  4U 0614+09 is a low-mass X-ray binary with a weakly magnetized neutron star
primary. It shows variability on time scales that range from years down to ~0.8
milliseconds. Before the Chandra and XMM-Newton era, emission features around
0.7 keV have been reported from this source, but recent Chandra observations
failed to detect them. Instead, these observations suggest an overabundance of
Ne in the absorbing material, which may be common to ultracompact (P_{orb}
\simless 1 hour) systems with a neon-rich degenerate dwarf secondary. We
observed 4U 0614+09 with XMM-Newton in March 2001. Here we present the energy
spectra, both from the RGS and EPIC cameras, and the Fourier power spectra from
EPIC high-time resolution light curves, which we use to characterize the
spectral state of the source.
