________________

Today's Gas Bulletins
 * FERC Approves Iroquois $174 Million
 * Eastchester Expansion Project to Ship Additional 220 MMcf per Day to New York City
 * International Petroleum Exchange Shareholders Approve IntercontinentalExchange Bid
 * Woodside Begins Marketing Natural Gas from Southeast Australia Find
 * Dennis McFarland Elected NiSource Vice President and Treasurer
 * Enbridge and BC Gas International to Operate Oman National Natural Gas System
 * PG&E Declares Open Season for 1.2 Bcf per Day of Capacity on Redwood, Baja and Silverado Paths which Transport Natural Gas from Malin, Oregon; Topock, Arizona; and California Production
 * Allegheny Ventures to Acquire Fellon-McCord & Associates and Alliance Energy Services Partnership

More stories with bulletins at http://www.enerfactsdaily.com
__________________________________________________

North American Gas Storage Conference
Storage 2001 - 2002:
Source of Stability or Chaos?
June 22, Houston

Find the answers at Ziff Energy's natural gas storage conference.  A blockbuster roster of industry leaders from the utility, trading, pipeline and storage sectors in each of the North American storage regions will present timely, relevant information you can use. This conference will assist you in making critical decisions about your natural gas storage strategy for peaking and the remaining seasonal base fill. The game has changed - storage strategy has been kicked up a notch from buying for seasonal fill to real-time risk management.

Session 1 Supply Shortage or Storage Inefficiencies: Last Winter's Saga
El Paso Corporation - Byron Wright, VP
Energy Information Administration, DOE - Jim Thompson, Industry Analyst
Keyspan Energy - David Manning, Senior VP, Corporation Affairs
Axia Energy - David Modesett, VP

Session 2 The Changing Storage Paradigm:
Dynamic Storage Service vs Seasonal Fill
AEC Storage & Hub Services Inc. - Rick Daniel, President
Williams Energy Marketing & Trading - Blake Herndon, Director, Risk Management
NiSource Inc. - T.J. Aruffo, VP Energy Supply Services
Enron North America - Paul Bieniawski, Director
Duke Energy Gas Transmission - David Nightingale, VP MHP

Session 3 Pricing it Right and Reducing Risk:
Can We Expect Stability or Chaos in Winter 2001 - 2001?
Aquila Energy - Mark Cook, VP The Exchange Center Conoco Gas and Power Marketing - Brad King, VP Storage
Sempra Energy Trading - Dan Guertin, Meteorologist

For more information or to register visit
http://www.ziffenergyconferences.com, call 1-800-853-6252,
or email us at gasconference@ziffenergy.com
________________________________________________

Natural Gas Futures Rally

    Natural gas futures jumped sharply higher yesterday following the AGA report of a 99 Bcf increase in natural gas storage last week, below market expectations. Prices slumped early as traders awaited the release of the inventory data. The July contract gained $0.171 to $3.981 per MMBtu. August climbed $0.162 to $4.055 per MMBtu. Some traders are not convinced the rally, which saw the market climb $0.30 from the Wednesday trading low, is for real. El Paso was a large seller yesterday, but they got taken out by Enron buying. Look for the market to open even higher this morning as it takes out $4.00. Natural gas prices for next day delivery across the US and Canada were generally lower yesterday, except in the west where spot prices continue to rise sharply. Natural for next day delivery at the Henry hub dropped $0.17 to $3.66 per MMBtu.
________________________________________________

VISIT http://www.enernetdaily.com/restruc.pdf
TO SEE YOUR FREE ISSUE OF RESTRUCTURING TODAY.
To order write restruc@enerfax.com or call 504-893-9225 and receive the discounted price of one year , 255 issues for $437. You must order by June1,2001
Restructuring Today reports the twists, plans, failures, strategies, shocks, absurdities, new sales and buying methods in what's becoming American's biggest industry.
Restructuring Today's editors will tell you what the CEOs making the big decision are thinking and planning.  And those editors cover more seminars than you can imagine going to (or paying for).  They're guided by a network of correspondents in state capitals.
Restructuring Today's editors are directed not to write what the news is but to report what the news means.  It may seem opinionated but Restructuring Today's analysis is frequently mentioned when we survey readers about what they find useful in the daily reports.
_________________________________________________

Natural Gas NYMEX Volume
01JUN   42,031
01JLY   30,518
01AUG    8,975
01SEP    3,320
01OCT    3,030
01NOV    1,707
01DEC    3,588
02JAN    1,399
02FEB      637
02MAR    1,365
02APR    1,191
02MAY      167
02JUN      175
02JLY       61
02AUG      190
02SEP       94
02OCT    1,064
02NOV       90
02DEC    1,455
03JAN      137
03FEB       32
03MAR       26
03APR       12
03MAY       12
_______________________________________________

NATURAL GAS STORAGE REPORT

           Week                                    Prev    5
           Ending    Prev                   Prev    Year   Year
| Region | 5/25/01 | Week | Diff | % Full | Year | % Full|Average
| Prod   |  410    |  390 |  20  |  43%   |  363 |  38%  |  423
| East   |  624    |  558 |  66  |  34%   |  601 |  33%  |  627
| West   |  247    |  234 |  13  |  49%   |  310 |  61%  |  258

| Total  | 1281    | 1182 |  99  |  39%   | 1274 |  39%  | 1308
_______________________________________________

ENERGY.
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*Manage all your energy risks.
*Build and Price deals.
*Value physical assets (generation, storage, etc.)
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http://www.fea.com
_________________________________________________

California Governor Gives FERC 30 Days to Act or Else

   Californias governor says he will give FERC at least 30 days to take steps to help solve the state's energy crisis before going forward with the lawsuit he has been promising. His vow to file his own lawsuit against FERC follows a decision by the 9th Circuit Court of Appeals in San Francisco on Tuesday to deny a similar lawsuit filed by two state legislative leaders. That lawsuit said FERC was failing in its legal duty to ensure just and reasonable energy prices in California. But the federal appeals court said the legislators had failed to demonstrate court intervention was warranted. The governors spokesman said the cop needs to be on the beat and not hiding behind some false ideology that is not relevant, evidently referring to capitalism. The governor also said the federal government should order refunds of 40% to 50% to send a strong signal to energy companies in Texas and in the South to stop bleeding us dry, stop taking us to the cleaners, and charge reasonable rat!
es!
.
__________________________________________________

"New Horizons Solutions for the 21st Century"

An Energy Efficiency Workshop and Exposition
Kansas City, Missouri
June 3 - June 6, 2001

For more information go to http://www.energy2001.eee.doe.gov
_________________________________________________

DTE and Entergy to Build Illinois Power Plant

    DTE Energy and Entergy will build a $160 million, 320  MW natural gas fired peaking power plant in Illinois to go into operation in June 2002. The plant is about 30 miles south of Chicago and will be operated by Entergy Operating Systems and DTE Energy Services. Natural gas for will be supplied through the recently completed Vector interstate pipeline.
_________________________________________________

SUNGARD

Solutions for Success in Energy Trading

Epsilon and Panorama Energy
Risk and complexity are inevitable components of every trading transaction within today's volatile energy market.  Having the right tools to manage and control those risks has become a determining success factor.  SunGard provides those tools with Epsilon and Panorama Energy - comprehensive solutions designed to create measurable competitive advantages for energy trading organizations and utility companies worldwide.

To receive more information or a free demonstration, we invite you to contact us at 713-266-7771 or visit our web site at http://risk.sungard.com/energy.
________________________________________________

FERC Chairman Defends Record

    FERC Chairman Hebert has defended his agency against charges by California's governor that it has failed to act on the state's power crisis, and said lawsuits to make the FERC impose price caps would likely be a waste of time and money. Hebert says he feels good about winning any legal challenge by anyone from California. He also noted FERC has issued a price mitigation plan for California, which would help ease the power shortage crisis if the state would just cooperate.
________________________________________________

Upcoming Energy Seminars

Power Techniques for Power Purchasing
Kansas City Oct 4-5, Las Vegas Nov 29-30

Gas Contracts A - Z 101 & 202
Houston - Fall(see web page for update)

Natural Gas 101
Dallas June 4-5, Houston July 17-18, Philadelphia Aug 9-10,
Houston Sept 13-14, Atlanta Oct 11-12, Houston Nov 27-28,
Oklahoma City Dec 6-7

FASB 133: Accounting for Derivatives
Houston June 15

Basis Trading - Natural Gas
Houston June 13-14, Philadelphia July 12-13,
Houston Aug 16-17, Toronto Sept 20-21, Houston Oct 16-17,
Atlanta Nov 8-9, Houston Dec 13-14

Petroleum Products Hedging
Houston June 26-27, Houston Sept 27-28, Houston Nov 27-28,

Gas Processing Contracts
Oklahoma City Sept 11-12, Houston Nov 13-14

Electricity 101
Houston Jun 13-14, Houston Sept 5-6, Washington DC Oct 23-24, Houston Dec 5-6

Electricity 202
Houston Nov 6-7

Energy Seminars, Inc
Phone 281-362-7979
See http://www.energyseminars.com for more details.
________________________________________________

Williams Receives Barrett Regulatory Approval

    Williams has received early termination of the regulatory Hart-Scott-Rodino waiting period for its tender offer for Barrett Resources. The early termination was one of the conditions to its proposed $2.5 billion cash and stock purchase. The tender offer is scheduled to expire on Monday, June 11th.
________________________________________________

And now there's FASB 133.  So history will affect reported earnings, because hedge efficiencies and derivative valuations will hit the bottom line.

At FAME, we deliver quality historical information and analysis. For your FREE copy of the recent report, Protecting Your Earnings: Managing the FASB 133 Challenge, visit www.fame-energy.com
_______________________________________________

Massey Calls for Change in Market Power Definition

    FERC Commissioner Massey, dissenting from two orders, strongly called for the commission to revise its current method of market power analysis, saying it is just plain outdated, inadequate and unreliable. Massey says the hub-and-spoke method of market power analysis, which presumes market power if any single market participant holds a 20% market share, does not work. In April, PG&E and SCE asked FERC to deny renewal of market-based rate authority to Williams Energy Marketing and Trading, saying that while Williams controls less than 20% of the generation resources in the state, it is still able to exercise market power. To renew its market-based rate authority, Williams should perform an analysis of market power using other means, the utilities said. Massey says the events of the California wholesale power market, where no single power seller holds close to 20% market share during the past year, demonstrate that market power can be exercised by any player holding a much !
sm!
aller piece of the market.
_______________________________________________

Progas Storage Services, Inc

was recently organized to offer specialized natural gas storage services to marketers and end users servicing the upper Midwest and Northeast market regions along the major transmission systems in Indiana, Illinois, Kentucky, and Michigan. PGSMI has 10 bcf of potential working capacity which will offer service along TXG, ANR, Midwestern, and is currently evaluating for purchase another 21 bcf of potential working capacity which can be serviced by these and other systems in the region. PGSMI also explores for natural gas in the Gulf Coast region through a wholly owned subsidiary. Progas intends to go public through a route of private industry offerings, and an IPO or registration. For more information on services or the company mail to: gastorage@aol.com or for AOL mail to gastorage@aol.com; web site currently under construction at: http://www.progas.net/wip.

The company's executive and administrative office is located in Abilene, Texas with storage operations in Owensboro, KY and exploration operations in Corpus Christi, TX.

Progas Storage Services, Inc
8610 S. Hwy 277
Abilene, TX 79606

Ph 915 698 3699
Fx 915 698 2859
_____________________________________________

Metcalf Power Plant Set for Approval

    San Joses mayor, a vocal opponent of a proposed 600 MW, natural gas fired power plant planned for California's Silicon Valley, has reversed course and accepted an agreement that should pave the way for the project's approval. Facing an onslaught of pressure, the mayor announced a compromise with project developers. Most California officials support the project, including the state's mainline environmental groups the governor. Computer networking giant, Cisco Systems, which plans to build an office complex near Metcalf for 20,000 employees, has fought the plant. Three main points in the agreement that had been problems for Cisco: * The time it takes to shutdown the plant for maintenance and start it up again will be cut by 25% during the first five years to further reduce emissions. * Calpine agreed to set up two new air-monitoring stations near Metcalf that will be independently monitored to ensure it is meeting strict emissions requirements. * Calpine will adopt technol!
og!
ies reducing or eliminating the use of liquid ammonia as soon as these systems are approved by state regulators and are proven economically feasible. Metcalf will also offer long-term power contracts at competitive prices for San Jose businesses. The plant has taken on symbolic value, and industry analysts say the outcome will be a key sign of how the state will deal with its power crisis. Metcalf would be the first major power plant built in Silicon Valley in 20 years.
______________________________________________

TRENTON/BLACKRIVER "BOOM" IN WEST VIRGINIA

Land and Mineral Development LLC., Vienna, West Virginia, owns 85,000 acres of mineral rights in Southeastern West Virginia. The first Trenton/Blackriver production found in the state, was in a well drilled in 1962 by Tidewater Oil Company adjoining our property. We need an industry
partner. Geophysicist report and other information available.  The 85000 acres would also make a great gas storage field.

We also have another small storage field for sale near the new Trenton Wells.

Email - Driller@wirefire.com
Qualified Industry Principals only please.
This is not an offer to sell anything to anyone.

Land and Mineral Development LLC.,
P.O. Box 5370
Vienna, West Virginia, 26105
(304) 295-3333
_______________________________________________

Energy Companies Using More Credit Derivatives

   Energy companies are using more credit derivatives both to hedge existing risk and make money by trading them, and need to adjust their risk management strategies to compensate, according to a report by Standard & Poor's. Many energy trading firms are augmenting their credit risk management practices through the use of credit derivatives, while others attempt to profit by trading credit derivatives, the report says. Credit derivatives are contracts that let companies transfer credit risk. Buying them works like insurance against a company going bankrupt, paying out if a trigger event occurs. Companies trading energy commodities such can use financial derivatives as a hedge. Enron is one of the heaviest traders of credit derivatives as a market maker.
_______________________________________________

CAMINUS
ENERGY SOFTWARE
SHOWCASE 2001
HOUSTON, TEXAS

You're Invited
To a four hour exposition of software and services that will set the new standard for the energy trading, scheduling, and risk management. Join us and compare your existing system with our latest product offerings.

Thursday, June 14, 2001. 3p.m. to 7p.m.
Houston Petroleum Club
800 Bell Avenue, 43rd Floor

For more information or to register on-line, visit http://www.caminus.com. You may invite up to two qualified colleagues to join you.

Nucleus Software . ZaiNet Software
ZaiNet Gasmaster 2 . ZaiNet WeatherDelta
___________________________________________________

Conoco to Help Arctic Pipeline Plans

    Conocos takeover of Gulf Canada Resources should add political power to the plans of a group of major oil companies to build a natural gas pipeline from Canada's Arctic, according to Gulf's CEO. Conoco has offered C$12.40 per share in cash for Gulf. Gulf's partners in the study of the C$3 billion pipeline include Imperial Oil, Shell Canada and Exxon Mobil. Gulf has an estimated 1.3 Tcf of natural gas reserves in the region. Last week, the group negotiated an agreement with native leaders from the Northwest Territories that would have the Aboriginal Pipeline Group owning up to a third of the pipeline. Debate has long centered on whether a pipeline from northern Alaska or the Mackenzie Delta would be built first, or whether the market could initially support both.
___________________________________________________

EnerfactsDaily Job Center at http://www.enerfactsdaily.com

New Job Postings Include:
 * Sales-Business Development
 * Operations Specialist
 * Account Director -Marketing/Transportation
_____________________________________________________

Need a past issue of Enerfax Daily or Enerfax GOLD. Past issues are available on Sagewave at
http://www.sagewave.com/D2/autolog/common/log.asp?KEY=enerfax
______________________________________________________

FINANCIAL SUMMARY
The TSE 300 dropped 150.60 points to 8101.41
The CRB Index fell 0.75 points to 209.77
The US Dollar increased 0.00 points to 118.22
The Dow dropped 166.50 points to 10872.64
The S&P 500 lost 19.85 points to 1248.08
The Nasdaq was down 91.04 points to 2084.50
July NYMEX Crude Oil fell 0.11 to 28.55
Canadian-US Exchange rose .0087 to 1.5460

Please welcome our advertisers by visiting these websites.
http://www.kwi.com
http://www.fea.com
http://www.caminus.com
http://www.progas.net/wip
http://www.fame-energy.com
http://www.energyseminars.com
http://risk.sungard.com/energy
http://www.energy2001.eee.doe.gov
http://www.ziffenergyconferences.com
http://www.enernetdaily.com/restruc.pdf

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