TCR_Public/050226.mbx       T R O U B L E D   C O M P A N Y   R E P O R T E R

         Saturday, February 26, 2005, Vol. 9, No. 48

                          Headlines

FASTNET CORP: Files Oct. to Dec. 2004 Monthly Operating Reports
FOOTSTAR INC: Posts $1.7 Million Net Loss in January 2005
KEYSTONE CONSOLIDATED: Posts $2 Million Net Loss in January 2005
PG&E NATIONAL: NEGT's December 2003 Monthly Operating Report
PG&E NATIONAL: NEGT's January 2004 Monthly Operating Report

PG&E NATIONAL: NEGT's February 2004 Monthly Operating Report
PG&E NATIONAL: NEGT's March 2004 Monthly Operating Report
PG&E NATIONAL: NEGT's April 2004 Monthly Operating Report
PG&E NATIONAL: NEGT's May 2004 Monthly Operating Report
PG&E NATIONAL: NEGT's June 2004 Monthly Operating Report

PG&E NATIONAL: NEGT's July 2004 Monthly Operating Report
PG&E NATIONAL: NEGT's August 2004 Monthly Operating Report
PG&E NATIONAL: NEGT's September 2004 Monthly Operating Report
PG&E NATIONAL: ESV's March 2004 Monthly Operating Report
PG&E NATIONAL: ESV's April 2004 Monthly Operating Report

PG&E NATIONAL: ESV's May 2004 Monthly Operating Report
PG&E NATIONAL: ESV's June 2004 Monthly Operating Report
PG&E NATIONAL: Quantum's March 2004 Monthly Operating Report
PG&E NATIONAL: Quantum's April 2004 Monthly Operating Report
PG&E NATIONAL: Quantum's May 2004 Monthly Operating Report

PG&E NATIONAL: Quantum's June 2004 Monthly Operating Report
PG&E NATIONAL: Quantum's July 2004 Monthly Operating Report
PG&E NATIONAL: ET Gas' August 2004 Monthly Operating Report
PG&E NATIONAL: ET Investments' Aug. 2004 Monthly Operating Report
PG&E NATIONAL: ET Power's August 2004 Monthly Operating Report

RELIANCE GROUP: Liquidator Files Q4 2004 Liquidation Status Report
RELIANCE GROUP: Posts $498,000 Net Loss in January 2005
ROBOTIC VISION: Posts $2 Million Net Loss in December 2004
TECO AFFILIATES: Panda Gila's Statement of Financial Affairs
TECO AFFILIATES: Trans Union's Statement of Financial Affairs

TECO AFFILIATES: Union Power's Statement of Financial Affairs
TECO AFFILIATES: UPP Finance's Statement of Financial Affairs
USG CORP: Earns $19.6 Million of Net Income in December 2004
WINN-DIXIE: Files Consolidated Balance Sheet as of Jan. 12, 2005

                          *********

FASTNET CORP: Files Oct. to Dec. 2004 Monthly Operating Reports
---------------------------------------------------------------
On Feb. 18, 2005 Fastnet Corporation (n/k/a FN Estate Inc.) filed
its monthly operating reports for October, November, and December
2004, with the U.S. Bankruptcy Court for the Eastern District of
Pennsylvania.

The Debtors' Monthly Balance Sheets showed:

                  Oct. 31, 2004    Nov. 30, 2004   Dec. 31, 2004
                  -------------    -------------   -------------

Assets               $5,484,201       $5,123,530      $4,413,385

Post-petition
Liabilities           4,057,300        3,785,872       2,488,912

Pre-petition
Liabilities          16,208,758       16,208,758      16,431,162

Stockholders'
Deficit             $26,870,072      $26,959,315     $26,594,903


Full-text copies of the Debtors' Monthly Operating Reports are
available at no charge at:

October 2004 Monthly Operating Report:

http://www.sec.gov/Archives/edgar/data/1092536/000101968705000477/fnestate_8
kex99-1.txt


November 2004 Monthly Operating Report:

http://www.sec.gov/Archives/edgar/data/1092536/000101968705000477/fnestate_8
kex99-2.txt


December 2004 Monthly Operating Report:

http://www.sec.gov/Archives/edgar/data/1092536/000101968705000477/fnestate_8
kex99-3.txt


On June 10, 2003, Fastnet Corporation (n/k/a FN Estate, Inc.) and
on June 13, 2003, each of its subsidiaries (excluding the
Company's wholly owned subsidiary "DASLIC", a Delaware Holding
Company) filed respective voluntary petitions for relief under
Chapter 11 of the United States Bankruptcy Code in Jointly
Administered Case No. 03-23143 in the United States Bankruptcy
Court for the Eastern District of Pennsylvania.

Also, as reported in the Company's Current Reports on Form 8-K
previously filed with the United States Securities and Exchange
Commission, the Debtors have sold substantially all of their
assets as a result of several transactions completed pursuant to
the provisions of the United States Bankruptcy Code on and between
December 15, 2003 and May 4, 2004.


FOOTSTAR INC: Posts $1.7 Million Net Loss in January 2005
---------------------------------------------------------
On Feb. 17, 2005, Footstar, Inc., and its debtor-affiliates filed
their monthly operating report for the month of January 2005 with
the U.S. Bankruptcy Court for the Southern District of New York.

The Debtors report a $1.7 million net loss on $42.5 million of net
sales for January 2005.

At Jan. 31, 2005, Footstar, Inc.'s consolidated balance sheet
showed:

      Total Current Assets                      $363,200,000
      Total Assets                               411,500,000
      Current Liabilities                        121,500,000
      Total Liabilities Subject to Compromise    175,100,000
      Shareholders' Equity                       $61,900,000

A full-text copy of Footstar, Inc.'s January 2005 Monthly
Operating Report is available at no charge at:


http://www.sec.gov/Archives/edgar/data/1011308/000090951805000099/jd2-17ex_9
9.txt


Headquartered in West Nyack, New York, Footstar Inc., retails
family and athletic footwear.  As of August 28, 2004, the Company
operated 2,373 Meldisco licensed footwear departments nationwide
in Kmart, Rite Aid and Federated Department Stores.  The Company
also distributes its own Thom McAn brand of quality leather
footwear through Kmart, Wal-Mart and Shoe Zone stores. The
Company and its debtor-affiliates filed for chapter 11 protection
on March 3, 2004 (Bankr. S.D.N.Y. Case No. 04-22350).  Paul M.
Basta, Esq., at Weil Gotshal & Manges represents the Debtors in
their restructuring efforts.  When the Debtor filed for
protection, it listed $762,500,000 in total assets and
$302,200,000 in total debts.


KEYSTONE CONSOLIDATED: Posts $2 Million Net Loss in January 2005
----------------------------------------------------------------
On Feb. 18, 2005, Keystone Consolidated Industries, Inc., and its
debtor-affiliates filed their monthly operating reports for the
month of January 2005, with the U.S. Bankruptcy Court for the
Eastern District of Wisconsin.

For the month ending Jan. 31, 2005, Keystone Consolidated
reports a $2,153,190 net loss on $30,303,881 of net sales.

At Dec. 31, 2004, Keystone Consolidated's balance sheet shows:

      Current Assets                    $79,850,464
      Total Assets                      309,385,141
      Current Liabilities               154,008,539
      Stockholders' Deficit            ($21,702,708)

A full-text copy of Keystone Consolidated Industries' January
2005 Monthly Operating Report is available at no charge at:


http://www.sec.gov/Archives/edgar/data/55604/000005560405000005/exhibit991fe
b.txt


Headquartered in Dallas, Texas, Keystone Consolidated Industries,
Inc., makes carbon steel rod, fabricated wire products, including
fencing, barbed wire, welded wire and woven wire mesh for the
agricultural, construction and do-it-yourself markets.  The
Company, along with five of its debtor-affiliates, filed for
chapter 11 protection on February 26, 2004 (Bankr. E.D. Wisc.
Case No. 04-22422).  Daryl L. Diesing, Esq., at Whyte Hirschboeck
Dudek S.C., and David L. Eaton, Esq., at Kirkland & Ellis LLP,
represent the Debtors in their restructuring efforts.  When the
Debtors filed for protection from their creditors, they listed
$196,953,000 in total assets and $365,312,000 in total debts.


PG&E NATIONAL: NEGT's December 2003 Monthly Operating Report
------------------------------------------------------------

            National Energy & Gas Transmission, Inc.
                         Balance Sheet
                    As of December 31, 2003


ASSETS

Cash                                                $72,521,898
Prepetition Accounts Receivable                    Undetermined
Postpetition Accounts Receivable                      8,967,593
Receivables from Officers/Employees/Affiliates                -
Notes Receivable Stocks                                       -
Inventory                                                     -
Prepaid Expenses                                      6,963,593
Deposits                                            $11,770,115
Current Tax Assets                                 Undetermined
                                                 --------------
Total Current Assets                               Undetermined

Land                                                          -
Building                                                      -
Equipment and Fixtures                                        -
Less Accumulated Depreciation                                 -
                                                 --------------
Total Fixed Assets                                            -

Amortizable Costs                                             -
Deferred Tax Assets                                Undetermined
Investments in Subs                                Undetermined
                                                 --------------
Total Other Assets                                            -
                                                 --------------
TOTAL ASSETS                                       Undetermined
                                                 ==============

LIABILITIES AND EQUITY

Postpetition Accounts Payable                       $11,243,163
Postpetition Notes Payable                                    -
Postpetition Rent and Leases Payable                          -
Postpetition Taxes Payable                         Undetermined
Postpetition Accrued Interest                                 -
Other Postpetition Liabilities                        3,660,324
                                                 --------------
Total Postpetition Liabilities                       14,903,487

Prepetition Priority Claims                                   -
Prepetition Secured Debts                                     -
Prepetition Unsecured Debts                        Undetermined
                                                 --------------
Total Prepetition Liabilities                      Undetermined

Owner's Equity (deficit):
   Capital Stock/Owner's Investments                          -
   Paid in Capital Surplus                        3,086,000,000

Prepetition Retained Earnings (deficit)          (3,144,050,278)
Postpetition Retained Earnings (deficit)           Undetermined
                                                 --------------
Total Owner's Equity                               ($58,050,278)
                                                 --------------
TOTAL LIABILITIES AND OWNER'S EQUITY               Undetermined
                                                 ==============


            National Energy & Gas Transmission, Inc.
                        Income Statement
          For the Period December 1 to December 31, 2003


Operating Expenses
   Officer Salaries                                           -
   Other Employee Salaries                                    -
   Payroll Taxes                                              -
   Employee Benefits                                          -
   Advertising                                                -
   Auto Expenses                                              -
   Entertainment                                              -
   Real Estate Insurance                                      -
   Other Insurance                                     $577,051
   Leases other than Rent                                     -
   Outside Services & Contractors                       524,737
   Professional Fees (Atty. Acct.)                   32,489,251
   Rent                                              12,049,525
   Repairs & Maintenance                                 18,046
   Supplies                                             (41,356)
   Real Property Taxes                                        -
   Telephone                                             94,628
   Travel                                                56,805
   Utilities                                                  -
   Other Operating Expenses:
      Allocated Salaries and Benefits                    78,084
      Retention & Severance & Bonuses                 1,839,685
      Amortization Expense                           (1,086,037)
      Bank/Court Fees                                   184,787
      Bad Debt Expense                                5,527,651
      Impairments                                   124,308,724
      Allocated Corporate Costs                      (6,532,213)
                                                 --------------
Total Operating Expenses                            170,089,368
                                                 --------------
Total Profit/Loss from Operation                   (170,089,368)

Other Income (Expense)
   Interest Income                                   32,557,754
   Interest Expense                                  (7,438,596)
   Equity Earnings                                 (247,131,159)
                                                 --------------
Total Other Income (Expense)                       (222,012,001)

Income before taxes                                (392,101,369)

Income before expense                               (55,998,122)
                                                 --------------
Net Income (loss)                                 ($336,103,246)
                                                 ==============


            National Energy & Gas Transmission, Inc.
                   Cash Reconciliation Report
             For the Period December 1 to 31, 2003


Cash balance from prior balance sheet               $72,985,750
Net income for month                               (336,103,246)

Expense Not Requiring Cash:
   Depreciation                                               -
   Other:
      Equity Earnings                               247,131,159
      Amortization                                   (1,086,037)
                                                 --------------
Total Expenses Not Requiring Cash                   246,045,121
                                                 --------------
Total Cash from Operations                          (90,058,124)

Other sources/uses of cash:
   Decrease (Incr):
      Accounts Receivable                          (101,682,708)
      Inventory                                               -
      Equipment                                               -
      Furniture & Fixtures                                    -
      Prepaids                                           78,998
      Accrued Taxes                                 117,274,971
   Increase (Decr):
      Accounts Payable                                5,819,302
      Accrued Interest                                        -
      Accrued P/R Taxes                                       -
      Accrued Professional Fees                               -
      Accrued Rent                                   11,665,834
      Accrued Salaries                                        -
      Accrued Sales Tax                                       -
      Note Payable Taxes                                      -
      Other                                          47,468,949
      Debt                                           81,954,374
   (Less) Unrecorded bank service charges                     -
                                                 --------------
Total Other Sources & Uses of Cash                  162,579,723
                                                 --------------
Ending Cash Balance                                 $72,521,598
                                                 ==============

Employees that provide services to National Energy & Gas
Transmission, Inc., are employed and paid by a service company,
NEG Services Company, LLC.  NEG Services invoices NEGT, and NEGT
pays NEG Services for these costs.  During the period from
December 1 to 31, 2003, NEGT incurred $3,350,494 for these
employee services.

Headquartered in Bethesda, Maryland, PG&E National Energy Group,
Inc. -- http://www.pge.com/ -- (n/k/a National Energy & Gas
Transmission, Inc.) develops, builds, owns and operates electric
generating and natural gas pipeline facilities and provides energy
trading, marketing and risk-management services.  The Company and
its debtor-affiliates filed for Chapter 11 protection on
July 8, 2003 (Bankr. D. Md. Case No. 03-30459).  Matthew A.
Feldman, Esq., Shelley C. Chapman, Esq., and Carollynn H.G.
Callari, Esq., at Willkie Farr & Gallagher, and Paul M. Nussbaum,
Esq., and Martin T. Fletcher, Esq., at Whiteford, Taylor &
Preston, L.L.P., represent the Debtors in their restructuring
efforts.  When the Company filed for protection from its
creditors, it listed $7,613,000,000 in assets and $9,062,000,000
in debts.  NEGT received bankruptcy court approval of its
reorganization plan in May 2004, and that plan took effect on
Oct. 29, 2004.  (PG&E National Bankruptcy News, Issue No. 36;
Bankruptcy Creditors' Service, Inc., 215/945-7000)


PG&E NATIONAL: NEGT's January 2004 Monthly Operating Report
-----------------------------------------------------------

            National Energy & Gas Transmission, Inc.
                         Balance Sheet
                     As of January 31, 2004


ASSETS

Cash                                                $68,331,567
Prepetition Accounts Receivable                    Undetermined
Postpetition Accounts Receivable                      7,519,435
Receivables from Officers/Employees/Affiliates                -
Notes Receivable Stocks                                       -
Inventory                                                     -
Prepaid Expenses                                    $20,077,685
Deposits                                                      -
Current Tax Assets                                 Undetermined
                                                 --------------
Total Current Assets                               Undetermined

Land                                                          -
Building                                                      -
Equipment and Fixtures                                        -
Less Accumulated Depreciation                                 -
                                                 --------------
Total Fixed Assets                                            -

Amortizable Costs                                             -
Deferred Tax Assets                                Undetermined
Investments in Subs                                Undetermined
                                                 --------------
Total Other Assets                                            -
                                                 --------------
TOTAL ASSETS                                       Undetermined
                                                 ==============

LIABILITIES AND EQUITY

Postpetition Accounts Payable                       $12,762,116
Postpetition Notes Payable                                    -
Postpetition Rent and Leases Payable                          -
Postpetition Taxes Payable                         Undetermined
Postpetition Accrued Interest                                 -
Other Postpetition Liabilities                       16,319,688
                                                 --------------
Total Postpetition Liabilities                       29,081,805

Prepetition Priority Claims                                   -
Prepetition Secured Debts                                     -
Prepetition Unsecured Debts                        Undetermined
                                                 --------------
Total Prepetition Liabilities                      Undetermined

Owner's Equity (deficit):
   Capital Stock/Owner's Investments                          -
   Paid in Capital Surplus                        3,086,000,000

Prepetition Retained Earnings (deficit)          (3,144,050,278)
Postpetition Retained Earnings (deficit)           Undetermined
                                                 --------------
Total Owner's Equity                               ($58,050,278)
                                                 --------------
TOTAL LIABILITIES AND OWNER'S EQUITY               Undetermined
                                                 ==============


            National Energy & Gas Transmission, Inc.
                        Income Statement
           For the Period January 1 to January 31, 2004


Operating Expenses
   Officer Salaries                                           -
   Other Employee Salaries                                    -
   Payroll Taxes                                              -
   Employee Benefits                                          -
   Advertising                                                -
   Auto Expenses                                              -
   Entertainment                                              -
   Real Estate Insurance                                      -
   Other Insurance                                     $570,051
   Leases other than Rent                                     -
   Outside Services & Contractors                     9,099,927
   Professional Fees (Atty. Acct.)                      299,305
   Rent                                                 455,300
   Repairs & Maintenance                                  6,892
   Supplies                                             (88,340)
   Real Property Taxes                                        -
   Telephone                                            131,386
   Travel                                                (6,493)
   Utilities                                             32,572
   Other Operating Expenses:
      Allocated Salaries and Benefits                (1,910,870)
      Retention & Severance & Bonuses                   259,759
      Amortization Expense                                    -
      Bank/Court Fees                                    33,387
      Allocated Corporate Costs                               -
                                                 --------------
Total Operating Expenses                              8,882,876
                                                 --------------
Total Profit/Loss from Operation                     (8,882,876)

Other Income (Expense)
   Interest Income                                         (918)
   Interest Expense                                           -
   Equity Earnings                                   (7,878,289)
                                                 --------------
Total Other Income (Expense)                         (7,879,207)

Income before taxes                                 (16,762,083)

Income before expense                                (3,559,260)
                                                 --------------
Net Income (loss)                                  ($13,202,823)
                                                 ==============


            National Energy & Gas Transmission, Inc.
                   Cash Reconciliation Report
              For the Period January 1 to 31, 2004


Cash balance from prior balance sheet               $72,521,598
Net income for month                                (13,202,823)

Expense Not Requiring Cash:
   Depreciation                                               -
   Other:
      Equity Earnings                                (7,878,289)
      Amortization                                            -
                                                 --------------
Total Expenses Not Requiring Cash                    (7,878,289)
                                                 --------------
Total Cash from Operations                           51,440,486

Other sources/uses of cash:
   Decrease (Incr):
      Accounts Receivable                             1,448,157
      Inventory                                               -
      Equipment                                               -
      Furniture & Fixtures                                    -
      Prepaids                                        2,325,001
      Accrued Taxes                                  11,189,604
   Increase (Decr):
      Accounts Payable                                1,518,952
      Accrued Interest                                        -
      Accrued P/R Taxes                                       -
      Accrued Professional Fees                               -
      Accrued Rent                                            -
      Accrued Salaries                                        -
      Accrued Sales Tax                                       -
      Note Payable Taxes                                      -
      Other                                             409,364
   (Less) Unrecorded bank service charges                     -
                                                 --------------
Total Other Sources & Uses of Cash                   16,891,081
                                                 --------------
Ending Cash Balance                                 $68,331,567
                                                 ==============

During the period from January 1 to 31, 2004, National Energy &
Gas Transmission, Inc., incurred $498,889 for employee services
provided by NEG Services Company, LLC.

Headquartered in Bethesda, Maryland, PG&E National Energy Group,
Inc. -- http://www.pge.com/ -- (n/k/a National Energy & Gas
Transmission, Inc.) develops, builds, owns and operates electric
generating and natural gas pipeline facilities and provides energy
trading, marketing and risk-management services.  The Company and
its debtor-affiliates filed for Chapter 11 protection on
July 8, 2003 (Bankr. D. Md. Case No. 03-30459).  Matthew A.
Feldman, Esq., Shelley C. Chapman, Esq., and Carollynn H.G.
Callari, Esq., at Willkie Farr & Gallagher, and Paul M. Nussbaum,
Esq., and Martin T. Fletcher, Esq., at Whiteford, Taylor &
Preston, L.L.P., represent the Debtors in their restructuring
efforts.  When the Company filed for protection from its
creditors, it listed $7,613,000,000 in assets and $9,062,000,000
in debts.  NEGT received bankruptcy court approval of its
reorganization plan in May 2004, and that plan took effect on
Oct. 29, 2004.  (PG&E National Bankruptcy News, Issue No. 36;
Bankruptcy Creditors' Service, Inc., 215/945-7000)


PG&E NATIONAL: NEGT's February 2004 Monthly Operating Report
------------------------------------------------------------

            National Energy & Gas Transmission, Inc.
                         Balance Sheet
                    As of February 29, 2004


ASSETS

Cash                                                $63,603,967
Prepetition Accounts Receivable                    Undetermined
Postpetition Accounts Receivable                      7,912,482
Receivables from Officers/Employees/Affiliates                -
Notes Receivable Stocks                                       -
Inventory                                                     -
Prepaid Expenses                                    $18,709,646
Deposits                                                      -
Current Tax Assets                                 Undetermined
                                                 --------------
Total Current Assets                               Undetermined

Land                                                          -
Building                                                      -
Equipment and Fixtures                                        -
Less Accumulated Depreciation                                 -
                                                 --------------
Total Fixed Assets                                            -

Amortizable Costs                                             -
Deferred Tax Assets                                Undetermined
Investments in Subs                                Undetermined
                                                 --------------
Total Other Assets                                            -
                                                 --------------
TOTAL ASSETS                                       Undetermined
                                                 ==============

LIABILITIES AND EQUITY

Postpetition Accounts Payable                       $13,299,254
Postpetition Notes Payable                                    -
Postpetition Rent and Leases Payable                          -
Postpetition Taxes Payable                         Undetermined
Postpetition Accrued Interest                                 -
Other Postpetition Liabilities                       16,001,988
                                                 --------------
Total Postpetition Liabilities                       29,301,243

Prepetition Priority Claims                                   -
Prepetition Secured Debts                                     -
Prepetition Unsecured Debts                        Undetermined
                                                 --------------
Total Prepetition Liabilities                      Undetermined

Owner's Equity (deficit):
   Capital Stock/Owner's Investments                          -
   Paid in Capital Surplus                        3,086,000,000

Prepetition Retained Earnings (deficit)          (3,144,050,278)
Postpetition Retained Earnings (deficit)           Undetermined
                                                 --------------
Total Owner's Equity                               ($58,050,278)
                                                 --------------
TOTAL LIABILITIES AND OWNER'S EQUITY               Undetermined
                                                 ==============


            National Energy & Gas Transmission, Inc.
                        Income Statement
          For the Period February 1 to February 29, 2004


Operating Expenses
   Officer Salaries                                           -
   Other Employee Salaries                                    -
   Payroll Taxes                                              -
   Employee Benefits                                       $950
   Advertising                                                -
   Auto Expenses                                              -
   Entertainment                                              -
   Real Estate Insurance                                      -
   Other Insurance                                            -
   Leases other than Rent                                     -
   Outside Services & Contractors                     5,647,423
   Professional Fees (Atty. Acct.)                       44,273
   Rent                                                 913,129
   Repairs & Maintenance                                 14,357
   Supplies                                             (49,213)
   Real Property Taxes                                        -
   Other Taxes                                               70
   Telephone                                             92,730
   Travel                                                   847
   Utilities                                             38,599
   Other Operating Expenses:
      Allocated Salaries and Benefits                  (727,992)
      Retention & Severance & Bonuses                   127,787
      Amortization Expense                             (222,340)
      Bank/Court Fees                                    64,338
      Allocated Corporate Costs                               -
                                                 --------------
Total Operating Expenses                              5,944,957
                                                 --------------
Total Profit/Loss from Operation                     (5,944,957)

Other Income (Expense)
   Interest Income                                      110,518
   Interest Expense                                           -
   Equity Earnings                                   (4,981,211)
                                                 --------------
Total Other Income (Expense)                         (4,870,692)

Income before taxes                                 (10,815,650)

Income before expense                                (2,566,681)
                                                 --------------
Net Income (loss)                                   ($8,248,969)
                                                 ==============


            National Energy & Gas Transmission, Inc.
                   Cash Reconciliation Report
             For the Period February 1 to 29, 2004


Cash balance from prior balance sheet               $68,331,567
Net income for month                                 (8,248,968)

Expense Not Requiring Cash:
   Depreciation                                               -
   Other:
      Equity Earnings                                (4,981,210)
      Amortization                                     (222,340)
                                                 --------------
Total Expenses Not Requiring Cash                    (5,203,550)
                                                 --------------
Total Cash from Operations                           54,879,047

Other sources/uses of cash:
   Decrease (Incr):
      Accounts Receivable                              (393,047)
      Inventory                                               -
      Equipment                                               -
      Furniture & Fixtures                                    -
      Prepaids                                        1,368,039
      Accrued Taxes                                   8,323,754
   Increase (Decr):
      Accounts Payable                                  537,137
      Accrued Interest                                        -
      Accrued P/R Taxes                                       -
      Accrued Professional Fees                               -
      Accrued Rent                                            -
      Accrued Salaries                                        -
      Accrued Sales Tax                                       -
      Note Payable Taxes                                      -
      Other                                            (317,699)
   (Less) Unrecorded bank service charges                     -
                                                 --------------
Total Other Sources & Uses of Cash                    Not given
                                                 --------------
Ending Cash Balance                                 $64,397,232
                                                 ==============

During the period from February 1 to 29, 2004, National Energy &
Gas Transmission, Inc., incurred $807,431 for employee services
provided by NEG Services Company, LLC.

Headquartered in Bethesda, Maryland, PG&E National Energy Group,
Inc. -- http://www.pge.com/ -- (n/k/a National Energy & Gas
Transmission, Inc.) develops, builds, owns and operates electric
generating and natural gas pipeline facilities and provides energy
trading, marketing and risk-management services.  The Company and
its debtor-affiliates filed for Chapter 11 protection on
July 8, 2003 (Bankr. D. Md. Case No. 03-30459).  Matthew A.
Feldman, Esq., Shelley C. Chapman, Esq., and Carollynn H.G.
Callari, Esq., at Willkie Farr & Gallagher, and Paul M. Nussbaum,
Esq., and Martin T. Fletcher, Esq., at Whiteford, Taylor &
Preston, L.L.P., represent the Debtors in their restructuring
efforts.  When the Company filed for protection from its
creditors, it listed $7,613,000,000 in assets and $9,062,000,000
in debts.  NEGT received bankruptcy court approval of its
reorganization plan in May 2004, and that plan took effect on
Oct. 29, 2004.  (PG&E National Bankruptcy News, Issue No. 36;
Bankruptcy Creditors' Service, Inc., 215/945-7000)


PG&E NATIONAL: NEGT's March 2004 Monthly Operating Report
---------------------------------------------------------

            National Energy & Gas Transmission, Inc.
                         Balance Sheet
                      As of March 31, 2004


ASSETS

Cash                                                $57,737,539
Prepetition Accounts Receivable                    Undetermined
Postpetition Accounts Receivable                      8,590,317
Receivables from Officers/Employees/Affiliates                -
Notes Receivable Stocks                                       -
Inventory                                                     -
Prepaid Expenses                                    $18,048,186
Deposits                                                      -
Current Tax Assets                                 Undetermined
                                                 --------------
Total Current Assets                               Undetermined

Land                                                          -
Building                                                      -
Equipment and Fixtures                                        -
Less Accumulated Depreciation                                 -
                                                 --------------
Total Fixed Assets                                            -

Amortizable Costs                                             -
Deferred Tax Assets                                Undetermined
Investments in Subs                                Undetermined
                                                 --------------
Total Other Assets                                            -
                                                 --------------
TOTAL ASSETS                                       Undetermined
                                                 ==============

LIABILITIES AND EQUITY

Postpetition Accounts Payable                       $14,985,140
Postpetition Notes Payable                                    -
Postpetition Rent and Leases Payable                          -
Postpetition Taxes Payable                         Undetermined
Postpetition Accrued Interest                                 -
Other Postpetition Liabilities                       12,605,210
                                                 --------------
Total Postpetition Liabilities                       27,590,351

Prepetition Priority Claims                                   -
Prepetition Secured Debts                                     -
Prepetition Unsecured Debts                        Undetermined
                                                 --------------
Total Prepetition Liabilities                      Undetermined

Owner's Equity (deficit):
   Capital Stock/Owner's Investments                          -
   Paid in Capital Surplus                        3,086,000,000

Prepetition Retained Earnings (deficit)          (3,144,050,278)
Postpetition Retained Earnings (deficit)           Undetermined
                                                 --------------
Total Owner's Equity                               ($58,050,278)
                                                 --------------
TOTAL LIABILITIES AND OWNER'S EQUITY               Undetermined
                                                 ==============


            National Energy & Gas Transmission, Inc.
                        Income Statement
            For the Period March 1 to March 31, 2004


Operating Expenses
   Officer Salaries                                           -
   Other Employee Salaries                                    -
   Payroll Taxes                                              -
   Employee Benefits                                          -
   Advertising                                                -
   Auto Expenses                                              -
   Professional Fees (Atty. Acct.)                            -
   Other Insurance                                     $578,551
   Leases other than rent                                     -
   Outside Services & Contractors                     4,108,616
   Rent                                               1,154,330
   Repairs & Maintenance                                  3,022
   Supplies                                            (160,535)
   Real Property Taxes                                        -
   Other Taxes                                              550
   Telephone                                             96,534
   Travel                                                 7,206
   Utilities                                             14,189
   Other Operating Expenses:
      Allocated Salaries and Benefits                (1,740,476)
      Retention & Severance & Bonuses                   151,594
      Amortization Expense                             (222,340)
      Bank/Court Fees                                    25,877
      Allocated Corporate Costs                               -
                                                 --------------
Total Operating Expenses                              4,017,117
                                                 --------------
Total Profit/Loss from Operation                     (4,017,117)

Other Income (Expense)
   Interest Income                                   17,774,533
   Interest Expense                                           -
   Equity Earnings                                            -
                                                 --------------
Total Other Income (Expense)                         17,774,533

Income before taxes                                  13,757,416

Income before expense                                         -
                                                 --------------
Net Income (loss)                                   $13,757,416
                                                 ==============


            National Energy & Gas Transmission, Inc.
                   Cash Reconciliation Report
               For the Period March 1 to 31, 2004


Cash balance from prior balance sheet               $63,603,967
Net income for month                                 13,757,416

Expense Not Requiring Cash:
   Depreciation                                               -
   Other:
      Equity Earnings                                         -
      Amortization                                     (222,340)
                                                 --------------
Total Expenses Not Requiring Cash                      (222,340)
                                                 --------------
Total Cash from Operations                           77,139,043

Other sources/uses of cash:
   Decrease (Incr):
      Accounts Receivable                              (677,834)
      Inventory                                               -
      Equipment                                               -
      Furniture & Fixtures                                    -
      Prepaids                                          661,459
      Accrued Taxes                                  (4,260,892)
   Increase (Decr):
      Accounts Payable                                1,685,886
      Accrued Sales Tax                                       -
      Accrued Professional Fees                               -
      Accrued Rent                                  (13,319,162)
      Accrued Salaries                                        -
      Note Payable Taxes                                      -
      Other                                          (3,396,778)
   (Less) Unrecorded bank service charges                     -
                                                 --------------
Total Other Sources & Uses of Cash                    Not Given
                                                 --------------
Ending Cash Balance                                 $57,831,722
                                                 ==============

During the period from March 1 to 31, 2004, National Energy & Gas
Transmission, Inc., incurred $784,910 for employee services
provided by NEG Services Company, LLC.

Headquartered in Bethesda, Maryland, PG&E National Energy Group,
Inc. -- http://www.pge.com/ -- (n/k/a National Energy & Gas
Transmission, Inc.) develops, builds, owns and operates electric
generating and natural gas pipeline facilities and provides energy
trading, marketing and risk-management services.  The Company and
its debtor-affiliates filed for Chapter 11 protection on
July 8, 2003 (Bankr. D. Md. Case No. 03-30459).  Matthew A.
Feldman, Esq., Shelley C. Chapman, Esq., and Carollynn H.G.
Callari, Esq., at Willkie Farr & Gallagher, and Paul M. Nussbaum,
Esq., and Martin T. Fletcher, Esq., at Whiteford, Taylor &
Preston, L.L.P., represent the Debtors in their restructuring
efforts.  When the Company filed for protection from its
creditors, it listed $7,613,000,000 in assets and $9,062,000,000
in debts.  NEGT received bankruptcy court approval of its
reorganization plan in May 2004, and that plan took effect on
Oct. 29, 2004.  (PG&E National Bankruptcy News, Issue No. 36;
Bankruptcy Creditors' Service, Inc., 215/945-7000)


PG&E NATIONAL: NEGT's April 2004 Monthly Operating Report
---------------------------------------------------------

            National Energy & Gas Transmission, Inc.
                         Balance Sheet
                      As of April 30, 2004


ASSETS

Cash                                                $53,286,774
Prepetition Accounts Receivable                    Undetermined
Postpetition Accounts Receivable                     $6,072,879
Receivables from Officers/Employees/Affiliates                -
Notes Receivable Stocks                                       -
Inventory                                                     -
Prepaid Expenses                                   Undetermined
Deposits                                                      -
Current Tax Assets                                 Undetermined
                                                 --------------
Total Current Assets                               Undetermined

Land                                                          -
Building                                                      -
Equipment and Fixtures                                        -
Less Accumulated Depreciation                                 -
                                                 --------------
Total Fixed Assets                                            -

Amortizable Costs                                             -
Deferred Tax Assets                                Undetermined
Investments in Subs                                Undetermined
                                                 --------------
Total Other Assets                                            -
                                                 --------------
TOTAL ASSETS                                       Undetermined
                                                 ==============

LIABILITIES AND EQUITY

Postpetition Accounts Payable                       $19,335,610
Postpetition Notes Payable                                    -
Postpetition Rent and Leases Payable                          -
Postpetition Taxes Payable                         Undetermined
Postpetition Accrued Interest                                 -
Other Postpetition Liabilities                       15,606,183
                                                 --------------
Total Postpetition Liabilities                       34,941,793

Prepetition Priority Claims                                   -
Prepetition Secured Debts                                     -
Prepetition Unsecured Debts                        Undetermined
                                                 --------------
Total Prepetition Liabilities                      Undetermined

Owner's Equity (deficit):
   Capital Stock/Owner's Investments                          -
   Paid in Capital Surplus                        3,086,000,000

Prepetition Retained Earnings (deficit)          (3,144,050,278)
Postpetition Retained Earnings (deficit)           Undetermined
                                                 --------------
Total Owner's Equity                               ($58,050,278)
                                                 --------------
TOTAL LIABILITIES AND OWNER'S EQUITY               Undetermined
                                                 ==============


            National Energy & Gas Transmission, Inc.
                        Income Statement
             For the Period April 1 to April 30, 2004


Operating Expenses
   Officer Salaries                                           -
   Other Employee Salaries                                    -
   Payroll Taxes                                              -
   Employee Benefits                                          -
   Advertising                                                -
   Auto Expenses                                              -
   Professional Fees (Atty. Acct.)                            -
   Other Insurance                                     $735,051
   Leases other than rent                                     -
   Outside Services & Contractors                    10,338,269
   Rent                                               1,897,407
   Repairs & Maintenance                                  6,403
   Supplies                                             (75,627)
   Real Property Taxes                                        -
   Other Taxes                                               25
   Telephone                                            (31,678)
   Travel                                                 1,536
   Utilities                                                  -
   Other Operating Expenses:
      Allocated Salaries and Benefits                (1,609,625)
      Retention & Severance & Bonuses                   365,585
      Amortization Expense                           (1,135,499)
      Bank/Court Fees                                    28,053
      Allocated Corporate Costs                               -
                                                 --------------
Total Operating Expenses                             10,545,979
                                                 --------------
Total Profit/Loss from Operation                    (10,545,979)

Other Income (Expense)
   Interest Income                                    6,190,842
   Interest Expense                                           -
   Equity Earnings                                            -
                                                 --------------
Total Other Income (Expense)                          6,190,842

Income before taxes                                  (4,355,137)

Income before expense                                         -
                                                 --------------
Net Income (loss)                                   ($4,355,137)
                                                 ==============


            National Energy & Gas Transmission, Inc.
                   Cash Reconciliation Report
               For the Period April 1 to 30, 2004


Cash balance from prior balance sheet               $57,737,539
Net income for month                                 (4,355,136)

Expense Not Requiring Cash:
   Depreciation                                               -
   Other:
      Equity Earnings                                         -
      Amortization                                            -
                                                 --------------
Total Expenses Not Requiring Cash                             -
                                                 --------------
Total Cash from Operations                           53,382,402

Other sources/uses of cash:
   Decrease (Incr):
      Accounts Receivable                             2,517,437
      Inventory                                               -
      Equipment                                               -
      Furniture & Fixtures                                    -
      Prepaids                                          642,002
      Accrued Taxes                                           -
   Increase (Decr):
      Accounts Payable                                4,350,469
      Accrued Interest                               (6,146,318)
      Accrued P/R Taxes                                       -
      Accrued Professional Fees                               -
      Accrued Rent                                            -
      Accrued Salaries                                        -
      Note Payable Taxes                                      -
      Other                                          (1,459,219)
   (Less) Unrecorded bank service charges                     -
                                                 --------------
Total Other Sources & Uses of Cash                    Not Given
                                                 --------------
Ending Cash Balance                                 $53,286,774
                                                 ==============

During the period from April 1 to 30, 2004, National Energy & Gas
Transmission, Inc., incurred $332,408 for employee services
provided by NEG Services Company, LLC.

Headquartered in Bethesda, Maryland, PG&E National Energy Group,
Inc. -- http://www.pge.com/ -- (n/k/a National Energy & Gas
Transmission, Inc.) develops, builds, owns and operates electric
generating and natural gas pipeline facilities and provides energy
trading, marketing and risk-management services.  The Company and
its debtor-affiliates filed for Chapter 11 protection on
July 8, 2003 (Bankr. D. Md. Case No. 03-30459).  Matthew A.
Feldman, Esq., Shelley C. Chapman, Esq., and Carollynn H.G.
Callari, Esq., at Willkie Farr & Gallagher, and Paul M. Nussbaum,
Esq., and Martin T. Fletcher, Esq., at Whiteford, Taylor &
Preston, L.L.P., represent the Debtors in their restructuring
efforts.  When the Company filed for protection from its
creditors, it listed $7,613,000,000 in assets and $9,062,000,000
in debts.  NEGT received bankruptcy court approval of its
reorganization plan in May 2004, and that plan took effect on
Oct. 29, 2004.  (PG&E National Bankruptcy News, Issue No. 36;
Bankruptcy Creditors' Service, Inc., 215/945-7000)


PG&E NATIONAL: NEGT's May 2004 Monthly Operating Report
-------------------------------------------------------

            National Energy & Gas Transmission, Inc.
                         Balance Sheet
                       As of May 31, 2004


ASSETS

Cash                                                $50,929,368
Prepetition Accounts Receivable                    Undetermined
Postpetition Accounts Receivable                      5,906,767
Receivables from Officers/Employees/Affiliates                -
Notes Receivable Stocks                                       -
Inventory                                                     -
Prepaid Expenses                                    $14,961,549
Deposits                                                      -
Current Tax Assets                                 Undetermined
                                                 --------------
Total Current Assets                               Undetermined

Land                                                          -
Building                                                      -
Equipment and Fixtures                                        -
Less Accumulated Depreciation                                 -
                                                 --------------
Total Fixed Assets                                            -

Amortizable Costs                                             -
Deferred Tax Assets                                Undetermined
Investments in Subs                                Undetermined
                                                 --------------
Total Other Assets                                            -
                                                 --------------
TOTAL ASSETS                                       Undetermined
                                                 ==============

LIABILITIES AND EQUITY

Postpetition Accounts Payable                       $18,445,248
Postpetition Notes Payable                                    -
Postpetition Rent and Leases Payable                          -
Postpetition Taxes Payable                         Undetermined
Postpetition Accrued Interest                                 -
Other Postpetition Liabilities                     Undetermined
                                                 --------------
Total Postpetition Liabilities                       18,445,248

Prepetition Priority Claims                                   -
Prepetition Secured Debts                                     -
Prepetition Unsecured Debts                        Undetermined
                                                 --------------
Total Prepetition Liabilities                      Undetermined

Owner's Equity (deficit):
   Capital Stock/Owner's Investments                          -
   Paid in Capital Surplus                        3,086,000,000

Prepetition Retained Earnings (deficit)          (3,144,050,278)
Postpetition Retained Earnings (deficit)           Undetermined
                                                 --------------
Total Owner's Equity                               ($58,050,278)
                                                 --------------
TOTAL LIABILITIES AND OWNER'S EQUITY               Undetermined
                                                 ==============


            National Energy & Gas Transmission, Inc.
                        Income Statement
               For the Period May 1 to May 31, 2004


Operating Expenses
   Officer Salaries                                           -
   Other Employee Salaries                                    -
   Payroll Taxes                                              -
   Employee Benefits                                          -
   Advertising                                                -
   Auto Expenses                                              -
   Other Insurance                                     $570,757
   Leases other than rent                                     -
   Outside Services & Contractors                     1,505,942
   Professional Fees (Atty. Acct.)                      277,585
   Rent                                                (498,058)
   Repairs & Maintenance                                  8,544
   Supplies                                             (40,857)
   Real Property Taxes                                        -
   Other Taxes                                               25
   Telephone                                            126,861
   Travel                                                  (916)
   Utilities                                                  -
   Other Operating Expenses:
      Allocated Salaries and Benefits                  (272,528)
      Retention & Severance & Bonuses                   671,903
      Amortization Expense                             (388,084)
      Bank/Court Fees                                    30,009
      Allocated Corporate Costs                               -
                                                 --------------
Total Operating Expenses                              1,991,183
                                                 --------------
Total Profit/Loss from Operation                     (1,991,183)

Other Income (Expense)
   Interest Income                                    6,245,311
   Interest Expense                                           -
   Equity Earnings                                            -
                                                 --------------
Total Other Income (Expense)                          6,245,311

Income before taxes                                   4,254,129

Income before expense                                         -
                                                 --------------
Net Income (loss)                                    $4,254,129
                                                 ==============


            National Energy & Gas Transmission, Inc.
                   Cash Reconciliation Report
                For the Period May 1 to 31, 2004


Cash balance from prior balance sheet               $53,286,774
Net income for month                                  4,254,128

Expense Not Requiring Cash:
   Depreciation                                               -
   Other:
      Equity Earnings                                         -
      Amortization                                            -
                                                 --------------
Total Expenses Not Requiring Cash                             -
                                                 --------------
Total Cash from Operations                           57,540,903

Other sources/uses of cash:
   Decrease (Incr):
      Accounts Receivable                               166,111
      Inventory                                               -
      Equipment                                               -
      Furniture & Fixtures                                    -
      Prepaids                                          644,633
      Accrued Taxes                                           -
   Increase (Decr):
      Accounts Payable                                 (890,361)
      Accrued Interest                               (6,202,314)
      Accrued P/R Taxes                                       -
      Accrued Professional Fees                               -
      Accrued Rent                                            -
      Accrued Salaries                                        -
      Note Payable Taxes                                      -
      Other                                            (329,604)
   (Less) Unrecorded bank service charges                     -
                                                 --------------
Total Other Sources & Uses of Cash                    Not Given
                                                 --------------
Ending Cash Balance                                 $50,929,368
                                                 ==============

During the period from May 1 to 31, 2004, National Energy & Gas
Transmission, Inc., incurred $559,773 for employee services
provided by NEG Services Company, LLC.

Headquartered in Bethesda, Maryland, PG&E National Energy Group,
Inc. -- http://www.pge.com/ -- (n/k/a National Energy & Gas
Transmission, Inc.) develops, builds, owns and operates electric
generating and natural gas pipeline facilities and provides energy
trading, marketing and risk-management services.  The Company and
its debtor-affiliates filed for Chapter 11 protection on
July 8, 2003 (Bankr. D. Md. Case No. 03-30459).  Matthew A.
Feldman, Esq., Shelley C. Chapman, Esq., and Carollynn H.G.
Callari, Esq., at Willkie Farr & Gallagher, and Paul M. Nussbaum,
Esq., and Martin T. Fletcher, Esq., at Whiteford, Taylor &
Preston, L.L.P., represent the Debtors in their restructuring
efforts.  When the Company filed for protection from its
creditors, it listed $7,613,000,000 in assets and $9,062,000,000
in debts.  NEGT received bankruptcy court approval of its
reorganization plan in May 2004, and that plan took effect on
Oct. 29, 2004.  (PG&E National Bankruptcy News, Issue No. 36;
Bankruptcy Creditors' Service, Inc., 215/945-7000)


PG&E NATIONAL: NEGT's June 2004 Monthly Operating Report
--------------------------------------------------------

            National Energy & Gas Transmission, Inc.
                         Balance Sheet
                      As of June 30, 2004


ASSETS

Cash                                                $44,334,278
Prepetition Accounts Receivable                    Undetermined
Postpetition Accounts Receivable                      6,346,711
Receivables from Officers/Employees/Affiliates                -
Notes Receivable Stocks                                       -
Inventory                                                     -
Prepaid Expenses                                    $14,569,273
Deposits                                                      -
Current Tax Assets                                 Undetermined
                                                 --------------
Total Current Assets                               Undetermined

Land                                                          -
Building                                                      -
Equipment and Fixtures                                        -
Less Accumulated Depreciation                                 -
                                                 --------------
Total Fixed Assets                                            -

Amortizable Costs                                             -
Deferred Tax Assets                                Undetermined
Investments in Subs                                Undetermined
                                                 --------------
Total Other Assets                                            -
                                                 --------------
TOTAL ASSETS                                       Undetermined
                                                 ==============

LIABILITIES AND EQUITY

Postpetition Accounts Payable                       $16,455,608
Postpetition Notes Payable                                    -
Postpetition Rent and Leases Payable                          -
Postpetition Taxes Payable                         Undetermined
Postpetition Accrued Interest                                 -
Other Postpetition Liabilities                     Undetermined
                                                 --------------
Total Postpetition Liabilities                       16,455,608

Prepetition Priority Claims                                   -
Prepetition Secured Debts                                     -
Prepetition Unsecured Debts                        Undetermined
                                                 --------------
Total Prepetition Liabilities                      Undetermined

Owner's Equity (deficit):
   Capital Stock/Owner's Investments                          -
   Paid in Capital Surplus                        3,086,000,000

Prepetition Retained Earnings (deficit)          (3,144,050,278)
Postpetition Retained Earnings (deficit)           Undetermined
                                                 --------------
Total Owner's Equity                               ($58,050,278)
                                                 --------------
TOTAL LIABILITIES AND OWNER'S EQUITY               Undetermined
                                                 ==============


            National Energy & Gas Transmission, Inc.
                        Income Statement
             For the Period June 1 to June 30, 2004


Operating Expenses
   Officer Salaries                                           -
   Other Employee Salaries                                    -
   Payroll Taxes                                              -
   Employee Benefits                                          -
   Advertising                                                -
   Auto Expenses                                              -
   Other Insurance                                     $570,051
   Leases other than rent                                     -
   Outside Services & Contractors                     5,498,048
   Professional Fees (Atty. Acct.)                       42,790
   Rent                                              (3,664,709)
   Repairs & Maintenance                                 35,134
   Supplies                                              74,074
   Real Property Taxes                                        -
   Other Taxes                                                -
   Telephone                                            101,237
   Travel                                                10,116
   Utilities                                            115,529
   Other Operating Expenses:
      Allocated Salaries and Benefits                (1,456,688)
      Retention & Severance & Bonuses                   181,397
      Amortization Expense                             (388,084)
      Bank/Court Fees                                    26,573
      Allocated Corporate Costs                               -
                                                 --------------
Total Operating Expenses                              1,145,467
                                                 --------------
Total Profit/Loss from Operation                     (1,145,467)

Other Income (Expense)
   Interest Income                                    6,295,905
   Interest Expense                                           -
   Equity Earnings                                            -
                                                 --------------
Total Other Income (Expense)                          6,295,905

Income before taxes                                   5,150,438

Income before expense                                         -
                                                 --------------
Net Income (loss)                                    $5,150,438
                                                 ==============


            National Energy & Gas Transmission, Inc.
                   Cash Reconciliation Report
               For the Period June 1 to 30, 2004


Cash balance from prior balance sheet               $50,929,368
Net income for month                                  5,150,438

Expense Not Requiring Cash:
   Depreciation                                               -
   Other:
      Equity Earnings                                         -
      Amortization                                            -
                                                 --------------
Total Expenses Not Requiring Cash                             -
                                                 --------------
Total Cash from Operations                           56,079,806

Other sources/uses of cash:
   Decrease (Incr):
      Accounts Receivable                              (439,943)
      Inventory                                               -
      Equipment                                               -
      Furniture & Fixtures                                    -
      Prepaids                                          392,275
      Accrued Taxes                                           -
   Increase (Decr):
      Accounts Payable                               (1,989,639)
      Accrued Interest                               (6,258,820)
      Accrued P/R Taxes                                       -
      Accrued Professional Fees                               -
      Accrued Rent                                            -
      Accrued Salaries                                        -
      Note Payable Taxes                                      -
      Other                                          (3,449,399)
   (Less) Unrecorded bank service charges                     -
                                                 --------------
Total Other Sources & Uses of Cash                    Not Given
                                                 --------------
Ending Cash Balance                                 $44,334,278
                                                 ==============

During the period from June 1 to 30, 2004, National Energy & Gas
Transmission, Inc., incurred $459,617 for employee services
provided by NEG Services Company, LLC.

Headquartered in Bethesda, Maryland, PG&E National Energy Group,
Inc. -- http://www.pge.com/ -- (n/k/a National Energy & Gas
Transmission, Inc.) develops, builds, owns and operates electric
generating and natural gas pipeline facilities and provides energy
trading, marketing and risk-management services.  The Company and
its debtor-affiliates filed for Chapter 11 protection on
July 8, 2003 (Bankr. D. Md. Case No. 03-30459).  Matthew A.
Feldman, Esq., Shelley C. Chapman, Esq., and Carollynn H.G.
Callari, Esq., at Willkie Farr & Gallagher, and Paul M. Nussbaum,
Esq., and Martin T. Fletcher, Esq., at Whiteford, Taylor &
Preston, L.L.P., represent the Debtors in their restructuring
efforts.  When the Company filed for protection from its
creditors, it listed $7,613,000,000 in assets and $9,062,000,000
in debts.  NEGT received bankruptcy court approval of its
reorganization plan in May 2004, and that plan took effect on
Oct. 29, 2004.  (PG&E National Bankruptcy News, Issue No. 36;
Bankruptcy Creditors' Service, Inc., 215/945-7000)


PG&E NATIONAL: NEGT's July 2004 Monthly Operating Report
--------------------------------------------------------

            National Energy & Gas Transmission, Inc.
                         Balance Sheet
                      As of July 31, 2004


ASSETS

Cash                                                $38,580,397
Prepetition Accounts Receivable                    Undetermined
Postpetition Accounts Receivable                      7,125,745
Receivables from Officers/Employees/Affiliates                -
Notes Receivable Stocks                                       -
Inventory                                                     -
Prepaid Expenses                                    $14,515,287
Deposits                                                      -
Current Tax Assets                                 Undetermined
                                                 --------------
Total Current Assets                               Undetermined

Land                                                          -
Building                                                      -
Equipment and Fixtures                                        -
Less Accumulated Depreciation                                 -
                                                 --------------
Total Fixed Assets                                            -

Amortizable Costs                                             -
Deferred Tax Assets                                Undetermined
Investments in Subs                                Undetermined
                                                 --------------
Total Other Assets                                            -
                                                 --------------
TOTAL ASSETS                                       Undetermined
                                                 ==============

LIABILITIES AND EQUITY

Postpetition Accounts Payable                       $15,763,809
Postpetition Notes Payable                                    -
Postpetition Rent and Leases Payable                          -
Postpetition Taxes Payable                         Undetermined
Postpetition Accrued Interest                                 -
Other Postpetition Liabilities                     Undetermined
                                                 --------------
Total Postpetition Liabilities                       15,763,809

Prepetition Priority Claims                                   -
Prepetition Secured Debts                                     -
Prepetition Unsecured Debts                        Undetermined
                                                 --------------
Total Prepetition Liabilities                      Undetermined

Owner's Equity (deficit):
   Capital Stock/Owner's Investments                          -
   Paid in Capital Surplus                        3,086,000,000

Prepetition Retained Earnings (deficit)          (3,144,050,278)
Postpetition Retained Earnings (deficit)           Undetermined
                                                 --------------
Total Owner's Equity                               ($58,050,278)
                                                 --------------
TOTAL LIABILITIES AND OWNER'S EQUITY               Undetermined
                                                 ==============


            National Energy & Gas Transmission, Inc.
                        Income Statement
              For the Period July 1 to July 31, 2004


Operating Expenses
   Officer Salaries                                           -
   Other Employee Salaries                                    -
   Payroll Taxes                                              -
   Employee Benefits                                          -
   Advertising                                                -
   Auto Expenses                                              -
   Other Insurance                                     $198,933
   Leases other than rent                                     -
   Outside Services & Contractors                     2,923,420
   Professional Fees (Atty. Acct.)                      147,941
   Rent                                                 810,005
   Repairs & Maintenance                                 23,899
   Supplies                                             154,877
   Real Property Taxes                                        -
   Other Taxes                                               75
   Telephone                                             92,314
   Travel                                                20,634
   Utilities                                             48,071
   Other Operating Expenses:
      Allocated Salaries and Benefits                  (749,854)
      Retention & Severance & Bonuses                   809,293
      Amortization Expense                                    -
      Bank/Court Fees                                    25,779
      Allocated Corporate Costs                               -
                                                 --------------
Total Operating Expenses                              4,505,389
                                                 --------------
Total Profit/Loss from Operation                     (4,505,389)

Other Income (Expense)
   Interest Income                                       37,130
   Interest Expense                                           -
   Equity Earnings                                            -
                                                 --------------
Total Other Income (Expense)                             37,130

Income before taxes                                  (4,468,260)

Income before expense                                         -
                                                 --------------
Net Income (loss)                                   ($4,468,260)
                                                 ==============


            National Energy & Gas Transmission, Inc.
                   Cash Reconciliation Report
               For the Period July 1 to 31, 2004


Cash balance from prior balance sheet               $44,334,278
Net income for month                                 (4,468,259)

Expense Not Requiring Cash:
   Depreciation                                               -
   Other:
      Equity Earnings                                         -
      Amortization                                            -
                                                 --------------
Total Expenses Not Requiring Cash                             -
                                                 --------------
Total Cash from Operations                           39,866,018

Other sources/uses of cash:
   Decrease (Incr):
      Accounts Receivable                              (779,034)
      Inventory                                               -
      Equipment                                               -
      Furniture & Fixtures                                    -
      Prepaids                                           53,986
      Accrued Taxes                                           -
   Increase (Decr):
      Accounts Payable                                 (691,798)
      Accrued Interest                                        -
      Accrued P/R Taxes                                       -
      Accrued Professional Fees                               -
      Accrued Rent                                            -
      Accrued Salaries                                        -
      Note Payable Taxes                                      -
      Other                                             131,226
   (Less) Unrecorded bank service charges                     -
                                                 --------------
Total Other Sources & Uses of Cash                    Not Given
                                                 --------------
Ending Cash Balance                                 $38,580,397
                                                 ==============

During the period from July 1 to 31, 2004, National Energy & Gas
Transmission, Inc., incurred $1,569,604 for employee services
provided by NEG Services Company, LLC.

Headquartered in Bethesda, Maryland, PG&E National Energy Group,
Inc. -- http://www.pge.com/ -- (n/k/a National Energy & Gas
Transmission, Inc.) develops, builds, owns and operates electric
generating and natural gas pipeline facilities and provides energy
trading, marketing and risk-management services.  The Company and
its debtor-affiliates filed for Chapter 11 protection on
July 8, 2003 (Bankr. D. Md. Case No. 03-30459).  Matthew A.
Feldman, Esq., Shelley C. Chapman, Esq., and Carollynn H.G.
Callari, Esq., at Willkie Farr & Gallagher, and Paul M. Nussbaum,
Esq., and Martin T. Fletcher, Esq., at Whiteford, Taylor &
Preston, L.L.P., represent the Debtors in their restructuring
efforts.  When the Company filed for protection from its
creditors, it listed $7,613,000,000 in assets and $9,062,000,000
in debts.  NEGT received bankruptcy court approval of its
reorganization plan in May 2004, and that plan took effect on
Oct. 29, 2004.  (PG&E National Bankruptcy News, Issue No. 36;
Bankruptcy Creditors' Service, Inc., 215/945-7000)


PG&E NATIONAL: NEGT's August 2004 Monthly Operating Report
----------------------------------------------------------

            National Energy & Gas Transmission, Inc.
                         Balance Sheet
                     As of August 31, 2004


ASSETS

Cash                                                $29,727,789
Prepetition Accounts Receivable                    Undetermined
Postpetition Accounts Receivable                      4,036,177
Receivables from Officers/Employees/Affiliates                -
Notes Receivable Stocks                                       -
Inventory                                                     -
Prepaid Expenses                                     $4,916,087
Deposits                                                      -
Current Tax Assets                                 Undetermined
                                                 --------------
Total Current Assets                               Undetermined

Land                                                          -
Building                                                      -
Equipment and Fixtures                                        -
Less Accumulated Depreciation                                 -
                                                 --------------
Total Fixed Assets                                            -

Amortizable Costs                                             -
Deferred Tax Assets                                Undetermined
Investments in Subs                                Undetermined
                                                 --------------
Total Other Assets                                            -
                                                 --------------
TOTAL ASSETS                                       Undetermined
                                                 ==============

LIABILITIES AND EQUITY

Postpetition Accounts Payable                       $14,820,047
Postpetition Notes Payable                                    -
Postpetition Rent and Leases Payable                          -
Postpetition Taxes Payable                         Undetermined
Postpetition Accrued Interest                                 -
Other Postpetition Liabilities                     Undetermined
                                                 --------------
Total Postpetition Liabilities                       14,820,047

Prepetition Priority Claims                                   -
Prepetition Secured Debts                                     -
Prepetition Unsecured Debts                        Undetermined
                                                 --------------
Total Prepetition Liabilities                      Undetermined

Owner's Equity (deficit):
   Capital Stock/Owner's Investments                          -
   Paid in Capital Surplus                        3,086,000,000

Prepetition Retained Earnings (deficit)          (3,144,050,278)
Postpetition Retained Earnings (deficit)           Undetermined
                                                 --------------
Total Owner's Equity                               ($58,050,278)
                                                 --------------
TOTAL LIABILITIES AND OWNER'S EQUITY               Undetermined
                                                 ==============


            National Energy & Gas Transmission, Inc.
                        Income Statement
           For the Period August 1 to August 31, 2004


Operating Expenses
   Officer Salaries                                           -
   Other Employee Salaries                                    -
   Payroll Taxes                                              -
   Employee Benefits                                       $849
   Advertising                                                -
   Auto Expenses                                              -
   Other Insurance                                      270,590
   Leases other than rent                                     -
   Outside Services & Contractors                     7,996,618
   Professional Fees (Atty. Acct.)                      (57,060)
   Rent                                               1,105,355
   Repairs & Maintenance                                 15,735
   Supplies                                              22,342
   Real Property Taxes                                        -
   Other Taxes                                                -
   Telephone                                             64,611
   Travel                                                  (438)
   Utilities                                             33,884
   Other Operating Expenses:
      Allocated Salaries and Benefits                (1,510,623)
      Retention & Severance & Bonuses                   219,046
      Amortization Expense                                    -
      Bank/Court Fees                                    25,635
      Allocated Corporate Costs                               -
                                                 --------------
Total Operating Expenses                              8,186,544
                                                 --------------
Total Profit/Loss from Operation                     (8,186,544)

Other Income (Expense)
   Interest Income                                       37,217
   Interest Expense                                           -
   Equity Earnings                                            -
                                                 --------------
Total Other Income (Expense)                             37,217

Income before taxes                                  (8,149,327)

Income before expense                                         -
                                                 --------------
Net Income (loss)                                   ($8,149,327)
                                                 ==============


            National Energy & Gas Transmission, Inc.
                   Cash Reconciliation Report
              For the Period August 1 to 31, 2004


Cash balance from prior balance sheet               $38,580,397
Net income for month                                 (8,149,327)

Expense Not Requiring Cash:
   Depreciation                                               -
   Other:
      Equity Earnings                                         -
      Amortization                                            -
                                                 --------------
Total Expenses Not Requiring Cash                             -
                                                 --------------
Total Cash from Operations                           30,431,070

Other sources/uses of cash:
   Decrease (Incr):
      Accounts Receivable                             3,089,568
      Inventory                                               -
      Equipment                                               -
      Furniture & Fixtures                                    -
      Prepaids                                          459,014
      Accrued Taxes                                           -
   Increase (Decr):
      Accounts Payable                                 (943,762)
      Accrued Interest                                        -
      Accrued P/R Taxes                                       -
      Accrued Professional Fees                               -
      Accrued Rent                                            -
      Accrued Salaries                                        -
      Note Payable Taxes                                      -
      Other                                          (3,308,102)
   (Less) Unrecorded bank service charges                     -
                                                 --------------
Total Other Sources & Uses of Cash                    Not Given
                                                 --------------
Ending Cash Balance                                 $29,727,789
                                                 ==============

During the period from August 1 to 31, 2004, National Energy &
Gas Transmission, Inc., incurred ($118,289) for employee services
provided by NEG Services Company, LLC.

Headquartered in Bethesda, Maryland, PG&E National Energy Group,
Inc. -- http://www.pge.com/ -- (n/k/a National Energy & Gas
Transmission, Inc.) develops, builds, owns and operates electric
generating and natural gas pipeline facilities and provides energy
trading, marketing and risk-management services.  The Company and
its debtor-affiliates filed for Chapter 11 protection on
July 8, 2003 (Bankr. D. Md. Case No. 03-30459).  Matthew A.
Feldman, Esq., Shelley C. Chapman, Esq., and Carollynn H.G.
Callari, Esq., at Willkie Farr & Gallagher, and Paul M. Nussbaum,
Esq., and Martin T. Fletcher, Esq., at Whiteford, Taylor &
Preston, L.L.P., represent the Debtors in their restructuring
efforts.  When the Company filed for protection from its
creditors, it listed $7,613,000,000 in assets and $9,062,000,000
in debts.  NEGT received bankruptcy court approval of its
reorganization plan in May 2004, and that plan took effect on
Oct. 29, 2004.  (PG&E National Bankruptcy News, Issue No. 36;
Bankruptcy Creditors' Service, Inc., 215/945-7000)


PG&E NATIONAL: NEGT's September 2004 Monthly Operating Report
-------------------------------------------------------------

            National Energy & Gas Transmission, Inc.
                         Balance Sheet
                    As of September 30, 2004


ASSETS

Cash                                                $19,619,981
Prepetition Accounts Receivable                    Undetermined
Postpetition Accounts Receivable                      4,266,020
Receivables from Officers/Employees/Affiliates                -
Notes Receivable Stocks                                       -
Inventory                                                     -
Prepaid Expenses                                     $4,911,726
Deposits                                                      -
Current Tax Assets                                 Undetermined
                                                 --------------
Total Current Assets                               Undetermined

Land                                                          -
Building                                                      -
Equipment and Fixtures                                        -
Less Accumulated Depreciation                                 -
                                                 --------------
Total Fixed Assets                                            -

Amortizable Costs                                             -
Deferred Tax Assets                                Undetermined
Investments in Subs                                Undetermined
                                                 --------------
Total Other Assets                                            -
                                                 --------------
TOTAL ASSETS                                       Undetermined
                                                 ==============

LIABILITIES AND EQUITY

Postpetition Accounts Payable                       $11,867,562
Postpetition Notes Payable                                    -
Postpetition Rent and Leases Payable                          -
Postpetition Taxes Payable                         Undetermined
Postpetition Accrued Interest                                 -
Other Postpetition Liabilities                     Undetermined
                                                 --------------
Total Postpetition Liabilities                       11,867,562

Prepetition Priority Claims                                   -
Prepetition Secured Debts                                     -
Prepetition Unsecured Debts                        Undetermined
                                                 --------------
Total Prepetition Liabilities                      Undetermined

Owner's Equity (deficit):
   Capital Stock/Owner's Investments                          -
   Paid in Capital Surplus                        3,086,000,000

Prepetition Retained Earnings (deficit)          (3,144,050,278)
Postpetition Retained Earnings (deficit)           Undetermined
                                                 --------------
Total Owner's Equity                               ($58,050,278)
                                                 --------------
TOTAL LIABILITIES AND OWNER'S EQUITY               Undetermined
                                                 ==============


            National Energy & Gas Transmission, Inc.
                        Income Statement
        For the Period September 1 to September 30, 2004


Operating Expenses
   Officer Salaries                                           -
   Other Employee Salaries                                    -
   Payroll Taxes                                              -
   Employee Benefits                                          -
   Advertising                                                -
   Auto Expenses                                              -
   Other Insurance                                       39,151
   Leases other than rent                                     -
   Outside Services & Contractors                     2,652,235
   Professional Fees (Atty. Acct.)                       27,664
   Rent                                                 221,334
   Repairs & Maintenance                                  6,059
   Supplies                                             (55,200)
   Real Property Taxes                                        -
   Other Taxes                                               25
   Telephone                                             72,006
   Travel                                                45,259
   Utilities                                                  -
   Other Operating Expenses:
      Allocated Salaries and Benefits                  (442,700)
      Retention & Severance & Bonuses                  (638,529)
      Amortization Expense                                    -
      Bank/Court Fees                                    20,303
      Allocated Corporate Costs                               -
                                                 --------------
Total Operating Expenses                              1,947,608
                                                 --------------
Total Profit/Loss from Operation                     (1,947,608)

Other Income (Expense)
   Interest Income                                       30,446
   Interest Expense                                           -
   Equity Earnings                                            -
                                                 --------------
Total Other Income (Expense)                             30,446

Income before taxes                                  (1,917,163)

Income before expense                                         -
                                                 --------------
Net Income (loss)                                   ($1,917,163)
                                                 ==============


            National Energy & Gas Transmission, Inc.
                   Cash Reconciliation Report
             For the Period September 1 to 30, 2004


Cash balance from prior balance sheet               $29,727,789
Net income for month                                 (1,917,162)

Expense Not Requiring Cash:
   Depreciation                                               -
   Other:
      Equity Earnings                                         -
      Amortization                                            -
                                                 --------------
Total Expenses Not Requiring Cash                             -
                                                 --------------
Total Cash from Operations                           27,810,626

Other sources/uses of cash:
   Decrease (Incr):
      Accounts Receivable                              (229,842)
      Inventory                                               -
      Equipment                                               -
      Furniture & Fixtures                                    -
      Prepaids                                            4,361
      Accrued Taxes                                  (7,209,000)
   Increase (Decr):
      Accounts Payable                               (2,952,484)
      Accrued Interest                                        -
      Accrued P/R Taxes                                       -
      Accrued Professional Fees                               -
      Accrued Rent                                            -
      Accrued Salaries                                        -
      Note Payable Taxes                                      -
      Other                                           2,196,320
   (Less) Unrecorded bank service charges                     -
                                                 --------------
Total Other Sources & Uses of Cash                    Not Given
                                                 --------------
Ending Cash Balance                                 $19,619,981
                                                 ==============

During the period from September 1 to 30, 2004, National Energy &
Gas Transmission, Inc., incurred $810,370 for employee services
provided by NEG Services Company, LLC.

Headquartered in Bethesda, Maryland, PG&E National Energy Group,
Inc. -- http://www.pge.com/ -- (n/k/a National Energy & Gas
Transmission, Inc.) develops, builds, owns and operates electric
generating and natural gas pipeline facilities and provides energy
trading, marketing and risk-management services.  The Company and
its debtor-affiliates filed for Chapter 11 protection on
July 8, 2003 (Bankr. D. Md. Case No. 03-30459).  Matthew A.
Feldman, Esq., Shelley C. Chapman, Esq., and Carollynn H.G.
Callari, Esq., at Willkie Farr & Gallagher, and Paul M. Nussbaum,
Esq., and Martin T. Fletcher, Esq., at Whiteford, Taylor &
Preston, L.L.P., represent the Debtors in their restructuring
efforts.  When the Company filed for protection from its
creditors, it listed $7,613,000,000 in assets and $9,062,000,000
in debts.  NEGT received bankruptcy court approval of its
reorganization plan in May 2004, and that plan took effect on
Oct. 29, 2004.  (PG&E National Bankruptcy News, Issue No. 36;
Bankruptcy Creditors' Service, Inc., 215/945-7000)


PG&E NATIONAL: ESV's March 2004 Monthly Operating Report
--------------------------------------------------------

                 Energy Service Ventures, Inc.
                         Balance Sheet
                      As of March 31, 2004


ASSETS

Current Assets
   Cash                                              $1,890,171
   Prepetition Accounts Receivable                    3,575,190
   Postpetition Accounts Receivable                           -
   Receivables from Officers/Employees/Affiliates             -
   Notes Receivable Stocks                                    -
   Inventory                                                  -
   Other Current Assets
      Allowance for Bad Debts                        (2,791,840)
      Deposits                                                -
      Current Tax Assets                                      -
                                                 --------------
Total Current Assets                                 $2,673,521

Fixed Assets
   Land                                                       -
   Building                                                   -
   Equipment, Furniture & Fixtures                            -
   Less Accumulated Depreciation                              -
                                                 --------------
Total Fixed Assets                                            -

Other Assets (Identify)
   Amortizable Costs                                          -
   Deferred Tax Assets                             Undetermined
   Investments in Subsidiaries                                -
                                                 --------------
Total Other Assets                                            -
                                                 --------------
TOTAL ASSETS                                       Undetermined
                                                 ==============

LIABILITIES AND EQUITY

Postpetition Liabilities
   Accounts Payable                                     $14,928
   Notes Payable                                              -
   Rent and Leases Payable                                    -
   Accrued Interest                                           -
   Other                                                      -
                                                 --------------
Total Postpetition Liabilities                           14,928

Prepetition Liabilities
   Priority Claims                                            -
   Secured Debts                                              -
   Unsecured Debts                                 Undetermined
                                                 --------------
Total Prepetition Liabilities                      Undetermined

Owner's Equity (Deficit)
   Capital Stock/Owners' Investments                     10,000
   Paid-In Capital Surplus                           55,048,465
   Retained Earnings
      Prepetition                                   (76,394,062)
      Postpetition                                      (71,761)
                                                 --------------
Total Owner's Equity                               ($21,407,357)
                                                 --------------
TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY         Undetermined
                                                 ==============


                 Energy Service Ventures, Inc.
                        Income Statement
            For the Period March 1 to March 31, 2004


Total Sales/Income                                            -

COST OF SALES:
   Purchases of Inventory                                     -
   Purchased Services                                         -
   Other                                                      -
                                                 --------------
Total Cost of Sales                                           -
                                                 --------------
Gross Profit                                                  -

OPERATING EXPENSES:
   Officer Salaries                                           -
   Other Employee Salaries                                    -
   Taxes (Payroll)                                            -
   Employee Benefits                                          -
   Advertising                                                -
   Auto. Expenses                                             -
   Entertainment                                              -
   Insurance (Real Estate)                                    -
   Insurance (Other)                                          -
   Leases (Other than Rent)                                   -
   Outside Services & Contractors                             -
   Professional Fees (Atty. Accts.)                           -
   Rents                                                      -
   Restructuring Expense                                      -
   Repairs & Maintenance                                      -
   Supplies                                                   -
   Taxes (Real Property)                                      -
   Taxes (Other)                                              -
   Telephone                                                  -
   Travel                                                     -
   Utilities                                                  -
   Other Operating Expenses
      Power costs                                             -
      Bank Fees                                               -
                                                 --------------
Total Operating Expenses                                      -
                                                 --------------
Profit/Loss from Operation                                    -

Other Income (Expenses):
   Interest Income                                       $6,902
   Interest Expense                                           -
   Equity Earnings                                            -
                                                 --------------
Total Other Income (Expenses)                             6,902
                                                 --------------
Income Before Taxes                                       6,902
Income Taxes Expense                                      2,623
                                                 --------------
Net Income (Loss)                                        $4,279
                                                 ==============


                 Energy Service Ventures, Inc.
                   Cash Reconciliation Report
            For the Period March 1 to March 31, 2004


Cash balance from prior balance sheet                $1,889,345
Net income for month                                      4,279

Expense Not Requiring Cash:
   Taxes                                                  2,623
   Interest Income                                       (6,076)
                                                 --------------
Total Expenses Not Requiring Cash                        (3,453)
                                                 --------------
Total Cash from Operations                            1,890,171

Other sources/uses of cash:
   Decrease (Increase):
      Accounts Receivable                                     -
      Inventory                                               -
      Equipment                                               -
      Furniture & Fixtures                                    -
      Prepaids                                                -
   Increase (Decrease):
      Accounts Payable                                        -
      Accrued Interest                                        -
      Accrued P/R Taxes                                       -
      Accrued Professional Fees                               -
      Accrued Rent                                            -
      Accrued Salaries                                        -
      Accrued Sales Tax                                       -
      Note Payable Taxes                                      -
   (Less) Unrecorded Bank Service Charges                     -
                                                 --------------
Total Other Sources & Uses of Cash                            -
                                                 --------------
Ending Cash Balance                                  $1,890,171
                                                 ==============

Headquartered in Bethesda, Maryland, PG&E National Energy Group,
Inc. -- http://www.pge.com/ -- (n/k/a National Energy & Gas
Transmission, Inc.) develops, builds, owns and operates electric
generating and natural gas pipeline facilities and provides energy
trading, marketing and risk-management services.  The Company and
its debtor-affiliates filed for Chapter 11 protection on
July 8, 2003 (Bankr. D. Md. Case No. 03-30459).  Matthew A.
Feldman, Esq., Shelley C. Chapman, Esq., and Carollynn H.G.
Callari, Esq., at Willkie Farr & Gallagher, and Paul M. Nussbaum,
Esq., and Martin T. Fletcher, Esq., at Whiteford, Taylor &
Preston, L.L.P., represent the Debtors in their restructuring
efforts.  When the Company filed for protection from its
creditors, it listed $7,613,000,000 in assets and $9,062,000,000
in debts.  NEGT received bankruptcy court approval of its
reorganization plan in May 2004, and that plan took effect on
Oct. 29, 2004.  (PG&E National Bankruptcy News, Issue No. 36;
Bankruptcy Creditors' Service, Inc., 215/945-7000)


PG&E NATIONAL: ESV's April 2004 Monthly Operating Report
--------------------------------------------------------

                 Energy Service Ventures, Inc.
                         Balance Sheet
                      As of April 30, 2004


ASSETS

Current Assets
   Cash                                              $1,891,421
   Prepetition Accounts Receivable                    3,575,924
   Postpetition Accounts Receivable                           -
   Receivables from Officers/Employees/Affiliates             -
   Notes Receivable Stocks                                    -
   Inventory                                                  -
   Other Current Assets
      Allowance for Bad Debts                        (2,791,840)
      Deposits                                                -
      Current Tax Assets                                      -
                                                 --------------
Total Current Assets                                 $2,675,505

Fixed Assets
   Land                                                       -
   Building                                                   -
   Equipment, Furniture & Fixtures                            -
   Less Accumulated Depreciation                              -
                                                 --------------
Total Fixed Assets                                            -

Other Assets (Identify)
   Amortizable Costs                                          -
   Deferred Tax Assets                             Undetermined
   Investments in Subsidiaries                                -
                                                 --------------
Total Other Assets                                            -
                                                 --------------
TOTAL ASSETS                                       Undetermined
                                                 ==============

LIABILITIES AND EQUITY

Postpetition Liabilities
   Accounts Payable                                     $14,928
   Notes Payable                                              -
   Rent and Leases Payable                                    -
   Accrued Interest                                           -
   Other                                                      -
                                                 --------------
Total Postpetition Liabilities                           14,928

Prepetition Liabilities
   Priority Claims                                            -
   Secured Debts                                              -
   Unsecured Debts                                 Undetermined
                                                 --------------
Total Prepetition Liabilities                      Undetermined

Owner's Equity (Deficit)
   Capital Stock/Owners' Investments                     10,000
   Paid-In Capital Surplus                           55,048,465
   Retained Earnings
      Prepetition                                   (76,394,062)
      Postpetition                                      (66,090)
                                                 --------------
Total Owner's Equity                               ($21,401,686)
                                                 --------------
TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY         Undetermined
                                                 ==============


                 Energy Service Ventures, Inc.
                        Income Statement
            For the Period April 1 to April 30, 2004


Total Sales/Income                                            -

COST OF SALES:
   Purchases of Inventory                                     -
   Purchased Services                                         -
   Other                                                      -
                                                 --------------
Total Cost of Sales                                           -
                                                 --------------
Gross Profit                                                  -

OPERATING EXPENSES:
   Officer Salaries                                           -
   Other Employee Salaries                                    -
   Taxes (Payroll)                                            -
   Employee Benefits                                     $2,037
   Advertising                                                -
   Auto. Expenses                                             -
   Entertainment                                              -
   Insurance (Real Estate)                                    -
   Insurance (Other)                                          -
   Leases (Other than Rent)                                   -
   Outside Services & Contractors                             -
   Professional Fees (Atty. Accts.)                      (3,625)
   Rents                                                      -
   Restructuring Expense                                   (795)
   Repairs & Maintenance                                      -
   Supplies                                              (5,318)
   Taxes (Real Property)                                      -
   Taxes (Other)                                           (710)
   Telephone                                                  -
   Travel                                                     -
   Utilities                                                  -
   Other Operating Expenses
      Power costs                                             -
      Bank Fees                                               -
                                                 --------------
Total Operating Expenses                                 (8,412)
                                                 --------------
Profit/Loss from Operation                                8,412

Other Income (Expenses):
   Interest Income                                          734
   Interest Expense                                           -
   Equity Earnings                                            -
                                                 --------------
Total Other Income (Expenses)                               734
                                                 --------------
Income Before Taxes                                       9,146
Income Taxes Expense                                      3,475
                                                 --------------
Net Income (Loss)                                        $5,671
                                                 ==============


                 Energy Service Ventures, Inc.
                   Cash Reconciliation Report
            For the Period April 1 to April 30, 2004


Cash balance from prior balance sheet                $1,890,171
Net income for month                                      5,671

Expense Not Requiring Cash:
   Taxes                                                  3,475
   Interest Income                                         (734)
                                                 --------------
Total Expenses Not Requiring Cash                         2,741
                                                 --------------
Total Cash from Operations                            1,898,584

Other sources/uses of cash:
   Decrease (Increase):
      Accounts Receivable                                (7,162)
      Inventory                                               -
      Equipment                                               -
      Furniture & Fixtures                                    -
      Prepaids                                                -
   Increase (Decrease):
      Accounts Payable                                        -
      Accrued Interest                                        -
      Accrued P/R Taxes                                       -
      Accrued Professional Fees                               -
      Accrued Rent                                            -
      Accrued Salaries                                        -
      Accrued Sales Tax                                       -
      Note Payable Taxes                                      -
   (Less) Unrecorded Bank Service Charges                     -
                                                 --------------
Total Other Sources & Uses of Cash                       (7,162)
                                                 --------------
Ending Cash Balance                                  $1,891,421
                                                 ==============

Headquartered in Bethesda, Maryland, PG&E National Energy Group,
Inc. -- http://www.pge.com/ -- (n/k/a National Energy & Gas
Transmission, Inc.) develops, builds, owns and operates electric
generating and natural gas pipeline facilities and provides energy
trading, marketing and risk-management services.  The Company and
its debtor-affiliates filed for Chapter 11 protection on
July 8, 2003 (Bankr. D. Md. Case No. 03-30459).  Matthew A.
Feldman, Esq., Shelley C. Chapman, Esq., and Carollynn H.G.
Callari, Esq., at Willkie Farr & Gallagher, and Paul M. Nussbaum,
Esq., and Martin T. Fletcher, Esq., at Whiteford, Taylor &
Preston, L.L.P., represent the Debtors in their restructuring
efforts.  When the Company filed for protection from its
creditors, it listed $7,613,000,000 in assets and $9,062,000,000
in debts.  NEGT received bankruptcy court approval of its
reorganization plan in May 2004, and that plan took effect on
Oct. 29, 2004.  (PG&E National Bankruptcy News, Issue No. 36;
Bankruptcy Creditors' Service, Inc., 215/945-7000)


PG&E NATIONAL: ESV's May 2004 Monthly Operating Report
------------------------------------------------------

                 Energy Service Ventures, Inc.
                         Balance Sheet
                       As of May 31, 2004


ASSETS

Current Assets
   Cash                                              $1,892,254
   Prepetition Accounts Receivable                    3,575,924
   Postpetition Accounts Receivable                           -
   Receivables from Officers/Employees/Affiliates             -
   Notes Receivable Stocks                                    -
   Inventory                                                  -
   Other Current Assets
      Allowance for Bad Debts                        (2,791,840)
      Deposits                                                -
      Current Tax Assets                                      -
                                                 --------------
Total Current Assets                                 $2,676,338

Fixed Assets
   Land                                                       -
   Building                                                   -
   Equipment, Furniture & Fixtures                            -
   Less Accumulated Depreciation                              -
                                                 --------------
Total Fixed Assets                                            -

Other Assets (Identify)
   Amortizable Costs                                          -
   Deferred Tax Assets                             Undetermined
   Investments in Subsidiaries                                -
                                                 --------------
Total Other Assets                                            -
                                                 --------------
TOTAL ASSETS                                       Undetermined
                                                 ==============

LIABILITIES AND EQUITY

Postpetition Liabilities
   Accounts Payable                                     $14,928
   Notes Payable                                              -
   Rent and Leases Payable                                    -
   Accrued Interest                                           -
   Other                                                      -
                                                 --------------
Total Postpetition Liabilities                           14,928

Prepetition Liabilities
   Priority Claims                                            -
   Secured Debts                                              -
   Unsecured Debts                                 Undetermined
                                                 --------------
Total Prepetition Liabilities                      Undetermined

Owner's Equity (Deficit)
   Capital Stock/Owners' Investments                     10,000
   Paid-In Capital Surplus                           55,048,465
   Retained Earnings
      Prepetition                                   (76,394,062)
      Postpetition                                      (54,688)
                                                 --------------
Total Owner's Equity                               ($21,390,284)
                                                 --------------
TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY         Undetermined
                                                 ==============


                 Energy Service Ventures, Inc.
                        Income Statement
              For the Period May 1 to May 31, 2004


Total Sales/Income                                            -

COST OF SALES:
   Purchases of Inventory                                     -
   Purchased Services                                         -
   Other                                                      -
                                                 --------------
Total Cost of Sales                                           -
                                                 --------------
Gross Profit                                                  -

OPERATING EXPENSES:
   Officer Salaries                                           -
   Other Employee Salaries                                    -
   Taxes (Payroll)                                            -
   Employee Benefits                                    $17,557
   Advertising                                                -
   Auto. Expenses                                             -
   Entertainment                                              -
   Insurance (Real Estate)                                    -
   Insurance (Other)                                          -
   Leases (Other than Rent)                                   -
   Outside Services & Contractors                             -
   Professional Fees (Atty. Accts.)                           -
   Rents                                                      -
   Restructuring Expense                                   (833)
   Repairs & Maintenance                                      -
   Supplies                                                   -
   Taxes (Real Property)                                      -
   Taxes (Other)                                              -
   Telephone                                                  -
   Travel                                                     -
   Utilities                                                  -
   Other Operating Expenses
      Power costs                                             -
      Bank Fees                                               -
                                                 --------------
Total Operating Expenses                                (18,389)
                                                 --------------
Profit/Loss from Operation                               18,389

Other Income (Expenses):
   Interest Income                                            -
   Interest Expense                                           -
   Equity Earnings                                            -
                                                 --------------
Total Other Income (Expenses)                                 -
                                                 --------------
Income Before Taxes                                      18,389
Income Taxes Expense                                      6,988
                                                 --------------
Net Income (Loss)                                       $11,401
                                                 ==============


                 Energy Service Ventures, Inc.
                   Cash Reconciliation Report
              For the Period May 1 to May 31, 2004


Cash balance from prior balance sheet                $1,891,421
Net income for month                                     11,401

Expense Not Requiring Cash:
   Taxes                                                  6,988
   Interest Income                                            -
                                                 --------------
Total Expenses Not Requiring Cash                         6,988
                                                 --------------
Total Cash from Operations                            1,909,811

Other sources/uses of cash:
   Decrease (Increase):
      Accounts Receivable                               (17,557)
      Inventory                                               -
      Equipment                                               -
      Furniture & Fixtures                                    -
      Prepaids                                                -
   Increase (Decrease):
      Accounts Payable                                        -
      Accrued Interest                                        -
      Accrued P/R Taxes                                       -
      Accrued Professional Fees                               -
      Accrued Rent                                            -
      Accrued Salaries                                        -
      Accrued Sales Tax                                       -
      Note Payable Taxes                                      -
   (Less) Unrecorded Bank Service Charges                     -
                                                 --------------
Total Other Sources & Uses of Cash                      (17,557)
                                                 --------------
Ending Cash Balance                                  $1,892,254
                                                 ==============

Headquartered in Bethesda, Maryland, PG&E National Energy Group,
Inc. -- http://www.pge.com/ -- (n/k/a National Energy & Gas
Transmission, Inc.) develops, builds, owns and operates electric
generating and natural gas pipeline facilities and provides energy
trading, marketing and risk-management services.  The Company and
its debtor-affiliates filed for Chapter 11 protection on
July 8, 2003 (Bankr. D. Md. Case No. 03-30459).  Matthew A.
Feldman, Esq., Shelley C. Chapman, Esq., and Carollynn H.G.
Callari, Esq., at Willkie Farr & Gallagher, and Paul M. Nussbaum,
Esq., and Martin T. Fletcher, Esq., at Whiteford, Taylor &
Preston, L.L.P., represent the Debtors in their restructuring
efforts.  When the Company filed for protection from its
creditors, it listed $7,613,000,000 in assets and $9,062,000,000
in debts.  NEGT received bankruptcy court approval of its
reorganization plan in May 2004, and that plan took effect on
Oct. 29, 2004.  (PG&E National Bankruptcy News, Issue No. 36;
Bankruptcy Creditors' Service, Inc., 215/945-7000)


PG&E NATIONAL: ESV's June 2004 Monthly Operating Report
-------------------------------------------------------

                 Energy Service Ventures, Inc.
                         Balance Sheet
                      As of June 30, 2004


ASSETS

Current Assets
   Cash                                              $1,893,082
   Prepetition Accounts Receivable                    3,575,924
   Postpetition Accounts Receivable                           -
   Receivables from Officers/Employees/Affiliates             -
   Notes Receivable Stocks                                    -
   Inventory                                                  -
   Other Current Assets
      Allowance for Bad Debts                        (2,791,840)
      Deposits                                                -
      Current Tax Assets                                      -
                                                 --------------
Total Current Assets                                 $2,677,166

Fixed Assets
   Land                                                       -
   Building                                                   -
   Equipment, Furniture & Fixtures                            -
   Less Accumulated Depreciation                              -
                                                 --------------
Total Fixed Assets                                            -

Other Assets (Identify)
   Amortizable Costs                                          -
   Deferred Tax Assets                             Undetermined
   Investments in Subsidiaries                                -
                                                 --------------
Total Other Assets                                            -
                                                 --------------
TOTAL ASSETS                                       Undetermined
                                                 ==============

LIABILITIES AND EQUITY

Postpetition Liabilities
   Accounts Payable                                     $14,928
   Notes Payable                                              -
   Rent and Leases Payable                                    -
   Accrued Interest                                           -
   Other                                                      -
                                                 --------------
Total Postpetition Liabilities                           14,928

Prepetition Liabilities
   Priority Claims                                            -
   Secured Debts                                              -
   Unsecured Debts                                 Undetermined
                                                 --------------
Total Prepetition Liabilities                      Undetermined

Owner's Equity (Deficit)
   Capital Stock/Owners' Investments                     10,000
   Paid-In Capital Surplus                           55,048,465
   Retained Earnings
      Prepetition                                   (76,394,062)
      Postpetition                                      (54,175)
                                                 --------------
Total Owner's Equity                               ($21,389,771)
                                                 --------------
TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY         Undetermined
                                                 ==============


                 Energy Service Ventures, Inc.
                        Income Statement
            For the Period June 1 to June 30, 2004


Total Sales/Income                                            -

COST OF SALES:
   Purchases of Inventory                                     -
   Purchased Services                                         -
   Other                                                      -
                                                 --------------
Total Cost of Sales                                           -
                                                 --------------
Gross Profit                                                  -

OPERATING EXPENSES:
   Officer Salaries                                           -
   Other Employee Salaries                                    -
   Taxes (Payroll)                                            -
   Employee Benefits                                          -
   Advertising                                                -
   Auto. Expenses                                             -
   Entertainment                                              -
   Insurance (Real Estate)                                    -
   Insurance (Other)                                          -
   Leases (Other than Rent)                                   -
   Outside Services & Contractors                             -
   Professional Fees (Atty. Accts.)                           -
   Rents                                                      -
   Restructuring Expense                                  ($828)
   Repairs & Maintenance                                      -
   Supplies                                                   -
   Taxes (Real Property)                                      -
   Taxes (Other)                                              -
   Telephone                                                  -
   Travel                                                     -
   Utilities                                                  -
   Other Operating Expenses
      Power costs                                             -
      Bank Fees                                               -
                                                 --------------
Total Operating Expenses                                   (827)
                                                 --------------
Profit/Loss from Operation                                  827

Other Income (Expenses):
   Interest Income                                            -
   Interest Expense                                           -
   Equity Earnings                                            -
                                                 --------------
Total Other Income (Expenses)                                 -
                                                 --------------
Income Before Taxes                                         827
Income Taxes Expense                                        314
                                                 --------------
Net Income (Loss)                                          $513
                                                 ==============


                 Energy Service Ventures, Inc.
                   Cash Reconciliation Report
            For the Period June 1 to June 30, 2004


Cash balance from prior balance sheet                $1,892,254
Net income for month                                        513

Expense Not Requiring Cash:
   Taxes                                                    314
   Interest Income                                            -
                                                 --------------
Total Expenses Not Requiring Cash                           314
                                                 --------------
Total Cash from Operations                            1,893,082

Other sources/uses of cash:
   Decrease (Increase):
      Accounts Receivable                                     -
      Inventory                                               -
      Equipment                                               -
      Furniture & Fixtures                                    -
      Prepaids                                                -
   Increase (Decrease):
      Accounts Payable                                        -
      Accrued Interest                                        -
      Accrued P/R Taxes                                       -
      Accrued Professional Fees                               -
      Accrued Rent                                            -
      Accrued Salaries                                        -
      Accrued Sales Tax                                       -
      Note Payable Taxes                                      -
   (Less) Unrecorded Bank Service Charges                     -
                                                 --------------
Total Other Sources & Uses of Cash                            -
                                                 --------------
Ending Cash Balance                                  $1,893,082
                                                 ==============

Headquartered in Bethesda, Maryland, PG&E National Energy Group,
Inc. -- http://www.pge.com/ -- (n/k/a National Energy & Gas
Transmission, Inc.) develops, builds, owns and operates electric
generating and natural gas pipeline facilities and provides energy
trading, marketing and risk-management services.  The Company and
its debtor-affiliates filed for Chapter 11 protection on
July 8, 2003 (Bankr. D. Md. Case No. 03-30459).  Matthew A.
Feldman, Esq., Shelley C. Chapman, Esq., and Carollynn H.G.
Callari, Esq., at Willkie Farr & Gallagher, and Paul M. Nussbaum,
Esq., and Martin T. Fletcher, Esq., at Whiteford, Taylor &
Preston, L.L.P., represent the Debtors in their restructuring
efforts.  When the Company filed for protection from its
creditors, it listed $7,613,000,000 in assets and $9,062,000,000
in debts.  NEGT received bankruptcy court approval of its
reorganization plan in May 2004, and that plan took effect on
Oct. 29, 2004.  (PG&E National Bankruptcy News, Issue No. 36;
Bankruptcy Creditors' Service, Inc., 215/945-7000)


PG&E NATIONAL: Quantum's March 2004 Monthly Operating Report
------------------------------------------------------------

                        Quantum Ventures
                         Balance Sheet
                      As of March 31, 2004


ASSETS

Current Assets
   Cash                                                       -
   Prepetition Accounts Receivable                            -
   Postpetition Accounts Receivable                           -
   Receivables from Officers/Employees/Affiliates             -
   Notes Receivable Stocks                                    -
   Inventory                                                  -
   Other Current Assets
      Prepaid Expenses                                        -
      Deposits                                                -
      Current Tax Assets                           Undetermined
                                                 --------------
Total Current Assets                               Undetermined

Fixed Assets
   Land                                                       -
   Building                                                   -
   Equipment, Furniture & Fixtures                            -
   Less Accumulated Depreciation                              -
                                                 --------------
Total Fixed Assets                                            -

Other Assets (Identify)
   Amortizable Costs                                          -
   Deferred Tax Assets                                        -
   Investments in Subsidiaries                     ($21,223,185)
                                                 --------------
Total Other Assets                                 ($21,223,185)
                                                 --------------
TOTAL ASSETS                                       Undetermined
                                                 ==============

LIABILITIES AND EQUITY

Postpetition Liabilities
   Accounts Payable                                           -
   Notes Payable                                              -
   Rent and Leases Payable                                    -
   Accrued Interest                                           -
   Other                                                      -
                                                 --------------
Total Postpetition Liabilities                                -

Prepetition Liabilities
   Priority Claims                                            -
   Secured Debts                                              -
   Unsecured Debts                                 Undetermined
                                                 --------------
Total Prepetition Liabilities                      Undetermined

Owner's Equity (Deficit)
   Capital Stock/Owners' Investments                       $100
   Paid-In Capital Surplus                          233,222,604
   Retained Earnings
      Prepetition                                  (254,177,934)
      Postpetition                                            -
                                                 --------------
Total Owner's Equity                               ($20,955,230)
                                                 --------------
TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY         Undetermined
                                                 ==============

Beginning February 2004, Quantum Ventures included only its
Balance Sheet in its Monthly Operating Report.

Quantum is a holding company, which owns and manages two
subsidiaries -- debtor Energy Services Venture and the non-debtor
consulting firm, Barakat & Chamberlain, Inc., which is currently
inactive.  Quantum has few creditors and no significant assets,
other than its interest in its subsidiaries, which, as of
June 30, 2003, had a negative value.  Pursuant to the ET Debtors'
Plan of Liquidation, Quantum will be dissolved as of the
Effective Date.

Headquartered in Bethesda, Maryland, PG&E National Energy Group,
Inc. -- http://www.pge.com/ -- (n/k/a National Energy & Gas
Transmission, Inc.) develops, builds, owns and operates electric
generating and natural gas pipeline facilities and provides energy
trading, marketing and risk-management services.  The Company and
its debtor-affiliates filed for Chapter 11 protection on
July 8, 2003 (Bankr. D. Md. Case No. 03-30459).  Matthew A.
Feldman, Esq., Shelley C. Chapman, Esq., and Carollynn H.G.
Callari, Esq., at Willkie Farr & Gallagher, and Paul M. Nussbaum,
Esq., and Martin T. Fletcher, Esq., at Whiteford, Taylor &
Preston, L.L.P., represent the Debtors in their restructuring
efforts.  When the Company filed for protection from its
creditors, it listed $7,613,000,000 in assets and $9,062,000,000
in debts.  NEGT received bankruptcy court approval of its
reorganization plan in May 2004, and that plan took effect on
Oct. 29, 2004.  (PG&E National Bankruptcy News, Issue No. 36;
Bankruptcy Creditors' Service, Inc., 215/945-7000)


PG&E NATIONAL: Quantum's April 2004 Monthly Operating Report
------------------------------------------------------------

                        Quantum Ventures
                         Balance Sheet
                      As of April 30, 2004


ASSETS

Current Assets
   Cash                                                       -
   Prepetition Accounts Receivable                            -
   Postpetition Accounts Receivable                           -
   Receivables from Officers/Employees/Affiliates             -
   Notes Receivable Stocks                                    -
   Inventory                                                  -
   Other Current Assets
      Prepaid Expenses                                        -
      Deposits                                                -
      Current Tax Assets                           Undetermined
                                                 --------------
Total Current Assets                               Undetermined

Fixed Assets
   Land                                                       -
   Building                                                   -
   Equipment, Furniture & Fixtures                            -
   Less Accumulated Depreciation                              -
                                                 --------------
Total Fixed Assets                                            -

Other Assets (Identify)
   Amortizable Costs                                          -
   Deferred Tax Assets                                        -
   Investments in Subsidiaries                     ($21,223,185)
                                                 --------------
Total Other Assets                                 ($21,223,185)
                                                 --------------
TOTAL ASSETS                                       Undetermined
                                                 ==============

LIABILITIES AND EQUITY

Postpetition Liabilities
   Accounts Payable                                           -
   Notes Payable                                              -
   Rent and Leases Payable                                    -
   Accrued Interest                                           -
   Other                                                      -
                                                 --------------
Total Postpetition Liabilities                                -

Prepetition Liabilities
   Priority Claims                                            -
   Secured Debts                                              -
   Unsecured Debts                                 Undetermined
                                                 --------------
Total Prepetition Liabilities                      Undetermined

Owner's Equity (Deficit)
   Capital Stock/Owners' Investments                       $100
   Paid-In Capital Surplus                          233,222,604
   Retained Earnings
      Prepetition                                  (254,177,934)
      Postpetition                                            -
                                                 --------------
Total Owner's Equity                               ($20,955,230)
                                                 --------------
TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY         Undetermined
                                                 ==============

Headquartered in Bethesda, Maryland, PG&E National Energy Group,
Inc. -- http://www.pge.com/ -- (n/k/a National Energy & Gas
Transmission, Inc.) develops, builds, owns and operates electric
generating and natural gas pipeline facilities and provides energy
trading, marketing and risk-management services.  The Company and
its debtor-affiliates filed for Chapter 11 protection on
July 8, 2003 (Bankr. D. Md. Case No. 03-30459).  Matthew A.
Feldman, Esq., Shelley C. Chapman, Esq., and Carollynn H.G.
Callari, Esq., at Willkie Farr & Gallagher, and Paul M. Nussbaum,
Esq., and Martin T. Fletcher, Esq., at Whiteford, Taylor &
Preston, L.L.P., represent the Debtors in their restructuring
efforts.  When the Company filed for protection from its
creditors, it listed $7,613,000,000 in assets and $9,062,000,000
in debts.  NEGT received bankruptcy court approval of its
reorganization plan in May 2004, and that plan took effect on
Oct. 29, 2004.  (PG&E National Bankruptcy News, Issue No. 36;
Bankruptcy Creditors' Service, Inc., 215/945-7000)


PG&E NATIONAL: Quantum's May 2004 Monthly Operating Report
----------------------------------------------------------

                        Quantum Ventures
                         Balance Sheet
                       As of May 31, 2004


ASSETS

Current Assets
   Cash                                                       -
   Prepetition Accounts Receivable                            -
   Postpetition Accounts Receivable                           -
   Receivables from Officers/Employees/Affiliates             -
   Notes Receivable Stocks                                    -
   Inventory                                                  -
   Other Current Assets
      Prepaid Expenses                                        -
      Deposits                                                -
      Current Tax Assets                           Undetermined
                                                 --------------
Total Current Assets                               Undetermined

Fixed Assets
   Land                                                       -
   Building                                                   -
   Equipment, Furniture & Fixtures                            -
   Less Accumulated Depreciation                              -
                                                 --------------
Total Fixed Assets                                            -

Other Assets (Identify)
   Amortizable Costs                                          -
   Deferred Tax Assets                                        -
   Investments in Subsidiaries                     ($21,223,185)
                                                 --------------
Total Other Assets                                 ($21,223,185)
                                                 --------------
TOTAL ASSETS                                       Undetermined
                                                 ==============

LIABILITIES AND EQUITY

Postpetition Liabilities
   Accounts Payable                                           -
   Notes Payable                                              -
   Rent and Leases Payable                                    -
   Accrued Interest                                           -
   Other                                                      -
                                                 --------------
Total Postpetition Liabilities                                -

Prepetition Liabilities
   Priority Claims                                            -
   Secured Debts                                              -
   Unsecured Debts                                 Undetermined
                                                 --------------
Total Prepetition Liabilities                      Undetermined

Owner's Equity (Deficit)
   Capital Stock/Owners' Investments                       $100
   Paid-In Capital Surplus                          233,222,604
   Retained Earnings
      Prepetition                                  (254,177,934)
      Postpetition                                            -
                                                 --------------
Total Owner's Equity                               ($20,955,230)
                                                 --------------
TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY         Undetermined
                                                 ==============

Headquartered in Bethesda, Maryland, PG&E National Energy Group,
Inc. -- http://www.pge.com/ -- (n/k/a National Energy & Gas
Transmission, Inc.) develops, builds, owns and operates electric
generating and natural gas pipeline facilities and provides energy
trading, marketing and risk-management services.  The Company and
its debtor-affiliates filed for Chapter 11 protection on
July 8, 2003 (Bankr. D. Md. Case No. 03-30459).  Matthew A.
Feldman, Esq., Shelley C. Chapman, Esq., and Carollynn H.G.
Callari, Esq., at Willkie Farr & Gallagher, and Paul M. Nussbaum,
Esq., and Martin T. Fletcher, Esq., at Whiteford, Taylor &
Preston, L.L.P., represent the Debtors in their restructuring
efforts.  When the Company filed for protection from its
creditors, it listed $7,613,000,000 in assets and $9,062,000,000
in debts.  NEGT received bankruptcy court approval of its
reorganization plan in May 2004, and that plan took effect on
Oct. 29, 2004.  (PG&E National Bankruptcy News, Issue No. 36;
Bankruptcy Creditors' Service, Inc., 215/945-7000)


PG&E NATIONAL: Quantum's June 2004 Monthly Operating Report
-----------------------------------------------------------

                        Quantum Ventures
                         Balance Sheet
                      As of June 30, 2004


ASSETS

Current Assets
   Cash                                                       -
   Prepetition Accounts Receivable                            -
   Postpetition Accounts Receivable                           -
   Receivables from Officers/Employees/Affiliates             -
   Notes Receivable Stocks                                    -
   Inventory                                                  -
   Other Current Assets
      Prepaid Expenses                                        -
      Deposits                                                -
      Current Tax Assets                           Undetermined
                                                 --------------
Total Current Assets                               Undetermined

Fixed Assets
   Land                                                       -
   Building                                                   -
   Equipment, Furniture & Fixtures                            -
   Less Accumulated Depreciation                              -
                                                 --------------
Total Fixed Assets                                            -

Other Assets (Identify)
   Amortizable Costs                                          -
   Deferred Tax Assets                                        -
   Investments in Subsidiaries                     ($21,223,185)
                                                 --------------
Total Other Assets                                 ($21,223,185)
                                                 --------------
TOTAL ASSETS                                       Undetermined
                                                 ==============

LIABILITIES AND EQUITY

Postpetition Liabilities
   Accounts Payable                                           -
   Notes Payable                                              -
   Rent and Leases Payable                                    -
   Accrued Interest                                           -
   Other                                                      -
                                                 --------------
Total Postpetition Liabilities                                -

Prepetition Liabilities
   Priority Claims                                            -
   Secured Debts                                              -
   Unsecured Debts                                 Undetermined
                                                 --------------
Total Prepetition Liabilities                      Undetermined

Owner's Equity (Deficit)
   Capital Stock/Owners' Investments                       $100
   Paid-In Capital Surplus                          233,222,604
   Retained Earnings
      Prepetition                                  (254,177,934)
      Postpetition                                            -
                                                 --------------
Total Owner's Equity                               ($20,955,230)
                                                 --------------
TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY         Undetermined
                                                 ==============


Headquartered in Bethesda, Maryland, PG&E National Energy Group,
Inc. -- http://www.pge.com/ -- (n/k/a National Energy & Gas
Transmission, Inc.) develops, builds, owns and operates electric
generating and natural gas pipeline facilities and provides energy
trading, marketing and risk-management services.  The Company and
its debtor-affiliates filed for Chapter 11 protection on
July 8, 2003 (Bankr. D. Md. Case No. 03-30459).  Matthew A.
Feldman, Esq., Shelley C. Chapman, Esq., and Carollynn H.G.
Callari, Esq., at Willkie Farr & Gallagher, and Paul M. Nussbaum,
Esq., and Martin T. Fletcher, Esq., at Whiteford, Taylor &
Preston, L.L.P., represent the Debtors in their restructuring
efforts.  When the Company filed for protection from its
creditors, it listed $7,613,000,000 in assets and $9,062,000,000
in debts.  NEGT received bankruptcy court approval of its
reorganization plan in May 2004, and that plan took effect on
Oct. 29, 2004.  (PG&E National Bankruptcy News, Issue No. 36;
Bankruptcy Creditors' Service, Inc., 215/945-7000)


PG&E NATIONAL: Quantum's July 2004 Monthly Operating Report
-----------------------------------------------------------

                        Quantum Ventures
                         Balance Sheet
                      As of July 31, 2004


ASSETS

Current Assets
   Cash                                                       -
   Prepetition Accounts Receivable                            -
   Postpetition Accounts Receivable                           -
   Receivables from Officers/Employees/Affiliates             -
   Notes Receivable Stocks                                    -
   Inventory                                                  -
   Other Current Assets
      Prepaid Expenses                                        -
      Deposits                                                -
      Current Tax Assets                           Undetermined
                                                 --------------
Total Current Assets                               Undetermined

Fixed Assets
   Land                                                       -
   Building                                                   -
   Equipment, Furniture & Fixtures                            -
   Less Accumulated Depreciation                              -
                                                 --------------
Total Fixed Assets                                            -

Other Assets (Identify)
   Amortizable Costs                                          -
   Deferred Tax Assets                                        -
   Investments in Subsidiaries                     ($21,223,185)
                                                 --------------
Total Other Assets                                 ($21,223,185)
                                                 --------------
TOTAL ASSETS                                       Undetermined
                                                 ==============

LIABILITIES AND EQUITY

Postpetition Liabilities
   Accounts Payable                                           -
   Notes Payable                                              -
   Rent and Leases Payable                                    -
   Accrued Interest                                           -
   Other                                                      -
                                                 --------------
Total Postpetition Liabilities                                -

Prepetition Liabilities
   Priority Claims                                            -
   Secured Debts                                              -
   Unsecured Debts                                 Undetermined
                                                 --------------
Total Prepetition Liabilities                      Undetermined

Owner's Equity (Deficit)
   Capital Stock/Owners' Investments                       $100
   Paid-In Capital Surplus                          233,222,604
   Retained Earnings
      Prepetition                                  (254,177,934)
      Postpetition                                            -
                                                 --------------
Total Owner's Equity                               ($20,955,230)
                                                 --------------
TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY         Undetermined
                                                 ==============


Headquartered in Bethesda, Maryland, PG&E National Energy Group,
Inc. -- http://www.pge.com/ -- (n/k/a National Energy & Gas
Transmission, Inc.) develops, builds, owns and operates electric
generating and natural gas pipeline facilities and provides energy
trading, marketing and risk-management services.  The Company and
its debtor-affiliates filed for Chapter 11 protection on
July 8, 2003 (Bankr. D. Md. Case No. 03-30459).  Matthew A.
Feldman, Esq., Shelley C. Chapman, Esq., and Carollynn H.G.
Callari, Esq., at Willkie Farr & Gallagher, and Paul M. Nussbaum,
Esq., and Martin T. Fletcher, Esq., at Whiteford, Taylor &
Preston, L.L.P., represent the Debtors in their restructuring
efforts.  When the Company filed for protection from its
creditors, it listed $7,613,000,000 in assets and $9,062,000,000
in debts.  NEGT received bankruptcy court approval of its
reorganization plan in May 2004, and that plan took effect on
Oct. 29, 2004.  (PG&E National Bankruptcy News, Issue No. 36;
Bankruptcy Creditors' Service, Inc., 215/945-7000)


PG&E NATIONAL: ET Gas' August 2004 Monthly Operating Report
-----------------------------------------------------------

              NEGT Energy Trading-Gas Corporation
                    Unaudited Balance Sheet
                     As of August 31, 2004


ASSETS

Current Assets
   Cash                                             $10,482,611
   Accounts Receivable-Trade                         24,039,948
   Valuation from Unrealized Commodity Contracts   Undetermined
   Receivables from Officers/Employees/Affiliates  Undetermined
   Notes Receivable Stocks                                    0
   Inventory                                                  0
   Other Current Assets
      Deposits                                       57,975,017
      Prepayments                                    10,036,386
      Other Current Assets                            3,113,514
                                                 --------------
Total Current Assets                               Undetermined

Fixed Assets
   Land                                                       0
   Building                                                   0
   Equipment, Furniture & Fixtures                   21,334,912
   Less Accumulated Depreciation                    (20,872,100)
                                                 --------------
Total Fixed Assets                                     $462,812

Other Assets
   Accrued taxes                                   Undetermined
                                                 --------------
Total Other Assets                                 Undetermined
                                                 --------------
TOTAL ASSETS                                       Undetermined
                                                 ==============

LIABILITIES AND EQUITY

Postpetition Liabilities
   Accounts Payable                                          $0
   Accrued Quarterly Fees                                   250
   Notes Payable                                              0
   Rent and Leases Payable                                    0
   Taxes Payable                                              0
   Accrued Interest                                           0
   Other:
      Accrued Legal fees                                      0
      Accrued Payroll and Benefits                       38,134
                                                 --------------
Total Postpetition Liabilities                          $38,384

Prepetition Liabilities
   Priority Claims                                 Undetermined
   Secured Debts                                   Undetermined
   Unsecured Debts                                 Undetermined
                                                 --------------
Total Prepetition Liabilities                      Undetermined

Owner's Equity (Deficit)
   Capital Stock/Owner's Investments                          -
   Paid-In Capital Surplus                         Undetermined
   Retained Earnings (deficit)
      Prepetition                                  Undetermined
      Postpetition                                 Undetermined
                                                 --------------
Total Owner's Equity                               Undetermined
                                                 --------------
TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY         Undetermined
                                                 ==============


              NEGT Energy Trading-Gas Corporation
                        Income Statement
           For the Period August 1 to August 31, 2004


Total Sales/Income                                     $473,613

COST OF SALES:
   Purchases of Inventory                                     0
   Purchased Services                                         0
   Other: (Identify)                                          0
      Purchase of Commodities                                 0
                                                 --------------
Total Cost of Sales                                           0
                                                 --------------
Gross Profit                                            473,613

OPERATING EXPENSES:
   Bad Debt Expense                                           0
   Bank Charges                                             462
   Communications                                            11
   Computer Supplies                                          0
   Credit & Commitment Fees                                   0
   Datafeeds                                                  0
   Fixed Assets Depreciation                            121,724
   Indirect Allocations                                  (5,050)
   Insurance                                                  0
   Legal Fees                                           375,000
   Recruiting & Relocation                                    0
   Realized(Gain)/Loss on Foreign Exchange                 (893)
   Rent                                                    (233)
   Unrealized(Gain)/Loss on Foreign Exchange                  0
   Office Supplies                                            0
   Other                                                    446
   Payroll and benefits                                  23,880
   Professional Fees                                      7,244
   Software Costs                                         2,475
   Subscriptions                                            110
   Taxes Other than Income                                    0
   Training                                                  67
                                                 --------------
Total Operating Expenses                                525,246
                                                 --------------
Profit/Loss from Operation                              (51,632)

Other Income (Expenses):
   Interest Income                                      322,509
   Interest Expense                                           0
   Equity in Subsidiaries                                     0
   Other Income(Expenses)                               (65,879)
                                                 --------------
Total Other Income (Expenses)                           256,629
                                                 --------------
Income Before Taxes                                    $204,996

Income Taxes Expense (Benefit)                     Undetermined
                                                 --------------
NET INCOME                                         Undetermined
                                                 ==============


              NEGT Energy Trading-Gas Corporation
                   Cash Reconciliation Report
           For the Period August 1 to August 31, 2004


Cash balance from prior balance sheet               $10,485,830
Pre-tax Net income for month                            204,996

Income/Expenses Not Requiring Cash:
   Depreciation                                         121,724
   (Gain) Loss on the Sale of Fixed Assets               65,879
   Unrealized (Gain) Loss on Foreign Exchange                 0
   Relief of Allowance for Doubtful Accts                     0
                                                 --------------
Total Expenses Not Requiring Cash                       187,604
                                                 --------------
Total Cash from Operations                           10,878,431

Other sources/uses of cash:
   Decrease (Incr):
      Accounts Receivable Non-Affiliate              15,323,114
      Accounts Receivable Affiliate                     (14,283)
      Inventory                                               0
      Equipment                                           9,240
      Furniture & Fixtures                                    0
      Prepaids                                              113
      Deposits                                       12,100,000
      Other Current Assets                                    0
   Increase (Decr):
      Accounts Payable Non-Affiliate                (22,910,477)
      Accounts Payable Affiliate                     (4,917,810)
      Accrued Liabilities                                     0
      Current Deferred Liabilities                       14,283
      Accrued Interest                                        0
      Accrued P/R Taxes                                       0
      Accrued Salaries                                        0
      Accrued Sales Tax                                       0
      Note Payable Taxes                                      0
      Tax Liability                                           0
                                                 --------------
Total Other Sources & Uses of Cash                     (395,819)
                                                 --------------
ENDING CASH BALANCE                                 $10,482,611
                                                 ==============


Headquartered in Bethesda, Maryland, PG&E National Energy Group,
Inc. -- http://www.pge.com/ -- (n/k/a National Energy & Gas
Transmission, Inc.) develops, builds, owns and operates electric
generating and natural gas pipeline facilities and provides energy
trading, marketing and risk-management services.  The Company and
its debtor-affiliates filed for Chapter 11 protection on
July 8, 2003 (Bankr. D. Md. Case No. 03-30459).  Matthew A.
Feldman, Esq., Shelley C. Chapman, Esq., and Carollynn H.G.
Callari, Esq., at Willkie Farr & Gallagher, and Paul M. Nussbaum,
Esq., and Martin T. Fletcher, Esq., at Whiteford, Taylor &
Preston, L.L.P., represent the Debtors in their restructuring
efforts.  When the Company filed for protection from its
creditors, it listed $7,613,000,000 in assets and $9,062,000,000
in debts.  NEGT received bankruptcy court approval of its
reorganization plan in May 2004, and that plan took effect on
Oct. 29, 2004.  (PG&E National Bankruptcy News, Issue No. 36;
Bankruptcy Creditors' Service, Inc., 215/945-7000)


PG&E NATIONAL: ET Investments' Aug. 2004 Monthly Operating Report
-----------------------------------------------------------------

                 NEGT ET Investments Corporation
                     Unaudited Balance Sheet
                     As of August 31, 2004


ASSETS

Current Assets
   Cash                                                      $0
   Accounts Receivable                                        0
   Receivables from Officers/Employees/Affiliates  Undetermined
   Notes Receivable Stocks                                    0
   Inventory                                                  0
   Other Current Assets                                       -
                                                 --------------
Total Current Assets                               Undetermined

Fixed Assets
   Land                                                       0
   Building                                                   0
   Equipment, Furniture & Fixtures                            0
   Less Accumulated Depreciation                              0
                                                 --------------
Total Fixed Assets                                           $0

Other Assets
   Investment in Subsidiaries                      Undetermined
                                                 --------------
Total Other Assets                                 Undetermined
                                                 --------------
TOTAL ASSETS                                       Undetermined
                                                 ==============

LIABILITIES AND EQUITY

Postpetition Liabilities
   Accounts Payable                                          $0
   Accrued Quarterly Fees                                   250
   Notes Payable                                              0
   Rent and Leases Payable                                    0
   Taxes Payable                                              0
   Accrued Interest                                           0
   Other                                                      0
                                                 --------------
Total Postpetition Liabilities                             $250

Prepetition Liabilities
   Priority Claims                                 Undetermined
   Secured Debts                                   Undetermined
   Unsecured Debts                                 Undetermined
                                                 --------------
Total Prepetition Liabilities                      Undetermined

Owner's Equity (Deficit)
   Capital Stock, Owner's Investments              Undetermined
   Paid-In Capital Surplus                         Undetermined
   Retained Earnings (deficit)
      Prepetition                                  Undetermined
      Postpetition                                 Undetermined
                                                 --------------
Total Owner's Equity                               Undetermined
                                                 --------------
TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY         Undetermined
                                                 ==============


                 NEGT ET Investments Corporation
                        Income Statement
           For the Period August 1 to August 31, 2004


Total Sales/Income                                           $0

COST OF SALES:
   Purchases of Inventory                                     0
   Purchased Services                                         0
   Other (Identify)                                           0
                                                 --------------
Total Cost of Sales                                           0
                                                 --------------
Gross Profit                                                  0

OPERATING EXPENSES:
   Bad Debt Expense                                           0
   Officer Salaries                                           -
   Other Employee Salaries                                    -
   Taxes (Payroll)                                            -
   Employee Benefits                                          -
   Advertising                                                -
   Auto Expenses                                              -
   Entertainment                                              -
   Insurance (Real Estate)                                    -
   Insurance (Other)                                          -
   Leases (Other than Rent)                                   -
   Outside Services & Contractors                             -
   Professional Fees (Atty. Acct.)                            -
   Rent                                                       -
   Repairs & Maintenance                                      -
   Supplies                                                   -
   Taxes (Real Property)                                      -
   Taxes (Other)                                              -
   Telephone                                                  -
   Travel                                                     -
   Utilities                                                  -
   Other                                                      -
                                                 --------------
Total Operating Expenses                                      -
                                                 --------------
Profit/Loss from Operation                                    -

Other Income (Expenses):
   Interest Expense                                      (1,925)
   Equity in ET Power                                14,116,648
                                                 --------------
Total Other Income (Expenses)                        14,114,723
                                                 --------------
Income Before Taxes                                 $14,114,723

Income Taxes Expense (Benefit)                     Undetermined
                                                 --------------
NET INCOME                                         Undetermined
                                                 ==============


                 NEGT ET Investments Corporation
                    Cash Reconciliation Report
           For the Period August 1 to August 31, 2004


Cash balance from prior balance sheet                        $0
Pre-tax Net income for month                         14,114,723

Expense Not Requiring Cash:
   Depreciation                                               0
   Other:
      Investment in Subsidiaries                    (14,116,648)
      Relief of Allowance of Doubtful Accounts                0
                                                 --------------
Total Expenses Not Requiring Cash                   (14,116,648)
                                                 --------------
Total Cash from Operations                               (1,925)

Other sources/uses of cash:
   Decrease (Incr):
      Accounts Receivable                                     0
      Inventory                                               0
      Equipment                                               0
      Furniture & Fixtures                                    0
   Increase (Decr):
      Accounts Payable                                        0
      Accounts Payable - Affiliate                        1,925
      Accounts Payable - Interest Payable                     0
      Accrued Interest                                        0
      Accrued P/R Taxes                                       0
      Accrued Professional Fees                               0
      Accrued Rent                                            0
      Accrued Salaries                                        0
      Accrued Sales Tax                                       0
      Note Payable Taxes                                      0
      Taxes Payable                                           0
     (Less) Unrecorded Bank Service Charges                   0
                                                 --------------
Total Other Sources & Uses of Cash                        1,925
                                                 --------------
ENDING CASH BALANCE                                          $0
                                                 ==============


Headquartered in Bethesda, Maryland, PG&E National Energy Group,
Inc. -- http://www.pge.com/ -- (n/k/a National Energy & Gas
Transmission, Inc.) develops, builds, owns and operates electric
generating and natural gas pipeline facilities and provides energy
trading, marketing and risk-management services.  The Company and
its debtor-affiliates filed for Chapter 11 protection on
July 8, 2003 (Bankr. D. Md. Case No. 03-30459).  Matthew A.
Feldman, Esq., Shelley C. Chapman, Esq., and Carollynn H.G.
Callari, Esq., at Willkie Farr & Gallagher, and Paul M. Nussbaum,
Esq., and Martin T. Fletcher, Esq., at Whiteford, Taylor &
Preston, L.L.P., represent the Debtors in their restructuring
efforts.  When the Company filed for protection from its
creditors, it listed $7,613,000,000 in assets and $9,062,000,000
in debts.  NEGT received bankruptcy court approval of its
reorganization plan in May 2004, and that plan took effect on
Oct. 29, 2004.  (PG&E National Bankruptcy News, Issue No. 36;
Bankruptcy Creditors' Service, Inc., 215/945-7000)


PG&E NATIONAL: ET Power's August 2004 Monthly Operating Report
--------------------------------------------------------------

                 NEGT Energy Trading-Power L.P.
                    Unaudited Balance Sheet
                     As of August 31, 2004


ASSETS

Current Assets
   Cash                                             $27,131,134
   Accounts Receivable                              165,686,733
   Valuation from Unrealized Commodity Contracts   Undetermined
   Receivables from Officers/Employees/Affiliates  Undetermined
   Notes Receivable Stocks                                    0
   Inventory                                                  0
   Other Current Assets
      Deposits                                       45,140,769
      Prepaids                                        1,014,999
      Other Current Assets                                    0
                                                 --------------
Total Current Assets                               Undetermined

Fixed Assets
   Land                                                       -
   Building                                                   -
   Equipment, Furniture & Fixtures                    2,454,290
   Less Accumulated Depreciation                     (2,283,184)
   Other Fixed Assets                                         -
                                                 --------------
Total Fixed Assets                                      171,106

Other Assets                                                  -
                                                 --------------
Total Other Assets                                           $0
                                                 --------------
TOTAL ASSETS                                       Undetermined
                                                 ==============

LIABILITIES AND EQUITY

Postpetition Liabilities
   Accounts Payable                                          $0
   Accrued Quarterly Fees                                   250
   Notes Payable                                              0
   Rent and Leases Payable                                    0
   Taxes Payable                                              0
   Accrued Interest                                           0
   Other                                                      -
                                                 --------------
Total Postpetition Liabilities                             $250

Prepetition Liabilities
   Priority Claims                                 Undetermined
   Secured Debts                                   Undetermined
   Unsecured Debts                                 Undetermined
                                                 --------------
Total Prepetition Liabilities                      Undetermined

Owner's Equity (Deficit)
   Capital Stock/ Owner's Investments              Undetermined
   Paid-In Capital Surplus                         Undetermined
   Retained Earnings (deficit)
      Prepetition                                  Undetermined
      Postpetition                                 Undetermined
                                                 --------------
Total Owner's Equity                               Undetermined
                                                 --------------
TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY         Undetermined
                                                 ==============


                 NEGT Energy Trading-Power L.P.
                        Income Statement
           For the Period August 1 to August 31, 2004


Total Sales/Income                                  $14,533,828

COST OF SALES:
   Purchases of Inventory                                     0
   Purchased Services                                         0
   Other: (Identify)                                          0
      Cost of Commodities                                 1,706
                                                 --------------
Total Cost of Sales                                       1,706
                                                 --------------
Gross Profit                                         14,532,121

OPERATING EXPENSES:
   Bank Fee Charges                                          80
   Bad Debt Expense                                           0
   Communications                                             0
   Entertainment                                              0
   Fixed Assets Depreciation                             42,775
   Indirect Allocations                                 340,885
   Legal Fees                                                 0
   Realized(Gain)/Loss on Foreign Exchange                 (496)
   Unrealized(Gain)/Loss on Foreign Exchange                 99
   Other                                                 15,017
   Training                                                   0
   Travel                                                     0
                                                 --------------
Total Operating Expenses                                398,364
                                                 --------------
Profit/Loss from Operation                           14,133,757

Other Income (Expenses):
   Interest Income                                      353,614
   Interest Expense                                           0
   Other Income(Expenses)                               (82,628)
                                                 --------------
Total Other Income (Expenses)                           270,985
                                                 --------------
Income Before Taxes                                 $14,404,743

Income Taxes Expense (Benefit)                     Undetermined
                                                 --------------
Net Income                                         Undetermined
                                                 ==============


                 NEGT Energy Trading-Power L.P.
                   Cash Reconciliation Report
           For the Period August 1 to August 31, 2004


Cash balance from prior balance sheet               $27,108,175
Pre-tax Net income for month                         14,404,743

Expense Not Requiring Cash:
   Depreciation                                          42,775
   (Gain) Loss on sale of fixed assets                   82,628
   Unrealized (Gain) loss on foreign exchange                99
   Relief of Allowance for Doubtful Accounts                  0
                                                 --------------
Total Expenses Not Requiring Cash                       125,503
                                                 --------------
Total Cash from Operations                           41,638,423

Other sources/uses of cash:
   Decrease (Incr):
      Accounts Receivable Non-Affiliate              21,457,764
      Accounts Receivable Affiliate                   8,062,831
      Inventory                                               0
      Equipment                                          12,100
      Furniture & Fixtures                                    0
      Prepaids                                                0
      Deposits                                       25,960,000
      Other Current Assets                                    0
   Increase (Decr):
      Accounts Payable Non-Affiliates               (59,034,139)
      Accounts Payable Affiliates                   (10,965,845)
      Current Deferred Liabilities                            0
      Accrued Liabilities                                     0
      Accrued Interest                                        0
      Accrued P/R Taxes                                       0
      Accrued Professional Fees                               0
      Accrued Salaries                                        0
      Accrued Sales Tax                                       0
      Note Payable Taxes                                      0
                                                 --------------
Total Other Sources & Uses of Cash                  (14,507,288)

Total Cash from Investing - Sale of Fixed Assets              0
                                                 --------------
Ending Cash Balance                                 $27,131,134
                                                 ==============


Headquartered in Bethesda, Maryland, PG&E National Energy Group,
Inc. -- http://www.pge.com/ -- (n/k/a National Energy & Gas
Transmission, Inc.) develops, builds, owns and operates electric
generating and natural gas pipeline facilities and provides energy
trading, marketing and risk-management services.  The Company and
its debtor-affiliates filed for Chapter 11 protection on
July 8, 2003 (Bankr. D. Md. Case No. 03-30459).  Matthew A.
Feldman, Esq., Shelley C. Chapman, Esq., and Carollynn H.G.
Callari, Esq., at Willkie Farr & Gallagher, and Paul M. Nussbaum,
Esq., and Martin T. Fletcher, Esq., at Whiteford, Taylor &
Preston, L.L.P., represent the Debtors in their restructuring
efforts.  When the Company filed for protection from its
creditors, it listed $7,613,000,000 in assets and $9,062,000,000
in debts.  NEGT received bankruptcy court approval of its
reorganization plan in May 2004, and that plan took effect on
Oct. 29, 2004.  (PG&E National Bankruptcy News, Issue No. 36;
Bankruptcy Creditors' Service, Inc., 215/945-7000)


RELIANCE GROUP: Liquidator Files Q4 2004 Liquidation Status Report
------------------------------------------------------------------
M. Diane Koken, Insurance Commissioner of the Commonwealth of
Pennsylvania, issues a Status Report on the Liquidation of
Reliance Insurance Company for the Fourth Quarter 2004.

In her capacity as RIC Liquidator, Ms. Koken reports that, at the
end of the fourth quarter 2004, the estate held $5,520,800,000 in
assets.  The most significant balance was $3,177,000,000,
relating to reinsurance receivables and future reinsurance
recoverables.  This figure was reduced from a $3,448,700,000
estimate in the Third Quarter Report.  Total liabilities are
estimated at $8,654,200,000, with the most significant balance,
$5,029,500,000, attributable to loss and loss adjustment expenses
on direct business.

The Statement reflects $1,589,100,000 in losses and loss
adjustment expenses paid by Guaranty Associations.  These figures
include data reported to the estate through an automated
interface on a time lag basis.  Since not all states were
reporting through this system at the end of the quarter, actual
payments by GAs are higher.  This value includes $1,312,600,000
in losses and loss adjustment expenses on assumed reinsurance
business, which are Class C general creditor claims.  The net
deficit produced is $3,133,400,000.

Short and intermediate duration marketable investments decreased
from $692,300,000 to $500,000,000 at the end of the period.
Reinsurance collections, the primary source of funds, totaled
$404,600,000 for the nine-month period between January 1, 2004,
and September 30, 2004.  The estate paid $413,400,000 in early
access payments to the GAs.  Loss adjustment expenses were
$3,400,000.  Operating expenses reached $143,900,000, including
$59,100,000 in GA reimbursed expenses.

At September 30, 2004, RIC held Symbol Technologies common stock
worth $111,600,000.  At January 21, 2005, the market value of
the stock was $17.55 per share.  RIC will continue to sell shares
as appropriate, depending on market conditions.

RIC estimates current and future premium receivables at
$111,700,000.  This includes receivables arising from large
deductible policies billed in 2003 whose ownership is disputed.

At September 30, 2004, reinsurance receivables and recoverables
totaled $3,177,000,000, down by $271,700,000.  RIC holds about
$1,000,000,000 in collateral as security.  Total reinsurance
collections in the first nine months of 2004 amounted to
$404,600,000.  Collections since the date of liquidation total
$990,800,000.

The inventory of billed reinsurance receivables is $841,500,000
as of September 30, 2004.  Of this amount, approximately
$233,000,000 relates to pre-liquidation balances.  This balance
consists of amounts in both formal and informal dispute, amounts
available to reinsurers as legitimate offsets and balances due
from insolvent and financially distressed companies.  During the
fourth quarter of 2004, the commutation settlement of the dispute
with John Hancock Life Insurance Company was approved by the
Commonwealth Court, reducing pre-liquidation balances by
$40,000,000.

Data feeds from the Guaranty Associations providing paid and
outstanding claim information were loaded into RIC's systems in
April 2003.  The GA data plus the Notices of Determination
generated about $967,000,000 of post-liquidation billings, of
which $608,000,000 was unpaid at December 31, 2004.  The amount
collected will ultimately be much lower due to disputes, offsets
and insolvencies.

RIC is aggressively attempting to collect reinsurance billings
and is in constant contact with its major reinsurers.  Formal
dispute resolution actions continue against several of the
reinsurers with substantial overdue balances, including various
Underwriters at Lloyd's and Houston Casualty Company.  RIC
expects these disputes to be resolved within the next six to 12
months.  Thus far in 2004, RIC completed 33 on-site reinsurance
audits at various GAs.

Ms. Koken advises that reinsurer financial strength is a problem
and will continue to be a major concern for the duration of the
RIC liquidation proceedings.  RIC is monitoring the financial
condition of its major reinsurers and will attempt to settle its
overall exposure with distressed companies through commutation.
However, significant write-offs for uncollectible reinsurance are
expected, Ms. Koken says.

At December 31, 2004, RIC had a total of 356 employees in both
the Philadelphia and New York City offices.  Since January 2004,
staff has been reduced in most areas with a net decrease of 76
employees.

The Liquidator has devoted considerable resources to general
asset recovery through numerous plaintiff actions to recover
assets owed to the estate.  These include litigation and
arbitration for:

    (1) collections from agencies, TPAs, brokers or program
        managers -- approximately $34,000,000 sought;

    (2) claims in bankruptcy against financially distressed
        insureds -- approximately $102,000,000 sought;

    (3) subrogation matters -- approximately $30,000,000 sought;

    (4) premium and large deductible collections -- approximately
        $31,000,000 sought;

    (5) reinsurance recoveries -- approximately $123,000,000
        sought; and

    (6) other litigation -- approximately $2,000,000 sought.

Thus far in 2004, the Liquidator recovered more than $86,200,000
through legal actions.

Through December 31, 2004, RIC received 156,846 proofs of claim,
of which 3,897 were filed after the deadline.  RIC mailed
170,668 status letters and issued 45,266 Notices of
Determination.  Some claimants have received more than one status
letter as the evaluation of their claims progressed.  Through
December 31, 2004, the Liquidator has allowed $221,800,000 for
all NODs issued.  The Liquidator has received 392 objections to
the NODs.  Of those objections, more than 100 have been resolved
and 288 are in the objection resolution process.  Referees have
been assigned to 263 objections.

The Liquidator has established a process to review requests for
the release of collateral held to secure obligations for direct
insureds, reinsurers and premium receivables.  As of December 31,
2004, RIC held collateral of approximately $1,800,000,000 to
secure current and future obligations.  For the year ended
December 31, 2004, 239 accounts were reviewed, resulting in the
release of $194,000,000 in collateral for 170 accounts.  Of the
remaining accounts, 32 were denied collateral release and other
resolutions were reached for 37 accounts.

A committee was established to review and recommend action for
cut-through requests.  Since implementation of the guidelines, 26
cut-through requests have been submitted to the Liquidator.  Of
these, 15 have been approved, eight were disapproved, two were
withdrawn and one is pending.  Of the eight disapprovals, two
were never contested, one was also disapproved by the Court after
a contest, one was approved by the Court with a decision under
appeal by the Liquidator in the Pennsylvania Supreme Court and
four are being decided before referees.


            Reliance Insurance Company (In Liquidation)
                   Special Purpose Balance Sheet
                      At September 30, 2004

Assets
   Short-term Investments                      $500,000,000
   Symbol Technologies Common Stock             111,600,000
   Investments in Trust - Secured Creditors     263,100,000
   Real Estate Investments                       27,200,000
                                            ---------------
   Invested Assets                              901,900,000

   Investments in Affiliates                     80,200,000
                                            ---------------
Total Invested Assets                           982,100,000

   Premium Balances                             111,700,000
   Reinsurance Receivable                       841,500,000
   Reinsurance Recoverable                    2,335,500,000
   Early Access to Guaranty Associations      1,203,800,000
   Other Assets                                  46,200,000
                                            ---------------
Total Assets                                 $5,520,800,000
                                            ===============

Liabilities
   Loss & Loss Adjustment Expenses - GAs      1,589,100,000
   Loss & Loss Adjustment Expenses - Direct   5,029,500,000
   Loss & Loss Adjustment Expenses - Assumed  1,312,600,000
   Funds Held                                   319,600,000
   Other Liabilities                            403,400,000
                                            ---------------
Total Liabilities                             8,654,200,000
                                            ---------------
Net Deficit                                 ($3,133,400,000)
                                            ===============


            Reliance Insurance Company (In Liquidation)
                      Statement of Cash Flow
              January 1, 2004 to September 30, 2004

Beginning Balance                              $464,300,000

Sources:
   Reinsurance Collections                      404,600,000
   Premium Collections                           22,500,000
   Subrogation Recoveries                        13,600,000
   Sale Proceeds from investments                57,800,000
   RGH Settlement                                45,300,000
   Released From Trust                           12,500,000
   Symbol Technologies Stock Sales               24,800,000
   Investment Appreciation                        8,800,000
   Checks issued but not cashed                  27,500,000
   Other                                         14,100,000
                                            ---------------
Total Sources                                   631,500,000
                                            ---------------

Uses:
   Early Access to GAs                         (413,400,000)
   Loss & Loss Adjustment Expenses               (3,400,000)
   Operating Expenses                          (143,900,000)
   Net Checks Cashed But Issued                 (35,100,000)
                                            ---------------
Total Uses                                     (595,800,000)
                                            ---------------

Net Increase in Funds                            35,700,000

Ending Balance                                 $500,000,000
                                            ===============


Headquartered in New York, New York, Reliance Group Holdings,
Inc. -- http://www.rgh.com/ -- is a holding company that owns
100% of Reliance Financial Services Corporation.  Reliance
Financial, in turn, owns 100% of Reliance Insurance Company.
The holding and intermediate finance companies filed for chapter
11 protection on June 12, 2001 (Bankr. S.D.N.Y. Case No. 01-13403)
listing $12,598,054,000 in assets and $12,877,472,000 in debts.
The insurance unit is being liquidated by the Insurance
Commissioner of the Commonwealth of Pennsylvania.  (Reliance
Bankruptcy News, Issue No. 69; Bankruptcy Creditors' Service,
Inc., 215/945-7000)


RELIANCE GROUP: Posts $498,000 Net Loss in January 2005
-------------------------------------------------------

RELIANCE GROUP HOLDINGS, INC., et al.
Unaudited Consolidated Balance Sheet,
excluding subsidiaries which
are not Debtors-in-Possession                31-Jan-2005
_____________________________________        ___________


ASSETS

Cash                                         $54,775,000
Accounts and Notes Receivable                 13,090,000
Prepaid expenses and deposits                    353,000
Due from Reliance Development Group,
    less allowance of $59,334,000                      0
Plant, property & equipment                            -
                                        ----------------
       Total Assets                          $68,218,000
                                        ================

LIABILITIES & SHAREHOLDERS' DEFICIT

Liabilities not subject to compromise
    Postpetition accounts payable             $1,373,000
    Professional fee holdback payable          2,304,000
    PBGC administrative claim                  3,000,000
Liabilities subject to compromise          1,106,116,000
                                        ----------------
       Total liabilities                   1,112,793,000
                                        ----------------

Shareholders' deficit:
    Common stock                              11,616,000
    Additional paid in capital               558,541,000
    Accumulated deficit                   (1,614,732,000)
                                        ----------------
       Total shareholders' deficit        (1,044,575,000)
                                        ----------------
       Total liabilities & deficit           $68,218,000
                                        ================


RELIANCE GROUP HOLDINGS, INC., et al.
Unaudited Consolidated Statement of           1-Jan-2005
Operations, excluding subsidiaries                to
which are not Debtors-in-Possession          31-Jan-2005
_____________________________________        ___________


Revenues                                              $0
                                        ----------------
Costs and expenses:
    Operating and administrative                  41,000
    Pension Plan Actuarial
      Adjustments and Expenses                         0
    Depreciation                                       0
                                        ----------------
    Total costs and expenses                      41,000
                                        ----------------
Loss before reorganization items                 (41,000)
                                        ----------------
Reorganization items:
    Professional fees                            560,000
    Interest earned on accumulated
       cash resulting from
       Chapter 11 proceeding                    (103,000)
                                        ----------------
    Total reorganization items                   457,000
                                        ----------------
Income Tax benefits                                    0
                                        ----------------
Net Income                                     ($498,000)
                                        ================


RELIANCE GROUP HOLDINGS, INC., et al.
Unaudited Consolidated Statement of           1-Jan-2005
Cash Flows, excluding subsidiaries                to
which are not Debtors-in-Possession          31-Jan-2005
_____________________________________        ___________


Cash flows from operating activities:
    Loss from operations before
       reorganization items                     ($41,000)
    Adjustments to reconcile loss to
       net cash provided by
       operating activities:
          Income Tax Recovery                          0
          Depreciation                                 0
    Changes in:
       Prepaid expenses                                0
       Postpetition payables                      (1,000)
       Increase in Liabilities
       subject to compromise                           0
                                        ----------------
    Net cash (used) provided by
        operating activities before
        reorganization items                     (42,000)
                                        ----------------
    Operating cash flows from
       reorganization items:
          Interest earned                        103,000
          Application of retainer
          towards reorganization
          professional fees                            0
          Payment of
          reorganization items                  (220,000)
                                        ----------------
    Net cash used by
       reorganization items                     (117,000)
                                        ----------------
    Net cash used by
       operating activities                     (159,000)
                                        ----------------
Cash flows from investing activities:
    Receipt from Reliance
    Development Group                                  0
                                        ----------------
       Net cash provided by
          investing activities                         0
                                        ----------------
Cash flow from financing activities:
    Proceeds of split dollar policies                  0
                                        ----------------
       Net cash provided by
          financing activities                         0
                                        ----------------
Net increase in cash                            (159,000)
Cash at beginning of period                   54,934,000
                                        ----------------
Cash at end of period                        $54,775,000
                                        ================


Headquartered in New York, New York, Reliance Group Holdings,
Inc. -- http://www.rgh.com/ -- is a holding company that owns
100% of Reliance Financial Services Corporation.  Reliance
Financial, in turn, owns 100% of Reliance Insurance Company.
The holding and intermediate finance companies filed for chapter
11 protection on June 12, 2001 (Bankr. S.D.N.Y. Case No. 01-13403)
listing $12,598,054,000 in assets and $12,877,472,000 in debts.
The insurance unit is being liquidated by the Insurance
Commissioner of the Commonwealth of Pennsylvania.  (Reliance
Bankruptcy News, Issue No. 69; Bankruptcy Creditors' Service,
Inc., 215/945-7000)


ROBOTIC VISION: Posts $2 Million Net Loss in December 2004
----------------------------------------------------------
On Feb. 1, 2005, Robotic Vision Systems, Inc., delivered a copy of
its monthly operating report for December 2004 to the U.S.
Securities and Exchange Commission.

Robotic Vision reports a $2,090,000 net loss on $3,217,000 of
gross revenues for the month ending Dec. 31, 2004.

At Dec. 31, 2004, Robotic Vision's balance sheet showed:

      Total Current Assets                      $21,080,000
      Total Assets                               49,196,000
      Total Liabilities Subject to Compromise    53,879,000
      Total Liabilities                          54,662,000
      Shareholders' Equity Deficit              ($5,466,000)

A full-text copy of Robotic Vision Systems, Inc.'s December 2004
Monthly Operating Report is available at no charge at:


http://www.sec.gov/Archives/edgar/data/225868/000119312505033959/dex991.htm


Headquartered in Nashua, New Hampshire, Robotic Vision Systems,
Inc. -- http://www.rvsi.com/ -- designs, manufactures and markets
machine vision, automatic identification and related products for
the semiconductor capital equipment, electronics, automotive,
aerospace, pharmaceutical and other industries.  The Company,
together with its debtor-affiliate, filed for chapter 11
protection on Nov. 19, 2004 (Bankr. D. N.H. Case No. 04-14151).
Bruce A. Harwood, Esq., at Sheehan, Phinney, Bass + Green
represents the Debtors in their restructuring efforts.  When the
Debtors filed for protection from their creditors, they listed
$43,046,000 in total assets and $51,338,000 in total debts.


TECO AFFILIATES: Panda Gila's Statement of Financial Affairs
------------------------------------------------------------
John T. Duff, the Debtors' President, reports that Panda Gila
River, LP, earned income from its Power Generation operation
during the two years immediately preceding the bankruptcy petition
date:

     Amount              Period
     ------              ------
   $26,652,128      01/01/05 - 01/25/05
   378,116,112      01/01/04 - 12/31/04
   171,160,102      01/01/03 - 12/31/03

Two years before the Petition Date, Panda Gila also received
income other than from its business operations:

    Amount              Source                     Period
    ------              ------                     ------
   $12,000           Lease Income            01/01/05 - 12/31/05
    35,500           Interest Income         01/01/05 - 01/25/05
   266,732           Interest Income         01/01/04 - 12/31/04
   422,000           Other Misc Income       01/01/04 - 12/31/04
   169,092           Interest Income         01/01/03 - 12/31/03

Within the 90-day period before the Petition Date, Panda Gila
paid $81,429,955 [sic] to certain creditors on account of loans,
installment purchases of goods or services, and other debts.
These creditors include:

   Creditor                                       Amount
   --------                                       ------
   Arizona Dept. of Revenue                   $1,176,401
                                               1,648,735
                                               1,298,302

   Arizona Public Service Company                688,050
                                                 544,970
                                               1,744,800

   BP Energy Company                           6,994,612
                                                 669,450
                                               2,311,518
                                                 552,966

   ChevronTexaco Natural Gas                   1,044,442

   Cinergy Marketing & Trading, LP               729,349

   Conocophillips Company                      6,852,094
                                              10,255,857
                                               3,261,715

   El Paso Natural Gas Company                 1,614,936
                                               1,596,110
                                               1,591,987
                                               1,592,967

   Kroll Zolfo Cooper LLC                      1,043,250

   Latham & Watkins                              650,000
                                               1,397,500

   NGTS LLC                                    1,074,222

   Salt River Project                            865,572
                                                 600,023
                                                 699,961
                                               1,159,943
                                                 759,386

   Southern California Edison Company            634,755
                                               1,083,572
                                                 724,285

   Squire Sanders & Dempsey, LLP                 633,100

   Tenaska Marketing Ventures                  3,261,919
                                                 866,688

   Transalta Energy Marketing Inc.             1,925,495

   UBS AG London Branch                          633,330
                                                 677,350

   United Energy Trading LLC                     755,206
                                               1,054,830

Within one year preceding the Petition Date, Panda Gila paid
$11,509,428 to its insider creditors.  The payments include:

   Creditor                                       Amount
   --------                                       ------
   TECO Energy Source, Inc.                     $317,696
                                                 326,661
                                                 303,448

   TPS Arizona Operations Co.                    382,256
                                                 359,767
                                                 734,084
                                                 350,270
                                                 667,207
                                                 436,133
                                                 585,636
                                                 346,910
                                                 404,959
                                                 385,236
                                                 371,564
                                                 377,821

   TWG Merchant, Inc.                            454,068
                                                 535,209
                                                 327,142

Panda Gila is a party of a pending lawsuit commenced within the
year immediately before the Petition Date.  Aquila Merchant
Services, Inc., filed the lawsuit against Panda Gila under Case
No. 04-CV-213542 in the Circuit Court of Jackson County, Kansas
City.  The proceeding is for payment and services differences
relating to a Power Management Agreement dated February 19, 2001.

On September 27, 2004, Panda Gila made a charitable contribution
of $500 to Children's Miracle Network in Salt Lake City, Utah.
Panda Gila paid $12,982,750 to debt counseling, within one year
immediately preceding the Petition Date.  It also holds spare
parts worth $727,752 for TPS McAdams, LLC, in Gila River Power
Station.

Panda Gila received written notices relating to its TECO Power
Services site, from Maricopa County Environmental Services
Department for possible violation of certain Environmental Laws.
In late 2004, Panda Gila was a party to settlements with Maricopa
County Environmental Services Department, Air Quality Division,
for:

    * two Notices of Violation alleging excess opacity on
      October 20 to 21, 2004, from several of the units;

    * one Notice of Violation alleging the failure to provide
      timely notice of start of construction several years ago;

    * one Notice of Violation for failing to provide timely notice
      of excess emissions;

    * eight Notices of Violation for failing to provide an
      accurate semiannual compliance certificate for the period
      April - September 2003 for each of the eight units at the
      facility; and

    * one Notice of Violation alleging that each unit had excess
      emissions of NOx and CO during startup from April to
      December 2003 and during normal operations between April
      2003 and March 2004.

Within two years before the Petition Date, Panda Gila's books of
account and records were kept or supervised by:

   Name                                             Title
   ----                                             -----
   Susan Allgoever                            Accounting Manager
   Anne Ansley                                        Accountant
   Sharon Armstrong                           Accounting Manager
   Gerda Avila                                        Accountant
   Russ Bell                                    Panda Accounting
   Alessandra Brantl                            Panda Accounting
   Franklin Byrd                                Panda Controller
   Kenneth Collins                      Panda Project Accounting
   Beth Conrad                                  Panda Accounting
   Doug Davis                                         Accountant
   Dawn Armes                                         Accountant
   Passard Dean                                       Accountant
   Claude DeMars                                      Accountant
   Karen Flynn                 Panda Accounts Payable/Data Entry
   Gordon Gillette                       Chief Financial Officer
   Erica Greenhouse                     Panda Project Accounting
   Laurie Harris                                Panda Accounting
   Yvonne Hughes                              Accounting Manager
   Jeremy Hunsaker                      Panda Project Accountant
   Lisa Koebrich                              Accounting Manager
   Alicia Lopez                                       Accountant
   Kathy McKenzie              Panda Project Director Accountant
   Veronic Mudie                              Accounting Manager
   Joe Mullholand                Panda Senior Project Accountant
   Whitney North                        Panda Project Accounting
   Thomas O'Neil              Panda Accounts Payable Coordinator
   Thomas O'Neil                        Panda Project Accounting
   Shirley Payne                                   VP of Finance
   Lisa Pellegrino                                    Accountant
   Debbie Pool                          Panda Project Accounting
   Natasha Ray                          Panda Project Accounting
   Dean Remmers                                       Controller
   Michelle Renfroe           Panda Accounts Payable Coordinator
   Richard McCormic                                   Accountant
   Michelle Roethemeyer                         Panda Accountant
   S. Mark Rudolph                                    Controller
   Kathy Scott                                  Panda Accounting
   Kathy Scott                          Panda Project Accounting
   Tammy Spears                         Panda Project Accounting
   Brad Stenoien               Panda Project Director Accountant
   Brad Stenoien                        Panda Project Accounting
   Jerry Thurmond                  Panda Chief Financial Officer
   Michael Workman                                    Accountant

Panda Gila issued financial statements to these institutions
within two years before the Petition Date:

    * BP Energy,
    * Constellation Energy Commodities Group,
    * J Aron & Company,
    * UBS AG,
    * Wachovia Bank, and
    * AON 50 Kennedy Plaza

On December 13, 2004, Bobby Ybarra and Yvonne Hughes supervised
the inventory of Panda Gila's property, the value of which is
$8,533,616.  The records of the inventory are in Ms. Hughes'
possession.

Panda Gila's current partners, officers, directors and
shareholders, hold interest in the company:

   Name                  Nature of Interest       % Interest
   ----                  ------------------       ----------
   C. R. Black           Manager                      0%

   J. T. Duff            Manager/President            0%

   M. R. Schuyler        Vice President               0%

   R. Shutran            Assistant Secretary          0%

   S. M. Rudolph         VP-Controller, Treasurer
                         and Assistant Secretary      0%

   Union Power I, LLC    General Partner              1%

   Union Power II, LLC   Limited Partner             99%

   V. P. Crane           Alternate Manager/
                         VP and Secretary             0%

Panda Gila River, L.P., Union Power Partners, L.P., Trans-Union
Pipeline, L.P., and UPP Finance Co., LLC --
http://www.tecoenergy.com/ -- own and operate the two largest
combined-cycle natural gas generation facilities in the United
States.  The Debtors filed for bankruptcy protection on Jan. 26,
2005 (Bank. D. Ariz. Case No. 05-01143, and 05-01149 through
05-01151).  Craig D. Hansen, Esq., Thomas J. Salerno, Esq., and
Sean T. Cork, Esq., at Squire, Sanders & Dempsey L.L.P., represent
the Debtors in their restructuring efforts.  When the Debtors
filed for protection from their creditors, they listed
$2,196,000,000 in total assets and $2,268,800,000 in total debts.
(TECO Affiliates Bankruptcy News, Issue No. 5; Bankruptcy
Creditors' Service, Inc., 215/945-7000)


TECO AFFILIATES: Trans Union's Statement of Financial Affairs
-------------------------------------------------------------
The Debtors' President, John T. Duff, reports that during the two
years immediately preceding the bankruptcy petition date, Trans-
Union Interstate Pipeline, L.P., earned income from its
operations:

     Amount              Period
     ------              ------
    $5,301,672            2004
     5,087,894            2003

Within 90 days preceding the Petition Date, Union Power Partners,
LP set off $1,325,418 against a debt or deposit of Trans-Union.

On the Petition Date, Trans-Union's books of account and records
were in the possession of:

    * TECO Energy,
    * TECO Wholesale Generation, Parent location, and
    * Union Power Partners, Plant location

Trans-Union issued financial statements to these institutions
within two years before the Petition Date:

    * BP Energy,
    * Constellation Energy Commodities Group,
    * J Aron & Company,
    * UBS AG,
    * Wachovia Bank, and
    * AON 50 Kennedy Plaza

Trans-Union's current partners, officers, directors and
shareholders, hold interest in the company:

   Name                  Nature of Interest        % Interest
   ----                  ------------------        ----------
   C. R. Black           Manager                        0%

   J. T. Duff            Manager/President              0%

   M. R. Schuyler        Vice President                 0%

   S. M. Rudolph         VP-Controller, Treasurer
                         and Assistant Secretary        0%

   Union Power I, LLC    General Partner                1%

   Union Power II, LLC   Limited Partner               99%

   V. P. Crane           Alternate Manager/
                         VP and Secretary               0%


Panda Gila River, L.P., Union Power Partners, L.P., Trans-Union
Pipeline, L.P., and UPP Finance Co., LLC --
http://www.tecoenergy.com/ -- own and operate the two largest
combined-cycle natural gas generation facilities in the United
States.  The Debtors filed for bankruptcy protection on Jan. 26,
2005 (Bank. D. Ariz. Case No. 05-01143, and 05-01149 through
05-01151).  Craig D. Hansen, Esq., Thomas J. Salerno, Esq., and
Sean T. Cork, Esq., at Squire, Sanders & Dempsey L.L.P., represent
the Debtors in their restructuring efforts.  When the Debtors
filed for protection from their creditors, they listed
$2,196,000,000 in total assets and $2,268,800,000 in total debts.
(TECO Affiliates Bankruptcy News, Issue No. 5; Bankruptcy
Creditors' Service, Inc., 215/945-7000)


TECO AFFILIATES: Union Power's Statement of Financial Affairs
-------------------------------------------------------------
Union Power Partners, L.P., earned income from its Power
Generation operations, during the two years immediately preceding
the bankruptcy petition date:

         Amount            Period
         ------            ------
       $222,144      01/01/05 - 01/25/05
     49,875,303      01/01/04 - 12/31/04
    168,381,161      01/01/03 - 12/31/03

Two years before the Petition Date, Union Power also received
income other than from its business operations:

      Amount         Source                        Period
      ------         ------                        ------
        $143         Interest Income         01/01/05 - 01/25/05

   4,252,063         Interest Income
                     Intercompany - Finco    01/01/05 - 01/25/05

     148,320         Interest Income
                     Intercompany
                     - Trans Union           01/01/05 - 01/25/05

     204,713         Interest Income         01/01/04 - 12/31/04

   4,238,938         Interest Income
                     Intercompany - Finco    01/01/04 - 12/31/04

     148,701         Interest Income
                     Intercompany
                     - Trans Union           01/01/04 - 12/31/04

   2,008,096         Interest Income         01/01/03 - 12/31/03

Within the 90-day period before the Petition Date, Union Power
paid $28,037,778 to certain creditors on account of loans,
installment purchases of goods or services, and other debts.
Some of these creditors are:

   Creditor                                       Amount
   --------                                       ------
   AEP Energy Services, Inc.                  $2,505,446
                                                 719,154

   Anadarko Energy Services Co.                  697,533

   Chevron Texaco                              1,608,724

   Dept. of Finance & Administration             744,405

   Duke Energy Field Services                  3,395,250
                                               1,405,840

   Kroll Zolfo Cooper, LLC                       561,750

   Latham & Watkins                              650,000
                                                 752,500

   MGI Supply Ltd.                             3,483,416
                                                 640,000
                                                 833,208

   Nobel Energy Marketing Inc                    104,535

   Regency Intrastate Gas, LLC                   802,708
                                                 558,000

Within one year before the Petition Date, Union Power made
payments aggregating $9,442,429 to insider creditors, which
include:

   Creditor                                       Amount
   --------                                       ------
   TPS Arkansas Operations Co.                  $725,114
                                                 335,636
                                                 659,376
                                                 327,297
                                                 363,521
                                                 421,746
                                                 489,279
                                                 323,180
                                                 479,669
                                                 418,362
                                                 416,915

   TWG Merchant, Inc.                            319,257
                                                 423,909

Within a year immediately before the Petition Date, two lawsuits
were commenced against Union Power:

    * Aquila Merchant Services, Inc. v. Union Power Agreement of
      2/19/01 Partners, L.P., Case No. 04-415 CV-213542, for
      payment & services differences relating to Power Management
      filed with the Circuit Court of Jackson County in Kansas
      City; and

    * Graylon Hughes v. Panda Energy Int'l Inc., and Edison C.
      Gasper, Case No. -- Unknown, a personal injury suit, filed
      with the Circuit Court of Union County in El Dorado,
      Arizona.

On September 9, 2004, Union Power made a $100,000 cash donation
to Southern Arkansas University Foundation in Magnolia, Arizona.

Union Power made payments relating to debt counseling, within one
year before the Petition Date aggregating $10,922,210, which
include:

   Payee                                          Amount
   -----                                          ------
   Kroll Zolfo Cooper, LLC                      $561,750

   Latham & Watkins                              340,394
                                                 341,124
                                                 431,014
                                                 300,000
                                                 312,500
                                                 650,000
                                                 752,500
                                                 400,000

Within 90 days preceding the Petition Date, Union Power's
creditors made set-offs of:

    Creditor                                      Amount
    --------                                      ------
   Trans-Union Interstate Pipeline, LP          $441,806
                                                 441,806
                                                 441,806

   Union County Regents Bank                  17,376,188

Union Power controls properties owned by these entities in El
Dorado, Arizona:

   Owner                Property
   -----                --------
   General Electric     20 fuel nozzles with an aggregate value
   International, Inc.  of $2,080,250

                        PowerSmarts Equipment with an estimated
                        value of $75,000

   TPS Dell, LLC        Spare parts for $587,975

                        Inoperative Load Commutating Inverter for
                        $10

From March 1, 2001, to the present, Union Power was a partner or
owned 5% or more of the voting or equity securities of a special
purpose entity, UPP Finance Co., LLC, in Tampa, Florida.

On the Petition Date, Union Power's books of account and records
were in the possession of:

    * TECO Energy, Parent location,
    * TECO Wholesale Generation, Parent location, and
    * Union Power Partners, Plant location

Union Power issued financial statements to these institutions
within two years before the Petition Date:

    * BP Energy,
    * Constellation Energy Commodities Group,
    * J Aron & Company,
    * UBS AG,
    * Wachovia Bank, and
    * AON 50 Kennedy Plaza

On November 8, 2004, Joel Holt and Jonathan Wilson supervised the
inventory of Union Power's property for which the value is at
$1,285,645.  The records of the inventory are in Mr. Wilson's
possession.

Union Power's current partners, officers, directors and
shareholders, hold interest in the company:

   Name              Nature of Interest      % Interest
   ----              ------------------      ----------
   C. R. Black       Manager                     0%

   J. T. Duff        Manager/President           0%

   M. R. Schuyler    Vice President              0%

   S. M. Rudolph     VP-Controller,
                     Treasurer, and
                     Assistant Secretary         0%

   Union Power I     General Partner             1%
   LLC

   Union Power II    Limited Partner            99%
   LLC

   V. P. Crane       Alternate Manager/
                     VP and Secretary            0%

Panda Gila River, L.P., Union Power Partners, L.P., Trans-Union
Pipeline, L.P., and UPP Finance Co., LLC --
http://www.tecoenergy.com/ -- own and operate the two largest
combined-cycle natural gas generation facilities in the United
States.  The Debtors filed for bankruptcy protection on Jan. 26,
2005 (Bank. D. Ariz. Case No. 05-01143, and 05-01149 through
05-01151).  Craig D. Hansen, Esq., Thomas J. Salerno, Esq., and
Sean T. Cork, Esq., at Squire, Sanders & Dempsey L.L.P., represent
the Debtors in their restructuring efforts.  When the Debtors
filed for protection from their creditors, they listed
$2,196,000,000 in total assets and $2,268,800,000 in total debts.
(TECO Affiliates Bankruptcy News, Issue No. 5; Bankruptcy
Creditors' Service, Inc., 215/945-7000)


TECO AFFILIATES: UPP Finance's Statement of Financial Affairs
-------------------------------------------------------------
During the two years immediately preceding the Petition Date, UPP
Finance Co., LLP, did not earn income from its operations.  On
the bankruptcy petition date, UPP Finance's books of account and
records were in the possession of:

    * TECO Energy, Plant location
    * TECO Wholesale Generation, Parent location, and
    * Union Power Partners, Plant location

These officers and stockholders, directly or indirectly own,
control, or hold 5% or more of UPP Finance's voting or equity
securities:

   Name               Nature of Interest      Percentage
   ----               ------------------      ----------
   C. R. Black        Manager                     0%

   J. T. Duff         Manager/President           0%

   M. R. Schuyler     Vice President              0%

   S. M. Rudolph      VP-Controller,
                      Treasurer, and
                      Assistant Secretary         0%

   Union Power
   Partners, L.P.     Shareholder               100%

   V. P. Crane        Alternate Manager/
                      VP and Secretary            0%


Panda Gila River, L.P., Union Power Partners, L.P., Trans-Union
Pipeline, L.P., and UPP Finance Co., LLC --
http://www.tecoenergy.com/ -- own and operate the two largest
combined-cycle natural gas generation facilities in the United
States.  The Debtors filed for bankruptcy protection on Jan. 26,
2005 (Bank. D. Ariz. Case No. 05-01143, and 05-01149 through
05-01151).  Craig D. Hansen, Esq., Thomas J. Salerno, Esq., and
Sean T. Cork, Esq., at Squire, Sanders & Dempsey L.L.P., represent
the Debtors in their restructuring efforts.  When the Debtors
filed for protection from their creditors, they listed
$2,196,000,000 in total assets and $2,268,800,000 in total debts.
(TECO Affiliates Bankruptcy News, Issue No. 5; Bankruptcy
Creditors' Service, Inc., 215/945-7000)


USG CORP: Earns $19.6 Million of Net Income in December 2004
------------------------------------------------------------

USG Corporation, et al.
Consolidated Balance Sheet                     31-December-2004
__________________________                     ________________


Assets:
Cash and cash equivalents                          $516,123,000
Marketable Securities                               134,969,000
Restricted Cash                                      37,664,000
Receivables                                         372,790,000
Inventories                                         275,135,000
Income taxes receivable                              24,342,000
Deferred income taxes                                24,974,000
Other current assets                                 44,764,000
                                                  -------------
Total current assets                              1,430,761,000

Property, plant and equipment, net                1,604,546,000
Marketable Securities                               275,959,000
Deferred income taxes                               152,510,000
Goodwill                                             42,576,000
Other assets                                        360,724,000
                                                  -------------
Total Assets                                     $3,867,076,000
                                                  =============

Liabilities and Stockholders' Equity:
Accounts payable                                   $236,937,000
Accrued expenses                                    202,720,000
Taxes on income                                      58,057,000
                                                  -------------
Total current liabilities                           497,714,000

Other liabilities                                   391,005,000
Liabilities subject to compromise                 2,241,998,000

Stockholders' Equity:
Common stock                                          4,998,000
Treasury stock                                     (255,845,000)
Capital received in excess of par value             100,374,000
Accumulated other comprehensive income/(loss)         3,481,000
Retained earnings                                   883,351,000
                                                  -------------
Total stockholders' equity                          736,359,000
                                                  -------------
Total Liabilities and Stockholders' Equity       $3,867,076,000
                                                  =============


USG Corporation, et al.                            Month Ending
Consolidated Income Statement                  31-December-2004
_____________________________                  ________________


Net sales                                          $344,425,000

Cost of products sold                               293,253,000
Selling and administrative expenses                  21,232,000
Chapter 11 reorganization expenses                    4,189,000
Provision for restructuring expenses                          -
Interest expense                                        375,000
Interest income                                        (148,000)
Other (income)/expense, net                            (742,000)
                                                  -------------
Earnings/(loss) before income taxes                  26,266,000

Income taxes (benefit)                                6,630,000
                                                  -------------
Net Earnings/(loss)                                 $19,636,000
                                                  =============


Headquartered in Chicago, Illinois, USG Corporation
-- http://www.usg.com/ -- through its subsidiaries, is a leading
manufacturer and distributor of building materials producing a
wide range of products for use in new residential, new
nonresidential and repair and remodel construction, as well as
products used in certain industrial processes. The Company filed
for chapter 11 protection on June 25, 2001 (Bankr. Del. Case No.
01-02094). David G. Heiman, Esq., and Paul E. Harner, Esq., at
Jones Day represent the Debtors in their restructuring efforts.
When the Debtors filed for protection from their creditors, they
listed $3,252,000,000 in assets and $2,739,000,000 in debts. (USG
Bankruptcy News, Issue No. 81; Bankruptcy Creditors' Service,
Inc., 215/945-7000)


WINN-DIXIE: Files Consolidated Balance Sheet as of Jan. 12, 2005
----------------------------------------------------------------

            Winn-Dixie Stores, Inc. And Subsidiaries
              Condensed Consolidated Balance Sheets
                        January 12, 2005
                           (Unaudited)


ASSETS

Current Assets:
   Cash and cash equivalents                      $31,587,000
   Marketable securities                           19,440,000
   Trade and other receivables,
      less allowance for doubtful items
      of $4,289,000                               108,746,000
   Insurance claims receivable                     16,895,000
   Income tax receivable                           55,593,000
   Merchandise inventories less LIFO
   reserve of $214,070,000                        904,396,000
   Prepaid expenses and other current assets       40,007,000
   Assets held for sale                            24,302,000
                                               --------------
      Total current assets                      1,200,966,000

Property, plant and equipment, net                878,787,000
Other assets, net                                 155,804,000
                                               --------------
   Total assets                                $2,235,557,000
                                               ==============

LIABILITIES AND SHAREHOLDERS' EQUITY

Current Liabilities:
   Current portion of long-term debt                  260,000
   Current obligations under capital leases         2,753,000
   Accounts payable                               410,376,000
   Reserve for insurance claims and
      self-insurance                               98,904,000
   Accrued wages and salaries                     103,731,000
   Accrued rent                                   122,194,000
   Accrued expenses                               127,376,000
                                               --------------
      Total current liabilities                   865,594,000

Reserve for insurance claims and
   self-insurance                                 185,435,000
Long-term debt                                    300,429,000
Long-term borrowings under revolving
   credit facility                                153,000,000
Obligations under capital leases                   11,110,000
Defined benefit plan                               69,777,000
Lease liability on closed facilities,
   net of current portion                         250,403,000
Other liabilities                                  35,037,000
                                               --------------
   Total liabilities                            1,870,785,000

Commitments and contingent liabilities

Shareholders' Equity:
   Common stock $1 par value.  Authorized
      400,000,000 shares; 154,332,048 shares
      issued and 142,168,096 shares
      outstanding at January 12, 2005             142,168,000
   Additional paid-in-capital                      30,970,000
   Retained earnings                              203,110,000
   Accumulated other comprehensive loss           (11,476,000)
                                               --------------
      Total shareholders' equity                  364,772,000
                                               --------------
   Total liabilities and shareholders' equity  $2,235,557,000
                                               ==============


Headquartered in Jacksonville, Florida, Winn-Dixie Stores, Inc. --
http://www.winn-dixie.com/ -- is one of the nation's largest food
retailers.  The Company operates stores across the Southeastern
United States and in the Bahamas and employs approximately 90,000
people.  The Company, along with 23 of its U.S. subsidiaries,
filed for chapter 11 protection on Feb. 21, 2005 (Bankr. S.D.N.Y.
Case No. 05-11063).  David J. Baker, Esq., at Skadden Arps Slate
Meagher & Flom, LLP, and Sarah Robinson Borders, Esq., and Brian
C. Walsh, Esq., at King & Spalding LLP represent the Debtors
in their restructuring efforts.  When the Debtors filed for
protection from their creditors, they listed $2,235,557,000 in
total assets and $1,870,785,000 in total debts.  (Winn-Dixie
Bankruptcy News, Issue No. 1; Bankruptcy Creditors' Service,
Inc., 215/945-7000)

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Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com.

Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals. All titles are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/books/to order any title today.

Monthly Operating Reports are summarized in every Saturday edition
of the TCR.

For copies of court documents filed in the District of Delaware,
please contact Vito at Parcels, Inc., at 302-658-9911. For
bankruptcy documents filed in cases pending outside the District
of Delaware, contact Ken Troubh at Nationwide Research &
Consulting at 207/791-2852.

                          *********

S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter is a daily newsletter co-published by
Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania,
USA, and Beard Group, Inc., Frederick, Maryland USA. Yvonne L.
Metzler, Emi Rose S.R. Parcon, Rizande B. Delos Santos, Jazel P.
Laureno, Cherry Soriano-Baaclo, Marjorie Sabijon, Terence Patrick
F. Casquejo and Peter A. Chapman, Editors.

Copyright 2005.  All rights reserved.  ISSN: 1520-9474.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.  Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.

The TCR subscription rate is $675 for 6 months delivered via e-
mail. Additional e-mail subscriptions for members of the same firm
for the term of the initial subscription or balance thereof are
$25 each.  For subscription information, contact Christopher
Beard at 240/629-3300.

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