Exhibit 10.3

AMENDED AND RESTATED
POWER SALES AGREEMENT
By and Between
ELECTRIC ENERGY, INC.
and
AMEREN ENERGY MARKETING COMPANY

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Exhibit 10.3

TABLE OF CONTENTS
1.    Definitions and
Interpretation..........................................................................................................2
1.1Definitions..................................................................................................................2
1.2Interpretation..............................................................................................................7
1.3No Interpretation Based on Other
Agreements..........................................................7
1.4No Presumption of Construction For or Against Any
Party.......................................7
1.5Titles and
Headings....................................................................................................8

2.Seller's Participation in the Midwest ISO or Other
RTO.................................................................8
3.Term and
Termination......................................................................................................................8

3.1Term............................................................................................................................8
3.2Effective
Date.............................................................................................................8
3.3Termination.................................................................................................................8
4.    Provision of Capacity and Energy by
Seller....................................................................................9
4.1Provision of Contract Capacity by
Seller....................................................................9
4.2Provision of Contract Energy by
Seller.......................................................................9
4.3Seller's Failure to
Deliver..........................................................................................12
4.4Excuse for Buyer's Failure to
Receive......................................................................12
4.5Remedy for Failure to Deliver or
Receive................................................................12
4.6No Ancillary
Services................................................................................................13
5.    Scheduling, Dispatch and
Transmission.........................................................................................13
5.1Scheduling of
Energy.................................................................................................13
5.2Scheduling
Forecasts.................................................................................................15
5.3No Buyer Dispatch
Rights.........................................................................................16
6.    Prices and
Charges.........................................................................................................................16
6.1Contract
Charge.........................................................................................................16
6.2Capacity
Price............................................................................................................16
6.3Energy
Price..............................................................................................................17
6.4Forward Contract
Confirmation................................................................................20
7.    Billing and
Payment.......................................................................................................................21
7.1Billing and
Payment..................................................................................................21
7.2Billing
Disputes.........................................................................................................21
7.3Records Maintained by Buyer and
Seller..................................................................21
8.    Dispute
Resolution.........................................................................................................................21

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Exhibit 10.3

8.1Resolution by the
Parties..........................................................................................21
8.2Binding
Arbitration...................................................................................................22
8.3Obligations to Pay Charges and Perform Other
Obligations....................................23
9.    Default and
Remedies...................................................................................................................23
9.1Events of
Default......................................................................................................23
9.2Notice of
Default......................................................................................................24
9.3Remedies for
Default................................................................................................24
10.    Credit
10.1    Adequate Assurance of
Performance........................................................................21
11.    Representations and
Warranties...................................................................................................24
11.1Certain Representations and Warranties by
Seller....................................................24
11.2Certain Representations and Warranties by
Buyer....................................................24
12.    Continuity of
Service...................................................................................................................22
12.1Continuity of
Service................................................................................................22
12.2Relative
Responsibilities...........................................................................................25
12.3Access........................................................................................................................25
12.4Indemnification and Limitation of
Liability..............................................................23
13.    Miscellaneous..............................................................................................................................26
13.1Governing
Law..........................................................................................................26
13.2Notices.......................................................................................................................26
13.3Entire
Agreement.......................................................................................................24
13.4Appendices.................................................................................................................27
13.5Severability................................................................................................................27
13.6Amendments..............................................................................................................27
13.7Waiver ofFERC Filing Rights; Standard of
Review..................................................27
13.8Counterparts...............................................................................................................27
13.9No
Waiver..................................................................................................................27
13.10No Third Party
Beneficiaries.....................................................................................25
13.11No Association, Partnership or Joint
Venture............................................................28
13.12Assignment; Successors and
Assignees.....................................................................28
13.13Confidentiality............................................................................................................28
13.14Survival of
Obligations..............................................................................................26
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Exhibit 10.3

AMENDED AND RESTATED POWER SALES AGREEMENT
This AMENDED AND RESTATED POWER SALES AGREEMENT ("Agreement")
is made and entered into this 31 day of July, 2009, by and between Electric
Energy, Inc., a corporation organized and existing under the laws of the State
of Illinois ("Seller") and Ameren Energy Marketing Company, a corporation
organized and existing under the laws of the state of Illinois ("Buyer"). Each
of Seller and Buyer is hereinafter sometimes referred to individually as a
"Party" and they are hereinafter sometimes referred to collectively as the
"Parties."
WITNESSETH:
WHEREAS, Seller is a public utility, as defined in 16 U.S.C. § 824(e), engaged
in, among other businesses, the purchase and sale of electric capacity and
energy at wholesale; and; 
WHEREAS, Seller owns and operates a six-unit coal-fired generation facility in
Joppa, Illinois (the "Joppa Station"), with a net capacity capability of
approximately 1,002 MWs;
WHEREAS, Buyer is a public utility, as defined in 16 U.S.C. § 824(e), engaged
in, among other businesses, the purchase and sale of electric capacity and
energy at wholesale;
WHEREAS, Buyer and Seller entered into a long-term electric power supply
agreement dated as of December 22, 2005 (the "PSA") in order to meet certain
demands of Buyer for
Capacity and Energy;    
WHEREAS, Buyer and Seller entered into the First Amendment to the PSA dated as
of July 20, 2006, and entered into the Second Amendment to the PSA, superseding
the First Amendment, dated as of November 1, 2006;
WHEREAS, Buyer and Seller amended and restated the PSA effective July 14, 2008,
to incorporate the Second Amendment, and to make clear that unplanned outages or
derates of one or more units at Seller's Joppa Station do not excuse Seller's
performance under this Agreement; and    ;
WHEREAS, Buyer and Seller desire to further amend and restate the PSA to modify:
(i) the manner in which the amount of Capacity purchased each MISO Planning Year
is determined, (ii) the amount Seller will charge Buyer to generate during an
economic curtailment scenario, and (iii) current limitations of the contract
that prohibit the Parties from fully optimizing the use of the Joppa Station in
both day ahead and in real time.
NOW, THEREFORE, in consideration of the mutual covenants and promises set forth
herein, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the Parties hereto, intending to
be legally bound, hereby covenant, promise and agree as follows:

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Exhibit 10.3

1.
Definitions and Interpretation
1.1    Definitions.
Unless specified to the contrary, when used herein, the following capitalized
terms shall have the meanings ascribed to them below:
Agreement means this Amended and Restated Power Sales Agreement, by and between
Electric Energy, Inc. and Ameren Energy Marketing Company.
Ancillary Services means those ancillary services, including but not limited to
those described in FERC Order No. 888, that may from time to time be required by
FERC to be supplied by any transmission provider in a Control Area.
Business Day means any Day, Monday through Friday, which is not a NERC Holiday.
Buyer means Ameren Energy Marketing Company.
Capacity means the minimum Net Capability for the Unit as reported to any NERC
Regional Reliability Council in accordance with SERC guidelines (or such
comparable guide or
authority) and reduced, if appropriate, to reflect station power consumption and
losses to the
Delivery Point(s). Capacity is measured in MWs.    
Capacity Price means the price for each Joppa PRC provided by Seller to Buyer
during: a MISO Planning Year as such price is determined in accordance with
Section 6.2.
Cinergy Index has the meaning ascribed to such term in Section 6.3.
Commercial Node or CpNode means a node in the commercial model used by the
Midwest ISO or other applicable RTO with an LMP Market to schedule and settle
market activities.
Contract Capacity means the amount of Joppa PRCs recognized by the Midwest ISO
in accordance with the applicable Midwest ISO business practices for the
applicable MISO Planning Year.
Contract Capacity Forecast has the meaning ascribed to such term in Section
5.2.1.
Contract Energy means that Energy including Energy for Forward Contracts (as
defined herein), Day-Ahead Energy Market and Real-Time Energy Market, provided
by Seller to Buyer pursuant to this Agreement, which shall not exceed one
hundred percent (100%) of the Energy available and produced by the Unit in any
Hour of each Day, but shall not be reduced for events other than those described
in Section 4.2.1, Section 4.3.1 and Section 6.3.2(E).
Contract Energy Forecast has the meaning ascribed to such term in Section 5.2.2.
Contract Charge has the meaning ascribed to such term in Section 6.1.

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Exhibit 10.3

Control Area means an electric power system or combination of electric power
systems to which a common automatic generation control scheme is applied in
order to, among other things, match at all times the power output of the
generators within the electric power system(s) and capacity and energy purchased
from entities outside the electric power system(s) with the load within the
electric power system(s).
Cost To Generate means the actual costs incurred by Seller during the month to
generate the Contract Capacity and Contract Energy less the amounts paid by
Buyer during the month for the Capacity Charge ("Adjusted Actual Costs"). The
actual costs shall include all variable and fixed costs incurred by the Seller
that are reflected on Seller's monthly income statement. For purposes of
calculating the Cost To Generate in Section 4.2.1.2, Seller shall convert the
Adjusted Actual Costs incurred by Seller during the month to a per megawatt-hour
charge by dividing the Adjusted Actual Cost by the total amount of
megawatt-hours generated by Seller during the month.    
CPT means Central Prevailing Time.
Day means a twenty four (24) hour period, commencing at the beginning of hour
ending 0100 Central Prevailing Time, except that the "Day" shall be a twenty
three (23) hour period on the first day of Daylight Savings Time each year and
shall be a twenty five (25) hour period on the first day following the last full
day of Daylight Savings Time each year.    :
Day-Ahead Energy Market means the forward market for efficiently allocating
transmission capacity, facilitating purchases and sales of Energy and scheduled
bilateral transactions, conducted by the Midwest ISO (or other RTO) the Day
prior to the actual operating Day.
Day-Ahead LMP means the locational marginal price calculated through the
clearing of the Day-Ahead Energy Market.
Default Interest Rate means the U.S. Prime Rate as quoted in the "Money Rates"
section of The Wall Street Journal, plus two percent (2%) per annum, prorated to
a daily rate and compounded daily; provided that (a) the rate applicable on any
dates where no such rate is quoted shall be the rate last quoted in the "Money
Rates" section of The Wall Street Journal, and (b) the average of all quoted
rates shall be used if more than one rate is published.
Delivery Point means (i) the interface between Seller's Control Area and each
Control Area or RTO to which Seller's Control Area is directly connected (i.e.,
currently the Midwest ISO, E.ON U.S. LLC and the Tennessee Valley Authority),
unless and until functional control of the Seller's transmission system has been
transferred to the Midwest ISO or another RTO; or (id) the Unit bus, if and when
functional control of Seller's transmission system is transferred to the Midwest
ISO or another RTO.
Delivery Term means the period of time between January 1, 2006 and May 31, 2016.
Dispatch Cost means a projection of the incremental cost to operate the Unit on
a per megawatt hour basis, whereby such projected incremental cost shall include
only those variable

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Exhibit 10.3

costs projected to be incurred by Seller that, once incurred, will be reflected
on Seller's monthly income statement. No later than two (2) Business Days prior
to the start of a calendar month. Seller shall approve the Dispatch Cost to be
used for the upcoming month. For the avoidance of doubt, the pricing provisions
in this Agreement that reference Dispatch Cost shall mean the Dispatch Cost
approved by the Seller two (2) Business Days prior to the start of each calendar
month and there shall be no true up to reflect the actual costs reflected on
Seller's income statement.
Dispute has the meaning ascribed to such term in Section 8.1.
EEI Interface CpNode means the CpNode defined by the Midwest ISO to settle
market activities at the interface between the Seller's Control Area and the
transmission system functionally controlled by the Midwest ISO.
Effective Date has the meaning set forth in Section 3.2.
Energy means real (not reactive) electric energy in the form of three-phase
alternating current having a nominal frequency of approximately 60 cycles per
second, a harmonic content consistent with the requirements of the Institute of
Electrical and Electronic Engineers Standard No. 519, and a voltage content
consistent with the guidelines applied by the Control Area in which the
applicable Generating Resource resides. Energy is measured in MWh.    
Energy Price has the meaning ascribed to such term in Sections 4.2 and 6.3.
Energy Schedule has the meaning ascribed to such term in Section 5.1.2.
EST means Eastern Standard Time.
Federal Power Act means 16 U.S.C. §§ 791a et seq.
FERC means the Federal Energy Regulatory Commission or any agency which succeeds
to such Commission's regulatory functions for the electric utilities.    
Force Majeure means an event or circumstance which prevents a Claiming Party
from performing its obligations or causes delay in such Claiming Party's
performance under this Agreement, which event or circumstance was not
anticipated as of the date of execution of this Agreement, which is not within
the reasonable control of, or the result of the negligence of the Claiming Party
and which, by the exercise of due diligence or use of Good Utility Practice, the
Claiming Party is unable to overcome or avoid or cause to be avoided. Events of
Force Majeure may include, but are not limited to, acts of God; fire; flood;
earthquake; tornado; named storms; any natural disaster; war; riots; sabotage;
computer virus; terrorism; insurrection, strike; unavailability of labor; labor
dispute; civil disorder; requirements, actions or failure to act on the part of
governmental authorities; adoption or change in any law, regulation, statute,
rule or regulation imposed by federal, state or local governmental bodies,
including, without limitation, a change in the interpretation thereof; or any
lawful order by any court or administrative agency (so long as the Claiming
Party has not applied for or assisted in the application for such judicial or
governmental action); loss of supply of generating inputs, including fuel and
cooling water. Force Majeure shall not be based on: (i) Buyer's inability
economically to use the power

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Exhibit 10.3

purchased hereunder; (ii) Buyer's ability to purchase Capacity and/or Energy
from a third party at a price less than the price under this Agreement; (iii)
Seller's ability to sell Capacity and/or Energy at a price greater than the
price under this Agreement; (iv) an Unplanned Event; or (y) Seller's inability
economically to produce the power sold hereunder, including but not limited to
Seller's inability to provide Capacity and/or Energy at its expected cost or
price or at a cost or price equal to or lower than the price under this
Agreement.
Good Utility Practice means any of the practices, methods and acts engaged in or
approved by a significant portion of the electric utility industry during the
relevant time period, or any of the practices, methods and acts which, in the
exercise of reasonable judgment in light of the facts known at the time the
decision was made, could have been expected to accomplish the desired result at
a reasonable cost consistent with good business practices, reliability, safety
and expedition. Good Utility Practice is not intended to be limited to the
optimum practice, method or act to the exclusion of all others, but rather to be
a range of acceptable practices, methods, or acts generally accepted in the
region.
Hour means a clock hour.
Illinois Utilities means Central Illinois Public Service Company, d/b/a
AmerenCIPS, Central Illinois Light Company, d/b/a AmerenCILCO and Illinois Power
Company, d/b/a AmerenIP, and each of their successors and assigns.
Joppa PRC means the amount and type (i.e. external or fully deliverable)
planning resources credits as determined in accordance with the Midwest ISO
business practices manual entitled "Module E - Resource Adequacy," as such
manual may be amended from time to time, whereby each Joppa PRC is equivalent to
1 megawatt.
LMP Market means a system, implemented and operated by the Midwest ISO or other
RTO, in which users of the electric transmission grid are charged for electric
transmission congestion based on the location of the transmission busses where
they inject and withdraw power from the transmission system and the prices for
electric energy at such busses. Such a system must include a central clearing
market for sales and purchases of electric energy.
Midwest ISO or MISO means the Midwest Independent Transmission System Operator,
Inc., or the successor organization to the functions thereof.
MISO Planning Year means the twelve (12) month period beginning on the first day
of June of each calendar year and ending on the thirty-first day of May the
following calendar year during the Delivery Term.
MW means megawatts.

MWh means megawatt-hours.
NERC Holiday means any day that is New Year's Day, Memorial Day, Independence
Day, Labor Day, Thanksgiving Day, and Christmas Day. Three of these days,
Memorial Day, Labor Day, and Thanksgiving Day occur on the same day each year.
Memorial Day is the last Monday in May; Labor Day is the first Monday in
September; and Thanksgiving Day is the

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Exhibit 10.3

fourth Thursday in November. New Year's Day, Independence Day, and Christmas
Day, by definition, are predetermined dates each year. However, in the event
they occur on a Sunday, the "NERC Holiday" is celebrated on the Monday
immediately following that Sunday. However, if any of these days occur on a
Saturday, the "NERC Holiday" remains on that Saturday.
Notice has the meaning ascribed to such term in Section 12.2.
Off Peak means all hours that are not On-Peak, including NERC Holidays.
On-Peak means the hours beginning at 6:00 A.M. Central Prevailing Time and
ending at 10:00 P.M. Central Prevailing Time for the days Monday through Friday,
excluding NERC Holidays.
Party has the meaning ascribed to such term in the preface hereto.
Person means any individual, a partnership, a joint venture, a corporation, a
limited liability company, a limited liability partnership, a trust, a
self-regulating organization, an unincorporated organization, or a governmental
entity or any department or agency thereof.
Real-Time Energy Market means the real-time market for facilitating purchases
and sales of Energy and scheduled bilateral transactions conducted by the
Midwest ISO (or other RTO) in real-time on the actual operating Day.
Real-Time LMP means the locational marginal price calculated through the
clearing of the Real-Time Energy Market.
Regional Transmission Organization or RTO has the meaning set forth in Regional
Transmission Organizations, Order No. 2000, FERC Stats. & Regs. [Regs. Preambles
1996-2000] ¶31l,089 (1999), on reh'g, Order No. 2000-A, FERC Stats. & Regs. ¶
31,092 (2000), petitions for review dismissed sub nom., Public Utility Dist. No.
1 of Snohomish County, Wash. v. FERC, 272 F.3d 607 (D.C. Cir. 2001).
Scheduled Outage means a maintenance or planned outage as defined by the NERC
Generating Unit Availability Data System ("GADS").
Seller means Electric Energy, Inc.
SERC means the SERC Reliability Corporation, or any successor organization.
Tribunal has the meaning ascribed to such term in Section 8.2.1.
Unit means the six (6) coal-fired, steam-driven generation units constituting
the Joppa Station and having a combined net generating capability of
approximately 1,002 MWs.
Unplanned Event means an unplanned outage or derate of one or more of the six
(6) coal-fired, steam-driven generation units constituting the Joppa Station due
to sudden, unanticipated failure or accident within the Unit site.

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Exhibit 10.3

Year means one calendar year.
1.2    Interpretation.
In this Agreement, unless a different intention clearly appears:
1.2.1the singular includes the plural and vice versa;
1.2.1    the reference to any Party includes such Party's legal and/or permitted
successors and assignees;
1.2.2    reference to either gender includes the other gender;
1.2.3    reference to any agreement (including this Agreement), document or
instrument means such agreement, document or instrument as amended or otherwise
modified and in effect from time to time in accordance with the terms thereof
and, if applicable, the terms hereof;
1.2.4    reference to any Article, Section or Appendix means such Article or
Section of this Agreement, or such Appendix to this Agreement, as the case may
be, and references in any Article, Section or definition to any clause or
paragraph means such clause or paragraph of such Section or definition;
1.2.5    "hereunder," "hereof," "hereto" and words of similar import shall be
deemed references to this Agreement as a whole and not to any particular
Article, Section or other provision hereof;
1.2.6    "including" means including but not limited to;
1.2.7    relative to the determination of any period of time, "from" means "from
and including," "to" means "to but excluding" and "through" means "through and
including";
1.2.8     reference to any law (including statutes and ordinances) means such
law as amended, modified, codified, reenacted, in whole or in part, and in
effect from time to time, including rules or regulations promulgated
thereunder.    
1.3    No Interpretation Based on Other Agreements.
All terms defined and/or used in this Agreement shall be interpreted without
regard for
how such terms may be defined and/or used in other agreements between the
Parties and/or their
affiliates.    
1.4    No Presumption of Construction For or Against Any Party.
The Parties have jointly participated in the drafting of this Agreement and have
had the opportunity to engage counsel of their own choosing in connection
therewith. Any rule of construction or interpretation requiring this Agreement
to be construed or interpreted for or against any Party as a consequence of its
role in the drafting of this Agreement shall not apply to the construction or
interpretation hereof.

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Exhibit 10.3

1.5    Titles and Headings.
Article and Section titles and headings in this Agreement are inserted for
convenience and ease of reference only and are not intended to be part of or to
affect the meaning or interpretation of this Agreement.
2.
Seller's Participation in the Midwest ISO or Other RTO
This Agreement has been drafted by the Parties with the presumption that, during
the Delivery Term: (i) functional control of the Control Area operated by Seller
and the transmission system comprising such Control Area will not initially be
transferred to the Midwest ISO or another RTO; and (ii) the Parties acknowledge
that functional control of the Control Area operated by Seller and the
transmission system comprising such Control Area may be transferred to the
Midwest ISO or another RTO and at such time the Delivery Points set forth herein
shall change from the interface between the Seller's Control Area and each
Control Area to which Seller's Control Area is directly connected, to the
generation bus of the Unit; provided, however that in no event shall Seller
transfer such functional control of the Control Area operated by Seller to the
Midwest ISO or any other RTO without providing the Buyer with at least twelve
(12) months' prior written notice.

3.
Term and Termination;
3.1    Term.
This Agreement shall become effective as of the Effective Date and shall
continue in effect for a period ending at the end of the hour ending 2400 CPT on
May 31, 2016, unless terminated prior to this date pursuant to the terms of this
Agreement (the "Term").
3.2    Effective Date.
This Agreement shall be effective as of the date set forth above and deliveries
commenced January 1, 2006.    :
3.3    Termination.
This Agreement may be terminated pursuant to this Section 3.3. This Agreement
may be terminated by either Party, upon five (5) Business Days' written notice
to the other Party, as a result of an Event of Default caused by the other Party
that is not cured within thirty (30) days. In the event this Agreement is filed
with FERC accompanied by a request by Seller under Section 205 of the Federal
Power Act for this Agreement to be accepted and/or approved by FERC, this
Agreement may also be terminated by either Party, upon five (5) Business Days'
written notice to the other Party, in the event of an order by FERC: (i)
rejecting this Agreement, (ii) directing that this Agreement be suspended or
modified in any material way, (iii) conditioning the acceptance of the Agreement
on satisfaction of one or more circumstances or events that cannot be expected
to occur without either Party incurring significant cost.

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Exhibit 10.3

This Agreement may also be terminated by either Party by giving at least
forty-eight (48) months' advance written notice of such termination. Such notice
shall specify an effective date for the termination, which shall occur at hour
ending 2400 on the last day of the month of termination.
4.
Provision of Capacity and Energy by Seller
4.1    Provision of Contract Capacity by Seller.
Seller shall provide to Buyer at the Delivery Points, and Buyer shall purchase
from Seller at the Delivery Points, the Contract Capacity each month during the
Delivery Term. A new Contract Capacity amount shall be calculated for each MISO
Planning Year during the Term.
4.2    Provision of Contract Energy by Seller and Contract Energy Pricing.
On a day-ahead basis, during each Hour of each Day during the Delivery Term,
Seller shall schedule and sell to Buyer at the Delivery Points, and Buyer shall
purchase and receive at
the Delivery Points, the Contract Energy, subject to and in accordance with the
provisions of this Section 4.2 and the provisions of Section 6.3.2. In
real-time, during each Hour of each Day during the Delivery Term, Seller shall
deliver to Buyer at the Delivery Points the amount of Contract Energy Scheduled
on a day-ahead basis unless a change in such day-ahead schedule is requested by
either Party in accordance with the terms of this Agreement.
4.2.1 Economic Curtailments: If at any time during the Term the Parties
reasonably determine or expect that Seller will not be able to generate the
Contract Energy for an extended period of time at a cost that is at or below the
expected price Buyer must pay to Seller under Section 6.3 of this Agreement, or
that adverse operating conditions exist or are expected to exist in the future
such that generating at full output may not be beneficial to the Parties, then
the Parties shall agree to pursue one or more of the following curtailment
(hereinafter referred to as "Economic Curtailment") strategies:
4.2.1.1 If the Parties agree that neither Party will be adversely impacted
financially by instituting an Economic Curtailment, then the Parties shall
determine the duration and magnitude of such Economic Curtailment. During such
Economic Curtailment period, Buyer shall be obligated to purchase and Seller
shall be obligated to schedule on a day-ahead basis only that amount of Contract
Energy agreed to by the Parties.

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Exhibit 10.3

4.2.1.2 If the Parties are not able to agree that neither Party will be
adversely impacted financially, or if the Parties are unable to agree on the
magnitude and/or duration of the Economic Curtailment, then at Buyer's request
Seller shall schedule on a day-ahead basis and Buyer shall purchase each Hour
all MWhs Buyer requests that are greater than Seller would otherwise schedule
pursuant to Section 4.2.1.1 at an Energy Price equal to Seller's Dispatch Cost
plus two dollars ($2.00) notwithstanding the applicable Energy Price amount set
forth in Section 6.3. For the avoidance of doubt, any Hour in which the Seller
agrees to schedule energy on a day-ahead basis above Buyer's requested schedule,
then Buyer shall pay Seller for all such Contract Energy scheduled an Energy
Price calculated pursuant to Section 6.3.
To the extent Buyer does not request Seller to schedule Contract Energy as
provided in the preceding paragraph, Seller may continue to schedule on a
day-ahead basis Contract Energy but Buyer shall not be obligated to pay Seller
for such Contract Energy an amount greater than required pursuant to Section
6.3.
4.2.2    Buyer shall have the option to alter the amount of Contract Energy
scheduled day-ahead for delivery in real-time.
4.2.2.1When Buyer makes a request to reduce the amount of Contract Energy Seller
generates in real-time, Seller shall reduce the amount of Contract Energy being
delivered in real-time by the amount requested by Buyer, provided such reduction
can be accommodated without causing, in Seller's sole discretion, any adverse
operational issues. For each MWh of day-ahead scheduled Contract Energy
curtailed in real-time, Seller shall pay to Buyer an Energy Price equal to the
Seller's Dispatch Cost minus two dollars ($2.00).
4.2.2.2 When Buyer makes a request to increase the amount of Contract Energy
Seller generates in real-time, Seller shall increase the amount of Contract
Energy being delivered in real-time by the amount requested by Buyer, provided
such increase can be accommodated without causing, in Seller's sole discretion,
any adverse operational issues. For each MWh of Contract Energy generated in
real-time above the amount scheduled day-ahead at Buyer's request, Buyer shall
pay to Seller an Energy Price equal to the Seller's Dispatch Cost plus two
dollars ($2.00).
4.2.2.3 Any real-time adjustment of the day-ahead Contract Energy schedule
requested by Buyer that is implemented by Seller shall have no impact on Buyer's
obligation to pay for the amount of Contract Energy scheduled day ahead in
accordance with Section 6.3. For the avoidance of doubt, any Market Deviation
Charges assessed to Buyer solely as a result of Seller's implementation of
Buyer's request to change the day-ahead Contract Energy schedule shall be born
by the Buyer.

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Exhibit 10.3

4.2.3 Seller shall have the option to alter the amount of Contract Energy
scheduled day-ahead for delivery in real-time.
4.2.3.1 When Seller makes a request to reduce the amount of Contract Energy
Seller generates in real-time below the amount scheduled day-ahead, Seller shall
reduce the amount of Contract Energy being delivered in real-time by such
amount, provided Seller pays to Buyer for each MWh of Contract Energy curtailed,
an Energy Price equal to:
(a) the Midwest ISO (or other applicable RTO) Real-Time LMP for each Hour at the
EEI Interface CpNode, provided that the Seller's Control Area and the
transmission system comprising Seller's Control Area have not been transferred
to the Midwest ISO or other RTO; or
(b) the Midwest ISO (or other applicable RTO) Real-Time
LMP for each Hour at the CpNode at the Unit if the Seller's Control Area and the
transmission system comprising Seller's Control Area have been transferred to
the Midwest ISO or other RTO, provided in each case that the Midwest ISO or the
other RTO operates an LMP market; or
(c)    if operational control of the Seller's Control Area and the transmission
system comprising Seller's Control Area have been transferred to an RTO and such
RTO has not implemented an LMP market and/or no Real-Time LMP price is
available, then such other price as the Parties otherwise mutually agree to in
writing, provided that, if the Parties cannot agree upon such price within sixty
(60) days of the transfer of such operational control, this Agreement shall
automatically terminate at such time without further action by either Party.

4.2.3.2When Seller makes a request to increase the amount of Contract Energy
Seller generates in real-time above the amount scheduled day-ahead, Seller shall
increase the amount of Contract Energy being delivered in real-time by such
amount, and Buyer shall pay to Seller for each MWh of Contract Energy increase
an Energy Price equal to the applicable amount set forth in Section 4.2.3. l
(a), (b) or (c).
4.2.3.3Any real-time adjustment of the day-ahead Contract Energy schedule
requested by Seller and implemented by Seller shall have no impact on Buyer's
obligation to pay for the amount of Contract Energy scheduled day-ahead in
accordance with Section 6.3. For the avoidance of doubt, any Market Deviation
Charges assessed to Buyer solely as a result of Seller's implementation of
Seller's request to change the day-ahead Contract Energy schedule shall be born
by the Seller.

11

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Exhibit 10.3

4.3
Seller's Failure to Deliver.

4.3.1    Generally.
Seller's failure to deliver Contract Capacity and/or Contract Energy pursuant to
this Agreement shall be excused: (i) to the extent caused by an event of Force
Majeure; (ii) by Buyer's failure to perform any of its material obligations
under this Agreement; (iii) to the extent necessary to preserve the integrity
of, or prevent or limit any instability on, the Control Area of Seller; (iv) to
the extent any Control Area operator or the Midwest ISO (or other RTO) declares,
using reasonable judgment, an emergency condition in a Control Area containing a
Delivery Point; (v) by the interruption or curtailment of firm transmission to a
Delivery Point; or (vi) during Scheduled Outages.
4.3.2    Scheduled Outages. .
Unless otherwise agreed to by the Parties, Seller shall not conduct scheduled
outages between June 1 and September 30 or between December 1 and February 28
(or February 29 in a leap year).
4.4    Excuse for Buyer's Failure to Receive.
Buyer's failure to receive Contract Capacity and/or Contract Energy pursuant to
this Agreement shall be excused: (i) to the extent caused by an event of Force
Majeure; (ii) by Seller's failure to perform any of its material obligations
under this Agreement; or (iii) by the interruption or curtailment of firm
transmission from a Delivery Point.
4.5    Remedy for Failure to Deliver or Receive.
4.5(a) In the event of Seller's unexcused failure to deliver Contract Energy
and/or Contract Capacity pursuant to this Agreement, including but not limited
to an Unplanned Event, Seller shall pay Buyer, as Buyer's sole and exclusive
remedy, the positive difference, if any, between the Replacement Price and the
Contract Price.    
For purposes of this subparagraph (a),
"Contract Price" means
the price to be paid by Buyer under this Agreement for the Contract Energy
and/or Contract Capacity that was not delivered by Seller,
and    
"Replacement Price" means
the price actually paid by Buyer, acting in a commercially reasonable manner, to
replace the undelivered Contract Energy and/or Contract Capacity, plus any
reasonable related transmission, ancillary service or brokerage costs,

12

--------------------------------------------------------------------------------

Exhibit 10.3

or
if in Buyer's sole discretion, it opts not to replace the undelivered Contract
Energy and/or Contract Capacity, the market price at the Delivery Point for such
Contract Energy and/or Contract Capacity not delivered as determined by Buyer in
a commercially reasonable manner; provided, however, in no event shall such
price include any penalties, ratcheted demand or similar charges, nor shall
Buyer be required to utilize or change its utilization of its owned or
controlled assets or market positions to minimize Seller's liability.
For purposes of this definition of Replacement Price, Buyer shall be considered
to have replaced the undelivered Contract Energy and/or Contract Capacity to the
extent Buyer shall have entered into one or more arrangements in a commercially
reasonable manner whereby Buyer repurchases its obligation to sell and delivered
the Contract Energy and/or Contract Capacity to another party.
4.5(b) In the event of Buyer's unexcused failure to receive Contract Energy
pursuant to this Agreement, Buyer shall pay Seller, as Seller's sole and
exclusive remedy, the positive difference, if any, between the Contract Price
and the Sales Price. For purposes of this subparagraph (b), "Sales Price" means
the price actually received by Seller, acting in a commercially reasonable
manner, to resell the unreceived Contract Energy, less any reasonable related
transmission, ancillary service, or brokerage costs, and "Contract Price" means
the price to be paid by Buyer under this Agreement for the Contract Energy that
was not received by Buyer.
4.6 No Ancillary Services.
This Agreement only provides for a sale of Contract Energy and Contract Capacity
to Buyer. As the operator of its Control Area, Seller may have a need to provide
generation-based Ancillary Services. Accordingly, other than the Contract Energy
and Contract Capacity sold hereunder, Seller, and not Buyer, shall have
exclusive rights to all benefits and attributes of the Unit, including
generation-based Ancillary Services.
5.
Scheduling. Dispatch and Transmission
5.1 Scheduling of Energy.
5.1.1 Seller Unit Availability Schedule.    
Unless otherwise agreed to by the Parties, Seller shall provide to Buyer in
writing, no later than one hundred eighty (180) minutes prior to the deadline(s)
imposed by the Midwest ISO or other RTO tariff for submitting the required tag
for a day-ahead generation schedule (hereinafter "Tag Deadline"), the amount of
Contract Energy available for each Hour of the next Business Day that Seller
reasonably believes will be available for dispatch from the Unit and the
Dispatch Cost for such Contract Energy; provided, however, that with respect to
any non-

--------------------------------------------------------------------------------

Exhibit 10.3

Business Day, Seller shall provide written notice of the amount of Contract
Energy reasonably anticipated to be available for dispatch on such non-Business
Day(s) not later than one hundred eighty (180) minutes prior to the Tag Deadline
on the Business Day preceding such non- Business Day(s) (hereinafter "Unit
Availability Schedule"). Seller shall notify Buyer as soon as practicable of any
Unit derate or other deviation from the Unit Availability Schedule so that Buyer
may take the appropriate actions to modify the amount of energy scheduled into
the Midwest ISO or other RTO.
5.1.2    Buyer Schedules.
Day Ahead Schedule - Unless otherwise agreed to by the Parties in accordance
with Section 4.2, Buyer shall schedule an amount of Contract Energy that equals
the amount of Contract Energy that Seller has indicated will be available in the
Unit Availability Schedule. Failure of Buyer to schedule an amount of Contract
Energy equal to the amount set forth in the Unit Availability Schedule shall
constitute Buyer's unexcused failure to receive and the provisions of Section
4.5(b) shall apply. Buyer shall provide to Seller in writing by 0800 EST each
Business Day a Contract Energy schedule for the next Business Day (and any
intervening Saturday, Sunday, or NERC Holiday) (the "Day Ahead Schedule") that
shall state for each Hour of the applicable Day the amounts of Contract Energy
that Buyer will purchase from Seller at each Delivery Point. In the event Buyer
fails to provide Seller a Day Ahead Schedule as required by this Section 5.1,
Buyer shall be deemed to have provided Seller a Day Ahead Schedule identical to
the last Day Ahead Schedule provided to Seller. All Day Ahead Schedules
submitted by Buyer must honor the ramping and operational capabilities of the
Unit (e.g. minimum generation capabilities). If at any time prior to the close
of the Midwest ISO (or other RTO) Day Ahead Energy Market (currently 1100 EST)
Seller becomes aware of or reasonably anticipates that its ability to generate
the amount of Contract Energy set forth in the Unit Availability Schedule has
changed, Seller shall notify Buyer immediately (or as soon as reasonably
possible) so that Buyer may adjust the generation tag submitted to the Midwest
ISO (or other RTO) prior to the close of the Midwest ISO (or other RTO) Day
Ahead Energy Market. If Seller does not generate in real time the amount of
Contract Energy set forth in the Unit Availability Schedule and Seller did not
notify Buyer prior to the close of the Day Ahead Energy Market of such potential
generation deviation, Seller shall reimburse Buyer for any Midwest ISO (or other
RTO) charges or penalties incurred by Buyer that are directly related to the
deviation from the Unit Availability Schedule and the amount of Contract Energy
actually generated by Seller in real time.
Real Time Schedule - Seller shall notify Buyer immediately (or as soon as
reasonably possible) of any increased or decreased capability in the real time
availability of the Unit as compared to the Unit Availability Schedule. Upon
receiving updated Unit capability information from Seller, Buyer shall use
reasonable efforts to schedule any increased or decreased capability of the Unit
into the Midwest ISO (or other RTO) real time market. Buyer and Seller shall
exchange information ("Real Time Schedule") as required to implement the Real
Time Schedule provided that the Real Time Schedule honors the ramping and other
operational capabilities of the Unit. Any charges or penalties incurred by Buyer
that are directly related to the deviation from the Day-Ahead Schedule created
by scheduling this updated Unit capability in real time shall be reimbursed by
the Seller.

14

--------------------------------------------------------------------------------

Exhibit 10.3

Changes in Scheduling Practices - The Parties acknowledge that the Midwest ISO
(or other RTO) requirements for scheduling and tagging may change during the
Term. Accordingly, in the event of any such change, the Parties shall confer and
modify this Section 5.1.2 to account for such changes in an attempt to preserve
the flexibility and commitments imposed on each Party prior to such changes to
the extent possible.
5.1.3    Transmission Service and Losses.
Unless and until Seller's Control Area and the transmission assets comprising
Seller's Control Area have been transferred to the Midwest ISO or other RTO,
Seller shall be responsible for procuring and paying for long-term Firm
Point-to-Point transmission service from the Unit to the Delivery Point(s) and
for all transmission losses from the Unit to the Delivery Point(s). Seller shall
reserve an amount of long-term Firm Point-to-Point transmission service to each
Delivery Point equal to the Contract Capacity. Buyer shall be responsible for:
(i) procuring and paying for all transmission services from the Delivery
Point(s); and (ii) any transmission losses and any other transmission related
charges (including Ancillary Service and congestion charges) from the Delivery
Point(s). If during the Term Seller transfers functional control of its
transmission assets to the Midwest ISO, the Delivery Point for all Contract
Energy provided hereunder shall thereafter become the generator bus and Seller
shall be responsible for all transmission related charges (including Ancillary
Services, losses and congestion charges) up to the Delivery Point and Buyer
shall be responsible for all transmission related charges (including Ancillary
Services, losses and congestion charges) from the Delivery Point.
5.1.4    MISO Administration RSG and RNU Charges
The Parties acknowledge that most of the Contract Energy purchased hereunder
will be sold into the Midwest ISO LMP Market at the EEI Interface CpNode (or
Unit CpNode if Seller transfers its control area to the Midwest ISO or other
RTO). The Parties further acknowledge that to sell the Contract Energy into the
Midwest ISO LMP Market, Buyer will incur Midwest ISO administrative charges
(e.g., Schedule 17) (the "MISO Admin Charges"). As a result, the Contract Energy
Price set forth in Section 6.3(B) shall be reduced by the amount of MISO Admin
Charges for all Contract Energy sold into the MISO LMP Market.    : 
The Parties further acknowledge and agree that the Buyer may incur charges
(e.g., Revenue Sufficiency Guarantee charges and/or Revenue Neutrality Uplift
charges) (collectively "Market Deviation Charges") in the event that the amount
of Contract Energy the Buyer schedules into the Midwest ISO Day-Ahead Energy
Market differs from the amount actually generated in real time by Seller.
Notwithstanding anything to the contrary in this Agreement, in the event Buyer
incurs such Market Deviation Charges, Seller shall reimburse Buyer for such
charges provided Buyer was not able, using reasonable efforts, to avoid such
charges.    .
5.2    Scheduling Forecasts.;
5.2.1    Contract Capacity Forecast.
Seller shall provide to Buyer, no later than seventy-five (75) days prior to the
beginning of each Year, all data required by the Midwest ISO business practices
manual entitled "Module E - Resource Adequacy," as such manual may be amended
from time to time, that is

15

--------------------------------------------------------------------------------

Exhibit 10.3

needed by the Midwest ISO for calculating the Joppa PRCs for the subsequent MISO
Planning Year ("Contract Capacity Data"). Following receipt by Buyer of such
Contract Capacity Data, Seller and Buyer shall coordinate and confirm that the
Contract Capacity Data is appropriately submitted to the Midwest ISO so that the
Midwest ISO can calculate the number of Joppa PRCs available for the following
MISO Planning Year.
5.2.2    Contract Energy Forecast.
Seller shall provide to Buyer, no later than seventy-five (75) days prior to the
beginning of each Year, a non-binding forecast of the amount of Contract Energy
that Seller expects to be available for each Day of the subsequent Year
("Contract Energy Forecast").
5.2.3    Forecast Changes.
During the course of the Year to which the Contract Capacity Forecast and
Contract Energy Forecast provided to Buyer in accordance with Sections 5.2.1 and
5.2.2 are applicable, Seller shall notify Buyer of any changes to either such
forecast no later than sixty (60) days prior to the effective date of such a
change, or as soon as reasonably practicable.
5.3    No Buyer Dispatch Rights.
Buyer shall have no rights to dispatch or to direct the dispatch of the Unit.
6.
Prices and Charges
6.1    Contract Charge.
Each Month of the Delivery Term, Buyer shall pay to Seller a Contract Charge
equal to the product of the Capacity Price and the Contract Capacity provided
during the Month plus the product of the Energy Price and the Contract Energy
provided during such Month pursuant to this Agreement.
6.2    Capacity Price.
Beginning on June 1, 2009, and ending May 31, 2010, the monthly Capacity Price
shall be $650/MW-month and the Contract Capacity amount shall be 972.7. For each
MISO Planning Year after May 31, 2010, the Capacity Price shall reflect a market
pricing for Capacity that the Parties agree reasonably corresponds to the type
of Contract Capacity provided hereunder. Each year the market price reference
the Parties agree to use for calculating Capacity Price is the Illinois Power
Agency ("IPA") capacity procurement process capacity price data for the Illinois
Utilities for the year that corresponds to the MISO Planning Year for which
capacity is being purchased hereunder (i.e. Each year the IPA procures capacity
for the following three MISO Planning Years. The Parties shall only use the
capacity price data for the first year of the three years of capacity data as
the reference price for Contract Capacity for the upcoming MISO Planning Year.)
The capacity price from the IPA capacity procurement process shall be modified
as necessary to reflect: (i) differences between the type of capacity procured
by the Illinois Utilities through the procurement process and the type of
capacity supplied by Seller to

16

--------------------------------------------------------------------------------

Exhibit 10.3

Buyer hereunder (i.e. the capacity procured in the procurement process is fully
deliverable throughout the MISO while the capacity provided by Seller has
limited deliverability under the MISO Tariff); and (ii) other pricing
differences that can be reasonably demonstrated by either Party to be necessary
to reflect differences in the capacity provided by Seller hereunder and the
capacity procured by the Illinois Utilities through the IPA procurement process.
If the IPA procurement process no longer makes capacity data available, the
Parties shall agree to an alternate source for market pricing for capacity that
correlates to the type of capacity provide by Seller hereunder. If the Parities
are unable to agree to a capacity price or to an alternate source for capacity
price data, the Parties shall resolve such dispute in accordance with Section 8.
Once the Parties agree on a Capacity Price and calculate the new Contract
Capacity amount for a MISO Planning Year, the Parties shall codify such price
and such Contract Capacity amount by executing an addendum to this Agreement.
6.3    Energy Price.
6.3.1 During the Delivery Term, Buyer may use up to eighty percent (80%) of the
maximum Contract Energy that should be available in an hour from the Contract
Capacity, to supply forward contracts with delivery terms that begin on or after
the Delivery Term and terminate no later than the prompt year (that is, the year
in which the deliveries are to begin under a forward contract) plus thirty-six
(36) months from the forward contract date of execution, unless otherwise agreed
by the Parties (hereinafter "Forward Contracts").
6.3.2    During the Delivery Term, the Energy Price for Contract Energy shall
be:
(A)    for all on-peak Contract Energy Buyer uses to supply Forward Contracts,
the Energy Price shall be:
(i)
the midpoint of the bid and offer prices or, if available, the "Last" price (or
some derivation calculated from such posted price or prices if necessary to
correlate the posted price or prices more closely with the characteristics of
the Forward Contract) posted on the Intercontinental Exchange ("ICE"), under Fin
Swap Peak Cin Hub Real Time, for the product (or products, if it is necessary to
combine several products to cover the term of the Forward Contract) that the
Parties mutually agree corresponds, or most closely corresponds, to the on-peak
portion of the product sold by Buyer via the Forward Contract. Once the Parties
are in agreement on the on-peak price, Buyer shall provide to the Seller a
screen shot (or screen shots, if multiple prices are used to cover the term of
the Forward Contract) of the price or prices used from ICE to derive the agreed
upon price. In the event the Parties cannot agree on the prices listed or to a
price derived from the prices listed for the on-peak portion of the product sold
by Buyer via the Forward Contract, then

(ii)    Buyer shall seek, from an agreed upon commercially recognized

17

--------------------------------------------------------------------------------

Exhibit 10.3

energy broker or from the broker sheets produced by such energy broker, a quote
or quotes for an on-peak product for which the duration and magnitude can be
used as a commercially reasonable proxy to price the on-peak portion of such
Forward Contract, and if the Parties agree to a price based on the midpoint of
the bid and offer prices from such broker quotes or broker sheet pricing (or
some derivation calculated from such broker quotes or broker sheet pricing if
necessary to correlate the broker quotes or broker sheet pricing more closely
with the characteristics of the Forward Contract), that price shall be used for
the on-peak Energy price. Prior to agreeing to a price based on the broker quote
or broker sheets, the Parties acknowledge and agree that Seller shall have the
right to independently verify that the broker information used is reasonable by
soliciting other broker quotes or reviewing other broker sheets. If the Parties
elect to obtain the quote from an energy broker, Buyer shall have the right to
obtain such quote without Seller by conducting a recorded phone call or Internet
survey through Instant Messenger ("IM") communication. A copy of either the IM
communication or the recorded phone conversations will be provided to Seller as
verification; or
(iii)
in the event that the Parties are unable to agree on an on-peak price based on
ICE or from a broker quote, Buyer shall have the option, but shall not be
obligated, to pay Seller the price determined in accordance with Section 6.3.2
(C) for Energy used to supply such Forward Contract.

(B)    for all off-peak Contract Energy Buyer uses to supply Forward Contracts,
the Energy Price shall be:
(i)
the midpoint of the bid and offer prices or, if available, the "Last" price (or
some derivation calculated from such posted price or prices if necessary to
correlate the posted price or prices more closely with the characteristics of
the Forward Contract) posted on the Intercontinental Exchange ("ICE"), under Fin
Swap Peak Cin Hub Real Time, for the product (or products, if it is necessary to
combine several products to cover the term of the Forward Contract) that the
Parties mutually agree corresponds, or most closely corresponds, to the off-peak
portion of the product sold by Buyer via the Forward Contract. Once the Parties
are in agreement on the off-peak price, Buyer shall provide to the Seller a
screen shot (or screen shots, if multiple prices are used to cover the term of
the Forward Contract) of the price or prices used from ICE to derive the agreed
upon price. In the event the Parties cannot agree on the prices listed or to a
price derived from the prices listed for the off-peak portion of the product
sold by Buyer via the Forward

18

--------------------------------------------------------------------------------

Exhibit 10.3

Contract, then
(ii)
Buyer shall seek, from an agreed upon commercially recognized energy broker or
from the broker sheets produced by such energy broker, a quote or quotes for an
off-peak product for which the duration and magnitude can be used as a
commercially reasonable proxy to price the off-peak portion of such Forward
Contract, and if the Parties agree to a price based on the midpoint of the bid
and offer prices from such broker quotes or broker sheet pricing (or some
derivation calculated from such broker quotes or broker sheet pricing if
necessary to correlate the broker quotes or broker sheet pricing more closely
with the characteristics of the Forward Contract), that price shall be used for
the off-peak Energy price. Prior to agreeing to a price based on the broker
quote or broker sheets, the Parties acknowledge and agree that Seller shall have
the right to independently verify that the broker information used is reasonable
by soliciting other broker quotes or reviewing other broker sheets. If the
Parties elect to obtain the quote from an energy broker, Buyer shall have the
right to obtain such quote without Seller by conducting a recorded phone call or
Internet survey through Instant Messenger ("IM") communication. A copy of either
the IM communication or the recorded phone conversations will be provided to
Seller as verification; or

(iii)
in the event that the Parties are unable to agree on an off-peak price based on
ICE or from a broker quote, Buyer shall have the option, but shall not be
obligated, to pay Seller the price determined in accordance with Section 6.3.2
(C) for Energy used to supply such Forward Contract.

(C) for all Contract Energy scheduled day-ahead but not priced in accordance
with Sections 6.3(A) or (B) or in accordance with Section 4.2, the Parties agree
the Energy Price for such Contract Energy shall be:
(i) the Midwest ISO (or other applicable RTO) Day-Ahead LMP for each hour at the
EEI Interface CpNode, provided that the Seller's Control Area and the
transmission system comprising Seller's Control Area have not been transferred
to the Midwest ISO or other RTO; or
(ii) the Midwest ISO (or other applicable RTO) Day-Ahead LMP for each hour at
the CpNode at the Unit if the Seller's Control Area and the transmission system
comprising Seller's Control Area have been transferred to the Midwest ISO or
other RTO, provided in each case that the Midwest ISO or the other RTO operates
an LMP Market; or

19

--------------------------------------------------------------------------------

Exhibit 10.3

(iii) if operational control of the Seller's Control Area and the transmission
system comprising Seller's Control Area have been transferred to an RTO and such
RTO has not implemented an LMP Market and/or no Day-Ahead LMP price is
available, then such other price as the Parties otherwise mutually agree to in
writing, provided that, if the Parties cannot agree upon such price within sixty
(60) days of the transfer of such operational control, this Agreement shall
automatically terminate at such time without further action by either
Party.    :
6.3.3 In the event that the Cinergy Index or Midwest ISO LMP Market (or other
RTO LMP Market that has functional control of Seller's transmission system)
ceases to exist during the Delivery Term, Buyer and Seller will revise this
Agreement in an effort to provide for its effective implementation and
application, without altering the balance of risks, rewards, and costs currently
set forth in this Agreement; provided, however if the Parties fail to execute
such a revision within sixty (60) days of the termination of the existence of
the Cinergy Index or the Midwest ISO (or other RTO) LMP Market, this Agreement
shall automatically terminate at such time without further action by either
Party.
6.4    Forward Contract Confirmation
In the event Buyer wishes to elect the Energy pricing provisions set forth in
Section 6.3 for a Forward Contract, Buyer shall supply to Seller (by phone,
electronic mail or other reasonable means), on the date the Forward Contract is
executed, the amount of Energy (on-peak and off-peak) Buyer has sold under the
Forward Contract and the term of the Forward contract, and within thirty (30)
days thereafter (or as soon thereafter as practicable), the following additional
information: i) a copy of the Forward Contract that complies with the
requirements of Section 6.3 with the pricing provisions and third-party name
redacted; ii) the applicable on-peak Energy pricing from the Cinergy Index and
the applicable off-peak Energy pricing from the source determined in accordance
with Section 6.3.2 (B) that are to be applied to the Contract Energy
corresponding to the Forward Contract amounts of on-peak and off-peak Energy;
and iii) such other information the Parties agree is necessary for Seller to
bill Buyer for Contract Energy under the terms and conditions set forth in
Section 6.3 relating to a Forward Contract.    ;
6.5    Energy Allocation and Pricing
Whenever Seller is unable to deliver to Buyer the full capability of the Unit,
the Contract Energy delivered shall be priced first at the price set by the
Forward Contracts entered into by Buyer, and after all of Buyer's Forward
Contract Energy obligations have been fulfilled, any remaining Contract Energy
delivered to Buyer shall be priced in accordance with Section 6.3.2(C) or
6.3.2(D) as applicable.

20

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Exhibit 10.3

7.
Billing and Payment
7.1    Billing and Payment.
Seller shall provide Buyer an estimated bill for service rendered during any
Month on or before the seventh (7th) day of the succeeding Month. Seller shall
provide Buyer a final corrected bill for service rendered during any Month on or
before the seventh (7th) day of the second (2nd) succeeding Month. Buyer shall
pay Seller the full amount shown on each estimated and final corrected bill no
later than fifteen (15) days from the date of post mark of each such bill, if
sent via first-class mail, or the date of receipt of such bill, if sent
electronically (i.e., by e- mail or by facsimile). There will be added to any
portion of any bill remaining unpaid for a period not to exceed five (5) days
after the date due a sum interest calculated at the Default Interest Rate.    '
7.2    Billing Disputes.
If Buyer disputes in good faith any portion of a bill prepared pursuant to
Section 7.1, the Buyer shall provide to Seller written notice of the portion of
the bill which is disputed and, notwithstanding the dispute, shall pay the
undisputed portion of such bill. Payment of the disputed amount shall not be
required until the dispute is resolved. The Parties shall use diligent, good
faith efforts to resolve any billing dispute as promptly as possible. Upon
resolution of the dispute, any required payment shall be made within five (5)
Days of such resolution along with interest calculated at the Default Interest
Rate.
7.3    Records Maintained by Buyer and Seller.
Seller shall maintain for a period of at least twelve (12) Months complete
records to substantiate the rates and charges made pursuant to this Agreement.
Such records held by Seller shall be available for inspection by Buyer, at that
Buyer's expense, by a duly authorized representative of Buyer, at all reasonable
times and upon reasonable notice.
8.
Dispute Resolution
8.1    Resolution by the Parties.
If a dispute or difference of any kind whatsoever shall arise between the
Parties in connection with, relating to, or arising out of this Agreement (a
"Dispute"), the Parties shall attempt to settle such Dispute through amicable
discussions. In the event that the Parties are not able to resolve a Dispute
through such discussions, either Party may provide written notice to the other
Party that the Dispute shall be referred to senior officers of the Parties for
resolution. The written notice referring the Dispute shall set forth the matter
in controversy, and the Party receiving such notice shall have ten (10) Days to
respond by setting forth its description of the matter in controversy. Within
ten (10) Days of the notice referring the Dispute for resolution by senior
officers, each Party shall provide written notice to the other identifying its
designated senior officer who shall participate in the dispute resolution
process. The Parties' designated

21

--------------------------------------------------------------------------------

Exhibit 10.3

senior officers shall meet in person or by other means within ten (10) Days of
the last day on which the responding Party may provide its description of the
matter in controversy.    
8.2    Binding Arbitration.
In the event that the Parties are unable to resolve a Dispute within ten (10)
Days of the initial meeting of senior officers in accordance with Section 8.1,
such Dispute shall be resolved by binding arbitration in accordance with the
following:
8.2.1    The arbitral tribunal (the "Tribunal") shall be composed of three (3)
arbitrators appointed as follows:
8.2.1.1each Party shall appoint an arbitrator, and the two arbitrators so
appointed shall appoint a third arbitrator who shall have at least ten (10)
years’ experience with FERC rules, regulations, and precedent, and who shall act
as president of the Tribunal;
8.2.1.2if either Party fails to appoint an arbitrator within thirty (30) Days of
receiving notice of the appointment of an arbitrator by the other Party, such
arbitrator shall be appointed by the American Arbitration Association or such
other mediation or dispute resolution agency to which the Parties have agreed;
8.2.1.3if the two arbitrators to be appointed by the Parties fail to agree upon
a third arbitrator within thirty (30) Days of the appointment of the second
arbitrator, the third arbitrator shall be appointed by the American Arbitration
Association or such other mediation or dispute resolution agency to which the
Parties have agreed; and
8.2.1.4should a vacancy arise because any arbitrator dies, resigns, refuses to
act, or becomes incapable of performing his functions, the vacancy shall be
filled by the method by which that arbitrator was originally appointed. When a
vacancy is filled the newly established Tribunal shall exercise its discretion
to determine whether any hearings shall be held again.

8.2.2Each Party shall bear the expense of the arbitrator the Party appointed and
the Parties shall share equally the expense of the third arbitrator.
8.2.3Ten (10) Days after its constitution, the Tribunal shall convene a meeting
with the Parties or their representatives to determine the procedure to be
followed in the arbitration. The procedure shall be as agreed by the Parties or,
in default of agreement, as determined by the Tribunal, and decisions of the
Tribunal as to procedure shall be final and binding.
8.2.4If an arbitrator appointed by one of the Parties fails or refuses to
participate in the arbitration at any time after the hearings on the substance
of the dispute have
started, the remaining two (2) arbitrators may continue the arbitration and make
an award
without a vacancy being deemed to arise if, in their discretion, they determine
that the failure or
refusal of the other arbitrator to participate is without reasonable excuse.

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Exhibit 10.3

8.2.5Any award or procedural decision of the Tribunal shall be made by a
majority and, in the event that no majority may be formed, the president of the
Tribunal shall proceed as if he were a sole arbitrator.    
8.2.6The arbitrators shall be required to issue their ruling in accordance with
Illinois Law, the terms of this Agreement, and FERC rules, regulations, and
precedent.
8.2.7All decisions and awards of the Tribunal shall be final and binding on the
Parties.
8.2.8The Parties hereby expressly waive all rights of appeal or recourse from
any decision or award hereunder to any court, except such rights as cannot be
waived by the laws of the State of Illinois.
8.2.9Any arbitral award may be entered as a judgment or order in any court of
competent jurisdiction.
8.2.10To the extent that the provisions of Sections 8.2.1 through 8.2.7 are
silent on any matter relating to the arbitration, the rules of the American
Arbitration Association (or such other mediation or dispute resolution agency to
which the Parties have agreed) shall govern.
8.3    Obligations to Pay Charges and Perform Other Obligations.
Except to the extent that a Party has elected to terminate this Agreement in
accordance with Section 3.3, during the pendency of any Dispute, each Party
shall continue to perform its obligations hereunder.
9.
Default and Remedies
9.1    Events of Default.
An "Event of Default" shall mean:
9.1.1the failure of any Party to make any payment or perform any material
obligation in the time and manner required by this Agreement, except where such
failure to discharge obligations (other than the payment of money) is excused
pursuant to Section 4.3 or Section 4.4 or where the failure is a failure to
deliver or receive Contract Energy, the exclusive remedy for which is described
in Section 4.5 of this Agreement.
9.1.2the occurrence and continuation of a default, event of default, or other
similar condition or event in respect of Buyer under one or more agreements or
instruments, individually or collectively, relating to indebtedness for borrowed
money, which results in such indebtedness becoming, or becoming capable at such
time of being declared, immediately due and payable.

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Exhibit 10.3

9.2    Notice of Default.
Upon failure of a Party hereto to make any payment or perform any material
obligation required hereunder, the other Party shall give written notice of such
Event of Default to the Party in default. The Party in default shall have thirty
(30) days within which to cure such default and, if cured within such, time, the
Event of Default specified in such notice shall cease to exist.
9.3    Remedies for Default.
If an Event of Default is not cured as provided in Section 9.2, the Party not in
default may, in addition to all other rights and remedies available at law,
equity, or under other provisions of this Agreement, terminate this Agreement in
accordance with the provisions of Section 3.3. In the event this Agreement so
terminates, the Party in default shall, in any event, pay the Party not in
default any amounts owed by the defaulting Party to the Party not in default as
a result of the provision of Contract Capacity and/or Contract Energy pursuant
to this Agreement, together with interest thereon at the Default Interest Rate,
plus any costs incurred by the Party not in default in seeking the recovery of
the payments owed in accordance with this Section 9.3.    :  
10
Credit
10.1 Adequate Assurance of Performance
If either Party ("X") has reasonable grounds for insecurity regarding the
performance of any obligation under this Agreement (whether or not then due) by
the other Party ("Y") (including, without limitation, the occurrence of a
material change in the creditworthiness of Y), X may demand Adequate Assurance
of Performance. "Adequate Assurance of Performance" shall mean sufficient
security in the form, amount and for the term reasonably acceptable to X.
11.
Representations and Warranties
11.1    Certain Representations and Warranties by Seller.
Seller represents and warrants to Buyer that Seller is a corporation duly
organized, validly existing and in good standing under applicable laws of the
State of Illinois, that it has all requisite corporate power to carry on its
business as it is now being conducted and as it is contemplated to be conducted
under this Agreement and that the execution, delivery and performance of this
Agreement by Seller have been duly authorized by all requisite corporate action
of Seller.
11.2    Certain Representations and Warranties by Buyer.
Buyer represents and warrants to Seller that Buyer is a corporation duly
organized, validly existing and in good standing under applicable laws of the
State of Illinois, that it has all requisite corporate power to carry on its
business as it is now being conducted and as it is contemplated to be conducted
under this Agreement and that the execution, delivery and

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Exhibit 10.3

performance of this Agreement have been duly authorized by all requisite
corporate action of Buyer.
12.    
Continuity of Service
12.1    Continuity of Service.
Seller shall use its best efforts to minimize unavailability of the Contract
Capacity and/or the Contract Energy during On-Peak Hours and between June 1 and
August 31 of each year. Seller shall operate and maintain the Unit in accordance
with Good Utility Practice. In providing service hereunder, Seller will not
unduly discriminate between Buyer and other similarly situated customers taking
comparable service on the same terms and conditions. In no event, however, shall
Seller be liable to Buyer for loss or damage arising from an event of Force
Majeure and for such other reasons as set forth in Section 4.3 hereof. Subject
to Sections 4.3 and 4.5, Seller reserves the right to suspend service at such
times and for such periods and in such manner as it may deem advisable
including, without limitation, suspensions for the purpose of making necessary
adjustments to, changes in, or repairs on, the Unit, and to suspend in cases
where, in Seller' opinion, the continuance of service to Buyer would endanger
Persons or property. Seller shall provide Buyer with reasonable advance notice
in the event of a suspension of service, except in emergency cases where such
notice is impracticable, in which case notice shall be provided as soon as
possible following such suspension. In the case of any suspension of service,
Seller shall communicate to Buyer all available information regarding the
reasons for the suspension and the expected duration of the suspension.
12.2    Relative Responsibilities.
Except as otherwise provided herein, Buyer assumes all responsibility for
Contract Energy beyond the Delivery Points, and Seller assumes all
responsibility for Contract Energy before the Delivery Points. Both Seller and
Buyer shall use reasonable diligence in maintaining their respective facilities
and equipment in proper and serviceable condition, and shall take reasonable
steps and precautions for maintaining the services agreed to be performed and
received under this Agreement.
12.3    Access.
Each Party shall give all necessary permission to the other Party to enable the
agents or employees of the other Party to carry out this Agreement, and shall
give the other Party the right to enter its premises by the other Party's duly
authorized agents and employees at all reasonable times for the purpose of
reading or checking meters; for inspecting, testing, repairing, renewing or
exchanging any or all of the other Party's equipment; or for performing any
other work incident to rendering the services covered by this Agreement. Except
as otherwise agreed by the Parties, whenever agents or employees of one Party
enter the premises of the other Party, such agents or employees shall be
accompanied by personnel of the Party owning such premises. It is agreed,
however, that neither Party hereto assumes the duty of inspecting the equipment,
lines or other facilities of the other Party.    

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Exhibit 10.3

12.4    Indemnification and Limitation of Liability.
In no event shall either Party be liable to the other Party for any indirect,
special, incidental or consequential damages with respect to any claim arising
out of this Agreement whether based on contract, tort (including negligence) or
otherwise. Buyer shall indemnify and hold Seller harmless from and against any
claim by or liability to customers of Buyer for loss or damage arising out of
any performance or failure to perform under this Agreement. Seller shall
indemnify and hold Buyer harmless from and against any claim or liability to
customers of Seller for loss or damage arising out of any performance or failure
to perform under this Agreement.
13.
Miscellaneous
13.1    Governing Law.
This Agreement shall be deemed to be an Illinois contract and shall be construed
in accordance with and governed by the laws of the State of Illinois without
regard to its conflict of laws provisions.
13.2    Notices.    : 
All notices, schedules, requests, confirmations and the like (collectively,
"Notices") provided pursuant to this Agreement shall be provided in writing via
First Class U.S. mail, overnight courier, electronic mail, or facsimile, and
shall be deemed given when received or in accordance with confirmation of
delivery. Notices shall be provided to the Parties:
If to Buyer:
Ameren Energy Marketing
Attn: Donald L. Gulley    
1710 Gratiot Street    
St. Louis, MO 63103
Phone: 314-613-9474
Facsimile: 314-613-9073
Email: dgulley@ameren.com
If to Seller:
Electric Energy, Inc.
Attn: Michael T. Pullen
2100 Portland Road, P.O. Box 165
Joppa, IL 62953
Phone: 618-543-7531, x 483
Facsimile: 618-543-7411
Email: mikepullen@electricenergvinc.com
Either Party may provide Notice to the other Party of changes in the
representative and/or address to whom Notice should be provided.

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Exhibit 10.3

13.3    Entire Agreement.
This Agreement constitutes the entire agreement of the Parties with respect to
the subject matter hereof and supersedes all previous representations,
understandings, negotiations and agreements, whether written or oral, between
the Parties hereto or their representatives with respect to the subject matter
hereof.
13.4    Appendices.
Appendix A referred to herein and attached hereto is made a part hereof for all
purposes,
13.5    Severabilitv.
The Parties agree that in the event that any portion of this Agreement is
determined to be invalid, illegal or unenforceable for any reason, the remaining
portions of this Agreement shall be unaffected and unimpaired thereby, and shall
remain in fall force and effect, to the fullest extent permitted by applicable
law, and the Parties shall negotiate in good faith to amend this Agreement to
affect the intent of the Parties in entering into this Agreement.
13.6    Amendments.
No amendments or changes to this Agreement shall be binding unless made in
writing and duly executed by the Parties.
13.7    Waiver of FERC Filing Rights: Standard of Review.
The Parties waive all rights to submit filings to FERC seeking modification or
rescission of this Agreement, under Sections 205 or 206 of the Federal Power
Act, on the basis of the "just and reasonable" standard of review contained in
those sections. The Parties waive all rights to argue before FERC that the "just
and reasonable" standard of review should be applied to any proceeding involving
this Agreement brought under Section 206 of the Federal Power Act. In any
proceeding before FERC involving this Agreement, the Parties shall request that
FERC review any and all aspects of this Agreement under the "public interest"
standard of review set forth in United Gas Pipe Line Co. v. Mobile Gas Service
Corp., 350 U.S. 332 (1956), and Federal Power Commission v. Sierra Pacific Power
Co., 350 U.S. 348 (1956) (the "Mobile- Sierra" doctrine).    
13.8    Counterparts.
This Agreement may be executed in counterparts, each of which shall be deemed to
be an original, but all of which together shall constitute one and the same
instrument.
13.9    No Waiver.
The failure of either Party to insist in any one or more instances upon strict
performance of any provision of this Agreement, or to take advantage of any of
its rights hereunder, shall not be construed as a waiver of any such provision
or the relinquishment of any such right or any other right hereunder, which
shall remain in full force and effect.

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Exhibit 10.3

13.10    No Third Party Beneficiaries.
This Agreement is intended solely for the benefit of the Parties hereto. Nothing
in this Agreement shall be construed to create any duty to, or standard of care
with reference to, or any liability to, any Person not a Party to this
Agreement.
13.11    No Association. Partnership or Joint Venture.
This Agreement shall not be interpreted or construed to create an association,
joint venture, partnership or other similar relationship between the Parties or
to impose any partnership obligation or liability upon either Party.
13.12    Assignment; Successors and Assignees.
This Agreement shall not be assignable by either Party without the express prior
written consent of the other Party, which consent shall not be unreasonably
withheld, conditioned, or delayed. This Agreement shall inure to the benefit of
and be binding upon the successors and permitted assignees of the Parties.
13.13    Confidentiality.
13.13.1    Obligation.
Each Party agrees that it will treat in confidence this Agreement and all
documents, materials and other information which it shall have obtained
regarding the other Party during the course of the negotiations leading to, and
its performance of, this Agreement (whether obtained before or after the
Effective Date). Each Party shall return to the other Party, at such other
Party's request, all copies of any nonpublic documents and materials which may
have been furnished by the other Party in connection herewith. Except as
required by law, this Agreement and such documents, materials and information
shall not be communicated to any third party (other than a Party's counsel,
accountants, financial advisors, corporate parents, affiliates, officers,
directors or employees thereof, or in connection with the sale or assignment or
financing or refinancing of such Party or its affiliates and, then, only if the
Party seeking to provide such information to a third party has given prior
notice to the other Party and entered into a confidentiality agreement
reasonably satisfactory to the other Party with the proposed recipient of the
information).
13.13.2    Exceptions.    : 
The obligation of each Party to treat such documents, materials and other
information in confidence shall not apply to any information which: (i) is or
becomes available to such Party from a source other than the other Party, (ii)
is or becomes available to the public other than as a result of disclosure by
such Party or its agents, (iii) is required to be disclosed under applicable law
or pursuant to a regulatory or judicial process, but only to the extent it must
be disclosed and provided that the disclosing Party seeks to avail itself of
rules, regulations or other procedures available pursuant to such law or
regulatory or judicial process for the protection of confidential, privileged
and/or proprietary information, or (iv) such Party reasonably deems necessary to
disclose to obtain any consent or approval required in connection with this
Agreement.

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Exhibit 10.3

13.14 Survival of Obligations.
Cancellation, expiration or earlier termination of this Agreement shall not
relieve the Parties of obligations that by their nature should survive
cancellation, expiration or termination, including exclusion of warranties and
remedies, exclusions of consequential damages, limitations on liability, audits,
promises of indemnity and confidentiality.
IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to be executed
by their duly authorized representatives as of the date first set forth above.
ATTEST:
ELECTRIC ENERGY, INC.
By:/s/ William H. Sheppard
Name:William H. Sheppard
Title:President

AMEREN ENERGY MARKETING COMPANY

By:/s/ Andrew M. Serri
Name: Andrew M. Serri
Title: President

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