Projects can cause organizations to perform in new ways resulting in the generation of knowledge. It is postulated that organizational learning occurs when new knowledge is captured and disseminated to the organization. It is expected that knowledge management facilitates organizational learning. Members of utility Y2K projects were surveyed with respect to knowledge benefits gained from their projects. Strong agreement for the existence of knowledge benefits was found and a listing of benefits generated. However, there was much less agreement on how to capture the benefits with many organizations taking little, if any, action. The conclusion is that while organizations recognize knowledge benefits, many do not have the tools or processes in place to take advantage of them.