News Release
June 01, 2000

Energy Utility E-Marketplace Consortium Forms New Company, Announces New Participants And SelectsTechnology Partner

(The Woodlands, Texas, June 1, 2000) The consortium of 15 leading North American energy and utility companies formed earlier this year today announced the legal formation of Pantellos Corporation to operate and manage an open, independent Internet e-marketplace for the purchase of goods and services between the energy industry and its suppliers. To date, six additional companies have joined the original 15 members in the e-marketplace.

The new members of Pantellos are Carolina Power & Light (NYSE: CPL), DTE Energy (NYSE: DTE), Dominion Resources (NYSE: D), El Paso Energy (NYSE: EPG), GPU, Inc. (NYSE: GPU) and Ontario Power Generation. They join American Electric Power (NYSE: AEP), Cinergy (NYSE: CIN), Consolidated Edison International, Inc. (NYSE: ED), Duke Energy (NYSE: DUK), Edison International (NYSE: EIX), Entergy (NYSE: ETR), FirstEnergy Corp. (NYSE: FE), FPL Group (NYSE: FPL), PG&E Corp. (NYSE: PCG), Public Service Enterprise Group (NYSE: PEG), Reliant Energy (NYSE: REI), Sempra Energy (NYSE: SRE), Southern Company (NYSE: SO), TXU Corp. (NYSE: TXU) and Unicom (NYSE: UCM).

Pantellos will have an initial capitalization of $100 million. It will use the proceeds to fund development and deliver of a broad suite of technology enabled supply chain solutions and provide the necessary capital for ongoing operations.

The consortium also announced selection of Commerce One (NASDAQ: CMRC) as the primary technology partner. Commerce One is the leader in global e-commerce solutions for business. "The global reach and domain knowledge of the consortium combined with Commerce One’s recognized leadership in e-commerce technology solutions, will enable us to establish a premier exchange," said Mark Hoffman, chairman and CEO of Commerce One.

Morgan Stanley Dean Witter has been retained as the financial advisor for the new company. "Morgan Stanley is excited to be a contributor to the creation and launch of Pantellos," said Ken Marks, principal of Morgan Stanley. "The consortium’s leadership, speed of execution and level of cooperation set extremely high standards, which provide strong expectations for the success of this e-marketplace going forward."

The professional services firm of PricewaterhouseCoopers is providing business advice and assisting in the development of the e-marketplace.

Pantellos (pan-TELLos) is derived from a Greek word that can be interpreted as "complete" or "absolute." The name reflects the company’s goal of providing integrated e-supply chain solutions to both buyers and suppliers in the energy marketplace. To date, Pantellos has initiated contact with some 1,500 suppliers to begin forging strong, mutually beneficial relationships in areas of interest and opportunity to all supply chain participants. The company is seeking participation from all interested suppliers and is scheduling regional workshops to provide more opportunity for dialogue.

For more information about the exchange, please visit its Website at:

About Pantellos

Pantellos plans to be a leading provider of e-supply chain solutions to the electric, natural gas distribution, natural gas pipelines and other energy sectors. Pantellos will develop and deliver solutions in an open environment that enables all participants to conduct supply chain activities and transactions through its secure, Internet-based e-marketplace. Although actual savings will vary from participant to participant, it is estimated that these services and solutions will provide opportunity for significant cost savings and make the estimated $130 billion plus North American utility and energy supply marketplace dynamically open and accessible to all participants.

About Commerce One

Commerce One (NASDAQ: CMRC) is the leader in global e-commerce solutions for business. Through its products, portals and services, Commerce One creates access to worldwide markets, allowing anyone to buy from anyone, anytime, anywhere. The Commerce One Global Trading Web is the world's largest business-to-business trading community. Comprised of many e-marketplaces, the Global Trading Web provides unprecedented economies of scale for buying organizations, suppliers and service providers worldwide. Commerce One is located in Pleasanton, Calif. Additional information about the company may be found at

Forward Looking Statements

This press release includes certain statements, estimates, forecasts and projections provided by Pantellos ("the Company") which reflect the Company's views regarding the anticipated future performance of the Company and trends in the electric power and natural gas industries, which constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements and estimates reflect various assumptions concerning anticipated results and industry trends, which assumptions may or may not prove to be correct. There can be no assurances that any anticipated trends will actually develop or that any projected results are attainable or will be realized. Actual results may differ materially from the projections set forth herein. No representations are made by the Company as to the accuracy of such statements and estimates. Statements and estimates included herein with respect to the Company’s future strategies, policies or practices are subject to change at any time without prior notice.

Contact: Randy Wheeless
Phone: (704) 372-8379
24 Hour Phone: (704) 382-8333