TCR_Public/050514.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, May 14, 2005, Vol. 9, No. 113

                          Headlines

MIIX GROUP: Posts $327,842 Cumulative Net Loss in March 2005
MIRANT CORP: Posts $4.6 Million Net Loss in February 2005
MIRANT CORP: MAGi Posts $16 Million Net Loss in February 2005
PARMALAT: Farmland Dairies Amends Schedules of Assets & Debts
PARMALAT: Milk Products Amends Schedules of Assets & Debts

SPIEGEL INC: Posts $16 Million Net Loss for Period Ended Feb. 26
TRENWICK AMERICA: Reports $280,975 Net Profit in March 2005
UAL CORPORATON: Posts $457.8 Million Net Loss in March 2005
USGEN NEW ENGLAND: Posts $3.3 Million Net Loss in October 2004
USGEN NEW ENGLAND: Posts $1.5 Million Loss in November 2004

USGEN NEW ENGLAND: Posts $82 Million Net Loss in December 2004
USGEN NEW ENGLAND: Posts $509 Million Net Loss in January 2005
USGEN NEW ENGLAND: Posts $10.4 Million Net Loss in February 2005

                          *********

MIIX GROUP: Posts $327,842 Cumulative Net Loss in March 2005
------------------------------------------------------------
On April 25, 2005, The MIIX Group, Inc., and its debtor-affiliate,
New Jersey State Medical Underwriters, Inc., filed their monthly
operating reports for the period from March 1, 2005 to March 31,
2005, with the U.S. Bankruptcy Court for the District of Delaware.

MIIX Group reports a cumulative net loss of $327,842 on $8,285 in
total revenue for the period from Dec. 21, 2004 thru March 31,
2005.  New Jersey State Medical Underwriters, Inc., reports a
cumulative net income of $627,182 on $1,997,393 total revenue for
the period from Dec. 21, 2004 thru Mar. 31, 2005.

At March 31, 2005, The MIIX Group's and New Jersey State Medical
Underwriters, Inc.'s balance sheets reflect:

                                                 New Jersey
                                                State Medical
                             The MIIX Group   Underwriters, Inc.
                             --------------   ------------------
   Total Assets                  $9,731,597          $15,750,811
   Total Liabilities              8,930,182            6,820,756
   Stockholders' Equity            $801,415           $8,930,055

A full-text copy of MIIX Group and New Jersey State Medical
Underwriters, Inc.'s monthly operating reports for the period from
March 1, 2005 to March 31, 2005, is available at no charge at:


http://www.sec.gov/Archives/edgar/data/1064063/000089322005001041/w08733exv99w1.txt

Headquartered in Lawrenceville, New Jersey, The MIIX Group, Inc. -
- http://www.miix.com/-- provides management services to medical
malpractice insurance companies.  The Company along with its
debtor-affiliate filed for chapter 11 protection on Dec. 20, 2004
(Bankr. D. Del. Case No. 04-13588).  Andrew J. Flame, Esq., at
Drinker Biddle & Reath LLP represents the Debtors in their
restructuring efforts.  When the Debtors filed for protection from
their creditors, they estimated assets between $10 million and $50
million and debts between $10 million and $50 million.


MIRANT CORP: Posts $4.6 Million Net Loss in February 2005
---------------------------------------------------------

                 Mirant Corporation and Subsidiaries
                     Consolidated Balance Sheet
                      As of February 28, 2005

ASSETS

Cash and cash equivalents                        $1,717,415,062
Accounts receivable - net                           934,946,736
Assets from risk management activities              264,404,353
Derivative hedging instruments                                -
Inventories                                         317,018,331
Other                                               688,115,253
                                                ---------------
       Total Current Assets                       3,921,899,735


Property, plant and equipment                     5,191,912,277
Less: accumulated depreciation/depletion            843,299,839
Leasehold interests - net                         1,485,674,180
Construction work in progress                       127,560,457
Investment in suspended construction                249,745,059
                                                ---------------
       Total net property, plant and equipment    6,211,592,134

Investments                                         248,299,785
Long-term accounts receivable - net                  31,658,649
Notes receivable - net                                        -
Assets from risk management activities              116,915,129
Goodwill - net                                        5,767,352
Other intangibles - net                             268,790,398
Derivative hedging instruments                                -
Restricted cash, non-current                        207,199,784
7Other long-term assets                                       1
Miscellaneous deferred charges                      431,956,645
                                                ---------------
       Total Non-current Assets                   1,310,587,743
                                                ---------------
       TOTAL ASSETS                             $11,444,079,612
                                                ===============

LIABILITIES AND EQUITY

Postpetition Liabilities:
    Debt                                         $1,306,399,240
    Accounts Payable                                722,621,781
    Liabilities from risk management activities     395,673,862
    Obligations under energy deliveries               9,244,154
    Derivative hedging instruments                            -
    Other                                           198,094,792
    Miscellaneous deferred credits                  699,221,285
                                                ---------------
       Total postpetition liabilities             3,331,255,114

Prepetition Liabilities                           9,202,951,759
                                                ---------------
       TOTAL LIABILITIES                         12,534,206,873

EQUITY:
Minority interest in subsidiaries                   167,499,636
Mandatory redeemable securities                               -
Common stock                                          4,056,621
Additional paid-in capital                        4,917,823,447
Retained earnings                                (6,095,680,214)
Treasury stock, at cost                              (2,260,000)
Accumulated other comprehensive income              (81,566,751)
                                                ---------------
       Total Equity                              (1,090,127,261)
                                                ---------------
       TOTAL LIABILITIES AND OWNERS' EQUITY     $11,444,079,612
                                                ===============


                 Mirant Corporation and Subsidiaries
                  Consolidated Statements of Income
                For the month ending February 28, 2005

REVENUES:
    Generation                                     $196,371,454
    Net trading revenue                               2,552,858
    Distribution                                     44,849,620
    Other                                             1,135,031
                                                ---------------
       Net Revenue                                  244,908,963

OPERATING EXPENSES:
    Energy cost                                     126,924,170
    Operations and maintenance                       74,579,987
    Depreciation and amortization                    24,883,364
    Gain on sale of property and investment             (75,000)
    Impairment loss                                       6,654
    Restructuring costs                                 417,290
                                                ---------------
       Total Operating Expenses                     226,736,465
                                                ---------------
       Income before non-operating income
       and expense                                   18,172,498

OTHER INCOME AND EXPENSES:
    Interest income                                   1,483,963
    Interest expense                                 (9,888,605)
    Equity in income of affiliates                    2,231,032
    Other                                             1,502,247
    Reorganization items                            (24,329,165)
    Minority interest                                (1,726,002)
    Net income from discontinued operations            (261,730)
                                                ---------------
       Total Other Income                           (30,988,260)

Provision for income tax                              8,249,747
                                                ---------------
       NET PROFIT (LOSS)                            ($4,566,015)
                                                ===============


                         Mirant Corporation
           Unconsolidated Cash Receipts and Disbursements
               For the month ending February 28, 2005

Cash, beginning of month                           $275,621,834

Non-Operating Receipts:
    Loans & Advances                                   (609,613)
    Sale of Assets                                            -
                                                ---------------
    Total non-operating receipts                       (609,613)
                                                ---------------
       Total receipts                                  (609,613)
                                                ---------------
       Total Cash Available                         275,012,221

Operating Disbursements                                       0

Reorganization Expenses                                 (22,654)
                                                ---------------
       Total disbursements                              (22,654)
                                                ---------------
Net Cash Flow                                          (586,959)
                                                ---------------
Cash, end of month                                 $275,034,875
                                                ===============

Headquartered in Atlanta, Georgia, Mirant Corporation --
http://www.mirant.com/-- is a competitive energy company that
produces and sells electricity in North America, the Caribbean,
and the Philippines.  Mirant owns or leases more than 18,000
megawatts of electric generating capacity globally.  Mirant
Corporation filed for chapter 11 protection on July 14, 2003
(Bankr. N.D. Tex. 03-46590).  Thomas E. Lauria, Esq., at White &
Case LLP, represents the Debtors in their restructuring efforts.
When the Debtors filed for protection from their creditors, they
listed $20,574,000,000 in assets and $11,401,000,000 in debts.
(Mirant Bankruptcy News, Issue No. 62; Bankruptcy Creditors'
Service, Inc., 215/945-7000)


MIRANT CORP: MAGi Posts $16 Million Net Loss in February 2005
-------------------------------------------------------------

         Mirant Americas Generation, LLC, and Subsidiaries
                     Consolidated Balance Sheet
                      As of February 28, 2005

ASSETS

Cash and cash equivalents                          $484,710,327
Accounts receivable - net                           560,582,564
Assets from risk management activities               94,561,855
Derivative hedging instruments                                -
Inventories                                         151,095,474
Other                                               125,702,828
                                                ---------------
       Total Current Assets                       1,416,653,048

Property, plant and equipment                     2,203,551,028
Less: accumulated depreciation/depletion            345,570,654
Leasehold interests - net                                     -
Construction work in progress                        71,865,798
Investment in suspended construction                174,278,786
                                                ---------------
       Total net property, plant and equipment    2,104,124,958

Investments                                              25,000
Long-term accounts receivable - net                  94,068,795
Notes receivable - net                              223,275,000
Assets from risk management activities                3,011,579
Other intangibles - net                             205,703,664
Derivative hedging instruments                                -
Restricted cash, non-current                          5,062,781
Other long-term assets                                        -
Miscellaneous deferred charges                      210,002,584
                                                ---------------
       Total Non-current Assets                     741,149,403
                                                ---------------
       TOTAL ASSETS                              $4,261,927,409
                                                ===============

LIABILITIES AND EQUITY

Postpetition Liabilities:
    Debt                                                     $0
    Accounts Payable                                257,103,453
    Liabilities from risk management activities     153,709,113
    Obligations under energy deliveries                       -
    Derivative hedging instruments                            -
    Other                                           155,340,324
    Miscellaneous deferred credits                   27,857,109
                                                ---------------
       Total postpetition liabilities               594,009,999

Prepetition Liabilities                           3,438,221,090
                                                ---------------
       TOTAL LIABILITIES                          4,032,231,089

EQUITY:
Minority interest in subsidiaries                        35,002
Mandatory redeemable securities                               -
Common stock                                              1,000
Additional paid-in capital                        3,853,859,362
Retained earnings                                (3,624,199,044)
Treasury stock, at cost                                       -
Accumulated other comprehensive income                        -
                                                ---------------
       Total Equity                                 229,696,320
                                                ---------------
       TOTAL LIABILITIES AND OWNERS' EQUITY      $4,261,927,409
                                                ===============


         Mirant Americas Generation, LLC, and Subsidiaries
                 Consolidated Statements of Income
               For the month ending February 28, 2005

REVENUES:
    Generation                                     $119,493,867
    Net trading revenue                                       -
    Distribution                                              -
    Other                                                48,429
                                                ---------------
       Net Revenue                                  119,542,296

OPERATING EXPENSES:
    Energy cost                                      79,098,182
    Operations and maintenance                       47,254,899
    Depreciation and amortization                     6,825,944
    Gain on sale of property and investment                   -
    Impairment loss                                       7,643
    Restructuring costs                                 256,340
                                                ---------------
       Total Operating Expenses                     133,443,008
                                                ---------------
       Income before non-operating income
       and expense                                  (13,900,712)

OTHER INCOME AND EXPENSES:
    Interest income                                           -
    Interest expense                                   (656,818)
    Equity in income of affiliates                            -
    Other                                               127,356
    Reorganization items                             (3,804,523)
    Minority interest                                         -
    Net income from discontinued operations                   -
                                                ---------------
       Total Other Income                            (4,333,985)

Provision for income tax                              2,219,512
                                                ---------------
       NET PROFIT (LOSS)                           ($16,015,185)
                                                ===============


          Mirant Americas Generation, LLC, and Subsidiaries
           Unconsolidated Cash Receipts and Disbursements
               For the month ending February 28, 2005

Cash, beginning of month                           $186,669,575

Non-Operating Receipts:
    Loans & Advances                                  8,046,972
    Sale of Assets                                            -
                                                ---------------
    Total non-operating receipts                      8,046,972
                                                ---------------
       Total receipts                                 8,046,972
                                                ---------------
       Total Cash Available                         194,716,547

Operating Disbursements                                       0

Reorganization Expenses                                       0
                                                ---------------
       Total disbursements                                    0
                                                ---------------
Net Cash Flow                                         8,046,972
                                                ---------------
Cash, end of month                                 $194,716,547
                                                ===============

Headquartered in Atlanta, Georgia, Mirant Corporation --
http://www.mirant.com/-- is a competitive energy company that
produces and sells electricity in North America, the Caribbean,
and the Philippines.  Mirant owns or leases more than 18,000
megawatts of electric generating capacity globally.  Mirant
Corporation filed for chapter 11 protection on July 14, 2003
(Bankr. N.D. Tex. 03-46590).  Thomas E. Lauria, Esq., at White &
Case LLP, represents the Debtors in their restructuring efforts.
When the Debtors filed for protection from their creditors, they
listed $20,574,000,000 in assets and $11,401,000,000 in debts.
(Mirant Bankruptcy News, Issue No. 62; Bankruptcy Creditors'
Service, Inc., 215/945-7000)


PARMALAT: Farmland Dairies Amends Schedules of Assets & Debts
-------------------------------------------------------------
Farmland Dairies LLC amends Schedule F in its Schedules of Assets
and Liabilities to report a reduction in the amount of 16
scheduled claims.  Farmland also schedules 24 insurance claims,
each for $0.

Farmland estimates its total liabilities to be $25,995,223,
consisting of:

          Type of Claim                          Amount
          -------------                          ------
          Long-Term Debt                       $142,129
          Deposits Payable                   $1,168,572
          Accounts Payable                  $13,525,300
          Intercompany Liabilities           $9,512,302
          Litigation Claims                Undetermined
          Other Liabilities                  $1,646,920
          Insurance Claims                 Undetermined

Headquartered in Wallington, New Jersey, Parmalat U.S.A.
Corporation -- http://www.parmalatusa.com/-- generates more than
EUR7 billion in annual revenue.  The Parmalat Group's 40-some
brand product line includes milk, yogurt, cheese, butter, cakes
and cookies, breads, pizza, snack foods and vegetable sauces,
soups and juices.  The company employs over 36,000 workers in 139
plants located in 31 countries on six continents.
It filed for chapter 11 protection on February 24, 2004 (Bankr.
S.D.N.Y. Case No. 04-11139).  Gary Holtzer, Esq., and Marcia L.
Goldstein, Esq., at Weil Gotshal & Manges LLP represent the
Debtors in their restructuring efforts.  When the U.S. Debtors
filed for bankruptcy protection, they reported more than $200
million in assets and debts.  The Bankruptcy Court confirmed the
U.S. Debtors' Plan of Reorganization on March 7, 2005.  (Parmalat
Bankruptcy News, Issue No. 53; Bankruptcy Creditors' Service,
Inc., 215/945-7000)


PARMALAT: Milk Products Amends Schedules of Assets & Debts
----------------------------------------------------------
Milk Products of Alabama LLC estimates that it has a $2,196
accounts payable to Anderson Chemical Company.  Milk Products
amends Schedule F in its Schedules of Assets and Liabilities to
reflect the claim.

Milk Products estimates its total scheduled liabilities to be
$7,024,014, consisting of:

          Type of Claim                          Amount
          -------------                          ------
          Accounts Payable                   $1,021,587
          Intercompany Liabilities           $6,002,427
          Litigation Claims                Undetermined

Headquartered in Wallington, New Jersey, Parmalat U.S.A.
Corporation -- http://www.parmalatusa.com/-- generates more than
EUR7 billion in annual revenue.  The Parmalat Group's 40-some
brand product line includes milk, yogurt, cheese, butter, cakes
and cookies, breads, pizza, snack foods and vegetable sauces,
soups and juices.  The company employs over 36,000 workers in 139
plants located in 31 countries on six continents.
It filed for chapter 11 protection on February 24, 2004 (Bankr.
S.D.N.Y. Case No. 04-11139).  Gary Holtzer, Esq., and Marcia L.
Goldstein, Esq., at Weil Gotshal & Manges LLP represent the
Debtors in their restructuring efforts.  When the U.S. Debtors
filed for bankruptcy protection, they reported more than $200
million in assets and debts.  The Bankruptcy Court confirmed the
U.S. Debtors' Plan of Reorganization on March 7, 2005.  (Parmalat
Bankruptcy News, Issue No. 53; Bankruptcy Creditors' Service,
Inc., 215/945-7000)


SPIEGEL INC: Posts $16 Million Net Loss for Period Ended Feb. 26
----------------------------------------------------------------

                  Spiegel, Inc., and Subsidiaries
                       Debtors-in-Possession
               Unaudited Consolidated Balance Sheet
                      As of February 26, 2005

                               ASSETS

Current assets:
Cash and cash equivalents                          $320,370,000
Receivables, net                                     33,270,000
Inventories                                         144,442,000
Prepaid expenses                                     31,627,000
Assets of discontinued operations                    49,994,000
                                                  -------------
Total current assets                                579,703,000
                                                  -------------

Property and equipment, net                         112,888,000
Intangible assets, net                              135,608,000
Other assets                                         22,996,000
                                                  -------------
Total assets                                       $851,195,000
                                                  =============

                LIABILITIES AND STOCKHOLDERS' DEFICIT

Liabilities not subject to compromise:
Current liabilities:
Accounts payable and accrued liabilities           $172,134,000
Current portion of long-term debt                    48,000,000
Liabilities of discontinued operations               75,172,000
                                                  -------------
Total current liabilities                           295,306,000
                                                  -------------
Deferred lease obligation                            11,891,000

Liabilities subject to compromise                 1,398,303,000

Total liabilities                                 1,705,500,000
                                                  -------------

Stockholders' deficit:
Class A non-voting common stock,
    $1.00 par value; authorized 16,000,000
    shares; 14,945,144 shares issued
    and outstanding                                  14,945,000

Class B voting common stock, $1.00
    par value; authorized 121,500,000 shares;
    117,009,869 shares issued & outstanding         117,010,000
Additional paid-in capital                          329,489,000
Accumulated other comprehensive loss                (27,962,000)
Accumulated deficit                              (1,287,787,000)
                                                 --------------
Total stockholders' deficit                        (854,305,000)
                                                 --------------
Total liabilities & stockholders' deficit          $851,195,000
                                                 ==============


                  Spiegel, Inc., and Subsidiaries
                       Debtors-in-Possession
          Unaudited Consolidated Statement of Operations
                Four Weeks Ended February 26, 2005

Net sales and other revenues:
Net sales                                           $66,230,000
Other revenue                                         3,422,000
                                                 --------------
                                                     69,652,000

Cost of sales and operating expenses:
Cost of sales, including buying
    and occupancy expenses                           44,307,000
Selling, general & administrative expenses           36,606,000
                                                 --------------
                                                     80,313,000

Estimated loss of non-debtors                          (223,000)

Operating Loss                                      (10,884,000)

Interest expense                                        402,000
                                                 --------------
Loss from operations before reorganization          (11,286,000)
    items
                                                 --------------
Reorganization items, net                             2,296,000

Income Tax                                            2,689,000
                                                 --------------
Loss from operations                                (16,271,000)
                                                 --------------
Discontinued operations:
Loss from discontinued operations                       (54,000)
                                                 --------------
Net Loss                                           ($16,325,000)
                                                 ==============


                  Spiegel, Inc., and Subsidiaries
                       Debtors-in-Possession
           Unaudited Consolidated Statement of Cash Flows
                Four Weeks Ended February 26, 2005

Cash flows from operating activities:
Net Loss                                           ($16,325,000)
Adjustments to reconcile net loss to net cash
    used in operating activities:
    Reorganization items, net                         2,296,000
    Depreciation and amortization                     7,736,000
    Change in assets and liabilities:
       (Increase) decrease in receivables, net        6,438,000
       (Increase) decrease in investments/advances      182,000
       (Increase) decrease in inventories              (126,000)
       (Increase) decrease in prepaid expenses         (582,000)
       Increase (decrease) in accounts payable
          and other accrued liabilities              (9,115,000)
       Increase (decrease) in net liabilities of
          discontinued operations                      (259,000)
       (Increase) decrease in income taxes             (352,000)
                                                  -------------
Net cash used for operating activities              (10,107,000)
                                                  -------------
Net cash used for reorganization items                 (573,000)

Cash flows from investing activities:
    Net (additions) reductions to property and
       equipment                                       (968,000)
    Net (additions) reductions to other assets         (180,000)
                                                  -------------
Net cash used in investing activities                (1,148,000)
                                                  -------------
Net cash provided by financing activities                     -
                                                  -------------
Effect of exchange rate changes on cash                  12,000
                                                  -------------
Net change in cash and cash equivalents             (11,816,000)
Cash & cash equivalents, beginning of period        332,186,000
                                                  -------------
Cash & cash equivalents, end of period             $320,370,000
                                                  =============

Headquartered in Downers Grove, Illinois, Spiegel, Inc. --
http://www.spiegel.com/-- is a leading international general
merchandise and specialty retailer that offers apparel, home
furnishings and other merchandise through catalogs, e-commerce
sites and approximately 560 retail stores.  The Company filed for
Chapter 11 protection on March 17, 2003 (Bankr. S.D.N.Y. Case No.
03-11540).  James L. Garrity, Jr., Esq., and Marc B. Hankin, Esq.,
at Shearman & Sterling, represent the Debtors in their
restructuring efforts.  When the Company filed for protection from
its creditors, it listed $1,737,474,862 in assets and
$1,706,761,176 in debts.  (Spiegel Bankruptcy News, Issue No. 44;
Bankruptcy Creditors' Service, Inc., 215/945-7000)


TRENWICK AMERICA: Earns $280,975 of Net Income in March 2005
------------------------------------------------------------
On April 20, 2005, Trenwick America Corporation filed its monthly
operating report for the month ended March 31, 2005, and the
period from Aug. 20, 2003 to March 31, 2005, with the United
States Bankruptcy Court for the District of Delaware.

Trenwick posts a $280,975 net profit in March 2005, and a
cumulative $120,220,410 loss for the period from Aug. 20, 2003, to
March 31, 2005.

At March 31, 2005, Trenwick America's balance sheet showed:

      Total Current Assets         $55,904,292
      Total Assets                 187,144,917
      Total Prepetition Debts      288,386,386
      Total Liabilities            292,631,981
      Net Owner Equity Deficit   ($105,487,064)

A full-text copy of Trenwick America's March 2005 Monthly
Operating Report is available at no charge at:


http://www.sec.gov/Archives/edgar/data/1127783/000116923205002511/d63684_ex99-1.txt

Headquartered in Stamford, Connecticut, Trenwick America
Corporation is a holding company for operating insurance companies
in the United States.  The Company filed for chapter 11 protection
on August 20, 2003 (Bankr. Del. Case No. 03-12635).  Christopher
S. Sontchi, Esq., and William Pierce Bowden, Esq., at Ashby &
Geddes, and Benjamin Hoch, Esq., Irena Goldstein, Esq., Carey D.
Schreiber, Esq., at Dewey Ballantine LLP represent the Debtors in
their restructuring efforts.  As of June 30, 2003, the Debtor
listed approximate assets of $400,000,000 and debts of
$293,000,000.

On August 20, 2003, Trenwick Group, Ltd., and LaSalle Re Holdings
Limited also filed insolvency proceedings in the Supreme Court of
Bermuda.  On August 22, 2003, the Bermuda Court granted an order
appointing Michael Morrison and John Wardrop, partners of KPMG in
Bermuda and KPMG LLP in the United Kingdom, respectfully, as Joint
Provisional Liquidators in respect of TGL and LaSalle.

The Bermuda Court granted the JPLs the power to oversee the
continuation and reorganization of these companies' businesses
under the control of their boards of directors and under the
supervision of the U.S. Bankruptcy Court and the Bermuda Court.


UAL CORPORATON: Posts $457.8 Million Net Loss in March 2005
-----------------------------------------------------------
UAL Corporation filed with the United States Bankruptcy Court for
the Northern District of Illinois its Monthly Operating Report for
March 2005.  The company posted a $54 million operating profit for
March.  "Although we had a modest profit in the seasonally strong
month of March, we need to complete our restructuring to be a
viable company," Jake Brace, United's executive vice president and
chief financial officer, said.  UAL met the requirements of its
debtor-in-possession (DIP) financing.

A full-text copy of UAL Corporation's March 2005 Operating Report
is available for free at the Securities and Exchange Commission
at:


http://www.sec.gov/Archives/edgar/data/100517/000010051705000016/aprmor.htm

             UAL Corporation and Subsidiary Companies
         Condensed Consolidating Statement of Operations
                For The Month Ended March 31, 2005
                         (In Thousands)

Total operating revenues                             $1,642,207

Total operating expenses                              1,588,589

Earnings (loss) from operations                          53,618

Non-operating income (expenses):
   Net interest expense                                 (33,032)
   Other income (expenses), net                          60,181
                                                     ----------
Total non-operating income (expenses)                    27,149

Net Earnings (loss) before Reorganization items          80,767

Reorganization items                                   (538,588)
                                                     ----------
Net earnings (loss)                                   ($457,821)
                                                     ==========

Headquartered in Chicago, Illinois, UAL Corporation --
http://www.united.com/-- through United Air Lines, Inc., is the
holding company for United Airlines -- the world's second largest
air carrier.  The Company filed for chapter 11 protection on
December 9, 2002 (Bankr. N.D. Ill. Case No. 02-48191).  James H.M.
Sprayregen, Esq., Marc Kieselstein, Esq., David R. Seligman, Esq.,
and Steven R. Kotarba, Esq., at Kirkland & Ellis, represent the
Debtors in their restructuring efforts.  When the Debtors filed
for protection from their creditors, they listed $24,190,000,000
in assets and $22,787,000,000 in debts.  (United Airlines
Bankruptcy News, Issue No. 86; Bankruptcy Creditors' Service,
Inc., 215/945-7000)


USGEN NEW ENGLAND: Posts $3.3 Million Net Loss in October 2004
--------------------------------------------------------------

                    USGen New England, Inc.
                    Unaudited Balance Sheet
                     As of October 31, 2004

                             ASSETS

Cash and Cash Equivalents                          $249,726,657
Accounts Receivable                                 124,419,658
Support Payment Receivable - Current               Undetermined
Fuel, Inventory and Supplies                         42,931,592
Prepaid Expenses                                     28,874,910
                                                 --------------
Total Current Assets                               Undetermined

Property, Plant and Equipment - net               1,442,258,361
Construction Work in Progress                        52,601,082
Intangible Asset                                     $3,888,833
Support Payment Receivable - Non-current           Undetermined
                                                 --------------
Total Postpetition Assets                          Undetermined

Prepetition IC Accounts Receivable                 Undetermined
Prepetition Accounts Receivable                    Undetermined
Prepetition Prepaid Expenses                       Undetermined
                                                 --------------
Total Prepetition Assets                           Undetermined
                                                 --------------
TOTAL ASSETS                                       Undetermined
                                                 ==============

                     LIABILITIES AND EQUITY

Accounts Payable                                    $26,615,270
Accrued Liabilities                                  49,702,102
                                                 --------------
Total Current Liabilities                            76,317,371

Deferred Income Taxes                                72,642,148
Other Liabilities                                     8,913,969
                                                 --------------
Total Postpetition Liabilities                      157,873,489

Prepetition Accounts Payable                       Undetermined
Prepetition IC Accounts Payable                    Undetermined
Prepetition Market Accounts Payable                Undetermined
Debt - Current (in Default)                          84,770,293
Out of Market Liabilities - Current                  27,220,706
Out of Market Liabilities - Non-current             206,742,598
                                                 --------------
Total Prepetition Liabilities                      Undetermined
                                                 --------------
Total Liabilities                                  Undetermined

Shareholder's Equity
   Common Stock, Additional Paid-In Capital       1,347,736,929
   Other Comprehensive Income                        (1,713,124)
   Retained Earnings                               (259,398,532)
                                                 --------------
Total Shareholder's Equity                       $1,086,625,273
                                                 --------------
TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY         Undetermined
                                                 ==============


                    USGen New England, Inc.
                   Unaudited Income Statement
          For the Period October 1 to October 31, 2004

REVENUE:
   Contract Revenue                                 $48,641,262
   Market Energy                                      4,966,580
   Ancillary Products                                   333,631
   Market Capacity                                      242,500
   Power Hedges                                               -
   Other Revenue                                       (986,958)
                                                 --------------
Total Revenue                                        53,197,015

FUEL COSTS:
   Contract Expense                                   9,866,463
   Fuel Expense                                      20,297,447
   Fuel Hedges                                         (251,688)
                                                 --------------
Total Fuel Costs                                     29,912,221
                                                 --------------
Gross Profit                                         23,284,793

OPERATING EXPENSES:
   Direct Labor                                       6,267,427
   Direct Materials                                   2,168,870
   Direct Subcontractor Services                      6,359,721
   Other Operating                                    1,642,197
   Incentive Plan, Union and non-union                  429,479
   Ash Disposal, net                                    934,261
                                                 --------------
Total Station Operating Expenses                     17,801,955

Corporate Expense:
   Corporate Labor                                      701,381
   Bonus                                                616,461
   Travel and Entertainment                              14,436
   Insurance                                          1,273,844
   Professional Services                              3,226,655
   Other General Administrative                        (513,834)
                                                 --------------
Total Corporate Expenses                              5,318,943

General Expenses:
   Property Taxes                                     2,638,374
   Interconnect Cost                                    125,422
   Amortization                                               -
   Depreciation                                       5,589,965
                                                 --------------
Total General Expenses                                8,353,761
                                                 --------------
Total Operating Expenses                             31,474,660
                                                 --------------
Total Operating Income                               (8,189,866)

Other Income (Expenses):
   Lease Expense                                       (225,000)
   Interest Income - NEES Receivable                  1,732,055
   Income - Other                                       366,102
   Expense - Other                                            -
   Gain                                                       -
   Bank and LC Fees                                     756,251
                                                 --------------
Total Other Income (Expenses)                         2,629,408
                                                 --------------
Income Before Tax                                    (5,560,458)
Income Taxes                                         (2,249,355)
                                                 --------------
Net Income                                          ($3,311,103)
                                                 ==============


                    USGen New England, Inc.
                 Unaudited Cash Flow Statement
          For the Period October 1 to October 31, 2004

CASH FLOWS FROM OPERATING ACTIVITIES:
   Net Income                                       ($3,311,103)
Adjustments to reconcile net income to net
   cash provided by operating activities:
   Depreciation                                       5,589,965
   Amortization of intangible assets                    548,167
   Loss on disposal of fixed assets                           -

Change in assets and liabilities:
   Accounts receivable (Increase)                    11,601,368
   Inventory (Increase)                              (3,487,465)
   Prepaid, Deposits & Other (Increase)              (6,357,986)
   Deferred Income Taxes (Decrease)                  (1,636,325)
   Accounts Payable (Decrease)                        3,290,420
   Accrued Liabilities (Decrease)                     3,948,134
   Liabilities - Other (Decrease)                    (2,452,846)
   Prepetition Assets (Increase)                         12,441
   Prepetition Liabilities (Decrease)                  (617,687)
   Equity - Other (Increase)                            817,563
                                                 --------------
Net cash (used in) provided by
   operating activities                               7,944,646

CASH FLOWS FROM INVESTING ACTIVITIES:
   Property, plant and equipment                     (7,269,479)
   Change in Investment in Subsidiary                  (250,083)
   Support payments received - principle              5,871,295
                                                 --------------
Net cash (used in) provided by investing
   activities                                        (1,648,268)

CASH FLOWS FROM FINANCING ACTIVITIES:
   Increase in Debt                                           -
   Capital Contributions                                      -
                                                 --------------
Net cash provided by (used in) financing
   activities                                                 -
                                                 --------------
NET INCREASE (DECREASE) IN CASH                       6,296,379

CASH, BEGINNING OF PERIOD                           243,430,279
                                                 --------------
CASH, END OF PERIOD                                $249,726,657
                                                 ==============

Headquartered in Bethesda, Maryland, USGen New England, Inc., an
affiliate of PG&E Generating Energy Group, LLC, owns and operates
several electric generating facilities in New England and
purchases and sells electricity and other energy-related products
at wholesale.  The Debtor filed for Chapter 11 protection on July
8, 2003 (Bankr. D. Md. Case No. 03-30465). John E. Lucian, Esq.,
Marc E. Richards, Esq., Edward J. LoBello, Esq., and Craig A.
Damast, Esq., at Blank Rome, LLP, represent the Debtor in its
restructuring efforts.  When it sought chapter 11 protection, the
Debtor reported assets amounting to $2,337,446,332 and debts
amounting to $1,249,960,731.  (PG&E National Bankruptcy News,
Issue No. 41; Bankruptcy Creditors' Service, Inc., 215/945-7000)


USGEN NEW ENGLAND: Posts $1.5 Million Loss in November 2004
-----------------------------------------------------------

                    USGen New England, Inc.
                    Unaudited Balance Sheet
                    As of November 30, 2004

                             ASSETS

Cash and Cash Equivalents                          $246,283,721
Accounts Receivable                                 130,668,273
Support Payment Receivable - Current               Undetermined
Fuel, Inventory and Supplies                         47,031,314
Prepaid Expenses                                     29,628,339
                                                 --------------
Total Current Assets                               Undetermined

Property, Plant and Equipment - net               1,436,805,496
Construction Work in Progress                        58,684,094
Intangible Asset                                     $3,340,811
Support Payment Receivable - Non-current           Undetermined
                                                 --------------
Total Postpetition Assets                          Undetermined

Prepetition IC Accounts Receivable                 Undetermined
Prepetition Accounts Receivable                    Undetermined
Prepetition Prepaid Expenses                       Undetermined
                                                 --------------
Total Prepetition Assets                           Undetermined
                                                 --------------
TOTAL ASSETS                                       Undetermined
                                                 ==============

                     LIABILITIES AND EQUITY

Accounts Payable                                    $33,093,054
Accrued Liabilities                                  49,723,615
                                                 --------------
Total Current Liabilities                            82,816,669

Deferred Income Taxes                                70,856,619
Other Liabilities                                     8,986,987
                                                 --------------
Total Postpetition Liabilities                      162,660,275

Prepetition Accounts Payable                       Undetermined
Prepetition IC Accounts Payable                    Undetermined
Prepetition Market Accounts Payable                Undetermined
Debt - Current (in Default)                          84,770,293
Out of Market Liabilities - Current                  27,082,575
Out of Market Liabilities - Non-current             204,485,431
                                                 --------------
Total Prepetition Liabilities                      Undetermined
                                                 --------------
Total Liabilities                                  Undetermined

Shareholder's Equity
   Common Stock, Additional Paid-In Capital       1,347,736,929
   Other Comprehensive Income                        (1,101,659)
   Retained Earnings                               (260,863,261)
                                                 --------------
Total Shareholder's Equity                       $1,085,772,009
                                                 --------------
TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY         Undetermined
                                                 ==============


                    USGen New England, Inc.
                   Unaudited Income Statement
         For the Period November 1 to November 30, 2004

REVENUE:
   Contract Revenue                                 $50,535,648
   Market Energy                                      4,387,185
   Ancillary Products                                 1,385,972
   Market Capacity                                      242,500
   Power Hedges                                               -
   Other Revenue                                     (1,177,852)
                                                 --------------
Total Revenue                                        55,373,453

FUEL COSTS:
   Contract Expense                                   8,187,293
   Fuel Expense                                      23,336,355
   Fuel Hedges                                         (166,562)
                                                 --------------
Total Fuel Costs                                     31,357,086
                                                 --------------
Gross Profit                                         24,016,367

OPERATING EXPENSES:
   Direct Labor                                       5,945,793
   Direct Materials                                   1,595,388
   Direct Subcontractor Services                      6,273,962
   Other Operating                                    1,736,819
   Incentive Plan, Union and non-union                  436,156
   Ash Disposal, net                                    778,079
                                                 --------------
Total Station Operating Expenses                     16,766,196

Corporate Expense:
   Corporate Labor                                      689,619
   Incentive Plan                                       318,380
   Travel and Entertainment                              30,358
   Insurance                                            526,826
   Professional Services                              1,275,991
   Other General Administrative                         398,561
                                                 --------------
Total Corporate Expenses                              3,239,734

General Expenses:
   Property Taxes                                     2,638,374
   Interconnect Cost                                    104,873
   Amortization                                               -
   Depreciation                                       5,585,210
                                                 --------------
Total General Expenses                                8,328,457
                                                 --------------
Total Operating Expenses                             28,334,387
                                                 --------------
Total Operating Income                               (4,318,020)

Other Income (Expenses):
   Lease Expense                                       (225,000)
   Interest Income - NEES Receivable                  1,694,151
   Income - Other                                       393,539
   Expense - Other                                            -
   Gain                                                       -
   Bank and LC Fees                                       3,090
                                                 --------------
Total Other Income (Expenses)                         1,865,780
                                                 --------------
Income Before Tax                                    (2,452,240)
Income Taxes                                           (987,511)
                                                 --------------
Net Income                                          ($1,464,729)
                                                 ==============


                    USGen New England, Inc.
                 Unaudited Cash Flow Statement
         For the Period November 1 to November 30, 2004

CASH FLOWS FROM OPERATING ACTIVITIES:
   Net Income                                       ($1,464,729)
Adjustments to reconcile net income to net
   cash provided by operating activities:
   Depreciation                                       5,585,210
   Amortization of intangible assets                    548,167
   Loss on disposal of fixed assets                           -

Change in assets and liabilities:
   Accounts receivable (Increase)                    (6,625,328)
   Inventory (Increase)                              (4,099,722)
   Prepaid, Deposits & Other (Increase)                (753,429)
   Deferred Income Taxes (Decrease)                  (1,785,529)
   Accounts Payable (Decrease)                        6,477,784
   Accrued Liabilities (Decrease)                        21,514
   Liabilities - Other (Decrease)                    (2,322,280)
   Prepetition Assets (Increase)                        433,984
   Prepetition Liabilities (Decrease)                   236,260
   Equity - Other (Increase)                            611,465
                                                 --------------
Net cash (used in) provided by
   operating activities                              (3,136,633)

CASH FLOWS FROM INVESTING ACTIVITIES:
   Property, plant and equipment                     (6,215,357)
   Change in Investment in Subsidiary                      (145)
   Support payments received - principle              5,909,199
                                                 --------------
Net cash (used in) provided by investing
   activities                                          (306,303)

CASH FLOWS FROM FINANCING ACTIVITIES:
   Increase in Debt                                           -
   Capital Contributions                                      -
                                                 --------------
Net cash provided by (used in) financing
   activities                                                 -
                                                 --------------
NET INCREASE (DECREASE) IN CASH                      (3,442,936)

CASH, BEGINNING OF PERIOD                           249,726,657
                                                 --------------
CASH, END OF PERIOD                                $246,283,721
                                                 ==============

Headquartered in Bethesda, Maryland, USGen New England, Inc., an
affiliate of PG&E Generating Energy Group, LLC, owns and operates
several electric generating facilities in New England and
purchases and sells electricity and other energy-related products
at wholesale.  The Debtor filed for Chapter 11 protection on July
8, 2003 (Bankr. D. Md. Case No. 03-30465). John E. Lucian, Esq.,
Marc E. Richards, Esq., Edward J. LoBello, Esq., and Craig A.
Damast, Esq., at Blank Rome, LLP, represent the Debtor in its
restructuring efforts.  When it sought chapter 11 protection, the
Debtor reported assets amounting to $2,337,446,332 and debts
amounting to $1,249,960,731.  (PG&E National Bankruptcy News,
Issue No. 41; Bankruptcy Creditors' Service, Inc., 215/945-7000)


USGEN NEW ENGLAND: Posts $82 Million Net Loss in December 2004
--------------------------------------------------------------

                    USGen New England, Inc.
                    Unaudited Balance Sheet
                    As of December 31, 2004

                             ASSETS

Cash and Cash Equivalents                          $304,655,850
Accounts Receivable                                 115,716,002
Support Payment Receivable - Current               Undetermined
Fuel, Inventory and Supplies                         42,948,228
Prepaid Expenses                                     18,678,255
                                                 --------------
Total Current Assets                               Undetermined

Property, Plant and Equipment - net               1,437,385,921
Construction Work in Progress                        54,684,437
Intangible Asset                                     $2,793,025
Support Payment Receivable - Non-current           Undetermined
                                                 --------------
Total Postpetition Assets                          Undetermined

Prepetition IC Accounts Receivable                 Undetermined
Prepetition Accounts Receivable                    Undetermined
Prepetition Prepaid Expenses                       Undetermined
                                                 --------------
Total Prepetition Assets                           Undetermined
                                                 --------------
TOTAL ASSETS                                       Undetermined
                                                 ==============

                     LIABILITIES AND EQUITY

Accounts Payable                                    $39,466,022
Accrued Liabilities                                  58,302,594
                                                 --------------
Total Current Liabilities                            97,768,616

Deferred Income Taxes                                 3,231,208
Other Liabilities                                     8,979,276
                                                 --------------
Total Postpetition Liabilities                      109,979,100

Prepetition Accounts Payable                       Undetermined
Prepetition IC Accounts Payable                    Undetermined
Prepetition Market Accounts Payable                Undetermined
Debt - Current (in Default)                          84,770,293
Out of Market Liabilities - Current                   8,322,509
Out of Market Liabilities - Non-current               1,768,094
                                                 --------------
Total Prepetition Liabilities                      Undetermined
                                                 --------------
Total Liabilities                                  Undetermined

Shareholder's Equity
   Common Stock, Additional Paid-In Capital       1,347,736,929
   Other Comprehensive Income                          (805,125)
   Retained Earnings                               (343,099,541)
                                                 --------------
Total Shareholder's Equity                       $1,003,832,264
                                                 --------------
TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY         Undetermined
                                                 ==============


                    USGen New England, Inc.
                   Unaudited Income Statement
         For the Period December 1 to December 31, 2004

REVENUE:
   Contract Revenue                                 $60,099,670
   Market Energy                                     16,102,444
   Ancillary Products                                 1,822,832
   Market Capacity                                      242,500
   Power Hedges                                               -
   Other Revenue                                     12,083,941
                                                 --------------
Total Revenue                                        90,351,387

FUEL COSTS:
   Contract Expense                                   8,369,985
   Fuel Expense                                      23,453,896
   Fuel Hedges                                         (176,723)
                                                 --------------
Total Fuel Costs                                     31,647,157
                                                 --------------
Gross Profit                                         58,704,230

OPERATING EXPENSES:
   Direct Labor                                       4,032,888
   Direct Materials                                   1,337,143
   Direct Subcontractor Services                      3,311,875
   Other Operating                                    1,750,338
   Incentive Plan, Union and non-union                4,326,703
   Ash Disposal, net                                  1,301,742
                                                 --------------
Total Station Operating Expenses                     16,060,689

Corporate Expense:
   Corporate Labor                                      995,459
   Incentive Plan                                     1,685,223
   Travel and Entertainment                              38,510
   Insurance                                            526,190
   Professional Services                              3,971,086
   Other General Administrative                         844,554
                                                 --------------
Total Corporate Expenses                              8,059,022

General Expenses:
   Property Taxes                                     4,602,583
   Interconnect Cost                                    111,253
   Amortization                                               -
   Depreciation                                       5,644,563
                                                 --------------
Total General Expenses                               10,358,399
                                                 --------------
Total Operating Expenses                             34,478,110
                                                 --------------
Total Operating Income                               24,226,120

Other Income (Expenses):
   Lease Expense                                       (225,000)
   Interest Income - NEES Receivable                  1,656,002
   Income - Other                                       455,663
   Expense - Other                                            -
   Gain                                            (164,306,373)
   Bank and LC Fees                                        (800)
                                                 --------------
Total Other Income (Expenses)                      (102,420,508)
                                                 --------------
Income Before Tax                                  (138,194,388)
Income Taxes                                        (56,958,108)
                                                 --------------
Net Income                                         ($82,236,280)
                                                 ==============


                    USGen New England, Inc.
                 Unaudited Cash Flow Statement
         For the Period December 1 to December 31, 2004

CASH FLOWS FROM OPERATING ACTIVITIES:
   Net Income                                      ($82,236,280)
Adjustments to reconcile net income to net
   cash provided by operating activities:
   Depreciation                                       5,644,563
   Amortization of intangible assets                    548,167
   Loss on disposal of fixed assets                   8,170,268

Change in assets and liabilities:
   Accounts receivable (Increase)                    17,722,816
   Inventory (Increase)                               4,083,085
   Prepaid, Deposits & Other (Increase)              10,950,084
   Deferred Income Taxes (Decrease)                  (3,609,607)
   Accounts Payable (Decrease)                        6,372,968
   Accrued Liabilities (Decrease)                     8,578,979
   Liabilities - Other (Decrease)                    (2,272,444)
   Prepetition Assets (Increase)                      3,811,258
   Prepetition Liabilities (Decrease)                88,120,302
   Equity - Other (Increase)                            296,534
                                                 --------------
Net cash (used in) provided by
   operating activities                              62,820,760

CASH FLOWS FROM INVESTING ACTIVITIES:
   Property, plant and equipment                    (10,395,599)
   Change in Investment in Subsidiary                      (381)
   Support payments received - principle              5,947,348
                                                 --------------
Net cash (used in) provided by investing
   activities                                        (4,448,632)

CASH FLOWS FROM FINANCING ACTIVITIES:
   Increase in Debt                                           -
   Capital Contributions                                      -
                                                 --------------
Net cash provided by (used in) financing
   activities                                                 -
                                                 --------------
NET INCREASE (DECREASE) IN CASH                      58,372,128

CASH, BEGINNING OF PERIOD                           246,283,722
                                                 --------------
CASH, END OF PERIOD                                $304,655,850
                                                 ==============

Headquartered in Bethesda, Maryland, USGen New England, Inc., an
affiliate of PG&E Generating Energy Group, LLC, owns and operates
several electric generating facilities in New England and
purchases and sells electricity and other energy-related products
at wholesale.  The Debtor filed for Chapter 11 protection on July
8, 2003 (Bankr. D. Md. Case No. 03-30465). John E. Lucian, Esq.,
Marc E. Richards, Esq., Edward J. LoBello, Esq., and Craig A.
Damast, Esq., at Blank Rome, LLP, represent the Debtor in its
restructuring efforts.  When it sought chapter 11 protection, the
Debtor reported assets amounting to $2,337,446,332 and debts
amounting to $1,249,960,731.  (PG&E National Bankruptcy News,
Issue No. 41; Bankruptcy Creditors' Service, Inc., 215/945-7000)


USGEN NEW ENGLAND: Posts $509 Million Net Loss in January 2005
--------------------------------------------------------------

                    USGen New England, Inc.
                    Unaudited Balance Sheet
                     As of January 31, 2005

                             ASSETS

Cash and Cash Equivalents                          $930,024,736
Accounts Receivable                                  92,801,451
Support Payment Receivable - Current               Undetermined
Fuel, Inventory and Supplies                          1,524,204
Prepaid Expenses                                     17,713,872
                                                 --------------
Total Current Assets                               Undetermined

Property, Plant and Equipment - net                 375,168,162
Construction Work in Progress                         2,061,323
Intangible Asset                                       $166,529
Support Payment Receivable - Non-current           Undetermined
                                                 --------------
Total Postpetition Assets                          Undetermined

Prepetition IC Accounts Receivable                 Undetermined
Prepetition Accounts Receivable                    Undetermined
Prepetition Prepaid Expenses                       Undetermined
                                                 --------------
Total Prepetition Assets                           Undetermined
                                                 --------------
TOTAL ASSETS                                       Undetermined
                                                 ==============

                     LIABILITIES AND EQUITY

Accounts Payable                                    $24,581,971
Accrued Liabilities                                  52,568,117
                                                 --------------
Total Current Liabilities                            77,150,088

Deferred Income Taxes                                (1,098,758)
Other Liabilities                                       (80,730)
                                                 --------------
Total Postpetition Liabilities                       75,970,600

Prepetition Accounts Payable                       Undetermined
Prepetition IC Accounts Payable                    Undetermined
Prepetition Market Accounts Payable                Undetermined
Debt - Current (in Default)                          84,770,293
Out of Market Liabilities - Current                   4,606,069
Out of Market Liabilities - Non-current                 (18,916)
                                                 --------------
Total Prepetition Liabilities                      Undetermined
                                                 --------------
Total Liabilities                                  Undetermined

Shareholder's Equity
   Common Stock, Additional Paid-In Capital       1,347,736,929
   Other Comprehensive Income                                 -
   Retained Earnings                               (825,318,129)
                                                 --------------
Total Shareholder's Equity                         $495,418,800
                                                 --------------
TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY         Undetermined
                                                 ==============


                    USGen New England, Inc.
                   Unaudited Income Statement
          For the Period January 1 to January 31, 2005

REVENUE:
   Contract Revenue                                    $721,529
   Market Energy                                     16,345,965
   Ancillary Products                                 1,146,406
   Market Capacity                                       34,000
   Other Revenue                                     (2,193,628)
                                                 --------------
Total Revenue                                        16,054,272

FUEL COSTS:
   Contract Expense                                   5,435,333
   Fuel Expense                                         772,687
   Fuel Hedges                                       (1,005,034)
                                                 --------------
Total Fuel Costs                                      5,202,986
                                                 --------------
Gross Profit                                         10,851,285

OPERATING EXPENSES:
   Direct Labor                                       1,173,027
   Direct Materials                                     179,915
   Direct Subcontractor Services                        857,931
   Other Operating                                      386,479
   Incentive Plan, Union and non-union                  180,751
   Ash Disposal, net                                   (287,110)
                                                 --------------
Total Station Operating Expenses                      2,490,992

Corporate Expense:
   Corporate Labor                                    1,030,241
   Incentive Plan                                       534,805
   Travel and Entertainment                              10,779
   Insurance                                          1,533,030
   Professional Services                              7,360,988
   Other General Administrative                         157,303
                                                 --------------
Total Corporate Expenses                             10,627,146

General Expenses:
   Property Taxes                                     1,310,228
   Interconnect Cost                                     50,638
   Depreciation                                         847,198
                                                 --------------
Total General Expenses                                2,208,064
                                                 --------------
Total Operating Expenses                             15,326,202
                                                 --------------
Total Operating Income                               (4,474,917)

Other Income (Expenses):
   Lease Expense                                       (225,000)
   Interest Income - NEES Receivable                  1,617,606
   Income - Other                                     1,573,339
   Gain                                            (507,708,816)
   Bank and LC Fees                                        (800)
                                                 --------------
Total Other Income (Expenses)                      (504,743,671)
                                                 --------------
Income Before Tax                                 ($509,218,588)
                                                 ==============

Joseph J. Bartoletta, Controller for USGen New England, Inc.,
states that due to the complex transaction related to USGen's
sale of two coal/oil-fired electric generating facilities and a
natural gas-fired plant to Dominion Energy New England, Inc., the
income tax calculations were not completed at present and are not
reflected on the Income Statement covering the period from
January 1 to 31, 2005.


                    USGen New England, Inc.
                 Unaudited Cash Flow Statement
          For the Period January 1 to January 31, 2005

CASH FLOWS FROM OPERATING ACTIVITIES:
   Net Income                                     ($509,218,588)
Adjustments to reconcile net income to net
   cash provided by operating activities:
   Depreciation                                         847,198
   Amortization of intangible assets                     53,000
   Loss on disposal of fixed assets                 507,708,816

Change in assets and liabilities:
   Accounts receivable                               20,440,877
   Inventory                                         41,424,024
   Prepaid, Deposits & Other                            964,383
   Deferred Income Taxes                                548,025
   Accounts Payable                                 (14,884,052)
   Accrued Liabilities                              (10,612,468)
   Liabilities - Other                              (12,563,456)
   Prepetition Assets                                 7,587,834
   Prepetition Liabilities                          (22,593,231)
   Equity - Other                                       805,125
                                                 --------------
Net cash (used in) provided by
   operating activities                              10,507,488

CASH FLOWS FROM INVESTING ACTIVITIES:
   Property, plant and equipment                    606,284,859
   Change in Investment in Subsidiary                 2,573,496
   Support payments received - principle              6,003,044
                                                 --------------
Net cash (used in) provided by investing
   activities                                       614,861,399

CASH FLOWS FROM FINANCING ACTIVITIES:
   Increase in Debt                                           -
   Capital Contributions                                      -
                                                 --------------
Net cash provided by (used in) financing
   activities                                                 -
                                                 --------------
NET INCREASE (DECREASE) IN CASH                     625,368,887

CASH, BEGINNING OF PERIOD                           304,655,850
                                                 --------------
CASH, END OF PERIOD                                $930,024,736
                                                 ==============

Headquartered in Bethesda, Maryland, USGen New England, Inc., an
affiliate of PG&E Generating Energy Group, LLC, owns and operates
several electric generating facilities in New England and
purchases and sells electricity and other energy-related products
at wholesale.  The Debtor filed for Chapter 11 protection on July
8, 2003 (Bankr. D. Md. Case No. 03-30465). John E. Lucian, Esq.,
Marc E. Richards, Esq., Edward J. LoBello, Esq., and Craig A.
Damast, Esq., at Blank Rome, LLP, represent the Debtor in its
restructuring efforts.  When it sought chapter 11 protection, the
Debtor reported assets amounting to $2,337,446,332 and debts
amounting to $1,249,960,731.  (PG&E National Bankruptcy News,
Issue No. 41; Bankruptcy Creditors' Service, Inc., 215/945-7000)


USGEN NEW ENGLAND: Posts $10.4 Million Net Loss in February 2005
----------------------------------------------------------------

                    USGen New England, Inc.
                    Unaudited Balance Sheet
                    As of February 28, 2005

                             ASSETS

Cash and Cash Equivalents                          $975,966,326
Accounts Receivable                                  34,593,381
Support Payment Receivable - Current               Undetermined
Fuel, Inventory and Supplies                          1,714,084
Prepaid Expenses                                      9,696,163
                                                 --------------
Total Current Assets                               Undetermined

Property, Plant and Equipment - net                 374,321,640
Construction Work in Progress                         2,079,732
Intangible Asset                                       $166,529
Support Payment Receivable - Non-current           Undetermined
                                                 --------------
Total Postpetition Assets                          Undetermined

Prepetition IC Accounts Receivable                 Undetermined
Prepetition Accounts Receivable                    Undetermined
Prepetition Prepaid Expenses                       Undetermined
                                                 --------------
Total Prepetition Assets                           Undetermined
                                                 --------------
TOTAL ASSETS                                       Undetermined
                                                 ==============

                     LIABILITIES AND EQUITY

Accounts Payable                                    $11,123,566
Accrued Liabilities                                  52,330,747
                                                 --------------
Total Current Liabilities                            63,454,314

Deferred Income Taxes                                (1,098,758)
Other Liabilities                                       (80,730)
                                                 --------------
Total Postpetition Liabilities                       62,274,826

Prepetition Accounts Payable                       Undetermined
Prepetition IC Accounts Payable                    Undetermined
Prepetition Market Accounts Payable                Undetermined
Debt - Current (in Default)                          84,770,293
Out of Market Liabilities - Current                   2,312,492
Out of Market Liabilities - Non-current                 (18,916)
                                                 --------------
Total Prepetition Liabilities                      Undetermined
                                                 --------------
Total Liabilities                                  Undetermined

Shareholder's Equity
   Common Stock, Additional Paid-In Capital       1,347,736,929
   Other Comprehensive Income                                 -
   Retained Earnings                               (862,708,058)
                                                 --------------
Total Shareholder's Equity                         $485,028,871
                                                 --------------
TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY         Undetermined
                                                 ==============


                    USGen New England, Inc.
                   Unaudited Income Statement
         For the Period February 1 to February 28, 2005

REVENUE:
   Contract Revenue                                    $282,942
   Market Energy                                      9,496,520
   Ancillary Products                                   568,323
   Market Capacity                                       34,000
   Other Revenue                                         57,681
                                                 --------------
Total Revenue                                        10,439,467

FUEL COSTS:
   Contract Expense                                   5,793,668
   Fuel Expense                                         958,374
   Fuel Hedges                                                -
                                                 --------------
Total Fuel Costs                                      6,752,042
                                                 --------------
Gross Profit                                          3,687,425

OPERATING EXPENSES:
   Direct Labor                                         616,937
   Direct Materials                                     285,061
   Direct Subcontractor Services                      1,100,957
   Other Operating                                      661,913
   Incentive Plan, Union and non-union                   82,759
   Ash Disposal, net                                    570,885
                                                 --------------
Total Station Operating Expenses                      3,318,512

Corporate Expense:
   Corporate Labor                                      310,671
   Incentive Plan                                       120,003
   Travel and Entertainment                               6,206
   Insurance                                          1,302,005
   Professional Services                              2,168,487
   Other General Administrative                         541,974
                                                 --------------
Total Corporate Expenses                              4,449,346

General Expenses:
   Property Taxes                                     1,310,228
   Interconnect Cost                                     62,619
   Depreciation                                         846,522
                                                 --------------
Total General Expenses                                2,219,369
                                                 --------------
Total Operating Expenses                              9,987,227
                                                 --------------
Total Operating Income                               (6,299,802)

Other Income (Expenses):
   Lease Expense                                       (225,000)
   Interest Income - NEES Receivable                  1,578,851
   Income - Other                                     1,704,724
   Gain                                              (7,147,871)
   Bank and LC Fees                                        (830)
                                                 --------------
Total Other Income (Expenses)                        (4,090,127)
                                                 --------------
Income Before Tax                                  ($10,389,929)
                                                 ==============

USGen New England, Inc. Controller Joseph J. Bartoletta relates
that the due to the complexity of the transaction related to the
Fossil Facilities Sale, the income tax calculations are not
completed and are not reflected on the current Income Statement
covering the period from February 1 to 28, 2005.


                    USGen New England, Inc.
                 Unaudited Cash Flow Statement
         For the Period February 1 to February 28, 2005

CASH FLOWS FROM OPERATING ACTIVITIES:
   Net Income                                      ($10,389,929)
Adjustments to reconcile net income to net
   cash provided by operating activities:
   Depreciation                                         846,522
   Amortization of intangible assets                          -
   Loss on disposal of fixed assets                   7,147,871

Change in assets and liabilities:
   Accounts receivable                               57,901,128
   Inventory                                           (189,880)
   Prepaid, Deposits & Other                          8,017,709
   Deferred Income Taxes                                      -
   Accounts Payable                                 (13,458,404)
   Accrued Liabilities                                 (237,370)
   Liabilities - Other                               (2,293,577)
   Prepetition Assets                                         -
   Prepetition Liabilities                             (277,999)
   Equity - Other                                             -
                                                 --------------
Net cash (used in) provided by
   operating activities                              47,066,071

CASH FLOWS FROM INVESTING ACTIVITIES:
   Property, plant and equipment                     (7,166,280)
   Change in Investment in Subsidiary                         -
   Support payments received - principle              6,041,799
                                                 --------------
Net cash (used in) provided by investing
   activities                                        (1,124,481)

CASH FLOWS FROM FINANCING ACTIVITIES:
   Increase in Debt                                           -
   Capital Contributions                                      -
                                                 --------------
Net cash provided by (used in) financing
   activities                                                 -
                                                 --------------
NET INCREASE (DECREASE) IN CASH                      45,941,590

CASH, BEGINNING OF PERIOD                           930,024,736
                                                 --------------
CASH, END OF PERIOD                                $975,966,326
                                                 ==============

Headquartered in Bethesda, Maryland, USGen New England, Inc., an
affiliate of PG&E Generating Energy Group, LLC, owns and operates
several electric generating facilities in New England and
purchases and sells electricity and other energy-related products
at wholesale.  The Debtor filed for Chapter 11 protection on July
8, 2003 (Bankr. D. Md. Case No. 03-30465). John E. Lucian, Esq.,
Marc E. Richards, Esq., Edward J. LoBello, Esq., and Craig A.
Damast, Esq., at Blank Rome, LLP, represent the Debtor in its
restructuring efforts.  When it sought chapter 11 protection, the
Debtor reported assets amounting to $2,337,446,332 and debts
amounting to $1,249,960,731.  (PG&E National Bankruptcy News,
Issue No. 41; Bankruptcy Creditors' Service, Inc., 215/945-7000)

                          *********

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, Jason A. Nieva, Christian Q. Salta, Lucilo Junior M.
Pinili 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.

                    *** End of Transmission ***