Document:

<PAGE>

                                                                   Exhibit 10.86

                                                      [COAL GENERATING STATIONS]

                                      POWER PURCHASE AGREEMENT

                                    DATED AS OF DECEMBER 15, 1999

                                               BETWEEN

                                     COMMONWEALTH EDISON COMPANY

                                                 AND

                                       MIDWEST GENERATION, LLC

                               CRAWFORD, FISK, WAUKEGAN, WILL COUNTY,
                               JOLIET AND POWERTON GENERATING STATIONS

<PAGE>

                                          Table of Contents

<TABLE>
<CAPTION>

                                                                                                 Page
<S>      <C>                                                                                     <C>
1.       Definitions and Interpretation.............................................................1
         (a)      Definitions.......................................................................1
         (b)      Interpretation...................................................................12
         (c)      Legal Representation of Parties..................................................13
         (d)      Titles and Headings..............................................................13
2.       Term......................................................................................14
3.       Generating Capacity.......................................................................14
4.       Electric Energy Supply....................................................................14
         (a)      Character........................................................................14
         (b)      Supply...........................................................................14
         (c)      Dispatch.........................................................................14
         (d)      Energy Imbalance.................................................................15
5.       Metering; Billing; Payment................................................................15
         (a)      Metering.........................................................................15
         (b)      Meter Inaccuracies...............................................................15
         (c)      Billing..........................................................................16
         (d)      Billing Disputes.................................................................16
6.       Operation of Reserved Units...............................................................17
         (a)      Standard of Operation............................................................17
         (b)      Electric Energy Generation.......................................................17
         (c)      Outages..........................................................................19
         (d)      Operating Characteristics........................................................20
         (e)      Fuel Source and Emissions Reports................................................21
         (f)      Records..........................................................................21
7.       Compensation..............................................................................21
         (a)      Monthly Capacity Charge..........................................................21
         (b)      Energy Charge....................................................................22
         (c)      Start-Up and Support Charges.....................................................22
         (d)      Low Load Charges.................................................................25
         (e)      Ancillary Services...............................................................25
8.       Testing...................................................................................25
9.       Ancillary Services........................................................................26
10.      Limitation of Liability...................................................................26
11.      Disagreements.............................................................................28
         (a)      Administrative Committee Procedure...............................................28
         (b)      Arbitration......................................................................28

                                                  i

<PAGE>

         (c)      Obligations to Pay Charges and Perform...........................................30
         (d)      Preliminary Injunctive Relief....................................................30
         (e)      Settlement Discussions...........................................................31
12.      Assignment: Transfer of Stations..........................................................31
         (a)      Assignment.......................................................................31
         (b)      Collateral Assignment............................................................31
         (c)      Transfer of Stations during the Term.............................................32
13.      Call Options..............................................................................32
14.      Default: Termination and Remedies.........................................................33
         (a)      Seller's Default.................................................................33
         (b)      ComEd Default....................................................................33
         (c)      Remedies and Remedies Cumulative.................................................34
         (d)      Extended Outage..................................................................34
15.      Force Majeure.............................................................................35
         (a)      Force Majeure Event..............................................................35
         (b)      Obligations Under Force Majeure..................................................35
         (c)      Continued Payment Obligation.....................................................36
         (d)      Availability.....................................................................36
16.      Representations and Warranties............................................................36
         (a)      Representations and Warranties of Seller.........................................36
         (b)      Representations and Warranties of ComEd..........................................37
17.      Indemnification...........................................................................39
18.      Notices...................................................................................39
19.      Confidentiality...........................................................................41
20.      Governing Law.............................................................................41
21.      Partial Invalidity........................................................................42
22.      Waivers...................................................................................42
23.      Competitive Transition Charge.............................................................42
24.      Entire Agreement and Amendments...........................................................42

</TABLE>

                                                 ii

<PAGE>

APPENDICES

Appendix A        Equivalent Availability Factor
Appendix B        Design Limits
Appendix C        Source of Contracted Capacity
Appendix D        MAIN Guide Number 3A
Appendix E        EO Communications and Guidelines
Appendix F        Reporting Forms
Appendix G        Regulating Performance Value Methodology
Appendix H        GADS Cause Codes

                                                 iii

<PAGE>

                              POWER PURCHASE AGREEMENT

                  THIS POWER PURCHASE AGREEMENT (including Appendices, this
"AGREEMENT") dated as of December 15, 1999, between COMMONWEALTH EDISON COMPANY,
an Illinois corporation ("COMED"), and MIDWEST GENERATION, LLC, a Delaware
limited liability company ("SELLER"; ComEd and Seller are sometimes referred to
herein individually as a "PARTY" and collectively as the "PARTIES");

                                   WITNESSETH:

                  WHEREAS, ComEd owns electric facilities and is engaged in the
generation, purchase, transmission, distribution and sale of electric energy;
and

                  WHEREAS, Seller intends to purchase and thereafter operate
ComEd's existing Crawford, Fisk, Waukegan, Will County, Joliet and Powerton
electric generation stations; and

                  WHEREAS, ComEd desires to receive and purchase, and Seller
desires to deliver and sell, electric capacity, energy and other
generation-related services; and

                  WHEREAS, ComEd desires to determine the dispatching of certain
units at such stations as provided in this Agreement;

                  NOW, THEREFORE, in consideration of the mutual covenants and
agreements herein set forth, the Parties hereto agree as follows:

1.       DEFINITIONS AND INTERPRETATION

                  (a)      DEFINITIONS. As used in this Agreement, (i) the
terms set forth below in this Section 1(a) shall have the respective meanings
so set forth, (ii) the terms defined elsewhere in this Agreement shall have
the meanings therein so specified and (iii) the terms "AVAILABLE," "AVAILABLE
HOURS," "EQUIVALENT AVAILABILITY FACTOR," "FORCED OUTAGE," "MAINTENANCE
OUTAGE," "NET DEPENDABLE CAPACITY," "PLANNED OUTAGE," "PLANNED OUTAGE
EXTENSION," "SERVICE HOURS" and "UNAVAIL-

<PAGE>

ABLE", and the associated terms referred to and used in the calculation of
such terms, shall have the respective meanings assigned to such terms in
Appendix A.

         "ADJUSTMENT FACTOR" means, with respect to a month, the factor (rounded
to four decimal places) obtained from the following:

                  (a)      if such month is a Summer Month:

<TABLE>
<CAPTION>

                             GROUP EAF                       ADJUSTMENT FACTOR
                             ---------                       -----------------
                    <S>                                    <C>
                    Greater than or equal to 65%           (Group EAF + 25)/100

                    Less than 65%                          Zero

</TABLE>

                  (b)      if such month is a Non-Summer Month:

<TABLE>
<CAPTION>

                             GROUP EAF                       ADJUSTMENT FACTOR
                             ---------                       -----------------
                    <S>                                    <C>
                    Greater than or equal to 65%           (Group EAF + 35)/100

                    Less than 65% and greater              (100 + [(Group EAF -65) x 2])/100
                     than 55%

                    Less than 55%                          Zero

</TABLE>

PROVIDED, HOWEVER that all outage hours and derating attributable to ComEd
transmission system problems, outages or stability load restrictions shall be
deemed Available Hours.

         "AFFECTED PARTY" has the meaning specified in Section 15(a).

         "ANCILLARY SERVICES" has the meaning set forth in Section 9.

         "ASSET SALE AGREEMENT" means the Asset Sale Agreement dated as of March
22, 1999, between ComEd and Seller, governing the transfer of the Stations from
ComEd to Seller.

         "BANKRUPTCY" means any case, action or proceeding under any bankruptcy,
reorganization, debt arrangement, insolvency or receivership law or any
dissolution or liquidation proceeding commenced by or against a Person and, if
such case, action

                                       2

<PAGE>

or proceeding is not commenced by such Person, such case or proceeding shall
be consented to or acquiesced in by such Person or shall result in an order
for relief or shall remain undismissed for 90 days.

         "BASE CAPACITY" means 5,656 megawatts.

         "BUSINESS DAY" means each weekday (Monday through Friday) except the
days on which the following holidays are observed: New Year's Day, Memorial Day,
Independence Day, Labor Day, Thanksgiving Day and Christmas Day.

         "CALL OPTIONS" has the meaning set forth in Section 13.

         "CHANGE OF LAW" means the adoption, promulgation, modification or
reinterpretation of any law, rule, regulation, ordinance, order or other
Requirement of Law of any federal, state, county or local government,
governmental agency, court, commission, department or other such entity which
occurs subsequent to the date of execution of this Agreement but excluding any
change in law relating to (i) taxation of net income or (ii) any requirement
regarding reduction or control of nitrogen oxide (NOx), carbon dioxide or
volatile organic materials under any Requirement of Law.

         "COLD START" means a Successful Start-Up of a Reserved Unit before
which such Reserved Unit has been off-line for 48 hours or more.

         "COMED CONTROL AREA" means the ComEd electrical system bounded by
interconnection (tie-line) metering and telemetry and wherein ComEd controls
generation to maintain the system's interchange schedule with other control
areas and contributes to frequency regulation of the interchange.

         "COMED EMS" means the electronic hardware and software owned by ComEd
and known as the "ComEd Energy Management System."

         "COMED EVENT OF DEFAULT" has the meaning specified in Section 14(b).

         "COMED SYSTEM" means the electric transmission and distribution system
owned by ComEd and its affiliates.

         "CONFIDENTIAL INFORMATION" has the meaning specified in Section 19.

                                       3

<PAGE>

         "CONTRACT YEAR" means, in the case of the First Contract Year, the
period beginning on the Effective Date and ending on the day prior to the
first anniversary of such beginning date, if the Effective Date is the first
day of a calendar month, or ending on the day prior to the first anniversary
of the beginning of the month immediately following the Effective Date, if the
Effective Date is not the first day of a month; and, in the case of subsequent
Contract Years, means the period beginning on the day immediately following
the end of the preceding Contract Year and ending on the day prior to the
first anniversary of such beginning day. First Contract Year refers to the
first such period commencing on the Effective Date; Second Contract Year
refers to the second such period; and so on.

         "CONTRACTED CAPACITY" means, with respect to a Contract Year, the
aggregate megawatts of generating capacity from the generating units identified
for such Contract Year in Appendix C.

         "DEFAULT RATE" means (i) the "Prime Rate" as published from time to
time in the "Money Rates" section of The Wall Street Journal, plus (ii) 2.5%
(250 basis points) per annum.

         "DESIGN LIMITS" means, with respect to a Reserved Unit, the items
listed in Appendix B with respect to such Reserved Unit.

         "EFFECTIVE DATE" means the date of this Agreement.

         "ELECTRIC ENERGY" has the meaning specified in Section 4(a).

         "EMERGENCY CONDITION" means a condition or situation which (i) in the
sole judgment of ComEd (or any ISO) presents an imminent physical threat of
danger to life, or significant threat to health or property, (ii) in the sole
judgment of ComEd (or any ISO) could cause a significant disruption on or
significant damage to the ComEd System (or any material portion thereof) or the
transmission system of a third party (or any material portion thereof) directly
interconnected to the ComEd System, (iii) in the sole judgment of Seller could
cause significant damage to the equipment that constitutes a Station (or any
material portion thereof) or (iv) in the sole judgment of ComEd could cause
significant damage to the equipment located in the switchyard associated with a
Station (or any material portion of such switchyard).

         "ENERGY CHARGE" means an amount determined under Section 7(b) in
respect of a month.

                                       4

<PAGE>

         "EO" means ComEd's Electric Operations Department.

         "EO GENERATION DISPATCHER" means the Person so designated from time to
time by ComEd as contemplated in Appendix E. Notice provisions for the EO
Generation Dispatcher are contained in Appendix E.

         "EXCESS START" means, with respect to a Reserved Unit, a Successful
Start-Up of such Reserved Unit after the cumulative number of Cold Starts, Warm
Starts and Hot Starts for such Reserved Unit for a Contract Year equals twenty.

         "FERC" means the Federal Energy Regulatory Commission.

         "FORCE MAJEURE EVENT" has the meaning specified in Section 15(a).

         "GOVERNMENTAL ACTION" has the meaning specified in Section 15(a).

         "GROUP" means, with respect to a Contract Year, all of the Reserved
Units for such Contract Year.

         "GROUP EAF" means the Equivalent Availability Factor of the Group,
subject to the following adjustment and clarifications: (i) to the extent that
Seller declares a Substitute Unit to be Available to ComEd for the generation of
Electric Energy, the Available generating capacity of such Substitute Unit may
be used to offset the Unavailable generating capacity of a Reserved Unit (up to
(i) if such calculation is being performed for a Summer Month, 75% of the Net
Dependable Capacity of such Reserved Unit as set forth in Appendix B or (ii) if
such calculation is being per formed for a Non-Summer Month, 65% of the Net
Dependable Capacity of such Reserved Unit as set forth in Appendix B) for
purposes of calculating Group EAF; (ii) for clarity and the avoidance of doubt,
hours attributable to Planned Outages (including extensions), Maintenance
Outages (including extensions) and Forced Outages shall be Unavailable hours for
the purposes of calculating Group EAF; and (iii) Availability of a Reserved Unit
shall be measured on the Station side of the Point of Delivery unless an event
on the Station side of the Point of Delivery has caused equipment on the
transmission system side of the Point of Delivery to be malfunctional or
nonfunctional.

         "HOT START" means a Successful Start-Up of a Reserved Unit before which
such Reserved Unit has been off-line for eight hours or less.

                                       5

<PAGE>

         "INTERCONNECTION AGREEMENT" means the Facilities, Interconnection and
Easement Agreement dated as of the Effective Date between ComEd and Seller with
respect to a Station.

         "ISO" means any Person that becomes responsible under applicable FERC
guidelines for the transmission system to which a Station is connected.

         "LENDERS" means (i) any person or entity that, from time to time, has
made loans to Seller, its permitted successors or permitted assigns for the
financing or refinancing of a Station or which are secured by a Station, (ii)
any holder of such indebtedness, (iii) any trustee on behalf of any such holders
or (iv) any Person who purchases a Station in connection with a sale-leaseback
or other lease arrangement in which the Seller is the lessee of such Station
pursuant to a net lease.

         "LOW LOAD CHARGES" means an amount determined under Section 7(d) in
respect of a month.

         "MAIN" means the Mid-America Interconnected Network.

         "MINIMUM LOAD" means the "Minimum Operating Level" for a Reserved Unit
(below which it cannot operate in a stable manner with or without support fuel)
as set forth in Appendix B. Minimum Load for a Reserved Unit shall be measured
in net megawatts.

         "MONTHLY CAPACITY CHARGE" means an amount determined under Section 7(a)
in respect of a month.

         "NERC" means the North American Electric Reliability Council.

         "NON-SUMMER CALL CAPACITY CHARGE" means, with respect to a Non-Summer
Month in a given Contract Year, the charge per megawatt-month determined from
the following table:

                                       6

<PAGE>

<TABLE>
<CAPTION>

         ------------------------------------------------------------
                                         CHARGE PER MEGAWATT -
              CONTRACT YEAR                     MONTH
         ------------------------------------------------------------
         <S>                             <C>
                     1                         $1,843
         ------------------------------------------------------------
                     2                          1,890
         ------------------------------------------------------------
                     3                          1,940
         ------------------------------------------------------------
                     4                          2,663
         ------------------------------------------------------------
                     5                          2,663
         ------------------------------------------------------------

</TABLE>

         "NON-SUMMER CAPACITY CHARGE" means, with respect to a Non-Summer Month
in a given Contract Year, the charge per megawatt-month determined from the
following table:

<TABLE>
<CAPTION>

         ------------------------------------------------------------
                                         CHARGE PER MEGAWATT -
              CONTRACT YEAR                     MONTH
         ------------------------------------------------------------
         <S>                             <C>
                     1                         $1,500
         ------------------------------------------------------------
                     2                          1,500
         ------------------------------------------------------------
                     3                          1,500
         ------------------------------------------------------------
                     4                          1,375
         ------------------------------------------------------------
                     5                          1,375
         ------------------------------------------------------------

</TABLE>

         "NON-SUMMER CAPACITY PAYMENT" means, for a Non-Summer Month, the sum of
the following calculations for each Reserved Unit during such month:

                  (i)      if such Reserved Unit is identified in Appendix C as
         a source of Contracted Capacity for such month, the result of (a) the
         product of (1) the Net Dependable Capacity of such Reserved Unit (as
         set forth in Appendix B), multiplied by (2) the Non-Summer Capacity
         Charge for such month, multi plied by (3) the Adjustment Factor for
         such month, minus (b) the Regulation Adjustment for such Reserved Unit
         for such month and

                                       7

<PAGE>

                  (ii)     if such Reserved Unit has been identified by ComEd
         through the exercise of a Call Option as a source of Reserved Option
         Capacity for such month, the result of (a) the product of (1) Net
         Dependable Capacity of such Reserved Unit (as set forth in Appendix B),
         multiplied by (2) the Non- Summer Call Capacity Charge for such month,
         multiplied by (3) the Adjust ment Factor for such month, minus (b) the
         Regulation Adjustment for such Reserved Unit for such month.

         "NON-SUMMER MONTH" means any month other than a Summer Month.

         "OPTION UNIT" means, with respect to a Contract Year, a generating unit
that is not identified in Appendix C as a source of Contracted Capacity for such
Contract Year; PROVIDED, HOWEVER, with respect to each Contract Year after the
Third Contract Year, if such generating unit was an Option Unit in a preceding
Contract Year and was not reserved in such preceding Contract Year through the
exercise by ComEd of a Call Option pursuant to Section 13, then such generating
unit shall not be an Option Unit in the Contract Year in question.

         "PERSON" means any individual, corporation, partnership, joint venture,
limited liability company, association, joint stock company, trust,
unincorporated organization, entity, government or other political subdivision.

         "POINT OF DELIVERY" means the point of Electric Energy delivery from
the Station in which such Reserved Unit is located to the ComEd System specified
in the Interconnection Agreement for such Station.

         "PRUDENT UTILITY PRACTICE" means any of the practices, methods and acts
required or approved by any ISO or engaged in or approved by a significant
portion of the electric utility industry in the United States of America 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. "Prudent 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
acceptable practices, methods or acts generally accepted in the United States of
America.

         "REGULATION ADJUSTMENT" means, with respect to a Reserved Unit for a
given month, (i) if the Adjustment Factor for such Reserved Unit for such month
is zero or

                                       8

<PAGE>

the Service Hours for such Reserved Unit for such month are less than
seventy-two, an amount equal to zero, or (ii) in all other cases, an amount
equal to the RPV Adjustment.

         "REQUIREMENT OF LAW" means any foreign, federal, state and local laws,
statutes, regulations, rules, codes or ordinances enacted, adopted, issued or
promul gated by any federal, state, local or other governmental authority or
regulatory body (including those pertaining to electrical, building, zoning,
environmental and occupational safety and health requirements) or a tariff filed
with any federal, state, local or other governmental authority or regulatory
body.

         "RESERVED CAPACITY" means, with respect to a Contract Year, the sum of
the Contracted Capacity and the Reserved Option Capacity for such Contract Year.

         "RESERVED OPTION CAPACITY" means, with respect to a particular Contract
Year, the aggregate Net Dependable Capacity (as set forth in Appendix B) of any
Option Units reserved as a result of the exercise of a Call Option pursuant to
Section 13.

         "RESERVED UNIT" means each, and "RESERVED UNITS" means all, of the
generating units (i) identified in Appendix C as the source of the Contracted
Capacity for a given Contract Year and (ii) identified by ComEd in connection
with the exercise of a Call Option as the source of Reserved Option Capacity for
such Contract Year.

         "RPV" means, with respect to a Reserved Unit, its (together with any
Substi tute Unit substituted for such Reserved Unit) "regulating performance
value," which shall be calculated by ComEd EMS on a monthly basis in accordance
with the methodology set forth in Appendix G.

         "RPV ADJUSTMENT" means, with respect to a Reserved Unit for a given
month, the amount determined from the following:

                                       9

<PAGE>

<TABLE>
<CAPTION>

                                                               RPV Adjustment
                                                               --------------
            <S>                                                <C>
            If (RPVmin - RPVact) is less than zero             [(RPVmin - RPVact) x $5,330]

            If (RPVmin - RPVact) is zero                       zero

            If RPVmin - RPVact) is greater than                [(RPVmin - RPVact) x $5,330]
            zero

</TABLE>

For purposes of the foregoing calculation, the term "RPVMIN" means the "Unit
RPV" listed for such Reserved Unit in Appendix B; and the term "RPVACT" means
the actual RPV calculated by ComEd EMS for such Reserved Unit for such month.

         "SELLER'S EVENT OF DEFAULT" has the meaning specified in Section 14(a).

         "START-UP AND SUPPORT CHARGES" means an amount determined under Section
7(c) in respect of a month.

         "STATIONS" means the Crawford, Fisk, Waukegan, Will County, Joliet and
Powerton generating stations being conveyed to Seller pursuant to the Asset Sale
Agreement.

         "SUBSTITUTE UNIT" means a generating unit (other than a combustion
turbine generating unit or peaker subject to a power purchase agreement with
ComEd) within the ComEd Control Area which is not a Reserved Unit under this
Agreement at the time in question.

         "SUCCESSFUL START-UP" means causing, at the request of ComEd, a
generating unit to achieve electrical synchronization with the transmission
provider's system to which the Station containing such unit is interconnected
and to maintain at least the Minimum Load for such generating unit for a period
of twelve hours.

         "SUMMER CALL CAPACITY CHARGE" means, with respect to a Summer Month in
a given Contract Year, the charge per megawatt-month determined from the follow
ing table:

                                      10

<PAGE>

<TABLE>
<CAPTION>

         ------------------------------------------------------------
                                         CHARGE PER MEGAWATT -
              CONTRACT YEAR                     MONTH
         ------------------------------------------------------------
         <S>                             <C>
                     1                         $14,700
         ------------------------------------------------------------
                     2                          15,120
         ------------------------------------------------------------
                     3                          15,520
         ------------------------------------------------------------
                     4                          21,300
         ------------------------------------------------------------
                     5                          21,300
         ------------------------------------------------------------

</TABLE>

         "SUMMER CAPACITY CHARGE" means, with respect to a Summer Month in a
given Contract Year, the charge per megawatt-month determined from the following
table:

<TABLE>
<CAPTION>

         ------------------------------------------------------------
                                         CHARGE PER MEGAWATT -
              CONTRACT YEAR                     MONTH
         ------------------------------------------------------------
         <S>                             <C>
                     1                         $12,000
         ------------------------------------------------------------
                     2                          12,000
         ------------------------------------------------------------
                     3                          12,000
         ------------------------------------------------------------
                     4                          11,000
         ------------------------------------------------------------
                     5                          11,000
         ------------------------------------------------------------

</TABLE>

         "SUMMER CAPACITY PAYMENT" means, for a Summer Month, the sum of the
following calculations for each Reserved Unit during such month:

                  (i)      f such Reserved Unit is identified in Appendix C
         as a source of Contracted Capacity for such month, the result of (a)
         the product of (1) the Net Dependable Capacity of such Reserved Unit
         (as set forth in Appendix B), multiplied by (2) the Summer Capacity
         Charge for such month, multiplied by (3) the Adjustment Factor for such
         month, minus (b) the Regulation Adjustment for such Reserved Unit for
         such month and

                                      11

<PAGE>

                  (ii)     if such Reserved Unit has been identified by ComEd as
         a source of Reserved Option Capacity for such month, the result of (a)
         the product of (1) the Net Dependable Capacity of such Reserved Unit
         (as set forth in Appendix B), multiplied by (2) the Summer Call
         Capacity Charge for such month, multiplied by (3) the Adjustment Factor
         for such month, minus (b) the Regulation Adjustment for such Reserved
         Unit for such month.

         "SUMMER MONTH" means each of June, July, August and September.

         "SUMMER PERIOD" means the period from May 15 through September 15 or,
if the Effective Date or the Termination Date falls from May 15 through
September 15 of a given year, then for the resulting shorter period for such
year.

         "TERM" has the meaning specified in Section 2.

         "TERMINATION DATE" means the earlier of (i) the day immediately
preceding the fifth anniversary of the Effective Date if the Effective Date is
the first day of a month and otherwise the day immediately preceding the fifth
anniversary of the first day of the month immediately following the Effective
Date and (ii) the date on which this Agreement is terminated by a Party pursuant
to its terms.

         "WARM START" means a Successful Start-Up of a Reserved Unit before
which such Reserved Unit has been off-line for more than eight hours, but less
than 48 hours.

                  (b)      INTERPRETATION.  In this Agreement, unless a clear
contrary intention appears:

                  (i)      the singular includes the plural and vice versa;

                  (ii)     reference to any Person includes such Person's
         successors and assigns but, in the case of a Party, only if such
         successors and assigns are permitted by this Agreement, and reference
         to a Person in a particular capac ity excludes such Person in any
         other capacity or individually;

                  (iii)    reference to any gender includes each other gender;

                  (iv)     reference to any agreement (including this
         Agreement), document, instrument or tariff means such agreement,
         document, instrument

                                      12

<PAGE>

         or tariff as amended or modified and in effect from time to time in
         accordance with the terms thereof and, if applicable, the terms hereof;

                  (v)      reference to any Requirement of Law means such
         Requirement of Law as amended, modified, codified or reenacted, in
         whole or in part, and in effect from time to time, including, if
         applicable, rules and regulations promulgated thereunder;

                  (vi)     reference to any Section or Appendix means such
         Section of this Agreement or such Appendix to this Agreement, as the
         case may be, and references in any Section or definition to any clause
         means such clause of such Section or definition;

                  (vii)    "hereunder", "hereof"', "hereto" and words of similar
         import shall be deemed references to this Agreement as a whole and not
         to any particular Section or other provision hereof or thereof;

                  (viii)   "including" (and with correlative meaning "include")
         means including without limiting the generality of any description
         preceding such term; and

                  (ix)     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".

                  (c)      LEGAL REPRESENTATION OF PARTIES. This Agreement was
negotiated by the Parties with the benefit of legal representation and any
rule of construction or interpretation otherwise requiring this Agreement to
be construed or interpreted against any Party shall not apply to any
construction or interpretation hereof or thereof.

                  (d)      TITLES AND HEADINGS. Section and Appendix titles
and headings in this Agreement are inserted for convenience of reference only
and are not intended to be a part of, or to affect the meaning or
interpretation of, this Agreement.

                                      13

<PAGE>

2.       TERM

                  This Agreement shall have a term (the "TERM") commencing on
the Effective Date and ending on the Termination Date. The provisions of
Sections 6(e) (Fuel Source and Emissions Reports), 6(f) (Records), 10
(Limitation of Liability), 11 (Disagreements), 14 (Default, Termination and
Remedies), and 16 (Indemnification) shall survive the termination of this
Agreement.

3.       GENERATING CAPACITY

                  Subject to the terms and conditions of this Agreement,
Seller shall, consistent with Prudent Utility Practice, cause the aggregate
Net Dependable Capacity of the Reserved Units during a Contract Year to be
not less than the Reserved Capacity for such Contract Year.

4.       ELECTRIC ENERGY SUPPLY

                  (a) CHARACTER. All electric energy which Seller shall sell
and deliver to ComEd from a Reserved Unit (or a Substitute Unit) hereunder
(such electric energy being referred to herein as the "ELECTRIC ENERGY")
shall be consistent with the requirements of Section 5.7 of the
Interconnection Agreement applicable to the Stations.

                  (b) SUPPLY. Subject to the terms and conditions of this
Agreement, Seller shall make available at the Point of Delivery for a
Reserved Unit to ComEd for delivery and sale, and ComEd may receive and
purchase from Seller, Electric Energy. If a Reserved Unit is not Available,
Seller may use a Substitute Unit to fulfil such obligation; PROVIDED HOWEVER,
that (i) if such Substitute Unit is not located within the Station in which
such Unavailable Reserved Unit is located, Seller shall be responsible for
arranging transmission service for delivery to such Station from such
Substitute Unit and (ii) such Substitute Unit shall have an RPV not less than
the Unavailable Reserved Unit. ComEd shall not be obligated to receive or
purchase any Electric Energy from Seller except such Electric Energy as is
dispatched by ComEd pursuant to Section 4(c).

                  (c) DISPATCH. ComEd may dispatch the delivery of Electric
Energy from each Reserved Unit (or Substitute Unit) in accordance with the
provisions set forth in Appendix E at a rate up to such Reserved Unit's Net
Dependable

                                       14

<PAGE>

Capacity as set forth in Appendix B or such Substitute Unit's Net Dependable
Capacity, as the case may be (or such greater or lesser rate as Seller may
from time to time declare to be Available in accordance with Section 3 of
Appendix E), at any time when such Reserved Unit is so declared by Seller to
be Available.

                  (d)   ENERGY IMBALANCE.  ComEd shall hold Seller harmless
from any energy imbalance charges that result from ComEd's dispatch orders
under this Agreement.

5.       METERING; BILLING; PAYMENT

                  (a)   METERING. All Electric Energy delivered by Seller to
ComEd from a Station under this Agreement shall be metered at billing meter
installations provided, installed, owned, maintained and tested as provided
in Section 5.18 of the Interconnection Agreement applicable to such Station.
At Sellers option and expense, back-up meters and associated metering
equipment independent of the Metering Equipment may be installed at the
Station; and such back-up meters and metering equipment shall be used in
accordance with the practices and procedures established by the Parties for
billing adjustments of discovered billing meter inaccuracies. Any such
back-up meters may be tested by ComEd at Seller's expense, and any
inaccuracies shall be handled as provided in Section 5.18 of the
Interconnection Agreement. All Electric Energy delivered by Seller to ComEd
from a Substitute Unit not located at a Station shall be metered at billing
meter installations provided, installed, owned, maintained and tested by
ComEd, if available, and otherwise at the billing meter installation
available at the site where the Substitute Unit is located. In the event that
ComEd's billing meters are not in service, ComEd will use meter information
from the meters it uses for dispatch for the period that the billing meters
are unavailable and provide the information to Seller. As soon as practicable
but in any event no later than five Business Days after the end of each
calendar month, ComEd shall provide Seller with information from the billing
meter installations owned or controlled by ComEd for Seller's use in
preparing billing statements and Seller shall have the right to witness such
meter readings and testing.

                  (b)   METER INACCURACIES. ComEd shall provide to Seller
copies of all routine meter calibration test results. If any test of the
billing meters by ComEd or Seller discloses an inaccuracy of more than 0.5%
fast or 0.5% slow, then a billing adjustment shall be made to correct for the
inaccuracy. For purpose of the billing adjustment, if the inaccuracy is
traceable to a specific event or occurrence at a reasonably ascertainable
time, then the adjustment shall extend back to that time;

                                       15

<PAGE>

otherwise, it shall be assumed that the error has existed for a period equal
to one-half of the time elapsed since the meter was installed or one-half of
the time since the last meter test, whichever is later. At any metering
location, should the billing meter at any time fail to register, the
delivered Electric Energy shall be determined by ComEd from the best
available data, unless Seller objects within 30 days. Such disagree ments
shall be resolved pursuant to Section 11.

                  (c)   BILLING. As soon as practicable after the end of each
calendar month during the Term and after the Termination Date, Seller shall
render a statement to ComEd for the amounts due in respect of such month
under Section 7, which statement shall contain reasonable detail showing the
manner in which the Monthly Capacity Charge, Energy Charge, Start-Up and
Support Charges and Low Load Charges were determined.

                  Billings for Electric Energy shall be based on ComEd
revenue quality meter information or, if such meters are not yet in service,
on information from the meters that ComEd uses for dispatch. The amount due
to Seller as shown on any such monthly statement rendered by Seller shall be
paid by ComEd within fifteen Business Days after the date such statement is
rendered to ComEd by electronic means to an account specified by Seller. Any
amount not paid when due shall bear interest from the due date until paid at
the Default Rate.

                  (d)   BILLING DISPUTES.

                  (i)   If ComEd questions or contests the amount of any amount
         claimed by Seller to be due under Section 7 of this Agreement, ComEd
         shall make such payment under protest and thereafter shall be
         reimbursed by Seller for any amount in error after resolution of the
         dispute in accordance with Section 5(d)(ii).

                  (ii)  In the event that ComEd, by timely notice to Seller,
         questions or contests the correctness of any charge or payment claimed
         to be due by Seller, Seller shall promptly review the questioned charge
         or payment and shall notify ComEd, within fifteen Business Days
         following receipt by Seller of such notice from ComEd, of the amount of
         any error and the amount of any reimbursement that ComEd is entitled to
         receive in respect of such alleged error. Any disputes not resolved
         within fifteen Business Days after Seller's receipt of notice from
         ComEd shall be resolved in accordance with

                                       16

<PAGE>

         Section 11. Upon determination of the correct amount of any
         reimbursement, such amount shall be promptly paid by Seller.

                  (iii) Reimbursements made by Seller to ComEd under this
         Section 5(d) shall include interest from the date the original payment
         was made until the date such reimbursement together with interest is
         made, which interest shall accrue at the Default Rate.

6.       OPERATION OF RESERVED UNITS

                  (a)   STANDARD OF OPERATION. Consistent with Prudent
Utility Practice, Seller shall operate each Reserved Unit in accordance with
(i) the applicable practices, methods, acts, guidelines, standards and
criteria of MAIN, NERC, any ISO and any successors to the functions thereof,
(ii) the requirements of the Interconnection Agreement applicable to the
Station in which such Reserved Unit is located; and (iii) all applicable
Requirements of Law. Seller will maintain all certifications, permits,
licenses and approvals necessary to operate and maintain each Reserved Unit
and to perform its obligations under this Agreement during the Term.

                  (b)   ELECTRIC ENERGY GENERATION.

                  (i)   During a Contract Year, ComEd shall have the right to
         receive and purchase Electric Energy represented by the Reserved
         Capacity of the Reserved Units for such Contract Year. To the extent
         that ComEd has not dispatched the full Reserved Capacity of, the
         Reserved Units, Seller may sell the electric energy represented by such
         undispatched Reserved Capacity to third parties subject to the
         following requirements:

                  (w)   if such undispatched Reserved Capacity relates to a
         Reserved Unit which:

                        (i)   has been synchronized to the ComEd System and is
         delivering Electric Energy at the request of ComEd, the EO Generation
         Dispatcher must have released such capacity to Seller and any sales of
         electric energy from such capacity shall be cancellable by Seller upon
         not more than ten minutes notice through GCM from the EO Generation
         Dispatcher; or

                                       17

<PAGE>

                        (ii)  is off-line at the request of the EO Generation
         Dispatcher, then any sales of electric energy from such capacity shall
         be cancellable by Seller upon not more than twenty-four hours notice
         through GCM from the EO Generation Dispatcher;

                  (x)   Seller shall be responsible for arranging transmission
         service for any deliveries of electric energy contemplated by any such
         sales to third parties (it being understood that this Agreement does
         not grant any rights of access to, or use of, any transmission
         service);

                  (y)   the delivery of electric energy contemplated by any
         such sales to third parties shall be in accordance with the provisions
         of the applicable Interconnection Agreement; and

                  (z)   Seller shall schedule the sale of any energy so released
         through EO and shall respond to any recall of such energy by EO within
         the applicable time period specified in Section 6(b)(i)(w).

No sales of electric energy shall be made to any Person from a Reserved Unit
(or any portion thereof) declared by Seller to be Unavailable.

                  (ii)  In the event that a Reserved Unit shall have electric
         generation capacity in excess of its Net Dependable Capacity set forth
         in Appendix B, Seller may offer and sell such capacity and associated
         electric energy to third parties on such terms as Seller shall
         determine in its sole discretion. Seller shall be responsible for
         arranging transmission service for any deliveries of electric energy
         contemplated by any such sales to third parties (it being understood
         that this Agreement does not grant any rights of access to, or use of,
         any transmission service); and the delivery of electric energy
         contemplated by any such sales shall be in accordance with the
         provisions of the applicable Interconnection Agreement. It is further
         understood that, in the event that any such sales to third parties
         shall be made and there shall be a derating in the associated Reserved
         Unit, such sales to third parties shall be curtailed in full before any
         curtailment of Electric Energy dispatched by ComEd from such Reserved
         Unit as a result of such derating.

                  (iii) Seller may not sell Ancillary Services with respect to
         any undispatched Reserved Capacity referred to in Section 6(b)(i) or
         with respect to any excess capacity referred to in Section 6(b)(ii).

                                       18

<PAGE>

                  (c)   OUTAGES

                  (i)   PLANNED OUTAGES. On or prior to the Effective Date,
         Seller shall submit to ComEd a proposed schedule of Planned Outages
         (including Planned Ratings) scheduled by Seller for the following
         three Contract Years for the Reserved Units and the Option Units,
         which schedule shall be supplemented by Seller every six months
         following the Effective Date by notice to the EO Generation
         Dispatcher to extend the period covered by such schedule by six
         months; PROVIDED, HOWEVER, that no Planned Outage may be scheduled
         to cover any portion of a Summer Period. Such schedule, and each
         supple ment thereto, shall indicate the planned start and completion
         dates for each Planned Outage shown during the period covered
         thereby and the amount of generating capacity that will be affected.
         Within sixty days of receipt of such schedule or any supplement
         thereto, ComEd may request reasonable modifications therein. Seller
         and ComEd shall work together to schedule Planned Outages to meet
         their mutual requirements; however, it is understood that in the
         event of a disagreement on such scheduling, ComEd will have the
         right to resolve such disagreements as it reasonably determines to
         be appropriate in accordance with Prudent Utility Practice. In
         addition, ComEd may at any time request, and Seller shall make,
         changes to such schedule or any such supplement if ComEd deems such
         changes to be necessary, PROVIDED THAT, Seller shall not be required
         in connection with any such changes to split a single Planned Outage
         into more than one outage or to reduce the duration of a Planned
         Outage; PROVIDED FURTHER that, except for changes requested during
         the first six months of the Term, such changes do not affect any
         Planned Outages during the six months immediately following Seller's
         receipt of such request; and PROVIDED FURTHER, that if Seller
         reasonably incurs increased costs as a result of ComEd's request to
         reschedule a Planned Outage, ComEd shall reimburse Seller for the
         actual, documented increased out-of-pocket costs. At least one week
         prior to any Planned Outage, Seller shall orally notify the EO
         Generation Dispatcher of the expected start date of such Planned
         Outage, the amount of generating capacity at the Reserved Units
         which will not be available to ComEd during such Planned Outage, and
         the expected comple tion date of such Planned Outage. Seller shall
         orally notify the EO Genera tion Dispatcher promptly of any
         subsequent changes in such generating capacity not available or any
         subsequent changes in the Planned Outage completion date. As soon as
         practicable, all such oral notifications shall be confirmed in
         writing.

                                       19

<PAGE>

                  (ii)  MAINTENANCE OUTAGES. To the extent that during any
         Contract Year Seller needs to schedule a Maintenance Outage, Seller
         shall notify the EO Generation Dispatcher of such outage and shall
         plan such outage of generating capacity and use reasonable efforts
         to accommodate the requirements and service obligations of ComEd.
         Notice of a proposed Maintenance Outage shall include the expected
         start date of the outage, the amount of unavailable generating
         capacity of the Reserved Units and the expected completion date of
         the outage, and shall be given to ComEd at the time the need for the
         outage is determined by Seller. ComEd shall promptly respond to such
         notice and may request reasonable modifications in the schedule for
         the outage to accommodate the requirements and service obligations
         of ComEd. Seller shall use reasonable efforts to comply with such
         requested modifications and shall, if requested by ComEd, reschedule
         its Maintenance Outages, PROVIDED THAT it may do so in accordance
         with Prudent Utility Practice. Seller shall notify the EO Generation
         Dispatcher promptly of any subsequent changes in such generating
         capacity not available to ComEd or any subsequent changes in such
         outage completion date. As soon as practicable, any such
         notifications given orally shall be confirmed in writing.

                  (iii) FORCED OUTAGES. Seller shall provide to the EO
         Generation Dispatcher immediately an oral report of any Forced Outage
         (including Forced Deratings) of the Reserved Units, which report shall
         include the amount of generating capacity at the Reserved Units
         unavailable because of such Forced Outage and the expected return date
         of such generating capacity, and shall update such report promptly by
         notice to the EO Generation Dispatcher as necessary to advise ComEd of
         changed circumstances. As soon as practicable, all such oral reports
         shall be confirmed in writing.

                  (iv)  INFORMATION RELATED TO OUTAGES. In addition to the
         foregoing, Seller shall provide to the EO Generation Dispatcher
         information relating to outages of generating capacity at the Stations
         which would affect Seller's ability to deliver Electric Energy from any
         Reserved Unit.

                  (d)   OPERATING CHARACTERISTICS. The operating
characteristics of each Reserved Unit shall be consistent with the Design
Limits for such Reserved Unit set forth in Appendix B unless otherwise
mutually agreed by the Parties. Any changes to such operating characteristics
which may affect the delivery of Electric Energy pursuant to this Agreement
must be agreed by the Parties. Seller shall

                                       20

<PAGE>

reduce, curtail or interrupt electrical generation at the Stations in
accordance with Prudent Utility Practice or take other appropriate action in
accordance with the applicable provisions of the applicable Interconnection
Agreement which in the reasonable judgment of ComEd may be necessary to
operate, maintain and protect the ComEd System or the transmission system of
another utility during an Emergency Condition or in the reasonable judgment
of Seller may be necessary to operate, maintain and protect the equipment at
a Station during an Emergency Condition.

                  (e)   FUEL SOURCE AND EMISSIONS REPORTS. Seller shall
provide ComEd with information concerning Seller's fuel sources and emissions
(including carbon dioxide, nitrous oxides and sulfur dioxide emissions) as
reasonably requested by ComEd in order to allow ComEd to meet its statutory
reporting obligations (including those reporting obligations imposed by
Section 16-127 of the Illinois Public Utilities Act and associated rules of
the Illinois Commerce Commission) in respect of such information to
governmental bodies, customers or other Persons.

                  (f)   RECORDS. Each Party shall keep and maintain all
records as may be necessary or useful in performing or verifying any
calculations or charges made pursuant to this Agreement, or in verifying such
Party's performance hereunder. All such records shall be retained by each
Party for at least three calendar years following the calendar year in which
such records were created. Each Party shall make such records available to
the other Party for inspection and copying at the other Party's expense, upon
reasonable notice during such Party's regular business hours. Each Party and
its agents, including auditors, shall have the right, upon thirty days
written notice prior to the end of an applicable three calendar year period
to request copies of such records. Each Party shall provide such copies, at
the other Party's expense, within thirty days of receipt of such notice or
shall make such records available to the other Party and its agents,
including auditors, in accordance with the foregoing provisions of this
Section.

7.       COMPENSATION

                  ComEd shall pay to Seller, in respect of each calendar
month during the Term, the following amounts:

                  (a)   MONTHLY CAPACITY CHARGE. A Monthly Capacity Charge
equal to the Summer Capacity Payment, if such month is a Summer Month, or the
Non-Summer Capacity Payment, if such month is a Non-Summer Month; PROVIDED,
HOWEVER, if the first month of the First Contract Year is a partial month (as
a result of

                                       21

<PAGE>

the Effective Date occurring during a month), the amount payable under this
Section 7(a) in respect of such partial month shall be prorated by
multiplying it by a fraction, the numerator of which is the number of days
from the Effective Date through the last day of such month and the
denominator of which is the total number of days in such month.

                  (b)   ENERGY CHARGE. An amount equal to the product of (x)
the Electric Energy (expressed in megawatt hours) sold to ComEd under this
Agreement during such month, multiplied by (y) the megawatt hour charge
applicable to such Electric Energy as determined from the following table:

<TABLE>
<CAPTION>

                               ENERGY CHARGE ($/MEGAWATT HOUR)
CONTRACT YEAR           CONTRACTED CAPACITY            RESERVED OPTION CAPACITY
-------------           -------------------            ------------------------
<S>                     <C>                            <C>
     1                          $15                               $18
     2                         15.50                             18.50
     3                           16                                19
     4                           17                                20
     5                           17                                20

</TABLE>

                  (c)   START-UP AND SUPPORT CHARGES.  An amount equal to the
sum of:

                        (1)   the product of (x) the number of Cold Starts for
         each Reserved Unit during such month, multiplied by (y) the Cold Start
         Charge for such Reserved Unit shown in the following table, plus

                        (2)   the product of (x) the number of Warm Starts for
         each Reserved Unit, multiplied by (y) the Warm Start Charge for such
         Reserved Unit shown in the following table, plus

                        (3)   the product of (x) the number of Hot Starts for
         each Reserved Unit during such month, multiplied by (y) the Hot Start
         Charge for such Reserved Unit shown in the following table, plus

                                       22

<PAGE>

                        (4)   the product of (x) the number of Excess Starts
         for each Reserved Unit during such month, multiplied by (y) $5,000,
         plus

                        (5)   the product of (x) the number of hours during
         such month that a Reserved Unit is operated at the request of ComEd
         within the Support Load Range, if any, shown in the following table,
         multiplied by (y) the Support Charge for such Reserved Unit shown in
         the following table; PROVIDED, HOWEVER, that the Support Charge shall
         be zero if, due to a derating (not directed by ComEd), the Reserved
         Unit is unable to operate above the specified Support Load Range.

                                                 23

<PAGE>

<TABLE>
<CAPTION>

                                          COLD             WARM           HOT              SUPPORT            SUPPORT
                                          START           START          START              LOAD              CHARGE
                                         CHARGE           CHARGE        CHARGE           RANGE (NET          ($/HOUR)
         RESERVED UNIT                                                                      MW)
<S>                                      <C>              <C>           <C>              <C>                 <C>
Crawford Unit 7                          $10,000          $5,000        $3,700              65-98               $300
Crawford Unit 8                            7,400           5,500         4,600             44-111                300
Fisk Unit l9                              13,700           8,300         5,700             30-120                500
Waukegan Unit 6                            5,900           4,000         1,200                  *                  *
Waukegan Unit 7                            6,400           3,500         2,300            122-150                200
Waukegan Unit 8                            5,900           4,000         2,700             63-111              1,000
Will County Unit l                         2,800           1,500         1,500                  *                  *
Will County Unit 2                         2,800           1,500         1,400                  *                  *
Will County Unit 3                         8,000           5,500         3,300              36-93                200
Will County Unit 4                        14,400          10,500         7,500             50-180                500
Joliet Unit 6                              4,200           3,500         3,400                  *                  *
Joliet Unit 7                             7,9001          6,5002        4,3003             60-137                400
Joliet Unit 8                             7,9001          6,5002        4,3003             60-137                400
Powerton Unit 5                          21,4004         17,5005       14,4006                  *                  *
Powerton Unit 6                          21,4004         17,5005       14,4006                  *                  *

</TABLE>

-----------------------
*        Not applicable
1        $2,500 for second boiler.
2        $2,000 for second boiler.
3        $1,300 for second boiler.
4        $15,000 for second boiler.
5        $12,000 for second boiler.
6        $10,600 for second boiler.

                                                 24

<PAGE>

               (d)  LOW LOAD CHARGES. An amount equal to the sum of the
following calculations for each generating unit identified in the following
table (if then a Reserved Unit) for such month: the product of (1) the number of
megawatt hours during such month that such generating unit was operated at the
request of ComEd within the range set forth opposite such unit in such table and
(2) the Low Load Charge set forth opposite such unit in such table; PROVIDED,
HOWEVER, that no Low Load Charge shall be due if, due to a derating (not
directed by ComEd), such Reserved Unit is unable to operate above the Low Load
Range specified in the table below.

<TABLE>
<CAPTION>
                                                                LOW LOAD CHARGE
        GENERATING UNIT          LOAD RANGE (NET MWS)        ($ PER MEGAWATT-HOUR)
  ---------------------------------------------------------------------------------
     <S>                         <C>                         <C>
     Fisk Unit 19                      30-60                         $1.50
  ---------------------------------------------------------------------------------
     Will County Unit 4                50-100                         1.00
  ---------------------------------------------------------------------------------
     Joliet Units 7 & 8                56-75                          2.00
  ---------------------------------------------------------------------------------
     Powerton Units 5                 130-220                         3.00
     & 6
  ---------------------------------------------------------------------------------
</TABLE>

               (e)  ANCILLARY SERVICES.  There shall not be any additional
charges payable by ComEd or otherwise in respect of the Ancillary Services
described in Section 9.

8.       TESTING

                    Capability evaluations of the Reserved Units may be
conducted by ComEd at reasonable intervals. Such evaluations shall consist of
a period of one hour during which ComEd may request the Net Dependable
Capacity of a Reserved Unit (as set forth in Appendix B) to generate Electric
Energy for delivery to the ComEd System. Once a test period has been
initiated, it must last one hour unless ComEd and the general manager at the
Station in which the Reserved Unit is located mutually agree to a shorter
duration. In addition, ComEd may request not more than once per Contract Year
that a Reserved Unit undergo a generating test as specified in Guide No. 3A
of MAIN (a copy of which is attached as Appendix D). No tests will be
conducted or continued which, in the opinion of Seller, should not be
conducted or continued in accordance with Prudent Utility Practice. If Seller
prevents or discontinues a test in accordance with Prudent Utility Practice,
ComEd shall have the right to

                                       25
<PAGE>

retest the affected Reserved Unit upon prior notice to Seller. Seller shall have
the right to retest any Reserved Unit after the failure of any test performed at
the request of ComEd pursuant to this Section 8.

9.       ANCILLARY SERVICES.

              As directed by ComEd, Seller shall provide the following
additional services (the "ANCILLARY SERVICES") with respect to the Reserved
Capacity of the Reserved Units (subject to any sale(s) of electric energy made
by Seller to third parties to the extent permitted under Section 6(b)(i)
or (ii)):

               (a)  Reactive supply and voltage control from generation sources
               (b)  Regulation and frequency response
               (c)  Operating reserve - spinning
               (d)  Operating reserve - supplemental

The requirements of these services shall be as stated in ComEd's Open Access
Transmission Tariff as filed with FERC, and any other Requirements of Law and
any requirements of MAIN, NERC, any ISO and any successors to the functions
thereof.

10.      LIMITATION OF LIABILITY

               In no event or under any circumstances shall either Party
(including such Party's affiliates and such Party's and such affiliates'
respective directors, officers, employees and agents) be liable to the other
Party (including such Party's affiliates and such Party's and such affiliate's
respective directors, officers, employees and agents) for any special,
incidental, exemplary, indirect, punitive or consequential damages or damages in
the nature of lost profits, whether such loss is based on contract, warranty or
tort (including intentional acts, errors or omissions, negligence, indemnity,
strict liability or otherwise). A Party's liability under this Agreement shall
be limited to direct, actual damages, and all other damages at law or in equity
are waived.

               Notwithstanding the foregoing provisions of this Section or
any other Section hereof, if

               (i)  ComEd dispatches the delivery of Electric Energy from a
         Reserved Unit in accordance with the provisions hereof (other than
         during a

                                       26
<PAGE>

         ComEd Event of Default under Section 14(b)(i)) and Seller fails to
         provide the Electric Energy so dispatched by ComEd, or

               (ii) if Seller fails to declare a Reserved Unit Available at its
         Net Dependable Capacity (as set forth in Appendix B),

and, during such failure, Seller sells or provides electric energy from the
Reserved Unit to any Person other than ComEd (including Seller but excluding
provision or use of electric energy by Seller solely for use at the Station in
which the Reserved Unit is located), ComEd shall, in addition to any rights it
has to an adjustment of payments otherwise due hereunder or to terminate this
Agreement, be entitled to reimbursement by Seller for all of ComEd's
out-of-pocket costs related to or resulting from such failure by Seller,
including:

               (w)  the costs to purchase and transmit electric energy in
         substitu tion for the subject Electric Energy to the extent such costs
         exceed the costs that would have been due hereunder had, in the case of
         a failure under clause (i) above, Seller provided the Electric Energy
         dispatched by ComEd, or the costs to purchase and transmit electric
         energy in substitution for the Net Dependable Capacity (as set forth in
         Appendix B) from the subject Reserved Unit to the extent such costs
         exceed the costs that would have been due hereunder had, in the case of
         a failure under clause (ii) above, Seller declared such Reserved Unit
         Available and ComEd had dispatched Electric Energy from such Reserved
         Unit in each case in an amount inclusive of the electric energy sold to
         such Person;

               (x)  any and all amounts paid (whether in the form of cash pay
         ments, bill credits, tariff adjustments or otherwise) by ComEd to its
         customers pursuant to statute, tariff, order of a tribunal of competent
         jurisdiction or other Requirement of Law because ComEd was unable to
         provide electric energy to any of its customers to the extent that all
         or any part of such inability could reasonably have been expected to
         have been avoided absent such failure by Seller;

               (y)  attorneys', consultants' and witnesses' fees incurred by
         ComEd in connection with a regulatory or judicial investigation or
         proceeding of any kind related to or resulting from an inability of
         ComEd to provide electric energy to any of its customers to the extent
         that all or any part of such inabil-

                                       27
<PAGE>

         ity could reasonably have been expected to have been avoided absent
         such failure by Seller; and

               (z) any other amounts owed to third parties because of ComEd's
         inability to deliver electric energy if all or any part of such
         inability could reasonably have been expected to have been avoided
         absent such failure by Seller.

In addition, if ComEd is unable to provide electric energy to any customer or
third party and all or part of such inability could reasonably have been
expected to have been avoided absent such failure by Seller, ComEd will suffer
significant damages in addition to its out-of-pocket costs, the quantification
of which is difficult to ascertain. Accordingly, if ComEd is unable to provide
electric energy to any customer or third party and all or any part such
inability could reasonably have been expected to have been avoided absent such
failure by Seller, and, during such failure by Seller, Seller sells or provides
electric energy from the subject Reserved Unit to any Person other than ComEd
(including Seller but excluding provision or use of electric energy by Seller
solely for use at the Station in which the Reserved Unit is located), Seller
shall pay for each occurrence, in addition to the out-of-pocket costs described
above, liquidated damages to ComEd in the amount of $25,000 for each megawatt of
Net Dependable Capacity (as set forth in Appendix B) for the relevant Reserved
Unit.

11.      DISAGREEMENTS

               (a)  ADMINISTRATIVE COMMITTEE PROCEDURE. Except to the extent
otherwise provided in Section 5(d), if any disagreement arises on matters
concerning this Agreement, the disagreement shall be referred to one
representative of each Party, who shall attempt to timely resolve the
disagreement. If such representatives can resolve the disagreement, such
resolution shall be reported in writing to and shall be binding upon the
Parties. If such representatives cannot resolve the disagreement within a
reasonable time, or a Party fails to appoint a representative within 10 days of
written notice of the existence of a disagreement, then the matter shall proceed
to arbitration as provided in Section 11(b).

               (b)  ARBITRATION.  If pursuant to Section 11(a), the Parties
are unable to resolve a disagreement arising on a matter pertaining to this
Agreement, such disagreement shall be settled by arbitration in Chicago,
Illinois.  The arbitration shall be governed by the United States Arbitration
Act (9 U.S.C.ss.1 ET SEQ.), and any award issued pursuant to such arbitration
may be enforced in any court of competent

                                       28
<PAGE>

jurisdiction. This agreement to arbitrate and any other agreement or consent to
arbitrate entered into in accordance herewith will be specifically enforceable
under the prevailing arbitration law of any court having jurisdiction. Notice of
demand for arbitration must be filed in writing with the other Party to this
Agreement. Arbitration shall be conducted as follows:

                  (i)   Either Party may give the other Party written notice in
         sufficient detail of the disagreement and the specific provision of
         this Agreement under which the disagreement arose. The demand for
         arbitration must be made within a reasonable time after the
         disagreement has arisen. In no event may the demand for arbitration be
         made if the institution of legal or equitable proceedings based on such
         disagreement is barred by the applicable statute of limitations. Any
         arbitration related to this Agreement may be consolidated with any
         other arbitration proceedings related to this Agreement.

                  (ii)  The Parties shall attempt to agree on a person with
         special knowledge and expertise with respect to the matter at issue to
         serve as arbitrator. If the Parties cannot agree on an arbitrator
         within ten days, each shall then appoint one person to serve as an
         arbitrator and the two thus appointed shall select a third arbitrator
         with such special knowledge and expertise to serve as Chairman of the
         panel of arbitrators; and such three arbitrators shall determine all
         matters by majority vote; PROVIDED, HOWEVER, if the two arbitrators ap
         pointed by the Parties are unable to agree upon the appointment of the
         third arbitrator within five days after their appointment, both shall
         give written notice of such failure to agree to the Parties, and, if
         the Parties fail to agree upon the selection of such third arbitrator
         within five days thereafter, then either of the Parties upon written
         notice to the other may require appointment from, and pursuant to the
         rules of, the Chicago office of the American Arbitration Association
         for commercial arbitration. Prior to appointment, each arbitrator shall
         agree to conduct such arbitration in accordance with the terms of this
         Agreement.

                  (iii) The Parties shall have sixty days from the appointment
         of the arbitrator(s) to perform discovery and present evidence and
         argument to the arbitrator(s). During that period, the arbitrator(s)
         shall be available to receive and consider all such evidence as is
         relevant and, within reasonable limits due to the restricted time
         period, to hear as much argument as is feasible, giving a fair
         allocation of time to each Party to the arbitration. The arbitrator(s)
         shall use all reasonable means to expedite discovery and to sanction
         noncompliance

                                       29
<PAGE>

         with reasonable discovery requests or any discovery order. The
         arbitrator(s) shall not consider any evidence or argument not presented
         during such period and shall not extend such period except by the
         written consent of both Parties. At the conclusion of such period, the
         arbitrator(s) shall have forty-five calendar days to reach a
         determination. To the extent not in conflict with the procedures set
         forth herein, which shall govern, such arbitration shall be held in
         accordance with the prevailing rules of the Chicago office of the
         American Arbitration Association for commercial arbitration.

               (iv) The arbitrator(s) shall have the right only to interpret
         and apply the terms and conditions of this Agreement and to order any
         remedy allowed by this Agreement, but may not change any term or
         condition of this Agreement, deprive either Party of any right or
         remedy expressly provided hereunder, or provide any right or remedy
         that has been expressly excluded hereunder.

               (v)  The arbitrator(s) shall give a written decision to the
         Parties stating their findings of fact and conclusions of law, and
         shall furnish to each Party a copy thereof signed by him (them) within
         five calendar days from the date of their determination. The
         arbitrator's(s') decision shall be final and binding upon the Parties.

               (vi) Each Party shall pay the cost of the arbitrator(s) with
         respect to those issues as to which they do not prevail, as determined
         by the arbitrator(s).

               (c)  OBLIGATIONS TO PAY CHARGES AND PERFORM. If a disagreement
should arise on any matter which is not resolved as provided in Section 11(a),
then, pending the resolution of the disagreement by arbitration as provided in
Section 11(b), Seller shall continue to operate the Reserved Units in a manner
consistent with the applicable provisions of this Agreement and ComEd shall
continue to pay all charges and perform all other obligations required in
accordance with the applicable provi sions of this Agreement.

               (d)  PRELIMINARY INJUNCTIVE RELIEF. Nothing in this Section 11
shall preclude, or be construed to preclude, the resort by either Party to a
court of compe tent jurisdiction solely for the purposes of securing a temporary
or preliminary injunction to preserve the status quo or avoid irreparable harm
pending arbitration pursuant to this Section 11.

                                       30
<PAGE>

               (e)  SETTLEMENT DISCUSSIONS. The Parties agree that no
statements of position or offers of settlement made in the course of the dispute
process described in this Section 11 will be offered into evidence for any
purpose in any litigation or arbitration between the Parties, nor will any such
statements or offers of settlement be used in any manner against either Party in
any such litigation or arbitration. Further, no such statements or offers of
settlement shall constitute an admission or waiver of rights by either Party in
connection with any such litigation or arbitration. At the request of either
Party, any such statements and offers of settlement, and all copies thereof,
shall be promptly returned to the Party providing the same.

12.      ASSIGNMENT; TRANSFER OF STATIONS

               (a)  ASSIGNMENT. Neither Party may assign its rights or
obligations under this Agreement without the prior written consent of the other
Party, which shall not be unreasonably withheld or delayed. Notwithstanding the
foregoing, ComEd shall have the right to assign its rights and obligations
hereunder without the consent of Seller to (i) any entity that has a net worth
of at least $500 million and credit ratings for long-term secured debt from
Standard & Poor's Ratings Group of BBB- or higher and from Moody's Investors
Service, Inc. of Baa3 or higher or (ii) any affiliate of ComEd. For the purposes
of this Section 12(a), any direct transfer or series of direct transfers
(whether voluntary or by operation of law) of a majority of the outstanding
voting equity interests of Seller (or any entity or entities directly or
indirectly holding a majority of the outstanding voting equity interests of
Seller) to any party other than an affiliate controlled by, or under common
control with, Seller shall be deemed an assignment of this Agreement.

               (b)  COLLATERAL ASSIGNMENT. Notwithstanding the above, ComEd
hereby consents to the assignment by Seller of a security interest in this
Agreement to any Lenders; PROVIDED THAT Owner shall have provided notice of any
such assignment to ComEd. ComEd further agrees to execute documentation to
evidence such consent, PROVIDED it shall have no obligation to waive any of its
rights under this Agreement. ComEd recognizes that such consent may grant
certain rights to such Lenders, which shall be fully developed and described in
the consent documents, including (i) this Agreement shall not be amended in any
material respect or termi nated (except for termination pursuant to the terms of
this Agreement) without the consent of Lenders, which consent as to amendments
shall not be unreasonably withheld or delayed, (ii) Lenders shall be given
notice of, and a reasonable time period (but in no event more than the time
period provided to Seller) to cure, any Seller breach or default of this
Agreement, (iii) if a Lender forecloses, takes a deed in

                                       31
<PAGE>

lieu or otherwise exercises its remedies pursuant to any security documents,
that ComEd shall, at Lender's request, continue to perform all of its
obligations hereunder, and Lender or its nominee may perform in the place of
Seller, and may assign this Agreement to another party in place of Seller
(PROVIDED either (i) such proposed assignee is creditworthy and possesses
experience and skill in the operation of electric generation plants or (ii)
ComEd consents to the assignment to such proposed as signee, which consent
shall not be unreasonably withheld (it being understood that ComEd may, in
deciding whether to grant such consent, take into account the creditworthiness
and the electric generation plant experience and skill of the proposed
assignee)), and enforce all of Seller's rights hereunder, (iv) that Lender(s)
shall have no liability under this Agreement except during the period of such
Lender(s)' ownership and/or operation of a Station(s), (v) that ComEd shall
accept performance in accordance with this Agreement by Lender(s) or its
(their) nominee, (vi) that ComEd shall make all payments to an account
designated by Lender(s), and (vii) that ComEd shall make representations and
warranties to Lender(s) as Lender(s) may reasonably request with regard to (A)
ComEd's corporate existence, (B) ComEd's corporate authority to execute,
deliver, and perform this Agreement, (C) the binding nature of this Agreement
on ComEd, (D) receipt of regulatory approvals by ComEd with respect to its
performance under this Agreement, and (E) whether any defaults by Owner are
known by ComEd then to exist under this Agreement.

               (c)  TRANSFER OF STATIONS DURING THE TERM. Prior to the
Termination Date, Seller shall not sell or otherwise transfer any interest in
any Station to any Person without first obtaining ComEd's written consent, which
consent shall not be unreasonably withheld or delayed and may be conditioned
upon the transferee's assumption of the obligations of Seller under this
Agreement in respect of such Station. No such assignment shall relieve Seller
from its obligations hereunder, unless otherwise agreed to by ComEd in writing.
Any such sale or transfer without consent under this Section 12 shall be null
and void.

13.      CALL OPTIONS

               Subject to the notice and other requirements contained in this
Section 13, ComEd shall have the right with respect to each Contract Year to
reserve some or all of the generating capacity represented by the Option Units
for such Contract Year (such reservation rights being referred to herein
collectively as the "CALL OPTIONS" and individually as a "CALL OPTION"). A Call
Option may be exercised with respect to a Contract Year as to one or more of the
Option Units for such Contract Year, PROVIDED any such exercise shall be as to
full generating units. ComEd shall exercise a Call

                                       32
<PAGE>

Option with respect to a particular Contract Year by providing written notice of
such exercise to Seller by no later than the Effective Date, in the case of the
First Contract Year, and no later than one hundred eighty (180) days before the
first day of any succeeding Contract Year. Such notice shall contain (i) a
statement that ComEd is exercising a Call Option or Call Options, (ii) the
Contract Year or Contract Years with respect to which the Call Option or Call
Options being exercised relate, and (iii) an identification of the Option
Unit(s) for the applicable Contract Year with respect to which ComEd is
exercising such Call Option or Call Options.

14.      DEFAULT; TERMINATION AND REMEDIES.

               (a)  SELLER'S DEFAULT. The occurrence and continuation of any
of the following events or circumstances at any time during the Term, except to
the extent caused by, or resulting from, an act or omission of ComEd in breach
of this Agree ment, shall constitute an event of default by Seller ("SELLER'S
EVENT OF DEFAULT"):

               (i)    Seller fails to pay any sum due from it hereunder on the
         due date thereof and such failure is not remedied within ten Business
         Days after receipt of written notice thereof;

               (ii)   Seller shall without reasonable cause abandon or wilfully
         desert a Station in which there is a Reserved Unit for a period in
         excess of 24 hours;

               (iii)  Seller's Bankruptcy; or

               (iv)   Seller fails in any material respect to perform or comply
         with any other obligation in this Agreement on its part to be observed
         or performed which failure materially and adversely affects ComEd, and
         if reasonably capable of remedy, is not remedied within 60 days after
         ComEd has given written notice to Seller of such failure and requiring
         its remedy; PROVIDED, HOWEVER, that if such remedy cannot reasonably be
         cured within such period of 60 days, such failure shall not constitute
         a Seller's Event of Default if Seller has promptly commenced and is
         diligently proceeding to cure such default.

               (b)  COMED DEFAULT. The occurrence and continuation of any of
the following events or circumstances at any time during the Term, except to the
extent caused by, or resulting from, an act or omission of Seller in breach of
this Agreement, shall constitute an event of default by ComEd ("COMED EVENT OF
DEFAULT"):

                                       33
<PAGE>

               (i)   ComEd fails to pay any amount due from it pursuant to
         Section 7 hereof on the due date thereof and such failure is not
         remedied within ten Business Days after receipt of written notice
         thereof;

               (ii)  ComEd fails to pay any sum (other than one set forth in
         subsec tion (i) above) due from it hereunder on the due date thereof
         and such failure is not remedied within fifteen days after Seller has
         given written notice to ComEd of such failure and requiring its remedy;

               (iii) ComEd's Bankruptcy; or

               (iv)  ComEd fails in any material respect to perform or comply
         with any other obligation in this Agreement on its part to be observed
         or performed which failure materially and adversely affects Seller, and
         if reasonably capable of remedy, is not remedied within 60 days after
         Seller has given written notice to ComEd of such failure and requiring
         its remedy; PROVIDED, HOWEVER, that if such remedy cannot reasonably be
         cured within such period of 60 days, such failure shall not constitute
         a ComEd Event of Default if ComEd has promptly commenced and is
         diligently proceeding to cure such default.

               (c)   REMEDIES AND REMEDIES CUMULATIVE.

               (i)   Upon the occurrence and during the continuation of a ComEd
         Event of Default or a Seller's Event of Default, the non-defaulting
         party may at its discretion (A) terminate this Agreement upon 30 days
         prior written notice to the Party in default and (B) exercise any other
         rights and remedies available at law or in equity.

               (ii)  If a ComEd Event of Default under Section 14(b)(i) has
         occurred and is continuing, Seller shall have the right to sell the
         electric energy represented by the Contracted Capacity of the Reserved
         Units on a daily basis during the continuance of such ComEd Event of
         Default to third parties.

               (d)   EXTENDED OUTAGE. ComEd may terminate this Agreement as to
a Station upon thirty days prior written notice to Seller if an outage
(including an outage caused by, or resulting from, a Force Majeure Event) at
such Reserved Unit(s) prevents Seller from substantially performing its
obligations hereunder in respect of such Reserved Unit(s) for a consecutive
period of 120 days, PROVIDED that if Seller

                                       34
<PAGE>

demonstrates that it has taken significant steps toward remediating the
circumstances which led to such outage and certifies in writing to ComEd that
such outage will end within 300 days of its commencement (and such outage in
fact ends within such 300 days), then ComEd may not so terminate this Agreement.

15.      FORCE MAJEURE

               (a)   FORCE MAJEURE EVENT. For the purposes of this Agreement,
"FORCE MAJEURE EVENT" means any unforeseeable event, condition or circumstance
beyond the reasonable control of the Party affected (the "AFFECTED PARTY")
which, despite all reasonable efforts of the Affected Party to prevent it or
mitigate its effects, prevents the performance by such Affected Party of its
obligations hereunder. Subject to the foregoing, "Force Majeure Event" shall
include:

               (i)   explosion and fire (in either case to the extent not
         attributable to the negligence of the Affected Party);

               (ii)  flood, earthquake, storm, or other natural calamity or
         act of God;

               (iii) strike or other labor dispute;

               (iv)  war, insurrection or riot;

               (v)   acts of, or failure to act by, legislative, judicial or
         regulatory agencies or officials (collectively, "GOVERNMENTAL ACTION");
         and

               (vi)  Change of Law.

               (b)   OBLIGATIONS UNDER FORCE MAJEURE.

               (i)   If the Affected Party is rendered unable, wholly or in
         part, by a Force Majeure Event, to carry out some or all of its
         obligations under this Agreement, then, during the continuance of such
         inability, the obligation of such Party to perform the obligations so
         affected shall be suspended.

               (ii)  The Affected Party shall give written notice of such
         Force Majeure Event to the other Party as soon as practicable after
         such event

                                       35
<PAGE>

         occurs, which notice shall include information with respect to the
         nature, cause and date of commencement of the occurrence(s), and the
         anticipated scope and duration of the delay. Upon the conclusion of the
         Force Majeure Event, the Affected Party shall, with all reasonable
         dispatch, take all steps reasonably necessary to resume the
         obligation(s) previously suspended.

               (iii) Notwithstanding the foregoing, an Affected Party shall
         not be excused under this Section 15(b) for (x) any non-performance of
         its obliga tions under this Agreement having a greater scope or longer
         period than is justified by the Force Majeure Event or (y) the
         performance of obligations that arose prior to the Force Majeure Event.
         Nothing contained herein shall be construed as requiring an Affected
         Party to settle any strike, lockout or other labor dispute in which it
         may be involved.

               (c)   CONTINUED PAYMENT OBLIGATION.  A Party's obligation to make
payments already owing pursuant to this Agreement shall not be suspended by a
Force Majeure Event.

               (d)   AVAILABILITY. Notwithstanding this Section 15, outages or
deratings of Reserved Units caused by, or attributable to, Force Majeure Events
shall be considered periods that the affected capacity is Unavailable unless
such Force Majeure Event is an event described in clause (ii) or (iv) of Section
15(a) (in which case, such affected capacity shall be considered Available at
75% of the Net Depend able Capacity (as set forth in Appendix B) of the affected
Reserved Unit(s) for the duration of such Force Majeure Event during a Summer
Month and at 65% of such Net Dependable Capacity for the duration of such Force
Majeure Event during a Non- Summer Month).

16.      REPRESENTATIONS AND WARRANTIES

               (a)   REPRESENTATIONS AND WARRANTIES OF SELLER.  Seller hereby
makes the following representations and warranties to ComEd:

               (i)   Seller is a limited liability company duly organized,
         validly existing and in good standing under the laws of the State of
         Delaware, is qualified to do business in the State of Illinois and has
         the legal power and authority to own its properties, to carry on its
         business as now being con ducted and to enter into this Agreement and
         carry out the transactions contem-

                                       36
<PAGE>

         plated hereby and perform and carry out all covenants and obligations
         on its part to be performed under and pursuant to this Agreement.

               (ii)  The execution, delivery and performance by Seller of this
         Agreement have been duly authorized by all necessary corporate action,
         and do not and will not require any consent or approval of Seller's
         Board of Directors or equity holders other than that which has been
         obtained (evidence of which shall be, if it has not heretofore not
         been, delivered to ComEd).

               (iii) The execution and delivery of this Agreement, the
         consummation of the transactions contemplated hereby and the
         fulfillment of and com pliance with the provisions of this Agreement,
         do not and will not conflict with or constitute a breach of or a
         default under, any of the terms, conditions or provisions of any legal
         requirements, or any organizational documents, agreement, deed of
         trust, mortgage, loan agreement, other evidence of indebtedness or any
         other agreement or instrument to which Seller is a party or by which it
         or any of its property is bound, or result in a breach of or a default
         under any of the foregoing.

               (iv)  This Agreement constitutes the legal, valid and binding
         obligation of Seller enforceable in accordance with its terms, except
         as such enforceability may be limited by bankruptcy, insolvency,
         reorganization or similar laws relating to or affecting the enforcement
         of creditors' rights generally or by general equitable principles,
         regardless of whether such enforceability is considered in a proceeding
         in equity or at law.

               (v)   There is no pending, or to the knowledge of Seller,
         threatened action or proceeding affecting Seller before any
         governmental authority which purports to affect the legality, validity
         or enforceability of this Agreement.

               (vi)  Seller has all governmental approvals necessary for it to
         perform its obligations under this Agreement.

               (b)   REPRESENTATIONS AND WARRANTIES OF COMED. ComEd hereby makes
the following representations and warranties to Seller:

               (i)   ComEd is a corporation duly organized, validly existing
         and in good standing under the laws of the State of Illinois, is
         qualified to do business in the State of Illinois and has the legal
         power and authority to own its

                                       37
<PAGE>

         properties, to carry on its business as now being conducted and to
         enter into this Agreement and carry out the transactions contemplated
         hereby and perform and carry out all covenants and obligations on its
         part to be performed under and pursuant to this Agreement.

               (ii)  The execution, delivery and performance by ComEd of this
         Agreement have been duly authorized by all necessary corporate action,
         and do not and will not require any consent or approval of ComEd's
         Board of Directors or shareholders other than that which has been
         obtained (evidence of which shall be, if it has not heretofore been,
         delivered to Seller).

               (iii) The execution and delivery of this Agreement, the
         consummation of the transactions contemplated hereby and the
         fulfillment of and com pliance with the provisions of this Agreement do
         not and will not conflict with or constitute a breach of or a default
         under, any of the terms, conditions or provisions of any legal
         requirements, or its articles of incorporation or bylaws, or any deed
         of trust, mortgage, loan agreement, other evidence of indebtedness or
         any other agreement or instrument to which ComEd is a party or by which
         it or any of its property is bound, or result in a breach of or a
         default under any of the foregoing.

               (iv)  This Agreement constitutes the legal, valid and binding
         obliga tion of ComEd enforceable in accordance with its terms, except
         as such enforceability may be limited by bankruptcy, insolvency,
         reorganization or similar laws relating to or affecting the enforcement
         of creditors' rights generally or by general equitable principles,
         regardless of whether such enforceability is considered in a proceeding
         in equity or at law.

               (v)   There is no pending, or to the knowledge of ComEd,
         threatened action or proceeding affecting ComEd before any governmental
         authority which purports to affect the legality, validity or
         enforceability of this Agreement.

               (vi)  ComEd has all governmental approvals necessary for it to
         perform its obligations under this Agreement.

                                       38

<PAGE>

17.      INDEMNIFICATION

               Each Party shall indemnify and hold harmless the other Party,
and its officers, directors, agents and employees from and against any and all
claims, demands, actions, losses, liabilities, expenses (including reasonable
legal fees and expenses), suits and proceedings of any nature whatsoever for
personal injury, death or property damage to each other's property or facilities
or personal injury, death or property damage to third parties caused by the
gross negligence or wilful misconduct of the indemnifying Party that arise out
of or are in any manner connected with the performance of this Agreement, except
to the extent such injury or damage is attribut able to the gross negligence or
wilful misconduct of, or breach of this Agreement by, the Party seeking
indemnification hereunder. Title, and all risk relating to, all Electric Energy
purchased by ComEd under this Agreement from a Reserved Unit shall pass to ComEd
at the Point of Delivery for such Reserved Unit. ComEd shall indemnify Seller
for liability from Electric Energy once sold and delivered at such Point of
Delivery; and Seller shall indemnify ComEd for liability from Electric Energy
prior to its delivery at such Point of Delivery.

18.      NOTICES

               Unless otherwise provided in this Agreement, any notice,
consent or other communication required to be made under this Agreement shall be
in writing and shall be sent by facsimile transmission, delivered or sent to the
address set forth below or such other address as the receiving Party may from
time to time designate by written notice:

               If to ComEd, to:

                       Commonwealth Edison Company
                       One First National Plaza, 37th Floor
                       10 South Dearborn Street
                       Chicago, Illinois 60603
                       Attention:  Senior Vice President - Transmission
                       Facsimile No.:  (312) 394-3110
                       Confirmation No.:  (312) 394-3172

               with a copy to:

                       Commonwealth Edison Company

                                       39
<PAGE>

                       Law Department
                       Room 1535
                       125 South Clark Street
                       Chicago, Illinois  60603
                       Attention:  Associate General Counsel-
                                   Corporate and Commercial
                       Facsimile No. (312) 394-3950
                       Confirmation No.: (312) 394-5400

               If to Seller, to:

                       Midwest Generation, LLC
                       One Financial Place - Suite 3500
                       440 South LaSalle Street
                       Chicago, Illinois  60605
                       Attention:  President
                       Facsimile No.: (312) 583-6000
                       Confirmation No.: (312) 583-6111

               with a copy to:

               Edison Mission Marketing & Trading Inc.
               18101 Von Karman Avenue - Suite 1700
               Irvine, California 92612
               Attention:  Bulk Power Operations
               Fax No.: (949) 798-7425
               Confirmation No.: (949) 798-7421

               and

               Edison Mission Energy
               18101 Von Karman Avenue - Suite 1700
               Irvine, California  92612
               Attention:  General Counsel
               Fax No.: (949) 757-0807
               Confirmation No.: (949) 798-7902

                                       40
<PAGE>

               and

               Edison Mission Energy
               18101 Von Karman Avenue - Suite 1700
               Irvine, California  92612
               Attention:  Assistant General Counsel
               Fax No.: (949) 757-0807
               Confirmation No.: (949) 798-7937

All notices shall be effective when received.

19.      CONFIDENTIALITY

               Each Party agrees that it will treat in confidence all
documents, materials and other information marked "Confidential," "Proprietary"
or with a similar designation by the disclosing Party ("CONFIDENTIAL
INFORMATION") which it shall have obtained during the course of the negotiations
leading to, and its performance of, this Agreement (whether obtained before or
after the date of this Agreement). Confidential Information shall not be
communicated to any third party (other than, in the case of Seller, to its
affiliates, to its counsel, accountants, financial or tax advisors, or insurance
consultants, to prospective partners and other investors in Seller and their
counsel, accountants, or financial or tax advisors, or in connection with any
financing or refinancing, or its permitted assignees or transferees and in the
case of ComEd, to its affiliates, or to its counsel, accountants, financial
advisors, tax advisors or insurance consultants, or its permitted assignees or
transferees). As used herein, the term "Confidential Information" shall not
include any information which (i) is or becomes available to a 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 the receiving Party or its agents or
(iii) is required to be disclosed under applicable law or judicial,
administrative or regulatory process, but only to the extent it must be
disclosed.

20.      GOVERNING LAW

               Except as provided in Section 11, this Agreement shall be
deemed to be an Illinois contract and shall be construed in accordance with and
governed by the laws of Illinois without regard to its conflicts of laws
provisions.

                                       41
<PAGE>

21.      PARTIAL INVALIDITY

               Wherever possible, each provision hereof shall be interpreted
in such manner as to be effective and valid under applicable law, but in case
any one or more of the provisions contained herein shall, for any reason, be
held to be invalid, illegal or unenforceable in any respect, such provision
shall be ineffective to the extent, but only to the extent, of such invalidity,
illegality or unenforceability without invalidating the remainder of such
invalid, illegal or unenforceable provision or provisions or any other
provisions hereof, unless such a construction would be unreasonable. In the
event that such a construction would be unreasonable or would deprive a Party of
a material benefit under this Agreement, the Parties shall seek to amend this
Agreement to remove the invalid provision and otherwise provide the benefit
unless prohibited by any Require ments of Law.

22.      WAIVERS

               The failure of either Party hereto to enforce at any time any
provision of this Agreement shall not be construed to be a waiver of such
provision, nor in any way to affect the validity of this Agreement or any part
hereof or the right of a Party thereafter to enforce each and every such
provision. A waiver under this Agreement must be in writing and state that it is
a waiver. No waiver of any breach of this Agreement shall be held to constitute
a waiver of any other or subsequent breach.

23.      COMPETITIVE TRANSITION CHARGE.

               The Parties acknowledge that Seller has satisfied its
Competitive Transition Charge (as defined in the Illinois Public Utilities Act)
obligations with respect to the Stations by prepayment, which was included in
the Purchase Price paid under the Asset Sale Agreement.

24.      ENTIRE AGREEMENT AND AMENDMENTS.

               Except as provided in the Asset Sale Agreement and the
Interconnection Agreements, this Agreement supersedes all previous
representations, understandings, negotiations and agreements either written or
oral between the Parties hereto or their representatives with respect to the
subject matter hereof and constitutes the entire agreement of the Parties with
respect to the subject matter hereof. No amendments or changes to this Agreement
shall be binding unless made in writing and duly executed by both Parties.

                                       42
<PAGE>

               IN WITNESS WHEREOF, the Parties hereto have executed this
Agreement as of the date set forth at the beginning of this Agreement.

                                       COMMONWEALTH EDISON COMPANY

                                       By /s/ ROBERT J. MANNING
                                          ---------------------------------
                                          Name:  Robert J. Manning
                                          Title: Executive Vice President

                                       MIDWEST GENERATION, LLC

                                       By /s/ GEORGIA R. NELSON
                                          ---------------------------------
                                          Name:  Georgia R. Nelson
                                          Title: President

                                       43

<PAGE>

Coal Stations Power Purchase Agreement Appendices
-------------------------------------------------------------------------------

                                     APPENDIX A

                          EQUIVALENT AVAILABILITY FACTOR

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

                            OPERATION AND OUTAGE STATES

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

AVAILABLE
State in which a unit is capable of providing service, whether or not it is
actually in service, regardless of the capacity level that can be provided.

FORCED DERATING (D1, D2, D3)
An unplanned component failure (immediate, delayed, postponed) or other
condition that requires the load on the unit be reduced immediately, within six
hours, or before the end of the next weekend.

FORCED OUTAGE (U1, U2, U3, SF)
An unplanned component failure (immediate, delayed, postponed, startup failure)
or other condition that requires the unit be removed from service immediately,
within six hours, or before the end of the next weekend.

MAINTENANCE DERATING (D4)
The removal of a component for scheduled repairs that can be deferred beyond the
end of the next weekend, but requires a capacity reduction before the next
Planned Outage.

MAINTENANCE OUTAGE (MO)
The removal of a unit from service to perform work on specific components that
can be deferred beyond the end of the next weekend, but requires the unit be
removed from service before the next planned outage. Typically, MOs may occur
any time during the year, have flexible start dates, and may or may not have
predetermined durations.

MAINTENANCE OUTAGE EXTENSION
(SE OF MO)
The extension of a Maintenance Outage (MO).

PLANNED DERATING (PD)
The removal of a component for repairs that is sched uled well in advance and
has a predetermined duration.

PLANNED OUTAGE (PO)
The removal of a unit from service to perform work on specific components that
is scheduled well in advance and has a predetermined start date and duration
(e.g., annual overhaul, inspections, testing).

PLANNED OUTAGE EXTENSION
(SE OF P0)
The extension of a Planned Outage (PO).

RESERVE SHUTDOWN (RS)
A state in which the unit was available for service but not electrically
connected to the transmission system for economic reasons.

SCHEDULED DERATING EXTENSION (DE)
The extension of a maintenance or planned derating.

UNAVAILABLE
State in which a unit is not capable of operation because of the failure of a
component, external restriction, testing, work being performed, or some other
adverse condition.

                                     A-1
<PAGE>

Coal Stations Power Purchase Agreement Appendices
-------------------------------------------------------------------------------

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

                                 TIME

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

AVAILABLE HOURS (AH)
Sum of all Service Hours (SH) and Reserve Shutdown Hours (RSH), or

Period Hours (PH) less Planned Outage Hours (POH), Forced Outage Hours (FOH),
and Maintenance Outage Hours (MOH).

EQUIVALENT PLANNED DERATED HOURS
(EPDH)
The product of Planned Derated Hours (PDH) and Size of Reduction, divided by Net
Maximum Capacity (NMC).

EQUIVALENT SEASONAL DERATED HOURS
(ESEDH)
Net Maximum Capacity (NMC) less Net De pendable Capacity (NDC), multiplied by
Avail able Hours (AH) and divided by Net Maximum Capacity (NMC).

EQUIVALENT UNPLANNED DERATED HOURS
(EUDH)
The product of Unplanned Derated Hours (UDH) and Size of Reduction, divided by
Net Maximum Capacity (NMC).

FORCED OUTAGE HOURS (FOH)
Sum of all hours experienced during Forced Outages (U1, U2, U3, SF).

MAINTENANCE OUTAGE HOURS (MOH)
Sum of all hours experienced during Mainte nance Outages (MO) and Maintenance
Outage Extensions (SE of MO).

PERIOD HOURS (PH)
Number of hours a unit was in the active state. A unit generally enters the
active state on its service date.

PLANNED DERATED HOURS (PDH)
Sum of all hours experienced during Planned Deratings (PD) and Scheduled
Derating Exten sions (DE) of any Planned Deratings (PD).

PLANNED OUTAGE HOURS (POH)
Sum of all hours experienced during Planned Outages (PO) and Planned Outage
Extensions (SE of PO).

RESERVE SHUTDOWN HOURS (RSH)
Total number of hours the unit was available for service but not electrically
connected to the transmission system for economic reasons.

SERVICE HOURS (SH)
Total number of hours a unit was electrically connected to the transmission
system.

UNAVAILABLE HOURS (UH)
Sum of all Forced Outage Hours (FOH), Mainte nance Outage Hours (MOH), and
Planned Out age Hours (POH).

UNPLANNED DERATED HOURS (UDH)
Sum of all hours experienced during Forced Deratings (D1, D2, D3), Maintenance
Deratings (D4), and Scheduled Derating Extensions (DE) of any Maintenance
Deratings (D4).

                                     A-2
<PAGE>

Coal Stations Power Purchase Agreement Appendices
-------------------------------------------------------------------------------

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

                               CAPACITY AND ENERGY

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

NET DEPENDABLE CAPACITY (NDC)
GDC less the unit capacity (MW) utilized for that unit's station service or
auxiliaries.

NET MAXIMUM CAPACITY (NMC)
GMC less the unit capacity (MW) utilized for that unit's station service or
auxiliaries.

GROSS DEPENDABLE CAPACITY (GDC)
GMC modified for seasonal limitations over a specified period of time.

GROSS MAXIMUM CAPACITY (GMC)
Maximum capacity (MW) a unit can sustain over a specified period of time when
not restricted by seasonal or other deratings.

                               EQUATIONS

EQUIVALENT AVAILABILITY FACTOR (EAF):  [(AH - (EUDH + EPDH + ESEDH))/PH] x
100 (%)

                                     A-3

<PAGE>

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                                  APPENDIX B

                                DESIGN LIMITS

THE DESIGN LIMITS LISTED BELOW SHALL BE APPLICABLE TO ANY DISPATCH UNDER THIS
AGREEMENT OF THE INDICATED GENERATING UNITS BY COMED:

<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------
                            NET         MINIMUM OPERATING        MINIMUM TIME
                         DEPENDABLE           LEVEL                BETWEEN            RAMP RATE
                          CAPACITY          (NET MW)           DISPATCHED STARTS        RANGE         RAMP RATE      UNIT
   GENERATING UNIT         (MW)(1)     WITH(2)  WITHOUT(3)        (HOURS)(4)         (GROSS MWS)     (MW/MINUTE)      RPV
-----------------------------------------------------------------------------------------------------------------------------
  <S>                    <C>           <C>                     <C>                   <C>             <C>             <C>
  ASSET GROUP A:
-----------------------------------------------------------------------------------------------------------------------------
  Crawford Unit 7            216         65          98              20                 70-90             2           12.8
                                                                                       110-234            3
-----------------------------------------------------------------------------------------------------------------------------
  Crawford Unit 8            326         44         111              20                 50-65             2.5         13.4
                                                                                       130-265            3
-----------------------------------------------------------------------------------------------------------------------------
  Fisk Unit 19               326         30         120              20                130-330            3            7.3
-----------------------------------------------------------------------------------------------------------------------------
  Waukegan Unit 6            100         --          42              20                 45-112            1            5.7
-----------------------------------------------------------------------------------------------------------------------------
  Waukegan Unit 7            328        122         150              20                160-220            3            7.2
                                                                                       220-300            5
                                                                                       300-330            3
-----------------------------------------------------------------------------------------------------------------------------
  Waukegan Unit 8            361         63 (gas    111              20                160-220            4            6.5
                                        only)                                          220-300            5
                                                                                       300-317            2
-----------------------------------------------------------------------------------------------------------------------------
  Will County Unit 1         156         --          44              20                 50-70             1            2.3
                                                                                        90-167            2
-----------------------------------------------------------------------------------------------------------------------------
</TABLE>

                                     B-1
<PAGE>

Coal Stations Power Purchase Agreement Appendices
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------
                            NET         MINIMUM OPERATING        MINIMUM TIME
                         DEPENDABLE           LEVEL                BETWEEN            RAMP RATE
                          CAPACITY          (NET MW)           DISPATCHED STARTS        RANGE         RAMP RATE      UNIT
   GENERATING UNIT         (MW)(1)     WITH(2)  WITHOUT(3)        (HOURS)(4)         (GROSS MWS)     (MW/MINUTE)      RPV
-----------------------------------------------------------------------------------------------------------------------------
  <S>                    <C>           <C>                     <C>                   <C>             <C>             <C>
-----------------------------------------------------------------------------------------------------------------------------
  Will County Unit 2         154         --             45            20                50-70            1            4.1
                                                                                        90-167           2
-----------------------------------------------------------------------------------------------------------------------------
  Will County Unit 3         262         36             93            20                40-60            1            9.9
                                                                                       100-278           5
-----------------------------------------------------------------------------------------------------------------------------
  Will County Unit 4         520         43            170            20                50-70            1           10.8
                                                                                       120-180           1
                                                                                       180-400           5
                                                                                       400-475           5
                                                                                       475-515           3
                                                                                       515-542           1
-----------------------------------------------------------------------------------------------------------------------------
  ASSET GROUP B:
-----------------------------------------------------------------------------------------------------------------------------
  Joliet Unit 6              314         --                           20               120-150           3            7.7
                                                        80                             150-319           3
-----------------------------------------------------------------------------------------------------------------------------
  Joliet Unit 7              522         60            137            20               120-265           5           10.7
                                                                                       265-531           5
-----------------------------------------------------------------------------------------------------------------------------
  Joliet Unit 8              522         61            138            20               120-265           5           18
                                                                                       265-550           5
-----------------------------------------------------------------------------------------------------------------------------
  Powerton Unit 5            769         --   (1 blrs) 132            36               150-190           3           17.6
                                         --   (2 blrs) 324                             190-375           3
                                                                                       375-750           8
-----------------------------------------------------------------------------------------------------------------------------
</TABLE>

                                     B-2
<PAGE>

Coal Stations Power Purchase Agreement Appendices
-------------------------------------------------------------------------------

<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------
                            NET         MINIMUM OPERATING        MINIMUM TIME
                         DEPENDABLE           LEVEL                BETWEEN            RAMP RATE
                          CAPACITY          (NET MW)           DISPATCHED STARTS        RANGE         RAMP RATE      UNIT
   GENERATING UNIT         (MW)(1)     WITH(2)  WITHOUT(3)        (HOURS)(4)         (GROSS MWS)     (MW/MINUTE)      RPV
-----------------------------------------------------------------------------------------------------------------------------
  <S>                    <C>           <C>                     <C>                   <C>             <C>             <C>
  Powerton Unit 6            769         --   (1 blrs) 132            36               150-190           3           21.9
                                         --   (2 blrs) 324                             190-375           3
                                                                                       375-750           8
-----------------------------------------------------------------------------------------------------------------------------
</TABLE>

         (1)   Winter net megawatts.
         (2)   With support fuel.
         (3)   Without support fuel.
         (4)   Except during an Emergency Condition affecting the ComEd
               System and for instances where ComEd and Seller agree on a
               price to induce Seller to cycle a unit under the indicated time.

                                     B-3

<PAGE>

<TABLE>
<CAPTION>

Coal Stations Power Purchase Agreement Appendices
---------------------------------------------------------------------------------------------------------------------------------

                                                        APPENDIX C

                                              SOURCE OF CONTRACTED CAPACITY

=================================================================================================================================
                                      NET
                                  DEPENDABLE          FIRST           SECOND           THIRD          FOURTH            FIFTH
        IDENTIFICATION OF          CAPACITY       CONTRACT YEAR   CONTRACT YEAR    CONTRACT YEAR   CONTRACT YEAR    CONTRACT YEAR
         GENERATING UNIT             (MWS)          (MWS)(1)        (MWS)(1)         (MWS)(1)        (MWS)(1)         (MWS)(1)
=================================================================================================================================
<S>                               <C>             <C>             <C>              <C>             <C>              <C>
Waukegan Unit 6                       100              100
---------------------------------------------------------------------------------------------------------------------------------
Waukegan Unit 7                       328              328             328              328             328              328
---------------------------------------------------------------------------------------------------------------------------------
Waukegan Unit 8                       361              361             361              361
---------------------------------------------------------------------------------------------------------------------------------
Fisk Unit 19                          326
---------------------------------------------------------------------------------------------------------------------------------
Crawford Unit 7                       216              216
---------------------------------------------------------------------------------------------------------------------------------
Crawford Unit 8                       326              326             326              326             326              326
---------------------------------------------------------------------------------------------------------------------------------
Will County Unit 1                    156              156             156              156
---------------------------------------------------------------------------------------------------------------------------------
Will County Unit 2                    154              154
---------------------------------------------------------------------------------------------------------------------------------
Will County Unit 3                    262              262             262              262
---------------------------------------------------------------------------------------------------------------------------------
Will County Unit 4                    520              520             520              520             520              520
---------------------------------------------------------------------------------------------------------------------------------
         TOTAL ASSET GROUP
         A                           2,749            2,423           1,953            1,953           1,174            1,174
---------------------------------------------------------------------------------------------------------------------------------

                                                           C-1

<PAGE>

Coal Stations Power Purchase Agreement Appendices
---------------------------------------------------------------------------------------------------------------------------------

=================================================================================================================================
                                      NET
                                  DEPENDABLE          FIRST           SECOND           THIRD          FOURTH            FIFTH
        IDENTIFICATION OF          CAPACITY       CONTRACT YEAR   CONTRACT YEAR    CONTRACT YEAR   CONTRACT YEAR    CONTRACT YEAR
         GENERATING UNIT             (MWS)          (MWS)(1)        (MWS)(1)         (MWS)(1)        (MWS)(1)         (MWS)(1)
=================================================================================================================================
Joliet Unit 6                         314
---------------------------------------------------------------------------------------------------------------------------------
Joliet Unit 7                         522              522             522
---------------------------------------------------------------------------------------------------------------------------------
Joliet Unit 8                         522              522             522              522             522              522
---------------------------------------------------------------------------------------------------------------------------------
Powerton Unit 5                       769              769             769              769
---------------------------------------------------------------------------------------------------------------------------------
Powerton Unit 6                       769              769             769              769
---------------------------------------------------------------------------------------------------------------------------------
         TOTAL ASSET GROUP           2,896            2,582           2,582            2,060            522              522
         B
=================================================================================================================================

        (1)   AN ENTRY INDICATES A GENERATING UNIT CONSTITUTING A PART OF CONTRACTED CAPACITY FOR THE SPECIFIED CONTRACT YEAR.

</TABLE>

                                                           C-2

<PAGE>

Coal Stations Power Purchase Agreement Appendices
-------------------------------------------------------------------------------

                                  APPENDIX D

                             MAIN GUIDE NUMBER 3A

                               MAIN GUIDE NO. 3A
                            (Formerly Guide No. 3)
                                (Revision No. 3)
                                  June 8, 1995
                           APPROVED NOVEMBER 9, 1995

                        PROCEDURE FOR THE UNIFORM RATING
                             OF GENERATING EQUIPMENT
                   --------------------------------------------

                  The Mid-America Interconnected Network, Inc. bylaws provide
for the coordination of planning, construction and utilization of generation
and transmission facilities on a regional basis for reliability of electric
bulk power supply. This MAIN Guide presents the criteria for uniform rating
of generating equipment on the systems of MAIN members.

XXV.       GENERAL

                  Generating capability to meet the system load and provide
the required amount of reserves is necessary to assure the maximum degree of
service reliability. This generating capability must be accounted for in a
uniform manner which assures the use of consistently attainable values for
planning and operating the system.

                  Procedures are herein established for rating generating
units in service or which will be brought into service in the future. These
procedures define the framework under which the ratings are to be established
while recognizing the necessity of exercising judgement in their
determination. The tests required are functional and do not require special
instrumentation. They are designed to demonstrate that the ratings can be
obtained for the time periods required under normal operating conditions for
the equipment being tested.

                  It is intended that the terms defined and the ratings
established pursuant to this MAIN Guide shall be used for all MAIN purposes,
including determining generation reserves for both planning and operating
purposes, scheduling maintenance, and preparation of reports or other
information for industry organizations, news media, and governmental agencies.

                                      D-1

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Coal Stations Power Purchase Agreement Appendices
-------------------------------------------------------------------------------

XXVI.      UNIFORM RATINGS

                  Each MAIN member shall establish Monthly Net Capability
ratings for each generating unit and station on the member's system. The
Monthly Net Capability is the net power output which can be obtained for the
period specified on a monthly adjusted basis with all equipment in service
under average conditions of operation and with equipment in an average state
of maintenance. The Monthly Net Capability should include generating
capability which is temporarily out of service for maintenance or repair.

                  The monthly adjustments required to develop Monthly Net
Capability are intended to include such seasonal variations as ambient
temperature, condensing water temperature and availability, fuels, steam
heating loads, reservoir levels, and scheduled reservoir discharge.

                  Generating capability shall be tested annually to
demonstrate and verify that the Monthly Net Capability can be achieved in the
month of the test. It is intended that frequent changes in Monthly Net
Capability be avoided. The reported capability is, therefore, a figure which
should not be altered until the accumulated evidence of tests and analyses or
operating experience indicate that a long-term change has taken place. The
Monthly Net Capability shall be confirmed annually and revised at other times
when necessary. Confirmations and revisions will be submitted to the MAIN
Coordination Center.

XXVIII.     GENERAL GUIDES FOR ESTABLISHING CAPABILITY RATINGS

            The following general guides shall be applied in establishing
Monthly Net Capability:

    A.           The total Monthly Net Capability rating shall be that
         available regularly to satisfy the daily load patterns of the member
         and shall be available for four continuous hours or more. The rating
         established must not require a period of operation at a reduced level
         during a system's remainder of the peak period to recover the Monthly
         Net Capability.

    B.           The Monthly Net Capability will be determined separately for
         each generating unit in a power plant where the input to the prime
         mover of the unit is independent of the others. The Monthly Net
         Capability will be determined as a group for commonheader steam plants
         or multiple-

                                      D-2

<PAGE>

Coal Stations Power Purchase Agreement Appendices
-------------------------------------------------------------------------------

         unit hydro plants and each unit assigned a rating by apportioning the
         combined capability among the units.

    C.           Monthly Net Capability, as reported, will not be reduced to
         provide regulating margin or spinning reserve. It will reflect
         operation at the power factor level at which the generating equipment
         is normally expected to be operated over the daily peak load period. It
         will exclude the temporary higher output attainable immediately after a
         new unit goes into service or immediately after an overhaul.

    D.           Extended capability of a unit or plant obtained through
         bypassing of feedwater heaters, by utilizing other than normal steam
         conditions, or by abnormal operation of auxiliaries in steam plants; or
         by abnormal utilization of reservoir storage in hydro plants; or by
         abnormal operation of combustion turbines or diesel units; may be
         included in the Monthly Net Capability if the following conditions are
         met:

                 1.     The extended capability based on such conditions will
         be available for a period of not less than four continuous hours when
         needed and meets the restrictions of Section III-A.

                 2.     Normal procedures have been established so that this
         capability will be made available promptly when requested by the
         dispatcher.

    E.           The Monthly Net Capability established for nuclear units will
         be determined taking into consideration the fuel management program and
         any restrictions imposed by governmental agencies.

    F.           The Monthly Net Capability established for hydro-electric
         plants, including pumped-hydro, will be determined taking into
         consideration the reservoir storage program and any restrictions
         imposed by governmental agencies and will be based on median hydro
         conditions.

XXVIII.  TESTING PROCEDURES TO DEMONSTRATE CAPABILITY

    A.   General Procedure for Testing

                 1.     Ratings will be confirmed annually or more frequently if
         appropriate to demonstrate the Monthly Net Capability. IF ADEQUATE DATA

                                      D-3

<PAGE>

Coal Stations Power Purchase Agreement Appendices
-------------------------------------------------------------------------------

         ARE AVAILABLE TO DEMONSTRATE THE CAPABILITY DURING NORMAL PEAK LOAD
         PERIOD OPERATION, NO SPECIAL TEST IS REQUIRED. Peaking units and cold
         reserve units which are not operated frequently shall be tested at such
         intervals as necessary to assure that capability is available to meet
         operating reserve requirements.

                 2.     If the total capability of a plant is materially
         affected by the interaction of its parts, a test of the entire plant
         will be performed to demonstrate Monthly Net Capability.

                 3.     All equipment when tested will be in normal operating
         condition with all auxiliary equipment needed for normal operation in
         service and with provision for extended capability if this capability
         is to be included in Monthly Net Capability. Energy consumption by
         auxiliary facilities common to the entire plant (for example,
         coal-handling or lighting) will be distributed over the appropriate
         units in the plant, and will represent the consumption normally
         experienced during the high-load period of the day.

                 4.     It is intended that the test loadings should be
         maintained at a constant level. The reported test results will be no
         greater than the MWh/hr integrated output for the test period.

    B.   Steam Turbo-Generation Unit Tests, Excluding Steam Turbines with Gas
         or Oil Fired Boilers

                 1.     The test period for steam turbo-generator units,
         including both fossil fuel and nuclear reactor steam generators, will
         be not less than four continuous hours.

                 2.     Generating unit net capability as affected by the
         turbine exhaust pressure will be corrected to the average for the past
         five years of the monthly averages of the daily maximum circulating
         water temperatures for the month of the test. Steam conditions will
         correspond to the operating standard established by the member for the
         unit or plant. The steam generator will be operated with the regularly
         available type and quality of fuel.

    C.   Tests of Combustion Turbine and Diesel Units and Steam Turbines with
         Gas or Oil Fired Boilers

                                      D-4

<PAGE>

Coal Stations Power Purchase Agreement Appendices
-------------------------------------------------------------------------------

                 1.     The test period for combustion turbine and diesel
         units and steam turbines with gas or oil fired boilers will be of
         sufficient duration to permit stabilized operating conditions to be
         attained.

                 2.     Ambient temperature conditions will be corrected to the
         average for the past five years of the monthly maximum temperatures for
         the month of the test. Where evaporative coolers are used, the tempera
         ture at the discharge of the evaporative coolers shall be the basis for
         ambient temperature corrections.

                 3.     Generating unit net capability as affected by the
         turbine exhaust pressure will be corrected to the average for the past
         five years of the monthly averages of the daily maximum circulating
         water temperatures for the month of the test. Steam conditions will
         correspond to the operating standard established by the member for the
         unit or plant. The steam generator will be operated with the regularly
         available type and quality of fuel.

    D.   Hydro-Electric Unit Tests

                 1.     The test period for hydro-electric units, including
         pumped-hydro units, will be not less than one hour.

                 2.     Water conditions will be corrected to the median
         conditions for the month of the test.

    E.   Reactivated Unit Tests

         Deactivated generating equipment which is not being reported and is
being returned to active status shall be tested within thirty days to
demonstrate its Monthly Net Capability.

XXIX.    REPORTING PROCEDURES

         Each member shall submit the required data on the included Uniform
Rating Forms to the MAIN Coordination Center annually on or before November 1
for the following calendar year. Each annual report shall cover all existing
units, planned start-up of new units, and planned retirements of units and
shall consist of the following:

                                      D-5

<PAGE>

Coal Stations Power Purchase Agreement Appendices
-------------------------------------------------------------------------------

                 1.     A letter identifying those units whose rating has not
         changed, showing the dates of latest tests confirming capabilities.

                 2.     Completely revised forms (Form A and B-1, B-2, or B-3)
         for units on which a change has occurred.

                 3.     Completely revised form (Form A) showing planned
         additions or retirements beginning with the month of commercial
         operation or month of retirement.

Between annual reporting, revised forms shall be submitted as necessary for
new units placed in commercial operation, units retired, and for units where
tests show the rating has changed. Any change in additions, retirements, or
ratings shall be submitted within 30 days of the addition, retirement, or
test. In this manner, by each November 1, all test data should be current.
However, the letter should be submitted confirming the dates of tests.

         The MAIN Coordination Center will analyze and review the annual
reporting for completeness and correctness and report the need for
clarification to the member concerned. The MAIN Coordination Center will
maintain the updated set of reports, including current changes as they occur,
from the MAIN members, and will provide complete reports and/or revisions to
the members requesting them.

    A.   Uniform Rating Form A

         This form is used to report the Monthly Net Capability of each unit
in each station. Where required by the number of units in a station,
additional sheets should be used.

    B.   Uniform Rating Forms B-1, B-2, and B-3

         These forms are used to report test results, certain actual and five
year average variables where pertinent, and to show relationship of actual
net generation to stated capability during the month of the test. It is the
intent that test data equal or exceed stated Monthly Net Capability to
demonstrate that this level of generation can be achieved. Where simultaneous
tests of several units are conducted, as in common steam header plants, data
should be reported for each unit and total of the group.

         Test results should be reported as follows:

                                      D-6

<PAGE>

Coal Stations Power Purchase Agreement Appendices
-------------------------------------------------------------------------------

         Form B-1 --steam turbo-generator units
         Form B-2 --hydro electric units
         Form B-3 --Combustion turbine units and diesel units

NOTE: IN SUBMITTING REVISED FORMS, EACH FORM SHALL BE SUBMITTED IN SUCH A
MANNER THAT IT COMPLETELY REPLACES THE SHEET ON WHICH DATA ARE BEING REVISED.

                                      D-7

<PAGE>

Coal Stations Power Purchase Agreement Appendices
-------------------------------------------------------------------------------

                                   APPENDIX E

                         EO COMMUNICATIONS AND GUIDELINES

                 1.     PURPOSES. The purposes of this Appendix are (i) to
describe the nature of the communications link that will be maintained
between Seller and ComEd, (ii) to establish the nature and content of
communications relating to availability of the Reserved Units and their
dispatch, and (iii) to establish certain operating procedures. The Parties
recognize that it is important that such communication channels be
established so that only responsible and authorized personnel can issue
requests and/or orders that may impact unit reliability and availability as
well as transmission system security and stability.

                 2.     COMMUNICATIONS LINK. (a) For the dispatch of the
Reserved Units, the Parties shall establish and maintain an electronic
communications link between each Station and EO, which shall be used for
communication as contemplated by this Agreement. Such electronic
communications link shall utilize ComEd's Generation Commercial Management
("GCM") software or such other software as ComEd shall supply during the term
of this Agreement. In the event that the electronic communica tions link for
the dispatch of the Reserved Units shall be unavailable for any reason,
dedicated telephone lines established and maintained by the parties shall be
used. Seller will notify EO as soon as possible of any disruption or
unavailability of the electronic communications link, the dedicated telephone
lines or standard telephone lines. The Parties shall also establish and
maintain a radio system for communications, which radio system shall be used
in the event that the aforementioned communications methods are unavailable.
Seller shall cooperate in performing periodic tests of the radio system as
from time to time directed by the EO Dispatcher. Seller shall notify EO
promptly of any problems with said radio system.

                 (b)    Telephone numbers are set forth below for the
indicated persons:

                         EO Generation Dispatcher                 (630) 691-4744
                         EO Transmission Dispatcher               (630) 691-4772
                         EO Operation Supervisor                  (630) 691-4730
                         EO Generation Dispatch Supervisor        (630) 691-4693
                         EO facsimile transmission number         (630) 691-4899

                                      E-1

<PAGE>

Coal Stations Power Purchase Agreement Appendices
-------------------------------------------------------------------------------

The alternate office for EO will be used as a backup in the event that the
normal office of EO is not operational. The telephone numbers of the
alternate office are (815) 727-5902, 5903, and the facsimile transmission
number is (815) 727-5745.

                 3.     CONTENT OF COMMUNICATIONS.  (a) To the extent that
events are known or anticipated and not otherwise available to ComEd through
GCM, Seller shall provide to the EO Generation Dispatcher information
regarding the availability of the Reserved Units, including information
regarding the following matters:

                 (i)    conditions, issues or events which may affect the
         output or reliability of the Reserved Units;

                 (ii)   time of day (based on a twenty-four hour clock) when a
         Reserved Unit is placed on the line and taken off the line;

                 (iii)  changes of rated capacity of a Reserved Unit, when it is
         known that such changes have taken place or will take place;

                 (iv)   Reserved Unit de-ratings, including the amount of any
         derate, the estimated or known start time and date of the derate, the
         estimated or known ending time and date of the derate, and the cause of
         the derate;

                 (v)    the availability, or lack of availability, of the
         automated governor control or the automatic voltage regulators on a
         Reserved Unit and the times in which it will, or will not, be available
         for operation and the reason for such limitations;

                 (vi)   conditions at the Station or a Reserved Unit that could
         affect the present or anticipated load following capability of a
         Reserved Unit, including problems related to fuel, coal belts and coal
         handling, fires, loss of essential equipment and opacity excedences;

                 (vii)  when required testing or other operational work could
         limit the availability or maneuverability of a Reserved Unit;

                 (viii) Seller's desire to declare a Substitute Unit to replace
         Unavailable Capacity, including the capacity and schedule of energy and
         ramping ability; and

                                      E-2

<PAGE>

Coal Stations Power Purchase Agreement Appendices
-------------------------------------------------------------------------------

                 (ix)   Seller's desire to request the release of energy from
         undispatched on-line capacity of a Reserved Unit or an off-line
         Reserved Unit under the circumstances provided in Section 6(b)(i) of
         this Agree ment.

As it becomes available or anticipated, such information shall be made
available to the EO Generation Dispatcher. To the extent that such
information reflects anticipated events over which Seller has some control,
Seller shall undertake to coordinate the occurrence of such event with the EO
Generation Dispatch Supervisor.

                 (b)    Seller shall use GCM for the purposes of reporting
Reserved Unit capability, ramp rates and loading blocks, outages and
deratings. In the event that GCM shall not be available for the purposes of
reporting Reserved Unit availability, Seller shall use the forms attached as
Appendix F for such reports. Such forms consist of the following elements and
shall be completed and transmitted by facsimile transmission to the EO
Generation Dispatcher:

                 (i)    Form "Page 1," "[Station Name] Offer Data," is the cover
         sheet to be used for all facsimile transmissions;

                 (ii)   Form "Page 2," "Generating Capability," is the sheet to
         be used to report with respect to each Reserved Unit (1) its net
         generating capability for the period beginning 12:00 a.m., Midnight
         (000 hours) (Chicago time) the following day and (2) derating and
         outage information (which shall be reported using the GADS cause codes
         set forth in Appendix H), which sheet shall be completed and
         transmitted daily by 11:00 p.m. (2300 hours) (Chicago time);

                 (iii)  Form "Pages 3 and 4," "Loading (and De-loading) Rates
         and Breakpoints," is the sheet to be used for reporting Reserved Unit
         ramp rates between discreet load breakpoints for such unit's output in
         the raise (loading) and lower (de-loading) directions, which sheets
         shall be completed and transmitted whenever changes to scheduled
         parameters occur (e.g., capability, minimum, maximum and fuel type);
         and

                 (iv)   Form "Page 5," "ComEd Production Data Bank Derat
         ing/Outage Code Adjustments," is the sheet to be used for reporting any
         requested adjustments to previously transmitted outage and/or derating
         codes on Form "Page 2", which sheet shall be completed as necessary and

                                      E-3

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Coal Stations Power Purchase Agreement Appendices
-------------------------------------------------------------------------------

         transmitted via facsimile transmission to the Production Data Bank
         Administration at the address indicated on the sheet.

ComEd shall acknowledge receipt of any such facsimile transmissions by signing
the "Page 1" cover sheet and transmitting such signed page by facsimile
transmission to Seller at the return facsimile transmission number indicated
thereon. Copies of the transmissions described in this Section 3(b) shall be
retained by Seller and ComEd for at least 36 months, after which they may be
destroyed.

                 (b)    Seller shall provide information regarding Reserved Unit
availability by telephone on a daily basis to ComEd's Wholesale Energy Trading
Organization.

                 4.     DISPATCH; OPERATIONS. (a) The EO Generation Dispatcher
shall issue dispatch orders on behalf of ComEd, which orders shall be given by
the EO Generation Dispatcher to Seller. Following receipt by Seller of any such
order, Seller shall, if such order is received electronically through GCM,
acknowledge such receipt electronically through GCM, or if such order is
received verbally, repeat back the content of such order to the EO Generation
Dispatcher, in either case to confirm receipt and understanding of such order.

                 (a)    Seller shall perform the following tasks in order to
assist in meeting the dispatch needs of the ComEd system:

                 (i)    maintain the Reserved Units on Automatic Generation
         Control ("AGC") as directed by the EO Generation Dispatcher and to the
         extent possible, given the generating unit and the operating conditions
         of the ComEd system;

                 (ii)   regulate load at the ramp rate within the ramp rate
         range set forth in Appendix B for such Reserved Unit unless (1)
         operation at such ramp rate or within in such range would negatively
         impact such Reserved Unit, its reliability or its ability to meet
         performance obligations (such as environmental regulatory compliance)
         or (2) ComEd requests a different ramp rate or ramp rate range which
         Seller agrees to provide;

                 (iii)  maintain Reserved Unit control systems and subsystems so
         as to be able to meet the ramp rate specified in Appendix B for such
         Reserved Unit within the specified ramp rate range; PROVIDED, HOWEVER,

                                      E-4

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Coal Stations Power Purchase Agreement Appendices
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         when such Reserved Unit is not on AGC, such unit shall be ramped at the
         ramp rates within the specified ranges specified in Appendix B for such
         Reserved Unit or as reasonably requested by the EO Generation Dis
         patcher, to the extent that it is possible to do so without impacting
         the reliability or availability of such unit; and

                 (iv)   bring the Reserved Units to their minimum load limits
         set forth in Appendix B as requested by the EO Generation Dispatcher,
         and Seller shall promptly notify the EO Generation Dispatcher if such
         Reserved Unit(s) are unable for any reason to achieve these minimum
         load limits.

Reserved Units shall be capable of ramping between their regular minimums and
maximum loads unless the EO Generation Dispatcher is otherwise notified of
any limitations. Should the EO Generation Dispatcher initiate a reserve
emergency alarm, Seller shall start a ramp to full reported capability and
any testing in progress that was formerly approved by the EO Generation
Dispatcher will be discontinued in accordance with Prudent Utility Practice
until such time that testing has less potential to impact the integrity of
the ComEd System. Seller shall take reasonable precautions to ensure that
generating capacity is not lost when such capacity is important to the
integrity of the ComEd System. Seller shall use reasonable efforts to
cooperate with the EO Generation Dispatcher to delay or reschedule tests due
to system conditions.

                 5.     REGULATING PERFORMANCE VALUE.  Seller shall measure
the maneuverability, which incorporates ramp rate, of the Reserved Units
using the Regulating Performance Value ("RPV") methodology described in
Appendix G.  The minimum RPV for each Reserved Unit is identified in Appendix
B as "Unit RPV."

                                      E-5

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                                             APPENDIX F

Page 1:                                    REPORTING FORMS

                                     ________________ OFFER DATA
                             Generator Name

                            DATA APPLICABLE FOR AVAILABILITY DECLARATION

                 FOR THE PERIOD OF      PM/AM,    /   /    TO     PM/AM,    /   /
                                   -----       -----------   -----       -----------

TO:      ComEd Electric Operations          FAX No.                    (630) 691-4697
         Generation Dispatch                Telephone No.              (630) 691-4693 Generation
                                                                       Coordinator
                                                                       (630) 691-4730 Operations
                                                                       Supervisor

------------------------------------------------------------------------------------------------------------------------
                                              This FAX is a submission of
------------------------------------------------------------------------------------------------------------------------
Generator's Offer Data                                                                                               --
------------------------------------------------------------------------------------------------------------------------
A REVISION to the previously submitted offer of ___/___/___                                                          --
------------------------------------------------------------------------------------------------------------------------
This document is a hardcopy back-up to the offer of ___/___/___                                                      --
------------------------------------------------------------------------------------------------------------------------

Full Submission                                                                          Number of Pages Including Cover
                                                                                                                    Page
                        /     /
                                                                                                               ---------
Partial Submission      /     /

Submitted By:
             -----------------------------------------------------------

Date:
     -------------------------------------------------------------------

If you do not receive all the pages or if clarification or retransmission is required call
                                                                                           -----------------------------

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

Return acknowledgment FAX to the attention of:
                                              --------------------------------------------------------------------------

FAX Number:
           -------------------------------------------------------------------------------------------------------------

========================================================================================================================
------------------------------------------------------------------------------------------------------------------------
                                                 F-1

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Coal Stations Power Purchase Agreement Appendices
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Acknowledgment by ComEd                     (Signa-
                                            ture)  ---------------------------------------------------------------------
Electric Operations
                                            (Title)
                                                   ---------------------------------------------------------------------
Acknowledgment date and time
                             -------------------------------------------------------------------------------------------

                                     _______________ OFFER DATA

Availability Declaration Period Commencing _____PM/AM, __/__/__ TO __PM/AM,
--/--/--

GENERATING CAPABILITY

UNIT _________________________

Maximum Gross Generating Capability __________ MW

Minimum Gross Generating Capability __________ MW

Maximum VAR Capability __________ MW

Deratings:                               Time                                Time
Cause                     MS             Start____      Date__/__/__         Stop_____          Date
Code:_____                _____          _                                                      __/__/__
Cause                     MS             Start____      Date__/__/__         Stop_____          Date
Code:_____                _____          _                                                      __/__/__
Cause                     MS             Start____      Date__/__/__         Stop_____          Date
Code:_____                _____          _                                                      __/__/__
Cause                     MS             Start____      Date__/__/__         Stop_____          Date
Code:_____                _____          _                                                      __/__/__

                                                 F-2

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Coal Stations Power Purchase Agreement Appendices
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Minimum:                                 Time                                Time

Cause                     MS             Start____      Date__/__/__         Stop_____          Date
Code:_____                _____          _                                                      __/__/__

Cause                     MS             Start____      Date__/__/__         Stop_____          Date
Code:_____                _____          _                                                      __/__/__

Fuel:                                    Time:                               Time:
Fuel Type:_____           MS             Start____      Date__/__/__         Stop_____          Date
                          -----          -                                                      --/--/--
Fuel Type:_____           MS             Start____      Date__/__/__         Stop_____          Date
                          -----          -                                                      --/--/--

Notes:
      ------------------------------------------------------------------------------------------------------------------

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

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

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

D - Derate, O - Out of Service, M - Maintenance, S - Scheduled

</TABLE>

                                                 F-3

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                                     _______________ OFFER DATA
                                           Generator Name

Availability Declaration Period Commencing _____PM/AM, __/__/__ TO __PM/AM,
--/--/--

                                    LOADING RATES AND BREAKPOINTS

---------------------------------------------------------------------------------------------------
       UNIT               LOADING RANGE             RAMP RATE             BREAKPOINTS*
      NUMBER             MIN        MAX              MW/MIN                    MW
---------------------------------------------------------------------------------------------------
<S>                      <C>                        <C>                   <C>
---------------------------------------------------------------------------------------------------

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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*        Breakpoint is defined at load level at which unit must hold and
         start/stop unit auxiliary equipment

Notes:
      --------------------------------------------------------------------------

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

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

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

                                       F-5

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                                     _______________ OFFER DATA
                                           Generator Name

Availability Declaration Period Commencing _____PM/AM, __/__/__ TO __PM/AM,
--/--/--

                                 DE-LOADING RATES AND BREAKPOINTS

---------------------------------------------------------------------------------------------------
       UNIT             DE-LOADING RANGE            RAMP RATE             BREAKPOINTS*
      NUMBER             MIN        MAX              MW/MIN                    MW
---------------------------------------------------------------------------------------------------
<S>                     <C>                         <C>                   <C>
---------------------------------------------------------------------------------------------------

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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Coal Stations Power Purchase Agreement Appendices
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*        Breakpoint is defined at load level at which unit must hold and
         start/stop unit auxiliary equipment

Notes:
      --------------------------------------------------------------------------

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

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

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

                                       F-7
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<S><C>

Coal Stations Power Purchase Agreement Appendices
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                                     ComEd PRODUCTION DATA BANK
                                  DERATING/OUTAGE CODE ADJUSTMENTS

STATION:_______________                     UNIT: _______________                      DATE: __/__/__

                                      DERATING CODE/OUTAGE CODE

-------------------------------------------------------------------------------------------------------------------
HOUR                    Code                    MW Derating            Code                    MW Derating
-------------------------------------------------------------------------------------------------------------------
1:00 a.m.
-------------------------------------------------------------------------------------------------------------------
2:00 a.m.
-------------------------------------------------------------------------------------------------------------------
3:00 a.m.
-------------------------------------------------------------------------------------------------------------------
4:00 a.m.
-------------------------------------------------------------------------------------------------------------------
5:00 a.m.
-------------------------------------------------------------------------------------------------------------------
6:00 a.m.
-------------------------------------------------------------------------------------------------------------------
7:00 a.m.
-------------------------------------------------------------------------------------------------------------------
8:00 a.m.
-------------------------------------------------------------------------------------------------------------------
9:00 a.m.
-------------------------------------------------------------------------------------------------------------------
10:00 a.m.
-------------------------------------------------------------------------------------------------------------------
11:00 a.m.
-------------------------------------------------------------------------------------------------------------------
12:00 a.m.
-------------------------------------------------------------------------------------------------------------------
1:00 p.m.
-------------------------------------------------------------------------------------------------------------------
2:00 p.m.
-------------------------------------------------------------------------------------------------------------------
3:00 p.m.
-------------------------------------------------------------------------------------------------------------------
4:00 p.m.
-------------------------------------------------------------------------------------------------------------------
5:00 p.m.
-------------------------------------------------------------------------------------------------------------------
6:00 p.m.
-------------------------------------------------------------------------------------------------------------------
7:00 p.m.
-------------------------------------------------------------------------------------------------------------------
8:00 p.m.
-------------------------------------------------------------------------------------------------------------------
9:00 p.m.
-------------------------------------------------------------------------------------------------------------------
10:00 p.m.
-------------------------------------------------------------------------------------------------------------------
11:00 p.m.
-------------------------------------------------------------------------------------------------------------------
12:00 p.m.
-------------------------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------------------------------
Reasons for Change:
-------------------------------------------------------------------------------------------------------------------
GADS Cause Code:
                ---------------------------------------------------------------------------------------------------
GADS Event Type:
                ---------------------------------------------------------------------------------------------------
Description of Event:
                     ----------------------------------------------------------------------------------------------

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

INSTRUCTIONS:
Use this form for derating/outage code adjustments only
Remember to fill out the GADS data section

                                                 F-8

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Coal Stations Power Purchase Agreement Appendices
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Send this form to the Production Data Bank Administration, Room 250, 1411 Opus Place, Downers Grove, Illinois
60515

Submitted: _____________________________    Telephone: ____________________     Date: ___/___/___
Electric Operations Approval: __________    Telephone: 630-691-4693             Date: ___/___/___
Approved: ______________________________                                        Date: ___/___/___
          Fossil Support Vice President

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                                 APPENDIX G

                 REGULATING PERFORMANCE VALUE METHODOLOGY

                         REGULATING PERFORMANCE VALUE
   by Howard F. Illian, Bulk Power Operations, and Ray W. Rathsam, VISTA,
                              December 11, 1995

                  The maneuverability of Commonwealth Edison generating units
is measured by a method called REGULATING PERFORMANCE VALUE, RPVP. RPVp is
designed to effectively measure the relative contribution of each generating
unit to the total system regulation. For the first time regulation will be
viewed not as control provided to follow a system disturbance, but rather as
control to follow repetitive system disturbances. These repetitive
disturbances are considered to result in a sinusoidal signal that the control
system is required to follow. As a result, the control requested from each
generating unit can also be represented as a sinusoidal signal.

                  A unit providing system control under the direction of the
Economic Generation Control (EGC) system will move up and down to the control
pulses sent to the unit by the EMS computer. That sinusoidal movement can be
described by a frequency component, Period, and a peak to peak Amplitude. This
is shown in Figure 1.

                                    [GRAPHIC]

For a given Period the greater the Amplitude that a unit can follow, the
greater the unit's contribution to total system control. Therefore,
representing the ability of each unit on the system to follow a simple sine
wave with a single number will accurately represent

                                       G-1

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Coal Stations Power Purchase Agreement Appendices
--------------------------------------------------------------------------------

the relative ability of that unit to contribute to the control of the CECo
system.  This is what RPVp attempts to measure.

                  The EMS computer is currently collecting data on a number of
specific parameters for each generating unit while it is on EGC. Some of these
measured parameters are used to calculate the RPVp value.

Variable #1:      ARR = Average Telemetered Dialed In Ramp Rate

                           This variable is the telemetered, time weighted,
                  average value of the ramp rate that is dialed into the EGC
                  console at the generating unit control room weighted by the
                  time the unit is actually on EGC.

Variable #2:      OR% = Average Observed Raise Ramp Rate Percent

                           This variable is the percentage of the telemetered
                  dialed in raise ramp rate that the unit actually provides
                  while on EGC. It is limited to maximum value of 100% since the
                  logic in the EGC system will not ramp a unit faster than the
                  Telemetered Dialed In Ramp Rate.

Variable #3:      OL% = Average Observed Lower Ramp Rate Percent

                           This variable is the percentage of the telemetered
                  dialed in lower ramp rate that the unit actually provides
                  while on EGC. IT is limited to maximum value of 100% since the
                  logic in the EGC system will not ramp a unit faster than the
                  Telemetered Dialed In Ramp Rate.

Variable #4:      LTR = Average Lower to Raise Turn Around Time

                           This variable is the average amount of time it takes
                  to turn the unit around from moving down to moving up while it
                  is on EGC.

Variable #5:      RTL = Average Raise to Lower Turn Around Time

                           This variable is the average amount of time it takes
                  to turn the unit around from moving up to moving down while it
                  is on EGC.

Variable #6:      MWR = Average Telemetered Megawatt Range

                           This variable is the telemetered, time weighted,
                  average of the range provided by the high and low limits
                  dialed into the EGC console

                                       G-2

<PAGE>

Coal Stations Power Purchase Agreement Appendices
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                  at the generating unit control room weighted by the time the
                  unit is actually on EGC.

Variable #7:      RPVRP = Raw Regulating Performance Value

                           This variable represents the peak to peak amplitude
                  that a generating unit with the above variables could provide
                  during a ten minute period as limited by the MWR. It is
                  calculated by weight averaging the daily raw RPV with the
                  daily effective % time on control. K the RPVRP IS greater than
                  the MWR, the RPVRP IS set to the value of the MWR as an upper
                  limit.

Variable #8:      TC % = Percent of Time on Control

                           This variable is the time the unit is on control as a
                  percentage of time that it is operating and could be available
                  for control.

Variable #9:      RPVP = Regulating Performance Value

                           This is the final measure of regulating performance
                  and represents the effective relative contribution of the
                  generating unit to system control.

Using the above variables, the value for RPVRP and RPVP are calculated using the
following equations to indicate the Amplitude of control available from the
unit.

         RPVRP = [l0-LTR -RTL][ARR /2 ][0L% + OR%] /200 (1)
         RPVP = RPVRP X TC%                                                  (2)

                  In simple terms, the RPVRP and RPVp are measures of the peak
to peak movement of a generating unit following a full sinusoidal wave during a
ten minute period. This can be seen from Figure 2.

                                       G-3

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Coal Stations Power Purchase Agreement Appendices
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                                     [GRAPHIC]

This result is then multiplied by the percentage of time on control to give the
REGULATING PERFORMANCE VALUE,RPVP.

                  Station contributions to system regulation are derived by
summing the RPVs from the generating units at the station. Division
contributions to system regulation are derived by summing the R PVs from all of
the stations in the division.

Over the last few years a strong correlation has been shown between the total
system RPV and A1/A2 control performance. During that same period it was
discovered that not only is the peak to peak magnitude an appropriate measure,
but that unless that sinusoid is balanced, the effective peak to peak value will
be limited by the smaller of either the raise or lower portion of the sinusoid.
It was also recognized that uncertainty was highly detrimental to performance.
As a result the above equations have been modified to measure the smaller of the
two halves and to penalize unpredictability of the response. The latest method
of measuring RPVp uses the following modified variables and equations:

Variable #1':     SRR = Smallest Telemetered Dialed In Ramp Rate

                                       G-4

<PAGE>

Coal Stations Power Purchase Agreement Appendices
--------------------------------------------------------------------------------

                           This variable is the smallest telemetered value of
                  the ramp rate that is dialed into the EGC console at the
                  generating unit control room each hour, average weighted by
                  the time the unit is actually on EGC.

Variable #2':     OR% = Average Observed Raise Ramp Rate Percent

                           This variable is the percentage of the telemetered
                  dialed in raise ramp rate that the unit actually provides
                  while on EGC in response to control dispatched. It is limited
                  to maximum value of 100% since the logic in the EGC system
                  will not ramp a unit faster than the Telemetered Dialed In
                  Ramp Rate.

Variable #2A:     DR = Portion of Time Unit is Available to be Dispatched for
                       Raise

                           This variable is the portion of the time that the
                  unit actually accepts raise signals while on EGC. When
                  multiplied by the new variable 2' It results in the same value
                  as the old variable 2.

Variable #3':     OL% = Average Observed Lower Ramp Rate Percent

                           This variable is the percentage of the telemetered
                  dialed in lower ramp rate that the unit actually provides
                  while on EGC in response to control dispatched. It is limited
                  to maximum value of 100% since the toni0~c! ~ha FGC system
                  will not ramp a unit faster than the Telelmetered Dialed In
                  Ramp Rate.

Variable #3A:     D L = Portion of Time Unit is Available to be Dispatched for
                        Lower

                           This variable is the portion of the time that the
                  unit actually accepts lower signals while on EGC. When
                  multiplied by the new variable 3' It results in the same value
                  as the old variable 3.

When the above variables are substituted into the new equation, the value of
RPVp is calculated with the following equations:

RPVRP = MIN[(5 -LTR)(SRR)(OR%)(DR ),(5 - RTL)(SRR)(O L%)( DL, )] /100
         (3)

RPVP = RPVRP X TC%                  (4)

The value of RPVRP is still limited by the value of MWR as it was previously.

                                       G-5

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Coal Stations Power Purchase Agreement Appendices
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                                 APPENDIX H

                               GADS CAUSE CODES

                                      H-1

<PAGE>

C.E.Co.                                                             G.P. No. 354
                                                                      Appendix E
                                                                    Page 1 of 16

                        SYSTEM POWER SUPPLY (SPS) DERATING AND OUTAGE REASON
                                            CODING SYSTEM

PURPOSE - The purpose of this system is to correctly utilize planned,
maintenance and unplanned deratings and to simplify the reason code data
interpretation. This system follows NERC/GADS as well as INPO Guidelines.

I.       Unit Classifications

         A.       Available -       Unit is on line or in reserve shutdown.
                                    All events for this class will be deratings.

         B.       Unavailable -     Unit is in an outage. The major cause is
                                    given by an outage reason code. All other
                                    events during this period are classified as
                                    deratings.

II.      Event Designations

         A.       Derating -        Exists whenever a unit is limited to a
                                    power level less than its gross maximum
                                    capacity. The equipment causing the
                                    derating must not be the cause of a unit
                                    outage.

                  1.       Unplanned - Designated by reason code beginning
                           with "D".  The equipment may or may not be out of
                           service.

                  2.       Maintenance - Designated by a reason code beginning
                           with "M". The equipment may or may not be out of
                           service. A maintenance derating is one which may be
                           postponed beyond the end of the next weekend. The
                           distinction between a maintenance derating and outage
                           is made by determining whether or not the unit is
                           available.

                  3.       Planned - Designated by a reason code beginning with
                           "S". The equipment may or may not be out of service.
                           A planned derating is one which is planned at least
                           four weeks in advance. The distinction between a
                           planned derating and outage is made by determining
                           whether or not the unit is available.

<PAGE>

C.E.Co.                                                             G.P. No. 354
                                                                      Appendix E
                                                                    Page 2 of 16

         B.       Outage -          Exists when a unit is not synchronized to
                                    the grid system and not in a reserve
                                    shutdown state.

                  1.       Forced Unplanned - Designated by a reason code
                           beginning with "0". The equipment corresponding to
                           the reason code is the sole cause of the unit forced
                           outage. Only one "0" code may exist at a time.

         B.       Outage (Continued)

                           Note:    There is one exception to the above rules.
                                    For multiboiler units at Joliet 29 and
                                    Powerton, outages pertain to each boiler
                                    also. For example, if an "0" code exists,
                                    depending on the reason, it could mean that
                                    boiler 1, boiler 2, both boiler 1 and 2, or
                                    the unit is out of service. Depending on
                                    which event is occurring, more than one "0",
                                    "M" or "S" code may exist at a time.

                  2.       Maintenance - Designated by a reason code beginning
                           with "M". The equipment corresponding to the
                           reason code is the sole cause of the unit
                           maintenance outage.  No "0" code may exist during
                           this period.  A maintenance outage must be able
                           to be postponed beyond the end of the next
                           weekend and must be completed before the next
                           planned outage.  The cause of the maintenance
                           outage is the "M" code with the highest magnitude
                           of derating of all other "D", "S", and "M" codes
                           that may be simultaneously occurring.

                  3.       Planned - Designated by a reason code beginning with
                           "S". The equipment corresponding to the reason code
                           is the sole cause of the planned outage. A planned
                           outage must be scheduled at least four weeks in
                           advance and usually lasts several weeks. Usually no
                           other derating code exists during this period.

         C.       Reserve Shutdown - Exists when a unit is available for
                  service but is not synchronized due to lack of load demand.

         D.       Non-curtailing - Designated by an "N" code except for nuclear
                  ramp-up limitation after SPS load drop. A non-curtailing event
                  is an event that

<PAGE>

C.E.Co.                                                             G.P. No. 354
                                                                      Appendix E
                                                                    Page 3 of 16

                  exists when equipment is removed from service for maintenance,
                  testing, or other purposes that does not result in an outage
                  or derating on the unit. It can also exist when the unit
                  operates at less than full capacity due to system dispatch
                  requirements or is in reserve shutdown if the following
                  conditions are met:

                  1.       Consent of SPS obtained.

                  2.       The available capacity of the unit is not further
                           reduced as a result of the event.

                  3.       The work can be stopped or completed and the unit
                           can reach the desired capacity level if and when it
                           is needed by SPS.

<PAGE>

C.E.Co.                                                             G.P. No. 354
                                                                      Appendix E
                                                                    Page 3 of 16

<TABLE>
<CAPTION>

                                   SPS DERATING REASON CODES INDEX

                                                    ON PAGE
                                                    OF THIS
                    CODE                            APPENDIX                         DESCRIPTION
--------------------------------------------  -----------------------  --------------------------------------------
<S>                                           <C>                      <C>
DASH-DWAT                                               10             SYSTEM PROBLEMS - ASH, COAL
                                                                       HANDLING, GOVERNOR, PRECIP.,
                                                                       DEMIN., WASTEWATER
DB-DBFU                                                  4             BOILERS, FUELS, IGNITORS
DBLE-DBTU                                                5             LEAKS - TUBE CONDITION
DC, DF, DH, DM, DO                                       8             CYCLONE, FAN, HEATER, MILL,
                                                                          BURNER
DG-DGVI, DR-DRFU                                         6             GENERATORS, REACTORS
DP, DSG, DV                                              9             PUMP, STEAM GENERATOR,
                                                                          VALVES
DT-DTVI                                                  7             TURBINES
DECP-DMAN, DOPE, DPOL, DTEM,                            11             SPECIAL ITEMS - COOLING WA
DRTX, RFUE-RTST                                                        TER, POLLUTION, TRANSMISSION
                                                                       AND MISC.
EB, SBO1, SOVL                                          14             SCHEDULED AND ECONOMIC
                                                                       OUTAGES AND OVERHAULS
DPDX                                                    12             BLACK START DIESEL PEAKERS
DPKX                                                    13             FAST START PEAKING UNITS

</TABLE>

NOTE:    **** ON EXHIBITS INDICATES A SECONDARY REASON IS REQUIRED.
<PAGE>

<TABLE>
<CAPTION>

         C.E.Co.                                                                          G.P. No. 354
                                                                                            Appendix E
                                                                                          Page 5 of 16

                                         SPS DERATING CODES

                                           MAJOR EQUIPMENT

         DERATE CODE                 M OR O/S CODE                         DESCRIPTION
---------------------------       --------------------------   ----------------------------------------------
     <S>                             <C>                         <C>
     M    N    DB                    M    OB                     GENERAL PROBLEMS WITH BOILERS NOT
                                                                 SPECIFICALLY COVERED.
     M    N    DB      1             M    OB     1
     M    N    DB      2             M    OB     2

               DB      EPA                OB     EPA             EPA REGULATIONS CANNOT BE MET.
          N    DB      TEST                                      BOILER TESTING
               DB      AUX                                       UNIT BLR. BEING USED AS AUX. BLR.

                                     M    OBCL                   CHEMICAL CLEANING OR ASH REMOVAL
                                     M    OBCL   1               BEING DONE TO IMPROVE THE BOILER
                                     M    OBCL   2               OPERATION

     M    N    DBCO                       OBCO
     M    N    DBCO    1                  OBCO   1               CONTROL PROBLEMS ASSOCIATED WITH THE
     M    N    DBCO    2                  OBCO   2               BOILER MASTER OR ERRATIC BOILER OPERATION

          N    DBCO    TEST                                      BOILER CONTROL TESTING

               DBFO                  M    OBFO                   FOULING NOT SPECIFICALLY ATTRIBUTED TO
               DBFO    1             M    OBFO   1               CYCLONES, SOOT BLOWING PRECIPITATORS OR
               DBFO    2             M    OBFO   2               THE ASH HANDLING SYSTEMS

               DBFU    ****                                      FUEL PROBLEMS RELATED TO THE FUEL AND THE
                                                                 FUEL HANDLING SYSTEMS.

               DBFU    BTU                OBFU   BTU             LOW BTU FUEL

          N    DBFU    CONS               OBFU   CONS            CONSERVING FUEL, LACK OF FUEL.

               DBFU    FROZ               OBFU   FROZ            FROZEN FUEL.

               DBFU    MIX                                       BLENDING OF FUEL.

               DBFU    NONE               OBFU   NONE            NO FUEL AVAILABLE.

               DBFU    WET                OBFU   WET             HIGH MOISTURE CONTENT.
                                          OBIG                   IGNITION DIFFICULTIES DURING STARTUP, PRE
                                          OBIG   1               VENTING LIGHTOFF
                                          OBIG   2
</TABLE>

<PAGE>

<TABLE>
<CAPTION>

         C.E.Co.                                                                          G.P. No. 354
                                                                                            Appendix E
                                                                                          Page 6 of 16

                                         SPS DERATING CODES

                                           MAJOR EQUIPMENT

         DERATE CODE                 M OR O/S CODE                         DESCRIPTION
-----------------------------     --------------------------   ----------------------------------------------
     <S>                             <C>                         <C>
     M    N    DBLE                  M    OBLE                   BOILER LEAKS THAT ARE SIGNIFICANT TO CAUSE
     M    N    DBL1                  M    OBLE1                  A DERATING OR OUTAGE.  INDICATE LEAK
     M    N    DBL2                  M    OBLE2                  LOCATION IN THE SECONDARY REASON

     M    N    DBLE   BOTM           M    OBLE    BOTM           BOTTOM LEAK
     M    N    DBL1   BOTM           M    OBL1    BOTM
     M    N    DBL2   BOTM           M    OBL2    BOTM

     M    N    DBLE   CYCL           M    OBLE    CYCL           CYCLONE LEAK
     M    N    DBL1   CYCL           M    OBL1    CYCL
     M    N    DBL2   CYCL           M    OBL2    CYCL

     M    N    DBLE   ECON           M    OBLE    ECON           ECONOMIZER LEAK
     M    N    DBL1   ECON           M    OBL1    ECON
     M    N    DBL2   ECON           M    OBL2    ECON

     M    N    DBLE   NOSE           M    OBLE    NOSE           NOSE TUBE LEAK
     M    N    DBL1   NOSE           M    OBL1    NOSE
     M    N    DBL2   NOSE           M    OBL2    NOSE

     M    N    DBLE   REHE           M    OBLE    REHE           REHEAT LEAK
     M    N    DBL1   REHE           M    OBL1    REHE
     M    N    DBL2   REHE           M    OBL2    REHE

     M    N    DBLE   SUPR           M    OBLE    SUPR           SUPERHEATER
     M    N    DBL1   SUPR           M    OBL1    SUPR
     M    N    DBL2   SUPR           M    OBL2    SUPR

     M    N    DBLE   TOP            M    OBLE    TOP            TOP
     M    N    DBL1   TOP            M    OBL1    TOP
     M    N    DBL2   TOP            M    OBL2    TOP

     M    N    DBLE   WALL           M    OBLE    WALL           WALL TUBE
     M    N    DBL1   WALL           M    OBL1    WALL
     M    N    DBL2   WALL           M    OBL2    WALL

          N    DBSI                                              SILICA PROBLEMS CAUSING A DERATING

               DBTE                                              TEMPERATURE PROBLEMS CAUSED BY POOR
                                                                 ATTEMPERATION OR FIRING DIFFICULTIES
</TABLE>

<PAGE>

<TABLE>
<CAPTION>

         C.E.Co.                                                                          G.P. No. 354
                                                                                            Appendix E
                                                                                          Page 7 of 16

                                         SPS DERATING CODES

                                           MAJOR EQUIPMENT

         DERATE CODE                 M OR O/S CODE                         DESCRIPTION
-----------------------------     --------------------------   ----------------------------------------------
     <S>                             <C>                         <C>
     M    N    DBLE                  M    OBLE                   BOILER LEAKS THAT ARE SIGNIFICANT TO CAUSE
               DBTU                                              TUBE CONDITION SUCH THAT OPERATING UNIT
                                                                 AT HIGHER PRESSURE WOULD REDUCE UNIT'S
                                                                 RELIABILITY

S    M    N    DG                    S    M    OG                GENERATORS - GENERAL PROBLEMS NOT
                                                                 SPECIFICALLY COVERED.

                                     S    M    OG     INSP       GENERATOR INSPECTION.

S    M    N    DGCO                  S    M    OGCO              COOLING PROBLEM, NOT ASSOCIATED WITH THE
                                                                 COOLERS.

S    M    N    DGCO  SEAL            S    M    OGCO   SEAL       HYDROGEN SEALS OR SEAL OIL SYSTEM (IRON
                                                                 HORSE) PROBLEMS.

                                               OGFA              FAULT IN GENERATOR OR BUS DUCT.

          N    DGVI                            OGVI              VIBRATION CAUSED BY ELECTRICAL OR
                                                                 MECHANICAL PROBLEMS.

               DR                    S    M    OR                REACTORS GENERAL PROBLEMS.

               DR    NRC                       OR     NRC        NRC REQUIRES UNIT O/S OR DERATED.

               DR    ADMN                      OR     ADMN       ADMINISTRATION OPERATING CONSTRAINT.

S    M    N    DRSU                                              SURVEILLANCES

S    M    N    DRTE                  S    M    ORTE              MISC. TECHNICAL SPECIFICATIONS NOT COVERED
                                                                 ELSEWHERE.
          N    R     TDO                                         DERATING DUE TO TEMP. DISPATCH ORDER

S    M    N    DRCO                  S    M    ORCO              CONTROL PROBLEMS WITH THE REACTOR.
S    M    N    DRCO  DRIV            S    M    ORCO   DRIV       CONTROL ROD DRIVE PROBLEMS.

               DFRU  ****                      ORFU   ****       FUEL PROBLEMS.
               DRFU  CONS                      ORFU   CONS       FUEL CONSERVATION
               DRFU  DEPL                      ORFU   DEPL       FUEL DEPLETION
S              DRFU  PREC                      ORFU   PREC       PRECONDITIONING
S    M    N    DFRU  RODP            M    S    ORFU   RODP       ROD PATTERN
S    M    N    DRFU  SCRM            M    S    ORFU   SCRM       SCRAM REACTIVITY
               DRFU  THRM                      ORFU   THRM       THERMAL LIMITS
</TABLE>

<PAGE>

<TABLE>
<CAPTION>

         C.E.Co.                                                                          G.P. No. 354
                                                                                            Appendix E
                                                                                          Page 8 of 16

                                         SPS DERATING CODES

                                           MAJOR EQUIPMENT

         DERATE CODE                 M OR O/S CODE                         DESCRIPTION
-----------------------------     --------------------------   ----------------------------------------------
     <S>                             <C>                         <C>
               DRFU  XENO                 ORFU   XENO            XENON RESTRICTION
               DRFU  MINP                                        RAMP-UP LIMITATION AFTER LOAD DROP
          N    REG                                               NUCLEAR UNIT REGULATING SYSTEM LOAD
                                                                 (NONCURTAILING ONLY)
          N    U     FOLL                                        NUCLEAR UNIT OUT OF ECONOMIC ORDER DUE
                                                                 TO RAMP RATE LIMITATIONS
          N    U     RAMP                                        DUE TO LOW SYSTEM DEMAND THE NUCLEAR
                                                                 UNIT CANNOT DROP LOAD AS LOW AS THE
                                                                 SYSTEM REQUIRES
</TABLE>

<PAGE>

<TABLE>
<CAPTION>

         C.E.Co.                                                                          G.P. No. 354
                                                                                            Appendix E
                                                                                          Page 9 of 16

                                         SPS DERATING CODES

                                      MAJOR EQUIPMENT REACTORS

         DERATE CODE                 M OR O/S CODE                         DESCRIPTION
-----------------------------     --------------------------   ----------------------------------------------
     <S>                             <C>                         <C>
               DRFU  XENO                 ORFU   XENO            XENON RESTRICTION
S     M   N    DT                    S    M      OT              TURBINES - GENERAL PROBLEMS NOT
                                                                 SPECIFICALLY COVERED.

          N    DTBL                  S    M      OTBL            BLADING PROBLEMS DUE TO MISSING BLADES,
                                                                 BLADE INSPECTION OR REPAIR.

               DTCO                                              CONDUCTIVITY PROBLEMS

               DTEF                                              EFFICIENCY - TURBINE NOT UP TO STANDARD
                                                                 BECAUSE OF A PROBLEM NOT DEFINED.

          N    DTLE                  S    M      OTLE            STEAM LEAK ANYWHERE ON THE TURBINE OR
                                                                 ASSOCIATED PIPING.

                                     S           OTRN            TURNING GEAR PROBLEMS OR REPAIRS KEEPING
                                                                 THE UNIT OFF SYSTEM.

                DTVI                 S    M      OTVI            VIBRATION PROBLEMS CAUSING A DERATING OR
                                                                 OUTAGE FOR BALANCING OR INSPECTION.
</TABLE>

<PAGE>

<TABLE>
<CAPTION>

         C.E.Co.                                                                          G.P. No. 354
                                                                                            Appendix E
                                                                                         Page 10 of 16

                                         SPS DERATING CODES

                                      MAJOR EQUIPMENT REACTORS

         DERATE CODE                 M OR O/S CODE                         DESCRIPTION
---------------------------       --------------------------   ----------------------------------------------
<S>                                <C>                         <C>
     M    N    DC                      M    OC                   CYCLONE PROBLEMS CAUSED BY SLAG, LEAKS OR
                                                                 ITEMS NOT COVERED BELOW.
     M    N    DC     FEED             M    OC     FEED          FEEDER REPAIRS ONLY.
     M    N    DC     ROTS             M    OC     ROTS          ROTARY SEAL REPAIRS ONLY.
     M    N    DCO                     M    OCO                  CONDENSER PROBLEMS INVOLVING REPAIRS TO
                                                                 LEAKS, CLEANING, OR VACUUM.
S    M    N    DCO    SCRN         S   M    OCO                  SCREEN PROBLEMS.

               DCOO   ****                  OCOO   ****          COOLER PROBLEMS.
S    M    N    DCOO   H2           S   M    OCOO   H2            HYDROGEN COOLER.
S    M    N    DCOO   H2O          S   M    OCOO   H2O           HEAT EXCHANGER, FOR WATER COOLED STATOR.
S    M    N    DCOO   OIL          S   M    OCOO   OIL           OIL

<CAPTION>

                                           AUXILIARY EQUIPMENT

         DERATE CODE                 M OR O/S CODE                         DESCRIPTION
---------------------------       --------------------------   ----------------------------------------------
<S>                                <C>                         <C>
     M    N    DF     ****                M    OF    ****        FAN PROBLEMS.
     M    N    DF     ID                  M    OF    ID          INDUCED DRAFT.
     M    N    DF     IDB                 M    OF    IDB         INDUCED DRAFT BOOSTER.
     M    N    DF     FD                  M    OF    FD          FORCED DRAFT.
     M    N    DF     GASR                M    OF    GASR        GAS RECIRCULATION.

     M    N    DH     ****                M    OH    ****        HEATER PROBLEMS.
     M    N    DH     AIR                 M    OH    AIR         AIR
     M    N    DH     AIRP                M    OH    AIRP        AIR PREHEATER
S    M    N    DH     DC             S    M    OH    DC          DIRECT CONTACT
S    M    N    DH     HP             S    M    OH    HP          HIGH PRESSURE
S    M    N    DH     LP             S    M    OH    LP          LOW PRESSURE
S    M    N    DH     MSRE           S    M    OH    MSRE        MOISTURE SEPARATOR REHEATER
S    M    N    DH     SAPH           S    M    OH    SAPH        STEAM AIR PREHEATER

     M    N    DM                         M    OM                MILL PROBLEMS OF ANY KIND
     M    N    DM     FEED                M    OM    FEED        FEEDER PROBLEMS ONLY

     M    N    DO                         M    OO                BURNER PROBLEMS OF ANY KIND
S    M    N    DP     ****           S    M    OP    ****        PUMP PROBLEMS.
     M    N    DP     BF                  M    OP    BF          BOILER FEED.
     M    N    DP     BWCP                M    OP    BWCP        BOILER WATER CIRCULATING.
S    M    N    DP     CB             S         OP    CB          CONDENSATE BOOSTER.
S    M    N    DP     CD             S    M    OP    CD          CONDENSATE.

</TABLE>

<PAGE>

<TABLE>
<CAPTION>

         C.E.Co.                                                                          G.P. No. 354
                                                                                            Appendix E
                                                                                         Page 11 of 16

                                         SPS DERATING CODES

                                      MAJOR EQUIPMENT REACTORS

         DERATE CODE                 M OR O/S CODE                         DESCRIPTION
---------------------------       --------------------------   ----------------------------------------------
<S>                                <C>                         <C>

S    M    N    DP     CW             S    M    OP    CW          CIRCULATING WATER.
S    M    N    DP     FW             S    M    OP    FW          FEEDWATER
S    M    N    DP     HTRD           S    M    OP    HTRD        HEATER DRAIN.
     M    N    DP     RBF                 M    OP    RBF         RESERVE BOILER FEED.
S    M    N    DP     RC             S    M    OP    RC          REACTOR COOLING PUMP.
S    M    N    DP     RF             S    M    OP    RF          REACTOR FEED.
S    M    N    DP     RR             S    M          RR          REACTOR RECIRCULATING.
S    M    N    DP     STAT           S    M    OP    STAT        STATOR COOLING.

S    M    N    DSG                   S    M    OSG               STEAM GENERATOR PROBLEMS
               DSG    TEMP                     OSG   TEMP        STEAM GENERATOR TEMP. LIMITATION
               DSG    CHEM                     OSG   CHEM        STEAM GENERATOR CHEMISTRY PROBLEM.

S    M    N    DV     ****           S    M    OV    ****        VALVE PROBLEMS.
S    M    N    DV     ATMP           S    M    OV    ATMP        ATTEMPERATION.
S    M    N    DV     BIAS           S    M    OV    BIAS        BIAS.
S    M    N    DV     BYPS           S    M    OV    BYPS        BYPASS.
S    M    N    DV     CONT           S    M    OV    CONT        CONTROL.
S    M    N    DV     EXTR           S    M    OV    EXTR        EXTRACTION.
S         N    DV     INTE           S    M    OV    INTE        INTERCEPT.
S    M    N    DV     MCIV           S    M    OV    MCIV        MAIN CYCLE ISOLATION VALVE.
S    M    N    DV     MSIV           S    M    OV    MSIV        MAIN STEAM ISOLATION.
S    M    N    DV     MSSV           S    M    OV    MSSV        MAIN STEAM STOP.
S    M    N    DV     RELF           S    M    OV    RELF        RELIEF.
S    M    N    DV     SAFE           S    M    OV    SAFE        SAFETY.
S    M    N    DV     STOP           S    M    OV    STOP        STOP.
S    M    N    DV     VENT           S    M    OV    VENT        VENT.

     M    N    DASH                       M    OASH              ASH HANDLING SYSTEM, SILO FIRES, PLUGGED
                                                                 ASH LINES, UNLOADING EQUIPMENT AND
                                                                 POLLUTION PROBLEMS.
               DASH   EPA                      OASH  EPA         EPA REGULATIONS.
S    M    N    DAUX   ****           S    M    OAUX  ****        AUXILIARY POWER EQUIPMENT PROBLEM
S    M    N    DAUX   BUS            S    M    OAUX  BUS         BUS.
S    M    N    DAUX   DESL           S    M    OAUX  DESL        DIESEL GENERATOR.
S    M    N    DAUX   SWGR           S    M    OAUX  SWGR        SWITCHGEAR.
S    M    N    DAUX   TRAN           S    M    OAUX  TRAN        AUXILIARY TRANSFORMER.

               DECC                            OECC              EMERGENCY CORE COOLING SYSTEM PROBLEMS
               DECC   NRC                      OECC  NRC         NRC REGULATIONS.

S    M    N    DEX                   S    M    OEX               EXCITERS OR VOLTAGE REGULATOR PROBLEMS.
</TABLE>

<PAGE>

<TABLE>
<CAPTION>

         C.E.Co.                                                                          G.P. No. 354
                                                                                            Appendix E
                                                                                         Page 12 of 16

                                         SPS DERATING CODES

                                      MAJOR EQUIPMENT REACTORS

         DERATE CODE                 M OR O/S CODE                         DESCRIPTION
---------------------------       --------------------------   ----------------------------------------------
<S>                                <C>                         <C>
     M    N    DFUS   ****                M    OFUS  ****        FUEL DELIVERY SYSTEM PROBLEM.
     M    N    DFUS   BELT                M    OFUS  BELT        BELT.
     M    N    DFUS   BRGE                M    OFUS  BRGE        BARGE.
     M    N    DFUS   BUNK                M    OFUS  BUNK        BUNKER.
     M    N    DFUS   COND                M    OFUS  COND        CONDITIONER.
     M    N    DFUS   CRSH                M    OFUS  CRSH        CRASHER.
     M    N    DFUS   DOCK                M    OFUS  DOCK        DOCK.
     M    N    DFUS   DUMP                M    OFUS  DUMP        CAR DUMPER.
     M    N    DFUS   MANP                M    OFUS  MANP        MANPOWER.
     M    N    DFUS   PIPE                M    OFUS  PIPE        OIL PIPING.
     M    N    DFUS   PUMP                M    OFUS  PUMP        OIL PUMP & HEATER SET.
     M    N    DFUS   PUSH                M    OFUS  PUSH        PUSHER.
     M    N    DFUS   TANK                M    OFUS  TANK        OIL TANK.
     M    N    DFUS   TRIP                M    OFUS  TRIP        TRIPPER OR ANY OTHER FUEL PROBLEMS.

S    M    N    DGO                   S    M    OGO               GOVERNOR OR EHC SYSTEM PROBLEMS WITH THE
                                                                 FUTURE TURBINE.
     M    N    DPR                        M    OPR               PRECIPITATOR SYSTEM PROBLEM-BROKEN WIRES,
                                                                 DUST BUILDUP, FULL HOPPER.
     M    N    DPR    EPA                 M    OPR   EPA         EPA REGULATIONS
     M    N    DSB                        M    OSB               SOOT BLOWING SYSTEM PROBLEM.

     M    N    DWAT   ****                M    OWAT  ****        WATER SUPPLY PROBLEMS.
S    M    N    DWAT   DEMI           S    M    OWAT  DEMI        DEMINERALIZER PROBLEMS.
S    M    N    DWAT   MAKE           S    M    OWAT  MAKE        INSUFFICIENT MAKEUP.
S    M    N    DWAT   POLI           S    M    OWAT  POLI        POLISHER PROBLEMS.
S    M    N    DWAT   WAST           S    M    OWAT  WAST        WASTEWATER SYSTEM PROBLEMS.

                DECP                                             FULL UNIT CAPACITY UNAVAILABLE.  REASON
                                                                 NOT COVERED BY SPECIFIC DERATING.

                DMAN                           OMAN              MANPOWER SHORTAGE.

                DOPE                           OOPE              OPERATING ERROR.

                                          N    OSTR  FAIL        UNIT STARTUP TIME NOT IN +15 -30 WINDOW
                                          N    OBL1  FAIL        STARTUP TIME NOT IN +15 -30 WINDOW
                                          N    OBL2  FAIL        STARTUP TIME NOT IN +15 -30 WINDOW
               DPOL   ****                     OPOL  ****        POLLUTION PROBLEMS.
          N    DPOL   EPA                      OPOL  EPA         EPA REGULATIONS.
          N    DPOL   OFFG                     OPOL  OFFG        OFF GAS.
</TABLE>

<PAGE>

<TABLE>
<CAPTION>

         C.E.Co.                                                                          G.P. No. 354
                                                                                            Appendix E
                                                                                         Page 13 of 16

                                         SPS DERATING CODES

                                      MAJOR EQUIPMENT REACTORS

         DERATE CODE                 M OR O/S CODE                         DESCRIPTION
---------------------------       --------------------------   ----------------------------------------------
<S>                                <C>                         <C>
          N    DPOL   OZON                     OPOL  OZON        OZONE CONCENTRATIONS.
          N    DPOL   RADW                     OPOL  RADW        RADIATION WASTE.
          N    DPOL   STAC                     OPOL  STAC        STACK OPACITY.
          N    DPOL   SULF                     OPOL  SULF        HIGH SO2 OR SO3 CONCENTRATON.

          N    DTEM   ****                     OTEM  ****        COOLING WATER PROBLEM.
          N    DTEM   CANA                     OTEM  CANA        CANAL
          N    DTEM   EPA                      OTEM  EPA         EPA REGULATIONS
                                                                 (KINCAID/QUAD-CITIES ONLY)
          N    DTEM   LAKE                     OTEM  LAKE        LAKE
          N    DTEM   RIVR                     OTEM  RIVR        RIVER
          N    DTEM   TOWR                     OTEM  TOWR        COOLING TOWER PROBLEMS.

               DTRX   ****                     OTRX  ****        TRANSMISSION PROBLEMS.
               DTRX   ICE                      OTRX  ICE         ICE.
               DTRX   OVLD                     OTRX  OVLD        OVERLOAD.
S    M    N    DTRX   UNTR           S    M    OTRX  UNTR        UNIT TRANSFORMER.
S    M    N    DTRX   VOLT           S    M    OTRX  VOLT        VOLTAGE.
          N    DTRX   ZONE                     OTRX  ZONE        ZONE.
                                     S    M    OTRX  UBRK        UNIT BREAKER.

NOTE:  ALL REASON CODES BELOW MUST HAVE NEGATIVE VALUES.
----

<CAPTION>

         DERATE CODE                 M OR O/S CODE                         DESCRIPTION
---------------------------       --------------------------   ----------------------------------------------
<S>                                <C>                         <C>

               RFUE   GAS                                        RECOVERABLE MW BURNING GAS
               RFUE   OIL                                        RECOVERABLE MEGAWATTS BURNING OIL.
               RTST                                              RATING TEST OR OPERATION ABOVE OFFICIAL
                                                                 UNIT RATING.
</TABLE>

<PAGE>

<TABLE>
<CAPTION>

         C.E.Co.                                                                          G.P. No. 354
                                                                                            Appendix E
                                                                                         Page 14 of 16

                                          SPS DERATING CODES

                                      BLACK START DIESEL PEAKERS

         DERATE CODE                 M OR O/S CODE                         DESCRIPTION
---------------------------       --------------------------   ----------------------------------------------
<S>                                <C>                         <C>
               DPDX   ****                  OPDX   ****          DIESEL DERATING OR OUTAGE.  A SECONDARY
                                                                 REASON IS ALWAYS REQUIRED.  X = UNIT NUMBER
     M    N    DPDX   AUXT             M    OPTX   AUXT          AUXILIARY TRANSFORMER
     M    N    DPDX   BATT             M    OPDX   BATT          BATTERY AND CHARGING SYSTEM
     M    N    DPDX   CONT             M    OPDX   CONT          ENGINE CONTROL SYSTEM
     M    N    DPDX   COOL             M    OPDX   COOL          COOLING SYSTEM
                                       M    OPDX   ENEX          ENGINE EXCHANGE
     M    N    DPDX   ENGE             M    OPDX   ENGE          ENGINE PROBLEM
                                            OPDX   EROR          OPERATING OR MAINTENANCE ERROR
                                            OPDX   EXPL          UNIT OR COMPONENT EXPLOSION
                                            OPDX   FIRE          FIRE
     M    N    DPDX   FUEL             M    OPDX   FUEL          FUEL SYSTEM
     M    N    DPDX   GENR             M    OPDX   GENR          GENERATOR PROBLEM
     M    N    DPDX   GOV              M    OPDX   GOV           GOVERNOR PROBLEM
     M    N    DPDX   INAS             M    OPDX   INAS          AIR INLET SYSTEM
     M    N    DPDX   LUBR             M    OPDX   LUBR          LUBRICATION PROBLEM
     M    N    DPDX   MAIN             M    OPDX   MAIN          MAIN TRANSFORMER
                                            OPDX   NADS          NATURAL DISASTER TO PLANT
                                       M    OPDX   OVHL          OVERHAUL
          N    DPDX   REGS                  OPDX   REGS          NOISE OR ENVIRONMENTAL REGULATION
     M    N    DPDX   STRT             M    OPDX   STRT          STARTER SYSTEM
          N    DPDX   TEST                                       TESTING OF INDIVIDUAL UNITS
     M    N    DPDX   TUCH             M    OPDX   TUCH          TURBO-CHARGER
     M    N    DPDX   VIBS             M    OPDX   VIBS          VIBRATION PROBLEM
</TABLE>

LOCATIONS - FISK UNIT 20, JOLIET UNIT 9

<PAGE>

<TABLE>
<CAPTION>

         C.E.Co.                                                                          G.P. No. 354
                                                                                            Appendix E
                                                                                         Page 15 of 16

                                          SPS DERATING CODES

                                      FAST START PEAKING UNITS

         DERATE CODE                 M OR O/S CODE                         DESCRIPTION
---------------------------       --------------------------   ----------------------------------------------
<S>                                <C>                         <C>
               DPKX   ****                  OPKX   ****          PEAKER DERATING OR OUTAGE.  A SECONDARY
                                                                 REASON IS ALWAYS REQUIRED.  X = UNIT BLOCK
                                                                 NUMBER
     M    N    DPKX   AUXT             M    OPKX   AUXT          BLOCK TRANSFORMER
     M    N    DPKX   BATT             M    OPKX   BATT          BATTERY AND CHARGING SYSTEM
     M    N    DPKX   BEAR             M    OPKX   BEAR          BEARING PROBLEM (NOT VIBRATION)
                                       M    OPKX   CLNG          TURBINE CLEANING
     M    N    DPKX   COMP             M    OPKX   COMP          COMPRESSOR PROBLEM
     M    N    DPKX   CONT             M    OPKX   CONT          CONTROLS AND INSTRUMENTATION
     M    N    DPKX   COOL             M    OPKX   COOL          COOLING SYSTEM
                                       M    OPKX   ENEX          ENGINE EXCHANGE
                                            OPKX   EROR          OPERATING OR MAINTENANCE ERROR
     M    N    DPKX   EROS             M    OPKX   EROS          AIRBORNE PARTICULATE EROSION
     M    N    DPKX   EXCR             M    OPKX   EXCR          EXCITER PROBLEM
     M    N    DPKX   EXHT             M    OPKX   EXHT          EXHAUST EQUIPMENT
                                            OPKX   EXPL          EXPLOSION
                                            OPKX   FIRE          FIRE
     M    N    DPKX   FUEL             M    OPKX   FUEL          FUEL SYSTEM
     M    N    DPKX   GENR             M    OPKX   GENR          GENERATOR PROBLEM
          N    DPKX   HEGT             M    OPKX   HEGT          HIGH EXHAUST GAS TEMPS.
     M    N    DPKX   IGNT             M    OPKX   IGNT          IGNITION SYSTEM
     M    N    DPKX   INAS             M    OPKX   INAS          INLET AIAR SYSTEM
     M    N    DPKX   LUBR             M    OPKX   LUBR          LUBRICATION PROBLEM
     M    N    DPKX   MAIN             M    OPKX   MAIN          MAIN TRANSFORMER
                                            OPKX   NADS          NATURAL DISASTER TO PLANT
                                       M    OPKX   OVHL          OVERHAUL
     M    N    DPKX   REDC             M    OPKX   REDC          REDUCTION SPEED GEAR
          N    DPKX   REGS                  OPKX   REGS          NOISE OR ENVIRONMENTAL REGULATIONS
     M    N    DPKX   SULF             M    OPKX   SULF          SULFURIZATION EROSION FROM FUEL
          N    DPKX   TEST                                       TESTING
     M    N    DPKX   TURB             M    OPKX   TURB          TURBINE PROBLEM
     M    N    DPKX   TURN             M    OPKX   TURN          TURNING GEAR
     M    N    DPKX   VIBS             M    OPKX   VIBS          VIBRATION PROBLEM
</TABLE>

LOCATIONS -    BLOOM, CALUMET, CRAWFORD, ELECTRIC JUNCTION,
               FISK, JOLIET 6, LOMBARD, SABROOKE, WAUKEGAN

<PAGE>

<TABLE>
<CAPTION>

         C.E.Co.                                                          G.P. No. 354
                                                                            Appendix E
                                                                         Page 16 of 16

                                 SPS OUTAGE CODES

         CODE                                               DESCRIPTION
---------------------------                          ---------------------------------
<S>                                                  <C>
                 ECONOMIC BOILER OUTAGES ARRANGED WITH LOAD DISPATCHER

          EB        1                                ECONOMIC OUTAGE ON BOILER #1
          EB        2                                ECONOMIC OUTAGE OF BOILER #2

                SCHEDULED OUTAGES ARRANGED BY OVERHAUL SCHEDULING COMMITTEE

          SBO1                                       BOILER OVERHAUL #1 BOILER
          SBO2                                       BOILER OVERHAUL #2 BOILER
          SMNT                                       SCHEDULED MAINTENANCE
          SNEW                                       NON-COMM. UNIT (VALUE MUST BE-
          SOVL                                       UNIT OVERHAUL)
</TABLE><PAGE>

                                                                   Exhibit 10.87

                                                               [COLLINS STATION]

                           POWER PURCHASE AGREEMENT

                         DATED AS OF DECEMBER 15, 1999

                                    BETWEEN

                          COMMONWEALTH EDISON COMPANY

                                      AND

                            MIDWEST GENERATION, LLC

                           COLLINS GENERATING STATION

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                                                PAGE
                                                                                                                ----
<S>      <C>                                                                                                    <C>
1.       Definitions and Interpretation...........................................................................1
         (a)      Definitions.....................................................................................1
         (b)      Interpretation..................................................................................9
         (c)      Legal Representation of Parties................................................................10
         (d)      Titles and Headings............................................................................10

2.       Term....................................................................................................10

3.       Generating Capacity.....................................................................................10

4.       Electric Energy Supply..................................................................................10
         (a)      Character......................................................................................10
         (b)      Supply.........................................................................................10
         (c)      Dispatch.......................................................................................10
         (d)      Energy Imbalance...............................................................................11

5.       Metering; Billing; Payment..............................................................................11
         (a)      Metering.......................................................................................11
         (b)      Meter Inaccuracies.............................................................................11
         (c)      Billing........................................................................................11
         (d)      Billing Disputes...............................................................................12

6.       Operation of Reserved Units.............................................................................12
         (a)      Standard of Operation..........................................................................12
         (b)      Electric Energy Generation.....................................................................12
         (c)      Outages........................................................................................14
                  (i)      Planned Outages.......................................................................14
                  (ii)     Maintenance Outages...................................................................15
                  (iii)    Forced Outages........................................................................15
                  (iv)     Information Related to Outages........................................................15
         (d)      Operating Characteristics......................................................................15
         (e)      Fuel Source and Emissions Reports..............................................................16
         (f)      Records........................................................................................16

7.       Compensation............................................................................................16
         (a)      Monthly Charges................................................................................16
                  (i)      Monthly Capacity Charge...............................................................16
                  (ii)     Energy Charge.........................................................................16
                  (iii)    Start-Up and Support Charges..........................................................17

                                      -i-

<PAGE>

                                                                                                                PAGE
                                                                                                                ----

                  (iv)     Low Load Charges......................................................................17
                  (v)      Ancillary Services....................................................................18
         (b)      Minimum Take True-Up...........................................................................18

8.       Testing.................................................................................................18

9.       Ancillary Services......................................................................................18

10.      Limitation of Liability.................................................................................19

11.      Disagreements...........................................................................................20
         (a)      Administrative Committee Procedure.............................................................20
         (b)      Arbitration....................................................................................21
         (c)      Obligations to Pay Charges and Perform.........................................................22
         (d)      Preliminary Injunctive Relief..................................................................22
         (e)      Settlement Discussions.........................................................................22

12.      Assignment; Transfer of Station.........................................................................23
         (a)      Assignment.....................................................................................23
         (b)      Collateral Assignment..........................................................................23
         (c)      Transfer of Station during the Term............................................................24

13.      Termination by ComEd with respect to Certain Generating Units...........................................24

14.      Default; Termination and Remedies.......................................................................24
         (a)      Seller's Default...............................................................................24
         (b)      ComEd Default..................................................................................25
         (c)      Remedies and Remedies Cumulative...............................................................25
         (d)      Extended Outage................................................................................26
         (e)      Terminations Under Section 13..................................................................26

15.      Force Majeure...........................................................................................26

16.      Representations and Warranties..........................................................................27
         (a)      Representations and Warranties of Seller.......................................................27
         (b)      Representations and Warranties of ComEd........................................................28

17.      Indemnification.........................................................................................29

18.      Notices.................................................................................................29

                                      -ii-

<PAGE>

                                                                                                                PAGE
                                                                                                                ----

19.      Confidentiality.........................................................................................31

20.      Governing Law...........................................................................................31

21.      Partial Invalidity......................................................................................32

22.      Waivers.................................................................................................32

23.      Competitive Transition Charge...........................................................................32

24.      Entire Agreement and Amendments.........................................................................32
</TABLE>

APPENDICES

Appendix A   Equivalent Availability Factor
Appendix B   Design Limits
Appendix C   MAIN Guide Number 3A
Appendix D   EO Communications and Guidelines
Appendix E   Reporting Forms
Appendix F   Regulating Performance Value Methodology
Appendix G   GADS Cause Codes

                                      -iii-

<PAGE>

                            POWER PURCHASE AGREEMENT

                  THIS POWER PURCHASE AGREEMENT (including Appendices, this
"AGREEMENT") dated as of December 15, 1999, between COMMONWEALTH EDISON
COMPANY, an Illinois corporation ("COMED"), and MIDWEST GENERATION, LLC, a
Delaware limited liability company ("SELLER"; ComEd and Seller are sometimes
referred to herein individually as a "PARTY" and collectively as the
"PARTIES");

                               W I T N E S S E T H:

                  WHEREAS, ComEd owns electric facilities and is engaged in
the generation, purchase, transmission, distribution and sale of electric
energy; and

                  WHEREAS,  Seller intends to purchase and thereafter
operate ComEd's Collins electric generation station; and

                  WHEREAS, ComEd desires to receive and purchase, and Seller
desires to deliver and sell, electric capacity, energy and other
generation-related services; and

                  WHEREAS,  ComEd desires to determine the  dispatching of
the units at such station as provided in this Agreement;

                  NOW, THEREFORE, in consideration of the mutual covenants
and agreements herein set forth, the Parties hereto agree as follows:

1.       DEFINITIONS AND INTERPRETATION

                  (a)   DEFINITIONS. As used in this Agreement, (i) the terms
set forth below in this Section 1(a) shall have the respective meanings so
set forth, (ii) the terms defined elsewhere in this Agreement shall have the
meanings therein so specified and (iii) the terms "AVAILABLE," "AVAILABLE
HOURS," "EQUIVALENT AVAILABILITY FACTOR," "FORCED OUTAGE," "MAINTENANCE
OUTAGE," "NET DEPENDABLE CAPACITY," "PLANNED OUTAGE," "PLANNED OUTAGE
EXTENSION," "SERVICE HOURS" and "UNAVAILABLE", and the associated terms
referred to and used in the calculation of such terms, shall have the
respective meanings assigned to such terms in Appendix A.

                  "ADJUSTMENT FACTOR" means, with respect to a month, the factor
         (rounded to four decimal places) obtained from the following:

                  (a)   if such month is a Summer Month:

<PAGE>

<TABLE>
<CAPTION>

                     GROUP EAF                             ADJUSTMENT FACTOR
                     ---------                             -----------------
                     <S>                                   <C>
                     Greater than or equal to 90%          (100 + [(Group EAF - 90) x
                                                           2])/100

                     Greater than or equal to 70%          (Group EAF + 10)/100
                      but less than 90%

                     Greater than or equal to 50%          (80 + [(Group EAF - 70) x
                      but less than 70%                    4])/100

                     Less than 50%                         Zero

                  (b)      if such month is a Non-Summer Month:

                     GROUP EAF                             ADJUSTMENT FACTOR
                     ---------                             -----------------

                     Greater than or equal to 50%          (Group EAF + 25)/100

                     Less than 50%                         Zero
</TABLE>

provided, however that all outage hours and derating attributable to ComEd
transmission system problems, outages or stability load restrictions shall be
deemed Available Hours.

                  "AFFECTED PARTY" has the meaning specified in Section 15(a).

                  "AGC" means Automatic Generation Control.

                  "ANCILLARY SERVICES" has the meaning set forth in Section 9.

                  "ASSET SALE AGREEMENT" means the Asset Sale Agreement dated as
         of March 22, 1999, between ComEd and Seller, governing the transfer of
         the Station from ComEd to Seller.

                  "BANKRUPTCY" means any case, action or proceeding under any
         bankruptcy, reorganization, debt arrangement, insolvency or
         receivership law or any dissolution or liquidation proceeding commenced
         by or against a Person and, if such case, action or proceeding is not
         commenced by such Person, such case or proceeding shall be consented to
         or acquiesced in by such Person or shall result in an order for relief
         or shall remain undismissed for 90 days.

                  "BUSINESS DAY" means each weekday (Monday through Friday)
         except the days on which the following holidays are observed: New
         Year's Day, Memorial Day, Independence Day, Labor Day, Thanksgiving Day
         and Christmas Day.

                                       2

<PAGE>

                  "CHANGE OF LAW" means the adoption, promulgation, modification
         or reinterpretation of any law, rule, regulation, ordinance, order or
         other Requirement of Law of any federal, state, county or local
         government, governmental agency, court, commission, department or other
         such entity which occurs subsequent to the date of execution of this
         Agreement but excluding any change in law relating to (i) taxation of
         net income or (ii) any requirement regarding reduction or control of
         nitrogen oxide (NOx), carbon dioxide or volatile organic materials
         under any Requirement of Law.

                  "COLD START" means a Successful Start-Up of a Reserved Unit
         before which such Reserved Unit has been off-line for 48 hours or more.

                  "COMED CONTROL AREA" means the ComEd electrical system bounded
         by interconnection (tie-line) metering and telemetry and wherein ComEd
         controls generation to maintain the system's interchange schedule with
         other control areas and contributes to frequency regulation of the
         interchange.

                  "COMED EMS" means the electronic hardware and software owned
         by ComEd and known as the "ComEd Energy Management System."

                  "COMED EVENT OF DEFAULT" has the meaning specified in Section
         14(b).

                  "COMED SYSTEM" the electric transmission and distribution
         system owned by ComEd and its affiliates.

                  "CONFIDENTIAL INFORMATION" has the meaning specified in
         Section 18.

                  "CONTRACT YEAR" means, in the case of the First Contract Year,
         the period beginning on the Effective Date and ending on the day prior
         to the first anniversary of such beginning date, if the Effective Date
         is the first day of a calendar month, or ending on the day prior to the
         first anniversary of the beginning of the month immediately following
         the Effective Date, if the Effective Date is not the first day of a
         month; and, in the case of subsequent Contract Years, means the period
         beginning on the day immediately following the end of the preceding
         Contract Year and ending on the day prior to the first anniversary of
         such beginning day. First Contract Year refers to the first such period
         commencing on the Effective Date; Second Contract Year refers to the
         second such period; and so on.

                  "DEFAULT RATE" means (i) the "Prime Rate" as published from
         time to time in the "Money Rates" section of THE WALL STREET JOURNAL,
         plus (ii) 2.5% (250 basis points) per annum.

                  "DESIGN LIMITS" means, with respect to a Reserved Unit, the
         items listed in Appendix B with respect to such Reserved Unit.

                                       3

<PAGE>

                  "EFFECTIVE DATE" means the date of this Agreement.

                  "ELECTRIC ENERGY" has the meaning specified in Section 4(a).

                  "EMERGENCY CONDITION" means a condition or situation which (i)
         in the sole judgment of ComEd (or any ISO) presents an imminent
         physical threat of danger to life, or significant threat to health or
         property, (ii) in the sole judgment of ComEd (or any ISO) could cause a
         significant disruption on or significant damage to the ComEd System (or
         any material portion thereof) or the transmission system of a third
         party (or any material portion thereof), (iii) in the sole judgment of
         Seller could cause significant damage to the equipment that constitutes
         the Station (or any material portion thereof) or (iv) in the sole
         judgment of ComEd could cause significant damage to the equipment
         located in the switchyard associated with the Station (or any material
         portion of such switchyard).

                  "ENERGY CHARGE" means an amount determined under Section
         7(a)(ii) in respect of a month.

                  "EO" means ComEd's Electric Operations Department.

                  "EO GENERATION DISPATCHER" means the Person so designated from
         time to time by ComEd as contemplated in Appendix D. Notice provisions
         for the EO Generation Dispatcher are contained in Appendix D.

                  "EQUIVALENT AVAILABILITY ADJUSTMENT FACTOR" means, for a
         Contract Year, one minus the sum of (i) the product of 0.17 multiplied
         by the number of Summer Months in such Contract Year in which the
         Equivalent Availability Factor of the Reserved Units is less than 80%,
         plus (ii) the product of 0.04 multiplied by the number of Non-Summer
         Months in such Contract Year in which the Equivalent Availability
         Factor of the Reserved Units is less than 80%. Any adjustment pursuant
         to the foregoing in respect of a partial month during the First
         Contract Year (as the result of the Effective Date occurring during a
         month) shall be prorated by multiplying it by a fraction, the numerator
         of which is the number of days from the Effective Date through the last
         day of such month and the denominator of which is the total number of
         days in such month.

                  "FERC" means the Federal Energy Regulatory Commission.

                  "FORCE MAJEURE EVENT" has the meaning specified in Section
          15(a).

                  "GOVERNMENTAL ACTION" has the meaning specified in Section
          15(a).

                  "GROUP" means, with respect to a Contract Year, all of the
         Reserved Units for such Contract Year.

                                       4

<PAGE>

                  "GROUP EAF" means the Equivalent Availability Factor of the
         Group, subject to the following adjustment and clarifications: (i) to
         the extent that Seller declares a Substitute Unit to be Available to
         ComEd for the generation of Electric Energy, the Available generating
         capacity of such Substitute Unit may be used to offset the Unavailable
         generating capacity of a Reserved Unit (up to (i) if such calculation
         is being performed for a Summer Month, 90% of the Net Dependable
         Capacity of such Reserved Unit as set forth in Appendix B or (ii) if
         such calculation is being performed for a Non-Summer Month, 75% of the
         Net Dependable Capacity of such Reserved Unit as set forth in Appendix
         B) for purposes of calculating Group EAF; (ii) for clarity and the
         avoidance of doubt, hours attributable to Planned Outages (including
         extensions), Maintenance Outages (including extensions) and Forced
         Outages shall be Unavailable hours for the purposes of calculating
         Group EAF; and (iii) Availability of a Reserved Unit shall be measured
         on the Station side of the Point of Delivery unless an event on the
         Station side of the Point of Delivery has caused equipment on the
         transmission system side of the Point of Delivery to be malfunctional
         or nonfunctional.

                  "HOT START" means a Successful Start-Up of a Reserved Unit
         before which such Reserved Unit has been off-line for eight hours or
         less.

                  "INTERCONNECTION AGREEMENT" means the Facilities,
         Interconnection and Easement Agreement dated as of the Effective Date
         between ComEd and Seller with respect to the Station.

                  "ISO" means any Person that becomes responsible under
         applicable FERC guidelines for the transmission system to which the
         Station is connected.

                  "LENDERS" means (i) any person or entity that, from time to
         time, has made loans to Seller, its permitted successors or permitted
         assigns for the financing or refinancing of a Station or which are
         secured by a Station, (ii) any holder of such indebtedness, (iii) any
         trustee on behalf of any such holders or (iv) any Person who purchases
         a Station in connection with a sale-leaseback or other lease
         arrangement in which the Seller is the lessee of such Station pursuant
         to a net lease.

                  "LOW LOAD CHARGES" means an amount determined under Section
         7(a)(iv) in respect of a month.

                  "MAIN" means the Mid-America Interconnected Network.

                  "MINIMUM LOAD" means the "Minimum Operating Level" for a
         Reserved Unit (below which it cannot operate in a stable manner) as set
         forth in Appendix B. Minimum Load for a Reserved Unit shall be measured
         in net megawatts.

                                       5

<PAGE>

                  "MINIMUM ENERGY AMOUNT" means, with respect to a Contract
         Year, the product of (i) 3,000,000 megawatt hours, multiplied by (ii) a
         fraction, the numerator of which is the Reserved Capacity for such
         Contract Year and the denominator of which is the 2,698 megawatts.

                  "MINIMUM TAKE TRUE-UP" means (i) the product of the Minimum
         Energy Amount for a Contract Year, multiplied by the Equivalent
         Availability Adjustment Factor for such Contract Year, multiplied by
         the megawatt hour charge for such Contract Year, as determined from the
         table in Section 7(a)(ii), less (ii) the aggregate amounts paid or
         payable by ComEd to Seller under Section 7(a)(ii) in respect of the
         months (including, in the case of the First Contract Year, any partial
         month) constituting such Contract Year.

                  "MONTHLY CAPACITY CHARGE" means an amount determined under
         Section 7(a) in respect of a month.

                  "NERC" means the North American Electric Reliability Council.

                  "NON-SUMMER MONTH" means any month other than a Summer Month.

                  "NON-SUMMER CAPACITY CHARGE" means, with respect to a
         Non-Summer Month, (i) $1,667 per megawatt-month during the First
         through Third Contract Years and (ii) $2,083 per megawatt-month during
         the Fourth and Fifth Contract Years.

                  "NON-SUMMER CAPACITY PAYMENT" means, for a Non-Summer Month,
         the sum of the following calculations for each Reserved Unit during
         such month: the result of (i) the product of (a) the Net Dependable
         Capacity of such Reserved Unit as determined from Appendix B,
         multiplied by (b) the Non-Summer Capacity Charge for such month,
         multiplied by (c) the Adjustment Factor for such month, minus (ii) the
         Regulation Adjustment for such Reserved Unit for such month.

                  "PERSON" means any individual, corporation, partnership, joint
         venture, limited liability company, association, joint stock company,
         trust, unincorporated organization, entity, government or other
         political subdivision.

                  "POINT OF DELIVERY" means the point of Electric Energy
         delivery from the Station to the ComEd System specified in the
         Interconnection Agreement.

                  "PRUDENT UTILITY PRACTICE" means any of the practices, methods
         and acts required or approved by any ISO or engaged in or approved by a
         significant portion of the electric utility industry in the United
         States of America 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

                                       6

<PAGE>

         and expedition. "Prudent 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 acceptable practices, methods or acts
         generally accepted in the United States of America.

                  "REGULATION ADJUSTMENT" means, with respect to a Reserved Unit
         for a given month, (i) if the Adjustment Factor for such Reserved Unit
         for such month is zero or the Service Hours for such Reserved Unit for
         such month are less than twenty-four, an amount equal to zero, or (ii)
         in all other cases, an amount equal to the RPV Adjustment.

                  "REQUIREMENT OF LAW" means any foreign, federal, state and
         local laws, statutes, regulations, rules, codes or ordinances enacted,
         adopted, issued or promulgated by any federal, state, local or other
         governmental authority or regulatory body (including those pertaining
         to electrical, building, zoning, environmental and occupational safety
         and health requirements) or a tariff filed with any federal, state,
         local or other governmental authority or regulatory body.

                  "RESERVED CAPACITY" means, with respect to a Contract Year,
         the aggregate Net Dependable Capacity of the Reserved Units (as set
         forth in Appendix B).

                  "RESERVED UNIT" means each, and "RESERVED UNITS" means all, of
         the generating units of the Station except those units with respect to
         which this Agreement has been terminated in accordance with Section 13.

                  "RAW RPV" means, with respect to a Reserved Unit, its
         (together with any Substitute Unit substituted for such Reserved Unit)
         "regulating performance value," which shall be calculated by ComEd EMS
         on a monthly basis in accordance with the methodology set forth in
         Appendix G.

                  "RPVACT" means, with respect to a Reserved Unit for a given
         month, the product of

                  Raw RPV x [(hours on AGC)/(Service Hours - Start-Up
         Adjustment)]

For purposes of the foregoing calculation, the term "START-UP ADJUSTMENT"
means, with respect to a given month, the sum of: [(2 hours) x (the number of
Hot Starts in such month)] + [(4 hours) x (the number of Warm Starts in such
month)]+ [(6 hours) x (the number of Cold Starts in such month)].

                  "RPV ADJUSTMENT" means, with respect to a Reserved Unit for a
         given month, the amount determined from the following:

<TABLE>
<CAPTION>

                                                                 RPV Adjustment
                                                                 --------------
                  <S>                                            <C>
                  If (RPVmin - RPVact) is less than zero         [(RPVmin - RPVact) x $5,330)]
                  If (RPVmin - RPVact) is zero                   zero

                                       7

<PAGE>

                  If (RPVmin - RPVact) is greater                [(RPVmin - RPVact) x $5,330]
                    than zero
</TABLE>

For purposes of the foregoing calculation, the term "RPVMIN" means the "Unit
RPV" listed for such Reserved Unit in Appendix B.

                  "SELLER'S EVENT OF DEFAULT" has the meaning specified in
         Section 14(a).

                  "START-UP AND SUPPORT CHARGES" means an amount determined
         under Section 7(a)(iii).

                  "STATION" means the Collins generating station being conveyed
         to Seller pursuant to the Asset Sale Agreement.

                  "SUBSTITUTE UNIT" means a generating unit (other than a
         combustion turbine generating unit or peaker that is subject to a power
         purchase agreement with ComEd) within the ComEd Control Area which is
         not a Reserved Unit under this Agreement at the time in question.

                  "SUCCESSFUL START-UP" means causing, at the request of ComEd,
         a generating unit to achieve electrical synchronization with the
         transmission provider's system to which the Station is interconnected
         and to maintain at least the Minimum Load for such generating unit for
         a period of two hours.

                  "SUMMER CAPACITY CHARGE" means, with respect to a Summer
         Month, (i) $6,666 per megawatt-month during the First through Third
         Contract Years and (ii) $8,333 per megawatt-month during the Fourth and
         Fifth Contract Years.

                  "SUMMER CAPACITY PAYMENT" means, for a Summer Month, the sum
         of the following calculations for each Reserved Unit during such month:
         the result of (i) the product of (a) the Net Dependable Capacity of
         such Reserved Unit, multiplied by (b) the Summer Capacity Charge for
         such month, multiplied by (c) the Adjustment Factor for such month,
         minus (ii) the Regulation Adjustment for such Reserved Unit for such
         month.

                  "SUMMER MONTH" means each of June, July, August and September.

                  "SUMMER PERIOD" means the period from May 15 through September
         15 or, if the Effective Date or the Termination Date falls from May 15
         through September 15 of a given year, then for the resulting shorter
         period for such year.

                  "TERM" has the meaning specified in Section 2.

                                       8

<PAGE>

                  "TERMINATION DATE" means the earlier of (i) the day
         immediately preceding the fifth anniversary of the Effective Date if
         the Effective Date is the first day of a month and otherwise the day
         immediately preceding the fifth anniversary of the first day of the
         month immediately following the Effective Date and (ii) the date on
         which this Agreement is terminated by a Party pursuant to its terms.

                  "WARM START" means a Successful Start-Up of a Reserved Unit
         before which such Reserved Unit has been off-line for more than eight
         hours, but less than 48 hours.

                  (b)    INTERPRETATION.  In this Agreement, unless a clear
         contrary intention appears:

                  (i)    the singular includes the plural and vice versa;

                  (ii)   reference to any Person includes such Person's
         successors and assigns but, in the case of a Party, only if such
         successors and assigns are permitted by this Agreement, and reference
         to a Person in a particular capacity excludes such Person in any other
         capacity or individually;

                  (iii)  reference to any gender includes each other gender;

                  (iv)   reference to any agreement (including this Agreement),
         document, instrument or tariff means such agreement, document,
         instrument or tariff as amended or modified and in effect from time to
         time in accordance with the terms thereof and, if applicable, the terms
         hereof,

                  (v)    reference to any Requirement of Law means such
         Requirement of Law as amended, modified, codified or reenacted, in
         whole or in part, and in effect from time to time, including, if
         applicable, rules and regulations promulgated thereunder;

                  (vi)   reference to any Section or Appendix means such Section
         of this Agreement or such Appendix to this Agreement, as the case may
         be, and references in any Section or definition to any clause means
         such clause of such Section or definition;

                  (vii)  "hereunder", "hereof", "hereto" and words of similar
         import shall be deemed references to this Agreement as a whole and not
         to any particular Section or other provision hereof or thereof,

                  (viii) "including" (and with correlative meaning "include")
         means including without limiting the generality of any description
         preceding such term; and

                  (ix)   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".

                                       9

<PAGE>

                  (c)    LEGAL REPRESENTATION OF PARTIES. This Agreement was
negotiated by the Parties with the benefit of legal representation and any rule
of construction or interpretation otherwise requiring this Agreement to be
construed or interpreted against any Party shall not apply to any construction
or interpretation hereof or thereof.

                  (d)    TITLES AND HEADINGS. Section and Appendix titles and
headings in this Agreement are inserted for convenience of reference only and
are not intended to be a part of, or to affect the meaning or interpretation
of, this Agreement.

2.       TERM

                  This Agreement shall have a term (the "TERM") commencing on
the Effective Date and ending on the Termination Date. The provisions of
Sections 6(e) (Fuel Source and Emissions Reports), 6(f) (Records), 10
(Limitation of Liability), 11 (Disagreements), 14 (Default, Termination and
Remedies), and 16 (Indemnification) shall survive the termination of this
Agreement.

3.       GENERATING CAPACITY

                  Subject to the terms and conditions of this Agreement,
Seller shall, consistent with Prudent Utility Practice, cause the aggregate
Net Dependable Capacity of the Reserved Units during a Contract Year to be
not less than the Reserved Capacity for such Contract Year.

4.       ELECTRIC ENERGY SUPPLY

                  (a)    CHARACTER. All electric energy which Seller shall
sell and deliver to ComEd from a Reserved Unit (or a Substitute Unit)
hereunder (such electric energy being referred to herein as the "ELECTRIC
ENERGY") shall be consistent with the requirements of Section 5.7 of the
Interconnection Agreement.

                  (b)    SUPPLY. Subject to the terms and conditions of this
Agreement, Seller shall make available at the Point of Delivery to ComEd for
delivery and sale, and ComEd may receive and purchase from Seller, Electric
Energy. If a Reserved Unit is not Available, Seller may use a Substitute Unit
to fulfil such obligation; PROVIDED, HOWEVER, that (i) if such Substitute
Unit is not located within the Station, Seller shall be responsible for
arranging transmission service for delivery to the Station from such
Substitute Unit and (ii) such Substitute Unit shall have an RPVmin not less
than the Unavailable Reserved Unit. ComEd shall not be obligated to receive
or purchase any Electric Energy from Seller except such Electric Energy as is
dispatched by ComEd pursuant to Section 4(c).

                  (c)    DISPATCH. ComEd may dispatch the delivery of
Electric Energy from each Reserved Unit (or Substitute Unit) in accordance
with the provisions set forth in Appendix D at a rate up to such Reserved
Unit's Net Dependable Capacity as set forth in Appendix B or such Substitute
Unit's Net Dependable Capacity, as the case may be (or such greater or lesser
rate as

                                       10

<PAGE>

Seller may from time to time declare to be Available in accordance with
Section 3 of Appendix D), at any time when such Reserved Unit is so declared
by Seller to be Available.

                  (d)    ENERGY IMBALANCE.  ComEd shall hold Seller harmless
from any energy imbalance charges that result from ComEd's dispatch orders under
this Agreement.

5.       METERING; BILLING; PAYMENT

                  (a)    METERING. All Electric Energy delivered by Seller to
ComEd from the Station under this Agreement shall be metered at billing meter
installations provided, installed, owned, maintained and tested as provided
in Section 5.18 of the Interconnection Agreement. At Sellers option and
expense, back-up meters and associated metering equipment independent of the
Metering Equipment may be installed at the Station and such back-up meters
and metering equipment shall be used in accordance with the practices and
procedures established by the Parties for billing adjustments of discovered
billing meter inaccuracies. Any such back-up meters may be tested by ComEd at
Seller's expense, and any inaccuracies shall be handled as provided in
Section 5.18 of the Interconnection Agreement. All Electric Energy delivered
by Seller to ComEd from a Substitute Unit not located at the Station shall be
metered at billing meter installations provided, installed, owned, maintained
and tested by ComEd, if available, and otherwise at the billing meter
installation available at the site where the Substitute Unit is located. In
the event that ComEd's billing meters are not in service, ComEd will use
meter information from the meters it uses for dispatch for the period that
the billing meters are unavailable and provide the information to Seller. As
soon as practicable but in any event no later than five Business Days after
the end of each calendar month, ComEd shall provide Seller with information
from the billing meter installations owned or controlled by ComEd for
Seller's use in preparing billing statements and Seller shall have the right
to witness such meter readings and testing.

                  (b)    METER INACCURACIES. ComEd shall provide to Seller
copies of all routine meter calibration test results. If any test of the
billing meters by ComEd or Seller discloses an inaccuracy of more than 0.5%
fast or 0.5% slow, then a billing adjustment shall be made to correct for the
inaccuracy. For purpose of the billing adjustment, if the inaccuracy is
traceable to a specific event or occurrence at a reasonably ascertainable
time, then the adjustment shall extend back to that time; otherwise, it shall
be assumed that the error has existed for a period equal to one-half of the
time elapsed since the meter was installed or one-half of the time since the
last meter test, whichever is later. At any metering location, should the
billing meter at any time fail to register, the delivered Electric Energy
shall be determined by ComEd from the best available data, unless Seller
objects within 30 days. Such disagreements shall be resolved pursuant to
Section 11.

                  (c)    BILLING. As soon as practicable after the end of
each calendar month during the Term and after the Termination Date, Seller
shall render a statement to ComEd for the amounts due in respect of such
month under Section 7, which statement shall contain reasonable detail
showing the manner in which the Monthly Capacity Charge, Energy Charge,
Start-Up and Support Charges, Low Load Charges and any Minimum Take True-Up
were determined.

                                       11
<PAGE>

                  Billings for Electric Energy shall be based on ComEd revenue
quality meter information or, if such meters are not yet in service, on
information from the meters that ComEd uses for dispatch. The amount due to
Seller as shown on any such monthly statement rendered by Seller shall be paid
by ComEd within fifteen Business Days after the date such statement is rendered
to ComEd by electronic means to an account specified by Seller. Any amount not
paid when due shall bear interest from the due date until paid at the Default
Rate.

                  (d)    BILLING DISPUTES.

                  (i)    If ComEd questions or contests the amount of any amount
         claimed by Seller to be due under Section 7 of this Agreement, ComEd
         shall make such payment under protest and thereafter shall be
         reimbursed by Seller for any amount in error after resolution of the
         dispute in accordance with Section 5(d)(ii).

                  (ii)   In the event that ComEd, by timely notice to Seller,
         questions or contests the correctness of any charge or payment claimed
         to be due by Seller, Seller shall promptly review the questioned charge
         or payment and shall notify ComEd, within fifteen Business Days
         following receipt by Seller of such notice from ComEd, of the amount of
         any error and the amount of any reimbursement that ComEd is entitled to
         receive in respect of such alleged error. Any disputes not resolved
         within fifteen Business Days after Seller's receipt of notice from
         ComEd shall be resolved in accordance with Section 11. Upon
         determination of the correct amount of any reimbursement, such amount
         shall be promptly paid by Seller.

                  (iii)   Reimbursements made by Seller to ComEd under this
         Section 5(d) shall include interest from the date the original payment
         was made until the date such reimbursement together with interest is
         made, which interest shall accrue at the Default Rate.

6.       OPERATION OF RESERVED UNITS

                  (a)   STANDARD OF OPERATION. Consistent with Prudent Utility
Practice, Seller shall operate each Reserved Unit in accordance with (i) the
applicable practices, methods, acts, guidelines, standards and criteria of MAIN,
NERC, any ISO and any successors to the functions thereof; (ii) the requirements
of the Interconnection Agreement; and (iii) all applicable Requirements of Law.
Seller will maintain all certifications, permits, licenses and approvals
necessary to operate and maintain each Reserved Unit and to perform its
obligations under this Agreement during the Term.

                  (b)    ELECTRIC ENERGY GENERATION.

                  (i)    During a Contract Year, ComEd shall have the right to
         receive and purchase Electric Energy represented by the Reserved
         Capacity of each Reserved Unit for such Contract Year. To the extent
         that ComEd has not dispatched the full Reserved Capacity of

                                      12

<PAGE>

         the Reserved Units, Seller may sell the electric energy represented by
         such undispatched Reserved Capacity to third parties subject to the
         following requirements:

                  (w)    if such undispatched Reserved Capacity relates to a
                         Reserved Unit which:

                         (i)   has been synchronized to the ComEd System and is
                  delivering Electric Energy at the request of ComEd, the EO
                  Generation Dispatcher must have released such undispatched
                  capacity to Seller and any sales of electric energy from such
                  capacity shall be cancellable by Seller upon not more than ten
                  minutes notice through GCM from the EO Generation Dispatcher;

                         (ii)  is off-line at the request of the EO Generation
                  Dispatcher and is operating in a two-hour start-up standby
                  mode at the request of ComEd, then any sales of electric
                  energy from such undispatched capacity shall be cancellable by
                  Seller upon not more than two hours notice through GCM from
                  the EO Generation Dispatcher;

                         (iii) is off-line at the request of the EO Generation
                  Dispatcher and is operating in an eight-hour start-up standby
                  mode at the request of ComEd, then any sales of electric
                  energy from such undispatched capacity shall be cancellable by
                  Seller upon not more than eight hours notice through GCM from
                  the EO Generation Dispatcher; or

                         (iv)  is off-line at the request of the EO Generation
                  Dispatcher and is not operating in a start-up standby mode at
                  the request of ComEd, then any sales of electric energy from
                  such undispatched capacity shall be cancellable by Seller upon
                  not more than twenty-four hours notice through GCM from the EO
                  Generation Dispatcher.

                  (x)    Seller shall be responsible for arranging transmission
         service for any deliveries of electric energy contemplated by any such
         sales to third parties (it being understood that this Agreement does
         not grant any rights of access to, or use of, any transmission
         service);

                  (y)    the delivery of electric  energy  contemplated  by any
         such sales to third parties shall be in accordance with the provisions
         of the Interconnection Agreement; and

                  (z)    Seller shall schedule the sale of any energy so
         released through EO and shall respond to any recall of such energy by
         EO within the applicable time period specified in Section 6(b)(i)(w).

No sales of electric energy shall be made to any Person from a Reserved Unit (or
any portion thereof) declared by Seller to be Unavailable.

                                      13

<PAGE>

                  (ii)   In the event that a Reserved Unit shall have electric
         generation capacity in excess of its Net Dependable Capacity set forth
         in Appendix B, Seller may offer and sell such capacity and associated
         electric energy to third parties on such terms as Seller shall
         determine in its sole discretion. Seller shall be responsible for
         arranging transmission service for any deliveries of electric energy
         contemplated by any such sales to third parties (it being understood
         that this Agreement does not grant any rights of access to, or use of,
         any transmission service); and the delivery of electric energy
         contemplated by any such sales to third parties shall be in accordance
         with the provisions of the Interconnection Agreement. It is further
         understood that, in the event that any such sales to third parties
         shall be made and there shall be a derating in the associated Reserved
         Unit, such sales shall be curtailed in full before any curtailment of
         Electric Energy dispatched by ComEd from such Reserved Unit as a result
         of such derating.

                  (iii)  Seller may not sell Ancillary Services with respect to
         any undispatched Reserved Capacity referred to in Section 6(b)(i) or
         with respect to any excess capacity referred to in Section 6(b)(ii).

                  (c)    OUTAGES

                  (i)    PLANNED OUTAGES. On or prior to the Effective Date,
         Seller shall submit to ComEd a proposed schedule of Planned Outages
         (including Planned Deratings) scheduled by Seller for the following
         three Contract Years for the Reserved Units at the Station, which
         schedule shall be supplemented by Seller every six months following
         the Effective Date by notice to the EO Generation Dispatcher to
         extend the period covered by such schedule by six months; PROVIDED,
         HOWEVER, that no Planned Outage may be scheduled to cover any portion
         of a Summer Period. Such schedule, and each supplement thereto, shall
         indicate the planned start and completion dates for each Planned
         Outage shown during the period covered thereby and the amount of
         generating capacity that will be affected. Within sixty days of
         receipt of such schedule or any supplement thereto, ComEd may request
         reasonable modifications therein. Seller and ComEd shall work
         together to schedule Planned Outages to meet their mutual
         requirements; however, it is understood that in the event of a
         disagreement on such scheduling, ComEd will have the right to resolve
         such disagreements as it reasonably determines to be appropriate in
         accordance with Prudent Utility Practice. In addition, ComEd may at
         any time request, and Seller shall make, changes to such schedule or
         any such supplement if ComEd deems such changes to be necessary,
         PROVIDED THAT, Seller shall not be required in connection with any
         such change to split a single Planned Outage into more than one
         outage or to reduce the duration of a Planned Outage; PROVIDED
         FURTHER that, except for changes requested during the first six
         months of the Term, such changes do not affect any Planned Outages
         during the six months immediately following Seller's receipt of such
         request; and PROVIDED FURTHER, that if Seller reasonably incurs
         increased costs as a result of ComEd's request to reschedule a
         Planned Outage, ComEd shall reimburse Seller for the actual,
         documented increased out-of-pocket costs. At least one week prior to
         any Planned Outage, Seller shall orally notify the EO Generation
         Dispatcher of the expected start date of

                                      14

<PAGE>

         such Planned Outage, the amount of generating capacity at the
         Reserved Units which will not be available to ComEd during such
         Planned Outage, and the expected completion date of such Planned
         Outage. Seller shall orally notify the EO Generation Dispatcher
         promptly of any subsequent changes in such generating capacity not
         available or any subsequent changes in the Planned Outage completion
         date. As soon as practicable, all such oral notifications shall be
         confirmed in writing.

                  (ii)   MAINTENANCE OUTAGES. To the extent that during any
         Contract Year Seller needs to schedule a Maintenance Outage, Seller
         shall notify the EO Generation Dispatcher of such outage and shall plan
         such outage of generating capacity and use reasonable efforts to
         accommodate the requirements and service obligations of ComEd. Notice
         of a proposed Maintenance Outage shall include the expected start date
         of the outage, the amount of unavailable generating capacity of the
         Reserved Units and the expected completion date of the outage, and
         shall be given to ComEd at the time the need for the outage is
         determined by Seller. ComEd shall promptly respond to such notice and
         may request reasonable modifications in the schedule for the outage to
         accommodate the requirements and service obligations of ComEd. Seller
         shall use reasonable efforts to comply with such requested
         modifications and shall, if requested by ComEd, reschedule its
         Maintenance Outages, PROVIDED THAT it may do so in accordance with
         Prudent Utility Practice. Seller shall notify the EO Generation
         Dispatcher promptly of any subsequent changes in such generating
         capacity not available to ComEd or any subsequent changes in such
         outage completion date. As soon as practicable, any such notifications
         given orally shall be confirmed in writing.

                  (iii)  FORCED OUTAGES. Seller shall provide to the EO
         Generation Dispatcher immediately an oral report of any Forced Outage
         (including Forced Deratings) of the Reserved Units, which report shall
         include the amount of generating capacity at the Reserved Units
         unavailable because of such Forced Outage and the expected return date
         of such generating capacity, and shall update such report by notice to
         the EO Generation Dispatcher promptly as necessary to advise ComEd of
         changed circumstances. As soon as practicable, all such oral reports
         shall be confirmed in writing.

                  (iv)   INFORMATION RELATED TO OUTAGES. In addition to the
         foregoing, Seller shall provide to the EO Generation Dispatcher
         information relating to outages of generating capacity at the Station
         which would affect Seller's ability to deliver Electric Energy from any
         Reserved Unit.

                  (d)    OPERATING CHARACTERISTICS. The operating
characteristics of each Reserved Unit shall be consistent with the Design
Limits for such Reserved Unit set forth in Appendix B unless otherwise
mutually agreed by the Parties. Any changes to such operating characteristics
which may affect the delivery of Electric Energy pursuant to this Agreement
must be agreed by the Parties. Seller shall reduce, curtail or interrupt
electrical generation at the Station in accordance with Prudent Utility
Practice or take other appropriate action in accordance with the applicable
provisions of the Interconnection Agreement which in the reasonable judgment
of ComEd may be necessary

                                      15

<PAGE>

to operate, maintain and protect the ComEd System or the transmission system
of another utility during an Emergency Condition or in the reasonable judgment
of Seller may be necessary to operate, maintain and protect the equipment at
the Station during an Emergency Condition.

                  (e)    FUEL SOURCE AND EMISSIONS REPORTS. Seller shall
provide ComEd with information concerning Seller's fuel sources and emissions
(including carbon dioxide, nitrous oxides and sulfur dioxide emissions) as
reasonably requested by ComEd in order to allow ComEd to meet its statutory
reporting obligations (including those reporting obligations imposed by
Section 16-127 of the Illinois Public Utilities Act and associated rules of
the Illinois Commerce Commission) in respect of such information to
governmental bodies, customers or other Persons.

                  (f)    RECORDS. Each Party shall keep and maintain all
records as may be necessary or useful in performing or verifying any
calculations or charges made pursuant to this Agreement, or in verifying such
Party's performance hereunder. All such records shall be retained by each
Party for at least three calendar years following the calendar year in which
such records were created. Each Party shall make such records available to the
other Party for inspection and copying at the other Party's expense, upon
reasonable notice during such Party's regular business hours. Each Party and
its agents, including auditors, shall have the right, upon thirty days written
notice prior to the end of an applicable three calendar year period to request
copies of such records. Each Party shall provide such copies, at the other
Party's expense, within thirty days of receipt of such notice or shall make
such records available to the other Party and its agents, including auditors,
in accordance with the foregoing provisions of this Section.

7.       COMPENSATION

                  (a)    MONTHLY  CHARGES.  ComEd shall pay to Seller,  in
respect of each calendar  month during the Term, the following amounts:

                  (i)    MONTHLY CAPACITY CHARGE. A Monthly Capacity Charge
         equal to the Summer Capacity Payment, if such month is a Summer
         Month, or the Non-Summer Capacity Payment, if such month is a
         Non-Summer Month; PROVIDED, HOWEVER, if the first month of the First
         Contract Year is a partial month (as a result of the Effective Date
         occurring during a month), the amount payable under this Section
         7(a)(i) in respect of such partial month shall be prorated by
         multiplying it by a fraction, the numerator of which is the number of
         days from the Effective Date through the last day of such month and
         the denominator of which is the total number of days in such month.

                  (ii)   ENERGY CHARGE. An amount equal to the product of (x)
         the Electric Energy (expressed in megawatt hours) sold to ComEd under
         this Agreement during such month, multiplied by (y) the megawatt hour
         charge applicable to such Electric Energy as determined from the
         following table:

                                      16

<PAGE>

<TABLE>
<CAPTION>

                                        Energy Charge
                        ==============================================
                          Contract Year             ($/Megawatt Hour)
                        <S>                         <C>
                                1                         $30

                                2                          31

                                3                          32

                                4                          33

                                5                          34

</TABLE>

                  (iii)  START-UP AND SUPPORT CHARGES.  An amount equal to the
         sum of:

                         (1)   the product of (x) the number of Cold Starts for
                  each Reserved Unit during such month, multiplied by (y)
                  $10,700, plus

                         (2)   the product of (x) the number of Warm Starts for
                  each Reserved Unit during such month, multiplied by (y)
                  $7,500, plus

                         (3)   the product of (x) the number of Hot Starts for
                  each Reserved Unit during such month, multiplied by (y)
                  $3,700, plus

                         (4)   the product of (x) the number of hours (if any)
                  during such month that a Reserved Unit was operated in the
                  two-hour start-up standby mode at the request of ComEd,
                  multiplied by (y) a fraction, the numerator of which is
                  $30,000 and the denominator of which is 24, plus

                         (5)   the product of (x) the number of hours (if any)
                  during such month that a Reserved Unit was operated in the
                  eight-hour start-up standby mode at the request of ComEd,
                  multiplied by (y) a fraction, the numerator of which is
                  $15,000 and the denominator of which is 24.

                  (iv)   LOW LOAD CHARGES. An amount equal to the sum of the
         following calculations for each Reserved Unit during such month: the
         product of (1) the number of megawatt hours (if any) during such month
         that such Reserved Unit was operated at the request of ComEd within the
         range set forth opposite such Reserved Unit in the following table and
         (2) the Low Load Charge set forth opposite such Reserved Unit in such
         table; PROVIDED, HOWEVER, that no Low Load Charge shall be due if, due
         to a derating (not directed by ComEd), the Reserved Unit is unable to
         operate above the Low Load Range specified in the table below.

                                      17

<PAGE>

<TABLE>
<CAPTION>

                 ================================================================
                 Generating Unit         Load Range             Low Load Charge
                                         (Net MWs)          ($ per Megawatt-hour)
                 ================================================================
                 <S>                     <C>                <C>
                 Unit 1                    44-78                      $15
                 ----------------------------------------------------------------
                 Unit 2                    42-78                      15
                 ----------------------------------------------------------------
                 Unit 3        24 GREATER THAN OR EQUAL TO  45        40
                               45 GREATER THAN OR EQUAL TO  79        10
                 ----------------------------------------------------------------
                 Unit 4        24 GREATER THAN OR EQUAL TO  45        40
                               45 GREATER THAN OR EQUAL TO  79        10
                 ----------------------------------------------------------------
                 Unit 5        24 GREATER THAN OR EQUAL TO  45        40
                               45 GREATER THAN OR EQUAL TO  79        10
                 ================================================================

</TABLE>

                  (v)    ANCILLARY SERVICES. There shall not be any additional
         charges payable by ComEd or otherwise in respect of the Ancillary
         Services described in Section 9.

                  (b)    MINIMUM TAKE TRUE-UP. The amount otherwise payable
under Section 7(a)(ii) in respect of the last month of a Contract Year shall
be subject to upward adjustment to reflect the Minimum Take True-Up, if any.

8.       TESTING

                  Capability evaluations of the Reserved Units may be conducted
by ComEd at reasonable intervals. Such evaluations shall consist of a period of
one hour during which ComEd may request the Net Dependable Capacity of a
Reserved Unit to generate Electric Energy for delivery to the ComEd System. Once
a test period has been initiated, it must last one hour unless ComEd and the
Station general manager mutually agree to a shorter duration. In addition, ComEd
may request not more than once per Contract Year that a Reserved Unit undergo a
generating test as specified in Guide No. 3A of MAIN (a copy of which is
attached as Appendix C). No tests will be conducted or continued which, in the
opinion of Seller, should not be conducted or continued in accordance with
Prudent Utility Practice. If Seller prevents or discontinues a test in
accordance with Prudent Utility Practice, ComEd shall have the right to retest
the affected Reserved Unit upon prior notice to Seller. Seller shall have the
right to retest any Reserved Unit after the failure of any test performed at the
request of ComEd pursuant to this Section 8.

9.       ANCILLARY SERVICES

                  As directed by ComEd, Seller shall provide the following
additional services (the "ANCILLARY SERVICES") with respect to the Reserved
Capacity (subject to any sale(s) of electric energy made by Seller to third
parties to the extent permitted under Section 6(b)(i) or (ii)):

                                      18

<PAGE>

                  (a)    Reactive supply and voltage control from generation
                         sources
                  (b)    Regulation and frequency response
                  (c)    Operating reserve - spinning
                  (d)    Operating reserve - supplemental

The requirements of these services shall be as stated in ComEd's Open Access
Transmission Tariff as filed with FERC, and any other Requirements of Laws and
any requirements of MAIN, NERC, any ISO and any successors to the functions
thereof.

10.      LIMITATION OF LIABILITY

                  In no event or under any circumstances shall either Party
(including such Party's affiliates and such Party's and such affiliates'
respective directors, officers, employees and agents) be liable to the other
Party (including such Party's affiliates and such Party's and such affiliates'
respective directors, officers, employees and agents) for any special,
incidental, exemplary, indirect, punitive or consequential damages or damages in
the nature of lost profits, whether such loss is based on contract, warranty or
tort (including intentional acts, errors or omissions, negligence, indemnity,
strict liability or otherwise). A Party's liability under this Agreement shall
be limited to direct, actual damages, and all other damages at law or in equity
are waived.

                  Notwithstanding the foregoing provisions of this Section or
any other Section hereof, if

                  (i)    ComEd dispatches the delivery of Electric Energy from a
         Reserved Unit in accordance with the provisions hereof (other than
         during a ComEd Event of Default under Section 14(b)(i)) and Seller
         fails to provide all of the Electric Energy so dispatched by ComEd, or

                  (ii)   if Seller fails to declare a Reserved Unit Available at
         its Net Dependable Capacity,

and, during such failure, Seller sells or provides electric energy from the
Reserved Unit to any Person other than ComEd (including Seller but excluding
provision or use of electric energy by Seller solely for use at the Station),
ComEd shall, in addition to any rights it has to an adjustment of payments
otherwise due hereunder or to terminate this Agreement, be entitled to
reimbursement by Seller for all of ComEd's out-of-pocket costs related to or
resulting from such failure by Seller, including:

                  (w)    the costs to purchase and transmit electric energy in
         substitution for the subject Electric Energy to the extent such costs
         exceed the costs that would have been due hereunder had, in the case of
         a failure under clause (i) above, Seller provided the Electric Energy
         dispatched by ComEd, or the costs to purchase and transmit electric
         energy in substitution for the Net Dependable Capacity (as set forth in
         Appendix B) from the subject

                                      19

<PAGE>

         Reserved Unit to the extent such costs exceed the costs that would
         have been due hereunder had, in the case of a failure under clause (ii)
         above, Seller declared such Reserved Unit Available and ComEd had
         dispatched Electric Energy from such Reserved Unit in each case in an
         amount inclusive of the electric energy sold to such Person;

                  (x)    any and all amounts paid (whether in the form of cash
         payments, bill credits, tariff adjustments or otherwise) by ComEd to
         its customers pursuant to statute, tariff, order of a tribunal of
         competent jurisdiction or other Requirement of Law because ComEd was
         unable to provide electric energy to any of its customers to the extent
         that all or any part of such inability could reasonably have been
         expected to have been avoided absent such failure by Seller;

                  (y)    attorneys', consultants' and witnesses' fees incurred
         by ComEd in connection with a regulatory or judicial investigation or
         proceeding of any kind related to or resulting from an inability of
         ComEd to provide electric energy to any of its customers to the extent
         that all or any part of such inability could reasonably have been
         expected to have been avoided absent such failure by Seller; and

                  (z)    any other amounts owed to third parties because of
         ComEd's inability to deliver electric energy if all or any part of such
         inability could reasonably have been expected to have been avoided
         absent such failure by Seller.

In addition, if ComEd is unable to provide electric energy to any customer or
third party and all or part of such inability could reasonably have been
expected to have been avoided absent such failure by Seller, ComEd will suffer
significant damages in addition to its out-of-pocket costs, the quantification
of which is difficult to ascertain. Accordingly, if ComEd is unable to provide
electric energy to any customer or third party and all or any part of such
inability could reasonably have been expected to have been avoided absent such
failure by Seller, and, during such failure by Seller, Seller sells or provides
electric energy from the subject Reserved Unit to any Person other than ComEd
(including Seller but excluding provision or use of electric energy by Seller
solely for use at the Station), Seller shall pay for each occurrence, in
addition to the out-of-pocket costs described above, liquidated damages to ComEd
in the amount of $25,000 for each megawatt of Net Dependable Capacity (as set
forth in Appendix B) for the relevant Reserved Unit.

11.      DISAGREEMENTS

                  (a)    ADMINISTRATIVE COMMITTEE PROCEDURE. Except to the
extent otherwise provided in Section 5(d), if any disagreement arises on
matters concerning this Agreement, the disagreement shall be referred to one
representative of each Party, who shall attempt to timely resolve the
disagreement. If such representatives can resolve the disagreement, such
resolution shall be reported in writing to and shall be binding upon the
Parties. If such representatives cannot resolve the disagreement within a
reasonable time, or a Party fails to appoint a representative within 10 days

                                      20

<PAGE>

of written notice of the existence of a disagreement, then the matter shall
proceed to arbitration as provided in Section 11(b).

                  (b)    ARBITRATION. If pursuant to Section 11(a), the Parties
are unable to resolve a disagreement arising on a matter pertaining to this
Agreement, such disagreement shall be settled by arbitration in Chicago,
Illinois. The arbitration shall be governed by the United States Arbitration
Act (9 U.S.C. Section 1 ET SEQ.), and any award issued pursuant to such
arbitration may be enforced in any court of competent jurisdiction. This
agreement to arbitrate and any other agreement or consent to arbitrate entered
into in accordance herewith will be specifically enforceable under the
prevailing arbitration law of any court having jurisdiction. Notice of demand
for arbitration must be filed in writing with the other Party to this
Agreement. Arbitration shall be conducted as follows:

                  (i)    Either Party may give the other Party written notice in
         sufficient detail of the disagreement and the specific provision of
         this Agreement under which the disagreement arose. The demand for
         arbitration must be made within a reasonable time after the
         disagreement has arisen. In no event may the demand for arbitration be
         made if the institution of legal or equitable proceedings based on such
         disagreement is barred by the applicable statute of limitations. Any
         arbitration related to this Agreement may be consolidated with any
         other arbitration proceedings related to this Agreement.

                  (ii)   The Parties shall attempt to agree on a person with
         special knowledge and expertise with respect to the matter at issue to
         serve as arbitrator. If the Parties cannot agree on an arbitrator
         within ten days, each shall then appoint one person to serve as an
         arbitrator and the two thus appointed shall select a third arbitrator
         with such special knowledge and expertise to serve as Chairman of the
         panel of arbitrators; and such three arbitrators shall determine all
         matters by majority vote; PROVIDED, HOWEVER, if the two arbitrators
         appointed by the Parties are unable to agree upon the appointment of
         the third arbitrator within five days after their appointment, both
         shall give written notice of such failure to agree to the Parties, and,
         if the Parties fail to agree upon the selection of such third
         arbitrator within five days thereafter, then either of the Parties upon
         written notice to the other may require appointment from, and pursuant
         to the rules of, the Chicago office of the American Arbitration
         Association for commercial arbitration. Prior to appointment, each
         arbitrator shall agree to conduct such arbitration in accordance with
         the terms of this Agreement.

                  (iii)  The Parties shall have sixty days from the appointment
         of the arbitrator(s) to perform discovery and present evidence and
         argument to the arbitrator(s). During that period, the arbitrator(s)
         shall be available to receive and consider all such evidence as is
         relevant and, within reasonable limits due to the restricted time
         period, to hear as much argument as is feasible, giving a fair
         allocation of time to each Party to the arbitration. The arbitrator(s)
         shall use all reasonable means to expedite discovery and to sanction
         noncompliance with reasonable discovery requests or any discovery
         order. The arbitrator(s) shall not consider any evidence or argument
         not presented during such period and shall not extend such period
         except by the written consent of both Parties. At the conclusion of
         such period,

                                      21

<PAGE>

         the arbitrator(s) shall have forty-five calendar days to reach a
         determination. To the extent not in conflict with the procedures set
         forth herein, which shall govern, such arbitration shall be held in
         accordance with the prevailing rules of the Chicago office of the
         American Arbitration Association for commercial arbitration.

                  (iv)   The arbitrator(s) shall have the right only to
         interpret and apply the terms and conditions of this Agreement and to
         order any remedy allowed by this Agreement, but may not change any
         term or condition of this Agreement, deprive either Party or any right
         or remedy expressly provided hereunder, or provide any right or remedy
         that has been expressly excluded hereunder.

                  (v)    The arbitrator(s) shall give a written decision to the
         Parties stating their findings of fact and conclusions of law, and
         shall furnish to each Party a copy thereof signed by him (them) within
         five calendar days from the date of their determination. The
         arbitrator's(s') decision shall be final and binding upon the Parties.

                  (vi)   Each Party shall pay the cost of the arbitrator(s) with
         respect to those issues as to which they do not prevail, as determined
         by the arbitrator(s).

                  (c)    OBLIGATIONS TO PAY CHARGES AND PERFORM. If a
disagreement should arise on any matter which is not resolved as provided in
Section 11(a), then, pending the resolution of the disagreement by arbitration
as provided in Section 11(b), Seller shall continue to operate the Reserved
Units in a manner consistent with the applicable provisions of this Agreement
and ComEd shall continue to pay all charges and perform all other obligations
required in accordance with the applicable provisions of this Agreement.

                  (d)    PRELIMINARY INJUNCTIVE RELIEF. Nothing in this
Section 11 shall preclude, or be construed to preclude, the resort by either
Party to a court of competent jurisdiction solely for the purposes of securing
a temporary or preliminary injunction to preserve the status quo or avoid
irreparable harm pending arbitration pursuant to this Section 11.

                  (e)    SETTLEMENT DISCUSSIONS. The Parties agree that no
statements of position or offers of settlement made in the course of the
dispute process described in this Section 11 will be offered into evidence for
any purpose in any litigation or arbitration between the Parties, nor will any
such statements or offers of settlement be used in any manner against either
Party in any such litigation or arbitration. Further, no such statements or
offers of settlement shall constitute an admission or waiver of rights by
either Party in connection with any such litigation or arbitration. At the
request of either Party, any such statements and offers of settlement, and all
copies thereof, shall be promptly returned to the Party providing the same.

                                      22

<PAGE>

12.      ASSIGNMENT; TRANSFER OF STATION

                  (a)   ASSIGNMENT. Neither Party may assign its rights or
obligations under this Agreement without the prior written consent of the
other Party, which shall not be unreasonably withheld or delayed.
Notwithstanding the foregoing, ComEd shall have the right to assign its
rights and obligations hereunder without the consent of Seller to (i) any
entity that has a net worth of at least $500 million and credit ratings for
long-term secured debt from Standard & Poor's Ratings Group of BBB- or higher
and from Moody's Investors Service, Inc. of Baa3 or higher or (ii) any
affiliate of ComEd. For the purposes of this Section 12(a), any direct
transfer or series of direct transfers (whether voluntary or by operation of
law) of a majority of the outstanding voting equity interests of Seller (or
any entity or entities directly or indirectly holding a majority of the
outstanding voting equity interests of Seller) to any party other than an
affiliate controlled by, or under common control with, Seller shall be deemed
an assignment of this Agreement.

                  (b)   COLLATERAL ASSIGNMENT. Notwithstanding the above,
ComEd hereby consents to the assignment by Seller of a security interest in
this Agreement to any Lenders; PROVIDED THAT Owner shall have provided notice
of any such assignment to ComEd. ComEd further agrees to execute
documentation to evidence such consent, PROVIDED it shall have no obligation
to waive any of its rights under this Agreement. ComEd recognizes that such
consent may grant certain rights to such Lenders, which shall be fully
developed and described in the consent documents, including (i) this
Agreement shall not be amended in any material respect or terminated (except
for termination pursuant to the terms of this Agreement) without the consent
of Lenders, which consent as to amendments shall not be unreasonably withheld
or delayed, (ii) Lenders shall be given notice of, and a reasonable time
period (but in no event more than the time period provided to Seller) to
cure, any Seller breach or default of this Agreement, (iii) if a Lender
forecloses, takes a deed in lieu or otherwise exercises its remedies pursuant
to any security documents, that ComEd shall, at Lender's request, continue to
perform all of its obligations hereunder, and Lender or its nominee may
perform in the place of Seller, and may assign this Agreement to another
party in place of Seller (PROVIDED either (i) such proposed assignee is
creditworthy and possesses experience and skill in the operation of electric
generation plants or (ii) ComEd consents to the assignment to such proposed
assignee, which consent shall not be unreasonably withheld (it being
understood that ComEd may, in deciding whether to grant such consent, take
into account the creditworthiness and the electric generation plant
experience and skill of the proposed assignee)), and enforce all of Seller's
rights hereunder, (iv) that Lender(s) shall have no liability under this
Agreement except during the period of such Lender(s)' ownership and/or
operation of a Station(s), (v) that ComEd shall accept performance in
accordance with this Agreement by Lender(s) or its (their) nominee, (vi) that
ComEd shall make all payments to an account designated by Lender(s), and
(vii) that ComEd shall make representations and warranties to Lender(s) as
Lender(s) may reasonably request with regard to (A) ComEd's corporate
existence, (B) ComEd's corporate authority to execute, deliver, and perform
this Agreement, (C) the binding nature of this Agreement on ComEd, (D)
receipt of regulatory approvals by ComEd with respect to its performance
under this Agreement, and (E) whether any defaults by Owner are known by
ComEd then to exist under this Agreement.

                                       23

<PAGE>

                  (c)   TRANSFER OF STATION DURING THE TERM. Prior to the
Termination Date, Seller shall not sell or otherwise transfer any interest in
the Station to any Person without first obtaining ComEd's written consent,
which consent shall not be unreasonably withheld or delayed and may be
conditioned upon the transferee's assumption of the obligations of Seller
under this Agreement in respect of the Reserved Units. No such assignment
shall relieve Seller from its obligations hereunder, unless otherwise agreed
to by ComEd in writing. Any such sale or transfer without consent under this
Section 12 shall be null and void.

13.      TERMINATION BY COMED WITH RESPECT TO CERTAIN GENERATING UNITS

                  Subject to the notice and other requirements contained in
this Section 13, ComEd shall have the right, in its sole discretion, with
respect to each of the Third Contract Year, the Fourth Contract Year and the
Fifth Contract Year, to terminate this Agreement with respect to any
generating unit or units located at the Station (such rights to terminate
being referred to herein collectively as "TERMINATION OPTIONS" and
individually as a "TERMINATION OPTION"). ComEd may exercise a Termination
Option with respect to the Third, Fourth and/or Fifth Contract Years by
providing written notice of such exercise to Seller by no later than 90 days
before the first day of the applicable Contract Year. Such notice shall
contain (i) a statement that ComEd is exercising a Termination Option or
Termination Options and (ii) the Contract Year or Contract Years with respect
to which the Termination Option or Termination Options being exercised
relate. Such termination(s) shall become effective as of the first day of the
earliest Contract Year with respect to which such termination(s) relate, and
at such time this Agreement shall terminate and be of no further force or
effect with respect to the generating unit or units so terminated, PROVIDED
THAT, the provisions of Sections 6(e) (Fuel Source and Emissions), 6(f)
(Records), 10 (Limitation of Liability), 11 (Disagreements), 14 (Default,
Termination and Remedies), and 16 (Indemnification) shall survive such
termination(s), and PROVIDED FURTHER, that any such termination(s) shall have
no effect on this Agreement as it relates to the generating unit or units
that are not terminated in accordance with this Section 13.

14.      DEFAULT; TERMINATION AND REMEDIES

                  (a)   SELLER'S DEFAULT. The occurrence and continuation of
any of the following events or circumstances at any time during the Term,
except to the extent caused by, or resulting from, an act or omission of
ComEd in breach of this Agreement, shall constitute an event of default by
Seller ("SELLER'S EVENT OF DEFAULT"):

                  (i)   Seller fails to pay any sum due from it hereunder on the
         due date thereof and such failure is not remedied within ten Business
         Days after receipt of written notice thereof;

                  (ii)  Seller shall without reasonable cause abandon or
         wilfully desert the Station for a period in excess of 24 hours;

                  (iii) Seller's Bankruptcy; or

                                       24

<PAGE>

                  (iv)  Seller fails in any material respect to perform or
         comply with any other obligation in this Agreement on its part to be
         observed or performed which failure materially and adversely affects
         ComEd, and if reasonably capable of remedy, is not remedied within
         60 days after ComEd has given written notice to Seller of such failure
         and requiring its remedy; PROVIDED, HOWEVER, that if such remedy
         cannot reasonably be cured within such period of 60 days, such failure
         shall not constitute a Seller's Event of Default if Seller has
         promptly commenced and is diligently proceeding to cure such default.

                  (b)   COMED DEFAULT. The occurrence and continuation of any
of the following events or circumstances at any time during the Term, except
to the extent caused by, or resulting from, an act or omission of Seller in
breach of this Agreement, shall constitute an event of default by ComEd
("COMED EVENT OF DEFAULT"):

                  (i)   ComEd fails to pay any amount due from it pursuant to
         Section 7 hereof on the due date thereof and such failure is not
         remedied within ten Business Days after receipt of written notice
         thereof;

                  (ii)  ComEd fails to pay any sum (other than one set forth in
         subsection (i) above) due from it hereunder on the due date thereof and
         such failure is not remedied within fifteen days after Seller has given
         written notice to ComEd of such failure and requiring its remedy;

                  (iii) ComEd's Bankruptcy; or

                  (iv)  ComEd fails in any material respect to perform or comply
         with any other obligation in this Agreement on its part to be observed
         or performed which failure materially and adversely affects Seller, and
         if reasonably capable of remedy, is not remedied within 60 days after
         Seller has given written notice to ComEd of such failure and requiring
         its remedy; PROVIDED, HOWEVER, that if such remedy cannot reasonably be
         cured within such period of 60 days, such failure shall not constitute
         a ComEd Event of Default if ComEd has promptly commenced and is
         diligently proceeding to cure such default.

                  (c)   REMEDIES AND REMEDIES CUMULATIVE.

                  (i)   Upon the occurrence and during the continuance of a
         ComEd Event of Default or a Seller's Event of Default, the
         non-defaulting party may at its discretion (A) terminate this
         Agreement upon 30 days prior written notice to the Party in default
         and (B) exercise any other rights and remedies available at law or
         in equity.

                  (ii)  If a ComEd Event of Default under Section 14(b)(i) has
         occurred and is continuing, Seller shall have the right to sell the
         electric energy represented by the Reserved Capacity on a daily basis
         during the continuance of such ComEd Event of Default to third parties.

                                       25

<PAGE>

                  (d)   EXTENDED OUTAGE. ComEd may terminate this Agreement
upon thirty days prior written notice to Seller if an outage (including an
outage caused by, or resulting from, a Force Majeure Event) at the Station
prevents Seller from substantially performing its obligations hereunder for a
consecutive period of 120 days, PROVIDED THAT, if Seller demonstrates that it
has taken significant steps toward remediating the circumstances which led to
such outage and certifies in writing to ComEd that such outage will end
within 300 days of its commencement (and such outage in fact ends within such
300 days), then ComEd may not so terminate this Agreement.

                  (e)   TERMINATIONS UNDER SECTION 13. This Agreement shall
terminate at such time as all of the generating units located at the Station
are terminated by ComEd in accordance with Section 13, PROVIDED THAT, the
provisions of Sections 6(e) (Fuel Source and Emissions), 6(f) (Records), 10
(Limitation of Liability), 11 (Disagreements), 14 (Default, Termination and
Remedies), and 16 (Indemnification) shall survive such termination.

15.      FORCE MAJEURE

                  (a)   FORCE MAJEURE EVENT. For the purposes of this
Agreement, "FORCE MAJEURE EVENT" means any unforeseeable event, condition or
circumstance beyond the reasonable control of the Party affected (the
"AFFECTED PARTY") which, despite all reasonable efforts of the Affected Party
to prevent it or mitigate its effects, prevents the performance by such
Affected Party of its obligations hereunder. Subject to the foregoing, "Force
Majeure Event" shall include:

                  (i)   explosion and fire (in either case to the extent not
         attributable to the negligence of the Affected Party);

                  (ii)  flood, earthquake, storm, or other natural
         calamity or act of God;

                  (iii) strike or other labor dispute;

                  (iv)  war, insurrection or riot;

                  (v)   acts  of,  or  failure  to act by,  legislative,
         judicial  or  regulatory  agencies  or officials (collectively,
         "GOVERNMENTAL ACTION"); and

                  (vi)  Change of Law.

                  (b)   OBLIGATIONS UNDER FORCE MAJEURE.

                  (i)   If the Affected Party is rendered unable, wholly or in
         part, by a Force Majeure Event, to carry out some or all of its
         obligations under this Agreement, then, during the continuance of such
         inability, the obligation of such Party to perform the obligations so
         affected shall be suspended.

                                       26

<PAGE>

                  (ii)  The Affected Party shall give written notice of such
         Force Majeure Event to the other Party as soon as practicable after
         such event occurs, which notice shall include information with respect
         to the nature, cause and date of commencement of the occurrence(s), and
         the anticipated scope and duration of the delay. Upon the conclusion of
         the Force Majeure Event, the Affected Party shall, with all reasonable
         dispatch, take all steps reasonably necessary to resume the
         obligation(s) previously suspended.

                  (iii) Notwithstanding the foregoing, an Affected Party shall
         not be excused under this Section 15(b) for (x) any nonperformance of
         its obligations under this Agreement having a greater scope or longer
         period than is justified by the Force Majeure Event or (y) the
         performance of obligations that arose prior to the Force Majeure Event.
         Nothing contained herein shall be construed as requiring an Affected
         Party to settle any strike, lockout or other labor dispute in which it
         may be involved.

                  (c)   CONTINUED  PAYMENT  OBLIGATION.  A Party's
obligation  to make  payments  already owing pursuant to this Agreement shall
not be suspended by a Force Majeure Event.

                  (d)   AVAILABILITY. Notwithstanding this Section 15,
outages or deratings of Reserved Units caused by, or attributable to, Force
Majeure Events shall be considered periods that the affected capacity is
Unavailable unless such Force Majeure Event is an event described in clause
(ii) or (iv) of Section 15(a) (in which case, such affected capacity shall be
considered Available at 90% of the Net Dependable Capacity (as set forth in
Appendix B) of the affected Reserved Unit(s) for the duration of such Force
Majeure Event during a Summer Month and at 75% of such Net Dependable
Capacity for the duration of such Force Majeure Event during a Non-Summer
Month).

16.      REPRESENTATIONS AND WARRANTIES

                  (a)   REPRESENTATIONS   AND   WARRANTIES   OF  SELLER.
Seller  hereby  makes  the  following representations and warranties to ComEd:

                  (i)   Seller is a limited liability company duly organized,
         validly existing and in good standing under the laws of the State of
         Delaware, is qualified to do business in the State of Illinois and has
         the legal power and authority to own its properties, to carry on its
         business as now being conducted and to enter into this Agreement and
         carry out the transactions contemplated hereby and perform and carry
         out all covenants and obligations on its part to be performed under and
         pursuant to this Agreement.

                  (ii)  The execution, delivery and performance by Seller of
         this Agreement have been duly authorized by all necessary corporate
         action, and do not and will not require any consent or approval of
         Seller's Board of Directors or equity holders other than that which
         has been obtained (evidence of which shall be, if it has not
         heretofore been, delivered to ComEd).

                                       27

<PAGE>

                  (iii) The execution and delivery of this Agreement, the
         consummation of the transactions contemplated hereby and the
         fulfillment of and compliance with the provisions of this Agreement, do
         not and will not conflict with or constitute a breach of or a default
         under, any of the terms, conditions or provisions of any legal
         requirements, or any organizational documents, agreement, deed of
         trust, mortgage, loan agreement, other evidence of indebtedness or any
         other agreement or instrument to which Seller is a party or by which it
         or any of its property is bound, or result in a breach of or a default
         under any of the foregoing.

                  (iv)  This Agreement constitutes the legal, valid and binding
         obligation of Seller enforceable in accordance with its terms, except
         as such enforceability may be limited by bankruptcy, insolvency,
         reorganization or similar laws relating to or affecting the enforcement
         of creditors' rights generally or by general equitable principles,
         regardless of whether such enforceability is considered in a proceeding
         in equity or at law.

                  (v)   There is no pending, or to the knowledge of Seller,
         threatened action or proceeding affecting Seller before any
         governmental authority which purports to affect the legality, validity
         or enforceability of this Agreement.

                  (vi)  Seller has all governmental approvals necessary for
         it to perform  its  obligations under this Agreement.

                  (b)   REPRESENTATIONS AND WARRANTIES OF COMED. ComEd hereby
makes the following representations and warranties to Seller:

                  (i)   ComEd is a corporation duly organized, validly existing
         and in good standing under the laws of the State of Illinois, is
         qualified to do business in the State of Illinois and has the legal
         power and authority to own its properties, to carry on its business as
         now being conducted and to enter into this Agreement and carry out the
         transactions contemplated hereby and perform and carry out all
         covenants and obligations on its part to be performed under and
         pursuant to this Agreement.

                  (ii)  The execution, delivery and performance by ComEd of this
         Agreement have been duly authorized by all necessary corporate action,
         and do not and will not require any consent or approval of ComEd's
         Board of Directors or shareholders other than that which has been
         obtained (evidence of which shall be, if it has not heretofore been,
         delivered to Seller).

                  (iii) The execution and delivery of this Agreement, the
         consummation of the transactions contemplated hereby and the
         fulfillment of and compliance with the provisions of this Agreement, do
         not and will not conflict with or constitute a breach of or a default
         under, any of the terms, conditions or provisions of any legal
         requirements, or its articles of

                                       28

<PAGE>

         incorporation or bylaws, or any deed of trust, mortgage, loan
         agreement, other evidence of indebtedness or any other agreement or
         instrument to which ComEd is a party or by which it or any of its
         property is bound, or result in a breach of or a default under any of
         the foregoing.

                  (iv)  This Agreement constitutes the legal, valid and binding
         obligation of ComEd enforceable in accordance with its terms, except as
         such enforceability may be limited by bankruptcy, insolvency,
         reorganization or similar laws relating to or affecting the enforcement
         of creditors' rights generally or by general equitable principles,
         regardless of whether such enforceability is considered in a proceeding
         in equity or at law.

                  (v)   There is no pending, or to the knowledge of ComEd,
         threatened action or proceeding affecting ComEd before any governmental
         authority which purports to affect the legality, validity or
         enforceability of this Agreement.

                  (vi)  ComEd has all governmental approvals necessary for it
         to perform its obligations under this Agreement.

17.      INDEMNIFICATION

                  Each Party shall indemnify and hold harmless the other
Party, and its officers, directors, agents and employees from and against any
and all claims, demands, actions, losses, liabilities, expenses (including
reasonable legal fees and expenses), suits and proceedings of any nature
whatsoever for personal injury, death or property damage to each other's
property or facilities or personal injury, death or property damage to third
parties caused by the gross negligence or wilful misconduct of the
indemnifying Party that arise out of or are in any manner connected with the
performance of this Agreement, except to the extent such injury or damage is
attributable to the gross negligence or wilful misconduct of, or breach of
this Agreement by, the Party seeking indemnification hereunder. Title, and
all risk relating to, all Electric Energy purchased by ComEd under this
Agreement shall pass to ComEd at the Point of Delivery. ComEd shall indemnify
Seller for liability from Electric Energy once sold and delivered at the
Point of Delivery; and Seller shall indemnify ComEd for liability from
Electric Energy prior to its delivery at such Point of Delivery.

18.      NOTICES

                  Unless otherwise provided in this Agreement, any notice,
consent or other communication required to be made under this Agreement shall
be in writing and shall be sent by facsimile, delivered or sent to the
address set forth below or such other address as the receiving Party may from
time to time designate by written notice:

                                       29

<PAGE>

                  If to ComEd, to:

                           Commonwealth Edison Company
                           One First National Plaza, 37th Floor
                           10 South Dearborn Street
                           Chicago, Illinois 60603
                           Attention:  Senior Vice President-Transmission
                           Facsimile No.:  (312) 394-3110
                           Confirmation No.:  (312) 394-3172

                  with a copy to:

                           Commonwealth Edison Company
                           Law Department
                           Room 1535
                           125 South Clark Street
                           Chicago, Illinois 60603
                           Attention:  Associate General Counsel-
                                       Corporate and Commercial
                           Facsimile No.:  (312) 394-3950
                           Confirmation No.:  (312) 394-5400

                  If to Seller, to:

                           Midwest Generation, LLC
                           One Financial Place - Suite 3500
                           440 South LaSalle Street
                           Chicago, Illinois 60605
                           Attention:  President
                           Facsimile No.:  (312) 583-6000
                           Confirmation No.:  (312) 583-6111

                  with a copy to:

                           Edison Mission Marketing & Trading Inc.
                           18101 Von Karman Avenue - Suite 1700
                           Irvine, California 92612
                           Attention:  Bulk Power Operations
                           Facsimile No.:  (949) 798-7425
                           Confirmation No.:  (949) 798-7421

                           and

                                       30

<PAGE>

                           Edison Mission Energy
                           18101 Von Karman Avenue - Suite 1700
                           Irvine, California 92612
                           Attention:  General Counsel
                           Facsimile No.:  (949) 757-0807
                           Confirmation No.:  (949) 798-7902

                           and

                           Edison Mission Energy
                           18101 Von Karman Avenue - Suite 1700
                           Irvine, California 92612
                           Attention:  Assistant General Counsel
                           Facsimile No.:  (949) 757-0807
                           Confirmation No.:  (949) 798-7937

All notices shall be effective when received.

19.      CONFIDENTIALITY

                  Each Party agrees that it will treat in confidence all
documents, materials and other information marked "Confidential,"
"Proprietary" or with similar designation by the disclosing Party
("CONFIDENTIAL INFORMATION") which it shall have obtained during the course
of the negotiations leading to, and its performance of, this Agreement
(whether obtained before or after the date of this Agreement). Confidential
Information shall not be communicated to any third party (other than, in the
case of Seller, to its affiliates, to its counsel, accountants, financial or
tax advisors, or insurance consultants, to prospective partners and other
investors in Seller and their counsel, accountants, or financial or tax
advisors, or in connection with any financing or refinancing, or its
permitted assignees or transferees; and in the case of ComEd, to its
affiliates, or to its counsel, accountants, financial advisors, tax advisors
or insurance consultants, or its permitted assignees or transferees). As used
herein, the term "Confidential Information" shall not include any information
which (i) is or becomes available to a 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 the receiving Party or its agents or (iii) is
required to be disclosed under applicable law or judicial, administrative or
regulatory process, but only to the extent it must be disclosed.

20.      GOVERNING LAW

                  Except as provided in Section 11, this Agreement shall be
deemed to be an Illinois contract and shall be construed in accordance with
and governed by the laws of Illinois without regard to its conflicts of laws
provisions.

                                       31

<PAGE>

21.      PARTIAL INVALIDITY

                  Wherever possible, each provision hereof shall be
interpreted in such manner as to be effective and valid under applicable law,
but in case any one or more of the provisions contained herein shall, for any
reason, be held to be invalid, illegal or unenforceable in any respect, such
provision shall be ineffective to the extent, but only to the extent, of such
invalidity, illegality or unenforceability without invalidating the remainder
of such invalid, illegal or unenforceable provision or provisions or any
other provisions hereof, unless such a construction would be unreasonable. In
the event that such a construction would be unreasonable or would deprive a
Party of a material benefit under this Agreement, the Parties shall seek to
amend this Agreement to remove the invalid provision and otherwise provide
the benefit unless prohibited by any Requirements of Law.

22.      WAIVERS

                  The failure of either Party hereto to enforce at any time
any provision of this Agreement shall not be construed to be a waiver of such
provision, nor in any way to affect the validity of this Agreement or any
part hereof or the right of a Party thereafter to enforce each and every such
provision. A waiver under this Agreement must be in writing and state that it
is a waiver. No waiver of any breach of this Agreement shall be held to
constitute a waiver of any other or subsequent breach.

23.      COMPETITIVE TRANSITION CHARGE

                  The Parties acknowledge that Seller has satisfied its
Competitive Transition Charge (as defined in the Illinois Public Utilities
Act) obligations with respect to the Stations by prepayment, which was
included in the Purchase Price paid under the Asset Sale Agreement.

24.      ENTIRE AGREEMENT AND AMENDMENTS

                  Except as provided in the Asset Sale Agreement and the
Interconnection Agreement, this Agreement supersedes all previous
representations, understandings, negotiations and agreements either written
or oral between the Parties hereto or their representatives with respect to
the subject matter hereof and constitutes the entire agreement of the Parties
with respect to the subject matter hereof. No amendments or changes to this
Agreement shall be binding unless made in writing and duly executed by both
Parties.

                                       32

<PAGE>

                  IN WITNESS WHEREOF, the Parties hereto have executed this
Agreement as of the date set forth at the beginning of this Agreement.

                                   COMMONWEALTH EDISON COMPANY

                                   By:   /S/ ROBERT J. MANNING
                                                --------------------------------
                                         Name:  Robert J. Manning
                                         Title:    Executive Vice President

                                   MIDWEST GENERATION, LLC

                                   By:  /S/ GEORGIA R. NELSON
                                                --------------------------------
                                         Name:  Georgia R. Nelson
                                         Title:    President

                                       33

<PAGE>

Collins Power Purchase Agreement Appendices
--------------------------------------------------------------------------------

                                   APPENDIX A

                         EQUIVALENT AVAILABILITY FACTOR

----------------------------------
OPERATION AND OUTAGE STATES
----------------------------------

AVAILABLE
State in which a unit is capable of providing service, whether or not it is
actually in service, regardless of the capacity level that can be provided.

FORCED DERATING (DL, D2, D3)
An unplanned component failure (immediate, advance, postponed) or other
condition that requires the load on the unit be reduced immediately, within six
hours, or before the end of the next weekend.

FORCED OUTAGE (U1, U2, U3, SF)
An unplanned component failure (immediate, delayed, postponed, startup failure)
or other condition that requires the unit be removed from service immediately,
within six hours, or before the end of the next weekend.

MAINTENANCE DERATING (D4)
That removal of a component for scheduled repairs that can be deferred beyond
the end of the next weekend, but requires a capacity reduction before the next
Planned Outage.

MAINTENANCE OUTAGE (MO)
The removal of a unit from service to perform work on specific components that
can be deferred beyond the end of the next weekend, but requires the unit be
removed from service before the next planned outage. Typically, MOs may occur
any time during the year, have flexible start dates, and may or may not have
predetermined durations.

MAINTENANCE OUTAGE EXTENSION (SE OF MO)
The extension of a Maintenance Outage (MO).

PLANNED DERATING (PD)
The removal of a component for repairs that is scheduled well in advance and has
a predetermined duration.

PLANNED OUTAGE (PO)
The removal of a unit from service to perform work on specific components that
is scheduled well in advance and has a predetermined start date and duration
(e.g., annual overhaul, inspections, testing).

PLANNED OUTAGE EXTENSION (SE OF PO)
The extension of a Planned Outage (PO).

RESERVE SHUTDOWN (RS)
A state in which the unit was available for service but not electronically
connected to the transmission system for economic reasons.

SCHEDULED DERATING EXTENSION (DE)
The extension of a maintenance or planned derating.

UNAVAILABLE
State in which a unit is not capable of operation because of the failure of a
component, external restriction, testing, work being performed, or some other
adverse condition.

                                      A-1

<PAGE>

Collins Power Purchase Agreement Appendices
--------------------------------------------------------------------------------

---------------------------
          TIME
---------------------------

AVAILABLE HOURS (AH)
Sum of all Service Hours (SH) and Reserve Shutdown Hours (RSH), or

Period Hours (PH) less Planned Outage Hours (POH), Forced Outage Hours (FOH),
and Maintenance Outage Hours (MOH)

EQUIVALENT PLANNED DERATED HOURS  (EPDH)
The product of Planned Derated Hours (PDH) and Size of Reduction, divided by Net
Maximum Capacity (NMC).

EQUIVALENT SEASONAL DERATED HOURS (ESEDH)
Net Maximum Capacity (NMC) less Net Dependable Capacity (NDC), multiplied by
Available Hours (AH) and divided by Net Maximum Capacity (NMC).

EQUIVALENT UNPLANNED DERATED HOURS (EUDH)
The product of Unplanned Derated Hours (UDH) and Size of Reduction, divided by
Net Maximum Capacity (NMC).

FORCED OUTAGE HOURS (FOH)
Sum of all hours experienced during Forced Outages (U1, U2, U3, SF).

MAINTENANCE OUTAGE HOURS (MOH)
Sum of all hours experienced during Maintenance Outages (MO) and Maintenance
Outage Extensions (SE of MO).

PERIOD HOURS (PH)
Number of hours a unit was in the active state. A unit generally enters the
active state on its service date.

PLANNED DERATED HOURS (PDH)
Sum of all hours experienced during Planned Deratings (PD) and Scheduled
Derating Extensions (DE) of any Planned Deratings (PD).

PLANNED OUTAGE HOURS (POH)
Sum of all hours experienced during Planned Outages (PO) and Planned Outage
Extensions (SE of PO).

RESERVE SHUTDOWN HOURS (RSH)
Total number of hours the unit was available for service but not electronically
connected to the transmission system for economic reasons.

SERVICE HOURS (SH)
Total number of hours a unit was electrically connected to the transmission
system.

UNAVAILABLE HOURS (UH)
Sum of all Forced Outage Hours (FOH), Maintenance Outage Hours (MOH), and
Planned Outage Hours (POH).

UNPLANNED DERATED HOURS (UDH)
Sum of all hours experienced during Forced Deratings (D1, D2, D3), Maintenance
Deratings (D4), and Scheduled Derating Extensions (DE) of any Maintenance
Deratings (D4).

                                      A-2

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Collins Power Purchase Agreement Appendices
--------------------------------------------------------------------------------

------------------------------
     CAPACITY AND ENERGY
------------------------------

NET DEPENDABLE CAPACITY (NDC)
GDC less the unit capacity (MW) utilized for that unit's station service or
auxiliaries.

NET MAXIMUM CAPACITY (NMC)
GMC less the unit capacity (MW) utilized for that unit's station service or
auxiliaries.

GMC GROSS DEPENDABLE CAPACITY (GDC)
GMC modified for seasonal limitations over a specified period of time.

GROSS MAXIMUM CAPACITY (GMC)
Maximum capacity (MW) a unit can sustain over a specified period of time when
not restricted by seasonal or other deratings.

                                    EQUATIONS

EQUIVALENT AVAILABILITY FACTOR (EAF):  [(AH) - (EUDH + EPDH + ESEDH))/PH] x
100(%)

                                      A-3
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Collins Power Purchase Agreement Appendices
--------------------------------------------------------------------------------

                                   APPENDIX B

                                  DESIGN LIMITS

        The Design Limits listed below shall be applicable to any dispatch of
the Reserved Units by ComEd:

<TABLE>
<CAPTION>

         ========================================================================================================
                            NET          MINIMUM      MINIMUM TIME                            RAMP
                         DEPENDABLE     OPERATING       BETWEEN             RAMP RATE         RATE
           COMMITTED      CAPACITY       LEVEL         DISPATCHED             RANGE           (MW/        UNIT
             UNIT          (MW)1        (NET MW)     STARTS (HOURS)2       (GROSS MWS)       MINUTE)      RPV3
         ========================================================================================================
         <S>             <C>            <C>          <C>                    <C>              <C>          <C>
         Collins Unit 1     554            44              2                 50-100            7           28
                                                                             130-500           12
                                                                             500-550           3
         ========================================================================================================
         Collins Unit 2     554            42              2                 50-100            7           28
                                                                             130-500           12
                                                                             500-550           3
         ========================================================================================================
         Collins Unit 3     530            24              2                 50-100            7           27.8
                                                                             130-500           15
                                                                             500-530           3
         ========================================================================================================
         Collins Unit 4     530            25              2                 50-100            5           17
                                                                             130-500           8
                                                                             500-530           2
         ========================================================================================================
         Collins Unit 5     530            25              2                 50-100            5           17
                                                                             130-500           8
                                                                             500-530           2
         ========================================================================================================
</TABLE>
         (1)      Winter net megawatts.
         (2)      Except during an Emergency Condition affecting the ComEd
                  System and for instances where ComEd and Seller agree on a
                  price to induce Seller to cycle a unit under the indicated
                  time.

                                      B-1
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Collins Power Purchase Agreement Appendices
--------------------------------------------------------------------------------

                                  APPENDIX C

                             MAIN GUIDE NUMBER 3A

                               MAIN GUIDE NO. 3A
                             (Formerly Guide No. 3)
                                (Revision No. 3)
                                  June 8, 1995
                            Approved November 9, 1995

                        PROCEDURE FOR THE UNIFORM RATING
                            OF GENERATING EQUIPMENT

                  The Mid-America Interconnected Network, Inc. bylaws provide
for the coordination of planning, construction and utilization of generation
and transmission facilities on a regional basis for reliability of electric
bulk power supply. This MAIN Guide presents the criteria for uniform rating
of generating equipment on the systems of MAIN members.

I.       GENERAL

                  Generating capability to meet the system load and provide
the required amount of reserves is necessary to assure the maximum degree of
service reliability. This generating capability must be accounted for in a
uniform manner which assures the use of consistently attainable values for
planning and operating the system.

                  Procedures are herein established for rating generating
units in service or which will be brought into service in the future. These
procedures define the framework under which the ratings are to be established
while recognizing the necessity of exercising judgement in their
determination. The tests required are functional and do not require special
instrumentation. They are designed to demonstrate that the ratings can be
obtained for the time periods required under normal operating conditions for
the equipment being tested.

                  It is intended that the terms defined and the ratings
established pursuant to this MAIN Guide shall be used for all MAIN purposes,
including determining generation reserves for both planning and operating
purposes, scheduling maintenance, and preparation of reports or other
information for industry organizations, news media, and governmental agencies.

II.      UNIFORM RATINGS

                  Each MAIN member shall establish Monthly Net Capability
ratings for each generating unit and station on the member's system. The
Monthly Net Capability is the net power

                                      C-1

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Collins Power Purchase Agreement Appendices
--------------------------------------------------------------------------------

output which can be obtained for the period specified on a monthly adjusted
basis with all equipment in service under average conditions of operation and
with equipment in an average state of maintenance. The Monthly Net Capability
should include generating capability which is temporarily out of service for
maintenance or repair.

                  The monthly adjustments required to develop Monthly Net
Capability are intended to include such seasonal variations as ambient
temperature, condensing water temperature and availability, fuels, steam
heating loads, reservoir levels, and scheduled reservoir discharge.

                  Generating capability shall be tested annually to
demonstrate and verify that the Monthly Net Capability can be achieved in the
month of the test. It is intended that frequent changes in Monthly Net
Capability be avoided. The reported capability is, therefore, a figure which
should not be altered until the accumulated evidence of tests and analyses or
operating experience indicate that a long-term change has taken place. The
Monthly Net Capability shall be confirmed annually and revised at other times
when necessary. Confirmations and revisions will be submitted to the MAIN
Coordination Center.

III.     GENERAL GUIDES FOR ESTABLISHING CAPABILITY RATINGS

                  The following general guides shall be applied in
establishing Monthly Net Capability:

                  A.    The total Monthly Net Capability rating shall be that
         available regularly to satisfy the daily load patterns of the member
         and shall be available for four continuous hours or more. The rating
         established must not require a period of operation at a reduced level
         during a system's remainder of the peak period to recover the Monthly
         Net Capability.

                  B.    The Monthly Net Capability will be determined separately
         for each generating unit in a power plant where the input to the prime
         mover of the unit is independent of the others. The Monthly Net
         Capability will be determined as a group for commonheader steam plants
         or multiple-unit hydro plants and each unit assigned a rating by
         apportioning the combined capability among the units.

                  C.    Monthly Net Capability, as reported, will not be reduced
         to provide regulating margin or spinning reserve. It will reflect
         operation at the power factor level at which the generating equipment
         is normally expected to be operated over the daily peak load period. It
         will exclude the temporary higher output attainable immediately after a
         new unit goes into service or immediately after an overhaul.

                  D.    Extended capability of a unit or plant obtained through
         bypassing of feedwater heaters, by utilizing other than normal steam
         conditions, or by abnormal operation of auxiliaries in steam plants;
         or by abnormal utilization of reservoir storage in hydro plants;

                                      C-2

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Collins Power Purchase Agreement Appendices
--------------------------------------------------------------------------------

         or by abnormal operation of combustion turbines or diesel units; may be
         included in the Monthly Net Capability if the following conditions are
         met:

                           1.    The extended capability based on such
                  conditions will be available for a period of not less than
                  four continuous hours when needed and meets the restrictions
                  of Section III-A.

                           2.    Normal procedures have been established so
                  that this capability will be made available promptly when
                  requested by the dispatcher.

                  E.       The Monthly Net Capability established for nuclear
         units will be determined taking into consideration the fuel management
         program and any restrictions imposed by governmental agencies.

                  F.       The Monthly Net Capability established for
         hydro-electric plants, including pumped-hydro, will be determined
         taking into consideration the reservoir storage program and any
         restrictions imposed by governmental agencies and will be based on
         median hydro conditions.

IV.      TESTING PROCEDURES TO DEMONSTRATE CAPABILITY

                  A.       General Procedure for Testing

                           1.    Ratings will be confirmed annually or more
                  frequently if appropriate to demonstrate the Monthly Net
                  Capability. IF ADEQUATE DATA ARE AVAILABLE TO DEMONSTRATE THE
                  CAPABILITY DURING NORMAL PEAK LOAD PERIOD OPERATION, NO
                  SPECIAL TEST IS REQUIRED. Peaking units and cold reserve units
                  which are not operated frequently shall be tested at such
                  intervals as necessary to assure that capability is available
                  to meet operating reserve requirements.

                           2.    If the total capability of a plant is
                  materially affected by the interaction of its parts, a test of
                  the entire plant will be performed to demonstrate Monthly Net
                  Capability.

                           3.    All equipment when tested will be in normal
                  operating condition with all auxiliary equipment needed for
                  normal operation in service and with provision for extended
                  capability if this capability is to be included in Monthly Net
                  Capability. Energy consumption by auxiliary facilities common
                  to the entire plant (for example, coal-handling or lighting)
                  will be distributed over the appropriate units in the plant,
                  and will represent the consumption normally experienced during
                  the high-load period of the day.

                                      C-3

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Collins Power Purchase Agreement Appendices
--------------------------------------------------------------------------------

                           4.    It is intended that the test loadings should be
                  maintained at a constant level. The reported test results will
                  be no greater than the MWh/hr integrated output for the test
                  period.

                  B.       Steam Turbo-Generation Unit Tests, Excluding Steam
                  Turbines with Gas or Oil Fired Boilers

                           1.    The test period for steam turbo-generator
                  units, including both fossil fuel and nuclear reactor steam
                  generators, will be not less than four continuous hours.

                           2.    Generating unit net capability as affected by
                  the turbine exhaust pressure will be corrected to the average
                  for the past five years of the monthly averages of the daily
                  maximum circulating water temperatures for the month of the
                  test. Steam conditions will correspond to the operating
                  standard established by the member for the unit or plant. The
                  steam generator will be operated with the regularly available
                  type and quality of fuel.

                  C.       Tests of Combustion Turbine and Diesel Units and
                  Steam Turbines with Gas or Oil Fired Boilers

                           1.    The test period for combustion turbine and
                  diesel units and steam turbines with gas or oil fired boilers
                  will be of sufficient duration to permit stabilized operating
                  conditions to be attained.

                           2.    Ambient temperature conditions will be
                  corrected to the average for the past five years of the
                  monthly maximum temperatures for the month of the test. Where
                  evaporative coolers are used, the temperature at the discharge
                  of the evaporative coolers shall be the basis for ambient
                  temperature corrections.

                           3.    Generating unit net capability as affected by
                  the turbine exhaust pressure will be corrected to the average
                  for the past five years of the monthly averages of the daily
                  maximum circulating water temperatures for the month of the
                  test. Steam conditions will correspond to the operating
                  standard established by the member for the unit or plant. The
                  steam generator will be operated with the regularly available
                  type and quality of fuel.

                                      C-4

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Collins Power Purchase Agreement Appendices
--------------------------------------------------------------------------------

                  D.       Hydro-Electric Unit Tests

                           1.    The test period for hydro-electric units,
                  including pumped-hydro units, will be not less than one hour.

                           2.    Water conditions will be corrected to the
                  median conditions for the month of the test.

                  E.       Reactivated Unit Tests

                  Deactivated generating equipment which is not being
reported and is being returned to active status shall be tested within thirty
days to demonstrate its Monthly Net Capability.

V.       REPORTING PROCEDURES

                  Each member shall submit the required data on the included
Uniform Rating Forms to the MAIN Coordination Center annually on or before
November 1 for the following calendar year. Each annual report shall cover
all existing units, planned start-up of new units, and planned retirements of
units and shall consist of the following:

                           1.    A letter identifying those units whose rating
                  has not changed, showing the dates of latest tests confirming
                  capabilities.

                           2.    Completely revised forms (Form A and B-1, B-2,
                  or B-3) for units on which a change has occurred.

                           3.    Completely revised form (Form A) showing
                  planned additions or retirements beginning with the month of
                  commercial operation or month of retirement.

Between annual reporting, revised forms shall be submitted as necessary for
new units placed in commercial operation, units retired, and for units where
tests show the rating has changed. Any change in additions, retirements, or
ratings shall be submitted within 30 days of the addition, retirement, or
test. In this manner, by each November 1, all test data should be current.
However, the letter should be submitted confirming the dates of tests.

                  The MAIN Coordination Center will analyze and review the
annual reporting for completeness and correctness and report the need for
clarification to the member concerned. The MAIN Coordination Center will
maintain the updated set of reports, including current changes as they occur,
from the MAIN members, and will provide complete reports and/or revisions to
the members requesting them.

                                      C-5

<PAGE>

Collins Power Purchase Agreement Appendices
--------------------------------------------------------------------------------

                  A.       Uniform Rating Form A

                  This form is used to report the Monthly Net Capability of
each unit in each station. Where required by the number of units in a
station, additional sheets should be used.

                  B.       Uniform Rating Forms B-1, B-2, and B-3

                  These forms are used to report test results, certain actual
and five year average variables where pertinent, and to show relationship of
actual net generation to stated capability during the month of the test. It
is the intent that test data equal or exceed stated Monthly Net Capability to
demonstrate that this level of generation can be achieved. Where simultaneous
tests of several units are conducted, as in common steam header plants, data
should be reported for each unit and total of the group.

                  Test results should be reported as follows:

                  Form B-1 --steam turbo-generator units
                  Form B-2 --hydro electric units
                  Form B-3 --Combustion turbine units and diesel units

NOTE: IN SUBMITTING REVISED FORMS, EACH FORM SHALL BE SUBMITTED IN SUCH A
MANNER THAT IT COMPLETELY REPLACES THE SHEET ON WHICH DATA ARE BEING REVISED.

                                      C-6
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Collins Power Purchase Agreement Appendices
--------------------------------------------------------------------------------

                                   APPENDIX D

                        EO COMMUNICATIONS AND GUIDELINES

               1.   PURPOSES. The purposes of this Appendix are (i) to describe
the nature of the communications link that will be maintained between Seller and
ComEd, (ii) to establish the nature and content of communications relating to
availability of the Reserved Units and their dispatch, and (iii) to establish
certain operating procedures. The Parties recognize that it is important that
such communication channels be established so that only responsible and
authorized personnel can issue requests and/or orders that may impact unit
reliability and availability as well as transmission system security and
stability.

               2.   COMMUNICATIONS LINK. (a) For the dispatch of the Reserved
Units, the Parties shall establish and maintain an electronic communications
link between the Station and EO, which shall be used for communication as
contemplated by this Agreement. Such electronic communications link shall
utilize ComEd's Generation Commercial Management ("GCM") software or such other
software as ComEd shall supply during the term of this Agreement. In the event
that the electronic communications link for the dispatch of the Reserved Units
shall be unavailable for any reason, dedicated telephone lines established and
maintained by the parties shall be used. Seller will notify EO as soon as
possible of any disruption or unavailability of the electronic communications
link, the dedicated telephone lines or standard telephone lines. The Parties
shall also establish and maintain a radio system for communications, which radio
system shall be used in the event that the aforementioned communications methods
are unavailable. Seller shall cooperate in performing periodic tests of the
radio system as from time to time directed by the EO Dispatcher. Seller shall
notify EO promptly of any problems with said radio system.

               (b)  Telephone numbers are set forth below for the indicated
persons:

                        EO Generation Dispatcher            (630) 691-4744
                        EO Transmission Dispatcher          (630) 691-4772
                        EO Operation Supervisor             (630) 691-4730
                        EO Generation Dispatch Supervisor   (630) 691-4693
                        EO facsimile transmission number    (630) 691-4899

The alternate office for EO will be used as a backup in the event that the
normal office of EO is not operational. The telephone numbers of the alternate
office are (815) 727-5902, 5903, and the facsimile transmission number is (815)
727-5745.

               3.   CONTENT OF  COMMUNICATIONS.  (a) To the extent that
events are known or  anticipated  and not otherwise  available  to ComEd
through GCM,  Seller  shall  provide to the EO

                                     D-1
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Collins Power Purchase Agreement Appendices
--------------------------------------------------------------------------------

Generation Dispatcher information regarding the availability of the Reserved
Units, including information regarding the following matters:

                (i)    conditions, issues or events which may affect the output
         or reliability of the Reserved Units;

                (ii)   time of day (based on a twenty-four hour clock) when a
         Reserved Unit is placed on the line and taken off the line;

                (iii)  changes of rated capacity of a Reserved Unit, when it is
         known that such changes have taken place or will take place;

                (iv)   Reserved Unit de-ratings, including the amount of any
         derate, the estimated or known start time and date of the derate, the
         estimated or known ending time and date of the derate, and the cause of
         the derate;

                (v)    the availability, or lack of availability, of the
         automated governor control or the automatic voltage regulators on a
         Reserved Unit and the times in which it will, or will not, be available
         for operation and the reason for such limitations;

                (vi)   conditions at the Station or a Reserved Unit that could
         affect the present or anticipated load following capability of a
         Reserved Unit, including problems related to fuel, fires, loss of
         essential equipment and opacity excedences;

                (vii)  when required testing or other operational work could
         limit the availability or maneuverability of a Reserved Unit;

                (viii) Seller's desire to declare a Substitute Unit to replace
         Unavailable Capacity, including the capacity and schedule of energy and
         ramping ability; and

                (ix)   Seller's desire to request the release of energy from
         undispatched on-line capacity of a Reserved Unit or an off-line
         Reserved Unit under the circumstances provided in Section 6(b)(i) of
         this Agreement.

As it becomes available or anticipated, such information shall be made available
to the EO Generation Dispatcher. To the extent that such information reflects
anticipated events over which Seller has some control, Seller shall undertake to
coordinate the occurrence of such event with the EO Generation Dispatch
Supervisor.

                  (b) Seller shall use GCM for the purposes of reporting
Reserved Unit capability, ramp rates and loading blocks, outages and deratings.
In the event that GCM shall not be available

                                     D-2
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Collins Power Purchase Agreement Appendices
--------------------------------------------------------------------------------

for the purposes of reporting Reserved Unit availability, Seller shall use
the forms attached as Appendix E for such reports. Such forms consist of the
following elements and shall be completed and transmitted by facsimile
transmission to the EO Generation Dispatcher:

               (i)   Form "Page 1," "Collins Station Offer Data," is the cover
         sheet to be used for all facsimile transmissions;

               (ii)  Form "Page 2," "Generating Capability," is the sheet to
         be used to report with respect to each Reserved Unit (1) its net
         generating capability for the period beginning 12:00 a.m., Midnight
         (000 hours) (Chicago time) the following day and (2) derating and
         outage information (which shall be reported using the GADS cause codes
         set forth in Appendix G), which sheet shall be completed and
         transmitted daily by 11:00 p.m. (2300 hours) (Chicago time);

               (iii) Form "Pages 3 and 4," "Loading (and De-loading) Rates
         and Breakpoints," is the sheet to be used for reporting Reserved Unit
         ramp rates between discreet load breakpoints for such unit's output in
         the raise (loading) and lower (de-loading) directions, which sheets
         shall be completed and transmitted whenever changes to scheduled
         parameters occur (e.g., capability, minimum, maximum and fuel type);
         and

               (iv)  Form "Page 5," "ComEd Production Data Bank
         Derating/Outage Code Adjustments," is the sheet to be used for
         reporting any requested adjustments to previously transmitted outage
         and/or derating codes on Form "Page 2", which sheet shall be completed
         as necessary and transmitted via facsimile transmission to the
         Production Data Bank Administration at the address indicated on the
         sheet.

ComEd shall acknowledge receipt of any such facsimile transmissions by signing
the "Page 1" cover sheet and transmitting such signed page by facsimile
transmission to Seller at the return facsimile transmission number indicated
thereon. Copies of the transmissions described in this Section 3(b) shall be
retained by Seller and ComEd for at least 36 months, after which they may be
destroyed.

               (c)   Seller shall provide information regarding Reserved Unit
availability by telephone on a daily basis to ComEd's Wholesale Energy Trading
Organization.

               4.    DISPATCH; OPERATIONS. (a) The EO Generation Dispatcher
shall issue dispatch orders on behalf of ComEd, which orders shall be given by
the EO Generation Dispatcher to Seller. Following receipt by Seller of any such
order, Seller shall, if such order is received electronically through GCM,
acknowledge such receipt electronically through GCM, or if such order is
received verbally, repeat back the content of such order to the EO Generation
Dispatcher, in either case to confirm receipt and understanding of such order.

                                     D-3
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Collins Power Purchase Agreement Appendices
--------------------------------------------------------------------------------

               (b)   Seller shall perform the following tasks in order to assist
in meeting the  dispatch needs of the ComEd system:

               (i)   maintain the Reserved Units on Automatic Generation
         Control ("AGC") as directed by the EO Generation Dispatcher and to the
         extent possible, given the generating unit and the operating conditions
         of the ComEd system;

               (ii)  regulate load at the ramp rate within the ramp rate range
         set forth in Appendix B for such Reserved Unit unless (1) operation at
         such ramp rate within such range would negatively impact such Reserved
         Unit, its reliability or its ability to meet performance obligations
         (such as environmental regulatory compliance) or (2) ComEd requests a
         different ramp rate or a ramp rate range which Seller agrees to
         provide;

               (iii) maintain Reserved Unit control systems and subsystems so
         as to be able to meet the ramp rate specified in Appendix B for such
         Reserved Unit within the specified ramp rate range; provided, however,
         when such Reserved Unit is not on AGC, such unit shall be ramped at the
         ramp rates within the specified ranges specified in Appendix B for such
         Reserved Unit or as reasonably requested by the EO Generation
         Dispatcher, to the extent that it is possible to do so without
         impacting the reliability or availability of such unit; and

               (iv)  bring the Reserved Units to their minimum load limits set
         forth in Appendix B as requested by the EO Generation Dispatcher, and
         Seller shall promptly notify the EO Generation Dispatcher if such
         Reserved Unit(s) are unable for any reason to achieve these minimum
         load limits.

Reserved Units shall be capable of ramping between their regular minimums and
maximum loads unless the EO Generation Dispatcher is otherwise notified of any
limitations. Should the EO Generation Dispatcher initiate a reserve emergency
alarm, Seller shall start a ramp to full reported capability and any testing in
progress that was formerly approved by the EO Generation Dispatcher will be
discontinued in accordance with Prudent Utility Practice until such time that
testing has less potential to impact the integrity of the ComEd System. Seller
shall take reasonable precautions to ensure that generating capacity is not lost
when such capacity is important to the integrity of the ComEd System. Seller
shall use reasonable efforts to cooperate with the EO Generation Dispatcher to
delay or reschedule tests due to system conditions.

               5.    REGULATING PERFORMANCE VALUE. Seller shall measure the
maneuverability, which incorporates ramp rate, of the Reserved Units using the
Regulating Performance Value ("RPV") methodology described in Appendix F. The
minimum RPV for each Reserved Unit is identified in Appendix B as "Unit RPV."

                                     D-4

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Collins Power Purchase Agreement Appendices
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                                   APPENDIX E

                                REPORTING FORMS

PAGE 1:                        COLLINS OFFER DATA
                         Generator Name

                 DATA APPLICABLE FOR AVAILABILITY DECLARATION

        FOR THE PERIOD OF ___ PM/AM, __/__/__  TO ___ PM/AM,  __/__/__

TO:ComEd Electric Operations FAX No.       (630) 691-4697
   Generation Dispatch       Telephone No. (630) 691-4693 Generation Coordinator
                                           (630) 691-4730 Operations Supervisor

-------------------------------------------------------------------------------
                           This FAX is a submission of
---------------------------------------------------------------------- --------
Generator's Offer Data

---------------------------------------------------------------------- --------
A REVISION to the previously submitted offer of ___/___/___

---------------------------------------------------------------------- --------
This document is a hardcopy back-up to the offer of ___/___/___

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

Full Submission          /      /        Number of Pages Including Cover Page
                                                                      ---------
Partial Submission       /      /

Submitted By:
             ----------------------------------------------------

Date:
     ------------------------------------------------------------

If you do not receive all the pages or if clarification or retransmission is
required call
             ------------------------------------------------------------------

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

Return acknowledgment FAX to the attention of:
                                              ---------------------------------
FAX Number:
            -------------------------------------------------------------------
===============================================================================

Acknowledgment by ComEd             (Signature)
Electric Operations                              ------------------------------

                                    (Title)
                                                 ------------------------------
Acknowledgment date and time
                            ---------------------------------------------------

                                   E-1
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Collins Power Purchase Agreement Appendices
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<TABLE>
<CAPTION>
PAGE 2:                       COLLINS OFFER DATA
<S>                              <C>
Availability Declaration Period  Commencing ____ PM/AM, __/__/__ TO ____ PM/AM, __/__/__
</TABLE>

                            GENERATING CAPABILITY

UNIT
    ---------------------------------------

Maximum Gross Generating Capability                   MW
                                   ------------------

Minimum Gross Generating Capability                   MW
                                   ------------------

Maximum VAR Capability
                      ----------------------

Deratings:                 Time                      Time

Cause Code: ____ MW______  Start     Date__ /__/__   Stop      Date __ /__/__
                                ----                     -----

Cause Code: ____ MW______  Start     Date__/__/__    Stop      Date __ /__/__
                                ----                     -----

Cause Code: ____ MW______  Start     Date__/__/__    Stop      Date __ /__/__
                                ----                     -----

Cause Code: ____ MW______  Start     Date__/__/__    Stop      Date __ /__/__
                                ----                     -----

Minimum:                   Time                      Time

Cause Code: _____ MW______ Start     Date__ /__/__   Stop      Date __ /__/__
                                ----                     -----

Cause Code: _____ MW______ Start     Date__ /__/__   Stop      Date __ /__/__
                                ----                     -----

Fuel:                      Time                      Time

Fuel Type: _____ MW_______ Start     Date__ /__/__   Stop      Date __ /__/__
                                ----                     -----

Fuel Type: _____ MW_______ Start     Date__ /__/__   Stop      Date __ /__/__
                                ----                     -----

Notes:
      -------------------------------------------------------------------------

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

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

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

D - Derate, O - Out of Service, M - Maintenance, S - Scheduled

                                     E-2
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<TABLE>
<CAPTION>
PAGE 3:                       COLLINS OFFER DATA
                          Generator Name
<S>                       <C>
Availability Declaration  Period Commencing ____ PM/AM, __/__/__ TO ____ PM/AM, __/__/__
</TABLE>

                          LOADING RATES AND BREAKPOINTS
-------------------------------------------------------------------------------
UNIT NUMBER         LOADING RANGE          RAMP RATE           BREAKPOINTS*
                  MIN           MAX         MW/MIN                 MW
-------------- ----------------------- ------------------ ---------------------
-------------- ----------- ----------- ------------------ --------- -----------
-------------- ----------- ----------- ------------------ --------- -----------
-------------- ----------- ----------- ------------------ --------- -----------
-------------- ----------- ----------- ------------------ --------- -----------
-------------- ----------- ----------- ------------------ --------- -----------
-------------- ----------- ----------- ------------------ --------- -----------
-------------- ----------- ----------- ------------------ --------- -----------
-------------- ----------- ----------- ------------------ --------- -----------
-------------- ----------- ----------- ------------------ --------- -----------
-------------- ----------- ----------- ------------------ --------- -----------
-------------- ----------- ----------- ------------------ --------- -----------
-------------- ----------- ----------- ------------------ --------- -----------
-------------- ----------- ----------- ------------------ --------- -----------
-------------- ----------- ----------- ------------------ --------- -----------
-------------- ----------- ----------- ------------------ --------- -----------
-------------- ----------- ----------- ------------------ --------- -----------
-------------- ----------- ----------- ------------------ --------- -----------
-------------- ----------- ----------- ------------------ --------- -----------
-------------- ----------- ----------- ------------------ --------- -----------
-------------- ----------- ----------- ------------------ --------- -----------
-------------------------------------------------------------------------------

*  Breakpoint is defined at load level at which unit must hold and start/stop
   unit auxiliary equipment

Notes:
      -------------------------------------------------------------------------

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

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

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

                                    E-3
<PAGE>

Collins Power Purchase Agreement Appendices
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAGE 4:                     COLLINS OFFER DATA

                         Generator Name
<S>                      <C>
Availability Declaration Period Commencing ____PM/AM,__/__/__TO ____PM/AM,__/__/__
</TABLE>

                        DE-LOADING RATES AND BREAKPOINTS
-------------------------------------------------------------------------------
UNIT NUMBER         LOADING RANGE          RAMP RATE           BREAKPOINTS*
                  MIN           MAX         MW/MIN                 MW
-------------- ----------------------- ------------------ ---------------------
-------------- ----------------------- ------------------ ---------------------
-------------- ----------- ----------- ------------------ --------- -----------
-------------- ----------- ----------- ------------------ --------- -----------
-------------- ----------- ----------- ------------------ --------- -----------
-------------- ----------- ----------- ------------------ --------- -----------
-------------- ----------- ----------- ------------------ --------- -----------
-------------- ----------- ----------- ------------------ --------- -----------
-------------- ----------- ----------- ------------------ --------- -----------
-------------- ----------- ----------- ------------------ --------- -----------
-------------- ----------- ----------- ------------------ --------- -----------
-------------- ----------- ----------- ------------------ --------- -----------
-------------- ----------- ----------- ------------------ --------- -----------
-------------- ----------- ----------- ------------------ --------- -----------
-------------- ----------- ----------- ------------------ --------- -----------
-------------- ----------- ----------- ------------------ --------- -----------
-------------- ----------- ----------- ------------------ --------- -----------
-------------- ----------- ----------- ------------------ --------- -----------
-------------- ----------- ----------- ------------------ --------- -----------
-------------- ----------- ----------- ------------------ --------- -----------
-------------- ----------- ----------- ------------------ --------- -----------
-------------- ----------- ----------- ------------------ --------- -----------
-------------------------------------------------------------------------------

*  Breakpoint is defined at load level at which unit must hold and start/stop
   unit auxiliary equipment

Notes:
      -------------------------------------------------------------------------

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

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

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

                                  E-4
<PAGE>

Collins Power Purchase Agreement Appendices
-------------------------------------------------------------------------------

PAGE 5:                    COMED PRODUCTION DATA BANK
                        DERATING/OUTAGE CODE ADJUSTMENTS

STATION:  COLLINS        UNIT: ________              DATE:  __/__/__
                           DERATING/OUTAGE CODE
-------------------------------------------------------------------------------
HOUR           Code           MW Derating       Code          MW Derating
-------------- -------------- ----------------- ------------- -----------------
 1:00a.m.
-------------- -------------- ----------------- ------------- -----------------
 2:00a.m.
-------------- -------------- ----------------- ------------- -----------------
 3:00a.m.
-------------- -------------- ----------------- ------------- -----------------
 4:00a.m.
-------------- -------------- ----------------- ------------- -----------------
 5:00a.m.
-------------- -------------- ----------------- ------------- -----------------
 6:00a.m.
-------------- -------------- ----------------- ------------- -----------------
 7:00a.m.
-------------- -------------- ----------------- ------------- -----------------
 8:00a.m.
-------------- -------------- ----------------- ------------- -----------------
 9:00a.m.
-------------- -------------- ----------------- ------------- -----------------
10:00a.m.
-------------- -------------- ----------------- ------------- -----------------
11:00a.m.
-------------- -------------- ----------------- ------------- -----------------
12:00a.m.
-------------- -------------- ----------------- ------------- -----------------
 1:00p.m.
-------------- -------------- ----------------- ------------- -----------------
 2:00p.m.
-------------- -------------- ----------------- ------------- -----------------
 3:00p.m.
-------------- -------------- ----------------- ------------- -----------------
 4:00p.m.
-------------- -------------- ----------------- ------------- -----------------
 5:00p.m.
-------------- -------------- ----------------- ------------- -----------------
 6:00p.m.
-------------- -------------- ----------------- ------------- -----------------
 7:00p.m.
-------------- -------------- ----------------- ------------- -----------------
 8:00p.m.
-------------- -------------- ----------------- ------------- -----------------
 9:00p.m.
-------------- -------------- ----------------- ------------- -----------------
10:00p.m.
-------------- -------------- ----------------- ------------- -----------------
11:00p.m.
-------------- -------------- ----------------- ------------- -----------------
12:00p.m.
-------------------------------------------------------------------------------

-------------------------------------------------------------------------------
Reasons for Change:
 -----------------------------------------------------------------------------
 -----------------------------------------------------------------------------
GADS Cause Code:
                --------------------------------------------------------------
GADS Event Type:
                --------------------------------------------------------------
Description of Event:
                     ---------------------------------------------------------
 -----------------------------------------------------------------------------
-------------------------------------------------------------------------------

INSTRUCTIONS:
Use this form for derating/outage code adjustments only
Remember to fill out the GADS data section
Send this form to the Production Data Bank Administration, Room 250,
1411 Opus Place, Downers Grove, Illinois 60515
Submitted:                          Telephone:                  Date: __/__/__
          -------------------------           ----------------
Electric Operations Approval:       Telephone:  630-691-4693    Date: __/__/__
                             ------
Approved:                                                       Date: __/__/__
         --------------------------
         Fossil Support Vice President

                                    E-5
<PAGE>

Collins Power Purchase Agreement Appendices
--------------------------------------------------------------------------------

                                   APPENDIX F

                    REGULATING PERFORMANCE VALUE METHODOLOGY

                          REGULATING PERFORMANCE VALUE
      by Howard F. Illian, Bulk Power Operations, and Ray W. Rathsam, VISTA,
                               December 11, 1995

         The maneuverability of Commonwealth Edison generating units is
measured by a method called REGULATING PERFORMANCE VALUE, RPVp. RPVp is
designed to effectively measure the relative contribution of each generating
unit to the total system regulation. For the first time regulation will be
viewed not as control provided to follow a system disturbance, but rather as
control to follow repetitive system disturbances. These repetitive disturbances
are considered to result in a sinusoidal signal that the control system is
required to follow. As a result, the control requested from each generating
unit can also be represented as a sinusoidal signal.

         A unit providing system control under the direction of the Economic
Generation Control (EGC) system will move up and down to the control pulses
sent to the unit by the EMS computer. That sinusoidal movement can be described
by a frequency component, Period, and a peak to peak Amplitude. This is shown
in Figure 1.

                                 Graphic Picture

                                    Figure 1

For a given Period the greater the Amplitude that a unit can follow, the
greater the unit's contribution to total system control. Therefore,
representing the ability of each unit on the system to follow a simple sine
wave with a single number will accurately represent the relative ability of
that unit to contribute to the control of the CECo system. This is what RPVp
attempts to measure.

         The EMS computer is currently collecting data on a number of specific
parameters for each generating unit while it is on EGC. Some of these measured
parameters are used to calculate the RPVp value.

Variable #1:  ARR = Average Telemetered Dialed In Ramp Rate

                  This variable is the telemetered, time weighted, average value
         of the ramp rate that is dialed into the EGC console at the generating
         unit control room weighted by the time the unit is actually on EGC.

                                      F-1
<PAGE>

Collins Power Purchase Agreement Appendices
--------------------------------------------------------------------------------

Variable #2:      OR% = Average Observed Raise Ramp Rate Percent

                  This variable is the percentage of the telemetered dialed in
         raise ramp rate that the unit actually provides while on EGC. It is
         limited to maximum value of 100% since the logic in the EGC system will
         not ramp a unit faster than the Telemetered Dialed In Ramp Rate.

Variable #3:      OL% = Average Observed Lower Ramp Rate Percent

                  This variable is the percentage of the telemetered dialed in
         lower ramp rate that the unit actually provides while on EGC. It is
         limited to maximum value of 100% since the logic in the EGC system will
         not ramp a unit faster than the Telemetered Dialed In Ramp Rate.

Variable #4:      LTR = Average Lower to Raise Turn Around Time

                  This variable is the average amount of time it takes to turn
         the unit around from moving down to moving up while it is on EGC.

Variable #5:      RTL = Average Raise to Lower Turn Around Time

                  This variable is the average amount of time it takes to turn
         the unit around from moving up to moving down while it is on EGC.

Variable #6:      MWR = Average Telemetered Megawatt Range

                  This variable is the telemetered, time weighted, average of
         the range provided by the high and low limits dialed into the EGC
         console at the generating unit control room weighted by the time the
         unit is actually on EGC.

Variable #7:      RPVRP = Raw Regulating Performance Value

                  This variable represents the peak to peak amplitude that a
         generating unit with the above variables could provide during a ten
         minute period as limited by the MWR. It is calculated by weight
         averaging the daily raw RPV with the daily effective % time on control.
         K the RPVRP IS greater than the MWR, the RPVRP IS set to the value of
         the MWR as an upper limit.

Variable #8:      TC% = Percent of Time on Control

                  This variable is the time the unit is on control as a
         percentage of time that it is operating and could be available for
         control.

                                      F-2
<PAGE>

Collins Power Purchase Agreement Appendices
--------------------------------------------------------------------------------

Variable #9:      RPVp = Regulating Performance Value

                  This is the final measure of regulating performance and
         represents the effective relative contribution of the generating unit
         to system control.

Using the above variables, the value for RPVRP and RPVP are calculated using the
following equations to indicate the Amplitude of control available from the
unit.

RPVRP = [10-LTR -RTL][ARR/2][OL% + OR%]/200(1)
RPVP  = RPVRP x TC%(2)

         In simple terms, the RPVRP and RPVp are measures of the peak to peak
movement of a generating unit following a full sinusoidal wave during a ten
minute period. This can be seen from Figure 2.

                                      F-3
<PAGE>

Collins Power Purchase Agreement Appendices
--------------------------------------------------------------------------------

                                [Graphic Figure]

                                    Figure 2

This result is then multiplied by the percentage of time on control to give the
REGULATING PERFORMANCE VALUE, RPVp.

         Station contributions to system regulation are derived by summing the
RPVs from the generating units at the station. Division contributions to system
regulation are derived by summing the RPVs from all of the stations in the
division.

         Over the last few years a strong correlation has been shown between
the total system RPV and A1/A2 control performance. During that same period it
was discovered that not only is the peak to peak magnitude an appropriate
measure, but that unless that sinusoid is balanced, the effective peak to peak
value will be limited by the smaller of either the raise or lower portion of
the sinusoid. It was also recognized that uncertainty was highly detrimental to
performance. As a result the above equations have been modified to measure the
smaller of the two halves and to penalize unpredictability of the response. The
latest method of measuring RPVp uses the following modified variables and
equations:

Variable #1':     SRR = Smallest Telemetered Dialed In Ramp Rate

                  This variable is the smallest telemetered value of the ramp
         rate that is dialed into the EGC console at the generating unit control
         room each hour, average weighted by the time the unit is actually on
         EGC.

Variable #2':     OR% = Average Observed Raise Ramp Rate Percent

                  This variable is the percentage of the telemetered dialed in
         raise ramp rate that the unit actually provides while on EGC in
         response to control dispatched. It is limited to maximum value of 100%
         since the logic in the EGC system will not ramp a unit faster than the
         Telemetered Dialed In Ramp Rate.

Variable #2A:     DR = Portion of Time Unit is Available to be Dispatched for
                       Raise

                  This variable is the portion of the time that the unit
actually accepts raise signals while on EGC. When multiplied by the new variable
2' It results in the same value as the old variable 2.

                                      F-4
<PAGE>

Collins Power Purchase Agreement Appendices
--------------------------------------------------------------------------------

Variable #3':     OL% = Average Observed Lower Ramp Rate Percent

                  This variable is the percentage of the telemetered dialed in
         lower ramp rate that the unit actually provides while on EGC in
         response to control dispatched. It is limited to maximum value of 100%
         since the ??? in the FGC system will not ramp a unit faster than the
         Telelmetered Dialed In Ramp Rate.

Variable #3A:     D L = PORTION OF TIME UNIT IS AVAILABLE TO BE DISPATCHED FOR
                        LOWER

                  This variable is the portion of the time that the unit
         actually accepts lower signals while on EGC. When multiplied by the new
         variable 3' It results in the same value as the old variable 3.

                  When the above variables are substituted into the new
         equation, the value of RPVp is calculated with the following equations:

RPVRP = MIN[(5 -LTR)(SRR)(OR%)(DR ),(5 - RTL)(SRR)(OL%)( DL,)]/100     (3)

RPVP  = RPVRP X TC%   (4)

The value of RPVRP is still limited by the value of MWR as it was previously.

                                      F-5
<PAGE>

<TABLE>
<CAPTION>

C.E.Co.                                                                                   G.P. No. 354
                                                                                            Appendix E
                                                                                                Page 1

                         SPS DERATING REASON CODES INDEX

                                   ON PAGE
CODE                           OF THIS APPENDIX                  DESCRIPTION
------------------------     --------------------    -------------------------------------------------
<S>                          <C>                     <C>
DASH-DWAT                             10             SYSTEM PROBLEMS - ASH, COAL HANDLING,
                                                     GOVERNOR,  PRECIP., DEMIN., WASTEWATER

DB-DBFU                                4             BOILERS, FUELS, IGNITORS

DBLE-DBTU                              5             LEAKS - TUBE CONDITION

DC, DF, DH, DM, DO                     8             CYCLONE, FAN, HEATER, MILL, BURNER

DG-DGVI, DR-DRFU                       6             GENERATORS, REACTORS

DP, DSG, DV                            9             PUMP, STEAM GENERATOR, VALVES

DT-DTVI                                7             TURBINES

DECP-DMAN, DOPE, DPOL, DTEM,          11             SPECIAL ITEMS - COOLING WATER,
                                                     POLLUTION, TRANSMISSION AND MISC.

DRTX, RFUE-RTST

EB, SBO1, SOVL                        14             SCHEDULED AND ECONOMIC OUTAGES AND
                                                     OVERHAULS

DPDX                                  12             BLACK START DIESEL PEAKERS

DPKX                                  13             FAST START PEAKING UNITS
</TABLE>

NOTE:   '*****' ON EXHIBITS INDICATES A SECONDARY REASON IS REQUIRED.

<PAGE>

<TABLE>
<CAPTION>

C.E.Co.                                                                                   G.P. No. 354
                                                                                            Appendix E
                                                                                                Page 2

                               SPS DERATING CODES

                                 MAJOR EQUIPMENT

     DEBATE CODE        M OR O/S CODE                     DESCRIPTION
-------------------    ----------------    -----------------------------------------------
<S>                   <C>                  <C>
M  N  DB               M  OB               GENERAL PROBLEMS WITH BOILERS NOT
                                           SPECIFICALLY COVERED.

M  N  DB     1         M  OB     1

M  N  DB     2         M  OB     2

      DB     EPA          OB     EPA       EPA REGULATIONS CANNOT BE MET.

   N  DB     TEST                          BOILER TESTING

      DB     AUX                           UNIT BLR. BEING USED AS AUX. BLR.

                       M  OBCL             CHEMICAL CLEANING OR ASH REMOVAL

                       M  OBCL   1         BEING DONE TO IMPROVE THE BOILER

                       M  OBCL   2         OPERATION

M  N  DBCO                OBCO             CONTROL PROBLEMS ASSOCIATED WITH

M  N  DBCO   1            OBCO   1         THE BOILER MASTER OR ERRATIC

M  N  DBCO   2            OBCO   2         BOILER OPERATION

   N  DBCO   TEST                          BOILER CONTROL TESTING

      DBFO             M  OBFO             FOULING NOT SPECIFICALLY

      DBFO   1         M  OBFO   1         ATTRIBUTED TO CYCLONES, SOOT BLOWING

      DBFO   2         M  OBFO   2         PRECIPITATORS OR THE ASH HANDLING SYSTEMS

      DBFU   ****                          FUEL PROBLEMS RELATED TO THE FUEL
                                           AND THE FUEL HANDLING SYSTEMS.

      DBFU   BTU          OBFU   BTU       LOW BTU FUEL

   N  DBFU   CONS         OBFU   CONS      CONSERVING FUEL, LACK OF FUEL.

      DBFU   FROZ         OBFU   FROZ      FROZEN FUEL

      DBFU   MIX                           BLENDING OF FUEL.

      DBFU   NONE         OBFU   NONE      NO FUEL AVAILABLE.

      DBFU   WET          OBFU   WET       HIGH MOISTURE CONTENT.

                          OBIG             IGNITION DIFFICULTIES DURING

                          OBIG   1         STARTUP, PREVENTING LIGHTOFF

                          OBIG   2
</TABLE>

<PAGE>
<TABLE>
<CAPTION>

C.E. Co.
                                                                                          G.P. No. 354
                                                                                            Appendix E
                                                                                                Page 3

                                  SPS OPERATING CODES

                                    MAJOR EQUIPMENT

   DERATE CODE               M OR O/S CODE                     DESCRIPTION
--------------------       --------------------    ---------------------------------------------------
<S>                        <C>                     <C>
M N DBLE                   M OBLE                  BOILER LEAKS THAT ARE SIGNIFICANT

M N DBL1                   M OBLE1                 TO CAUSE A DERATING OR OUTAGE.

M N DBL2                   M OBLE2                 INDICATE LEAK LOCATION IN THE SECONDARY REASON

M N DBLE BOTM              M OBLE BOTM             BOTTOM LEAK

M N DBL1 BOTM              M OBL1 BOTM

M N DBL2 BOTM              M OBL2 BOTM

M N DBLE CYCL              M OBLE CYCL             CYCLONE LEAK

M N DBL1 CYCL              M OBL1 CYCL

M N DBL2 CYCL              M OBL2 CYCL

M N DBLE ECON              M OBLE ECON             ECONOMIZER LEAK

M N DBL1 ECON              M OBL1 ECON

M N DBL2 ECON              M OBL2 ECON

M N DBLE NOSE              M OBLE NOSE             NOSE TUBE LEAK

M N DBL1 NOSE              M OBL1 NOSE

M N DBL2 NOSE              M OBL2 NOSE

M N DBLE REHE              M OBLE REHE             REHEAT LEAK

M N DBLJ REHE              M OBL1 REHE

M N DBL2 REHE              M OBL2 REHE

M N DBLE SUPR              M OBLE SUPR             SUPERHEATER

M N DBL1 SUPR              M OBL1 SUPR

M N DBL2 SUPR              M OBL2 SUPR

M N DBLE TOP               M OBLE TOP              TOP

M N DBL1 TOP               M OBL1 TOP

M N DBL2 TOP               M OBL2 TOP

M N DBLE WALL              M OBLE WALL             WALL TUBE

M N DBL1 HALL              M OBL1 WALL

M N DBL2 HALL              M OBL2 WALL

  N DBSI                                           SILICA PROBLEMS CAUSING A DERATING
    DBTU                                           TEMPERATURE PROBLEMS CAUSED BY POOR
                                                   ATTEMPERATION OR FIRING DIFFICULTIES

    DBTU                                           TUBE CONDITION SUCH THAT OPERATING UNIT
                                                   AT HIGHER PRESSURE WOULD REDUCE UNIT'S
                                                   RELIABILITY
</TABLE>
<PAGE>

<TABLE>
<CAPTION>

C.E. Co.

                                                                                          G.P. No. 354
                                                                                            Appendix E
                                                                                                Page 4

                                  SPS DERATING CODES

                                    MAJOR EQUIPMENT

   DERATE CODE               M OR O/S CODE                     DESCRIPTION
--------------------       --------------------    ---------------------------------------------------
<S>                        <C>                     <C>
S M N DG                   S M OG                  GENERATORS - GENERAL PROBLEMS NOT SPECIFICALLY
                                                   COVERED.

                           S M OG      INSP        GENERATOR INSPECTION.

S M N DGCO                 S M OGCO                COOLING PROBLEM, NOT ASSOCIATED WITH THE
                                                   COOLERS.

S M N DGCO  SEAL           S M OGCO    SEAL        HYDROGEN SEALS OR SEAL OIL SYSTEM (IRON HORSE)
                                                   PROBLEMS.

                           OGFA                    FAULT IN GENERATOR OR BUS DUCT.

    N DGVI                 OGVI                    VIBRATION CAUSED BY ELECTRICAL OR MECHANICAL
                                                   PROBLEMS.

      DR                   S M OR                  REACTORS GENERAL PROBLEMS.

      DR    NRC            OR          NRC         NRC REQUIRES UNIT O/S OR DERATED.

      DR    ADMN           OR          ADMN        ADMINSTRATION OPERATING CONSTRAINT.

S M N DRSU                                         SURVEILLANCES

S M N DRTE                 S M ORTE                MISC. TECHNICAL SPECIFICATIONS NOT COVERED
                                                   ELSEWHERE.

    N R     TDO                                    DERATING DUE TO TEMP. DISPATCH ORDER

S M N DRCO                 S M ORCO                CONTROL PROBLEMS WITH THE REACTOR.

S M N DRCO  DRIV           S M ORCO    DRIV        CONTROL ROD DRIVE PROBLEMS.

      DRFU  ****               ORFU    ****        FUEL PROBLEMS.

      DRFU  CONS               ORFU    CONS        FUEL CONSERVATION

      DRFU  DEPL               ORFU    DEPL        FUEL DEPLETION

S     DRFU  PREC               ORFU    PREC        PRECONDITIONING

S M N DRFU  RODP           M S ORFU    RODP        ROD PATTERN

S M N DRFU  SCRM           M S ORFU    SCRM        SCRAM REACTIVITY

      DRFU  THRM           M S ORFU    THRH        THERMAL LIMITS

      DRFU  XENO           ORFU        XENO        XENON RESTRICTION

      DRFU  MINP                                   RAMP - UP LIMITATION AFTER LOAD DROP

    N REG                                          NUCLEAR UNIT REGULATING SYSTEM LOAD
                                                   (NONCURTAILING ONLY)

    N    U  FOLL                                   NUCLEAR UNIT OUT OF ECONOMIC ORDER DUE TO RAMP
                                                   RATE LIMITATIONS

    N    U  RAMP                                   DUE TO LOW SYSTEM DEMAND THE NUCLEAR UNIT
                                                   CANNOT DROP LOAD AS LOW AS THE SYSTEM REQUIRES
</TABLE>

<PAGE>
<TABLE>
<CAPTION>

C.E. Co.

                                                                                          G.P. No. 354
                                                                                            Appendix E
                                                                                                Page 5

                                  SPS DERATING CODES

                              MAJOR EQUIPMENT REACTORS

   DERATE CODE               M OR O/S CODE                     DESCRIPTION
--------------------       --------------------    ---------------------------------------------------
<S>                        <C>                     <C>
S M N DT                   S M OT                  TURBINES - GENERAL PROBLEMS NOT SPECIFICALLY COVERED.

    N DTBL                 S M OTBL                BLADING PROBLEMS DUE TO MISSING BLADES, BLADE
                                                   INSPECTION OR REPAIR.

      DTCO                                         CONDUCTIVITY PROBLEMS

      DTEF                                         EFFICIENCY - TURBINE NOT UP TO STANDARD BECAUSE
                                                   OF A PROBLEM NOT DEFINED.

    N DTLE                 S M OTLE                STEAM LEAK ANYWHERE ON THE TURBINE OR ASSOCIATED PIPING.

                           S   OTRN                TURNING GEAR PROBLEMS OR REPAIRS KEEPING THE
                                                   UNIT OFF SYSTEM.

      DTVI                 S M OTVI                VIBRATION PROBLEMS CAUSING A DERATING OR
                                                   OUTAGE FOR BALANCING OR INSPECTION.
</TABLE>

<PAGE>

C.E.Co.                                                             G.P. No. 354
                                                                      Appendix E
                                                                          Page 6

                               SPS DERATING CODES

                            MAJOR EQUIPMENT REACTORS

<TABLE>
<CAPTION>
   DERATE CODE            M OR O/S CODE             DESCRIPTION
--------------------  ---------------------   -----------------------------------------
<S>                      <C>                  <C>
M N DC                   M OC                 CYCLONE PROBLEMS CAUSED BY SLAG. LEAKS OR
                                              ITEMS NOT COVERED BELOW.
M N DC          FEED     M OC          FEED   FEEDER REPAIRS ONLY.
M N DC          ROTS     M OC          ROTS   ROTARY SEAL REPAIRS ONLY.
M N DCO                  N OCO                CONDENSER PROBLEMS INVOLVING REPAIRS TO
                                              LEAKS, CLEANING, OR VACUUM.
S M N DCO       SCRN     S M OCO       SCRN   SCREEN PROBLEMS.
      DCOO ****              OCOO ****        COOLER PROBLEMS.
S M N DCOO      H2       S M OCOO      H2     HYDROGEN COOLER.
S M N DCOO      H20      S M OCOO      H2O    HEAT EXCHANGER, FOR WATER COOLED STATOR.
S M N DCOO      OIL      S M OCOO      OIL    OIL
</TABLE>

                               ANCILLARY EQUIPMENT

<TABLE>
<CAPTION>
    DERATE CODE           M OR O/S CODE                       DESCRIPTION
--------------------  ---------------------   -----------------------------------------
<S>                    <C>                    <C>
  M N DF ****             M OF ****           FAN PROBLEMS.
  M N DF ID               M OF ID             INDUCED DRAFT.
  M N DF IDB              M OF IDB            INDUCED DRAFT BOOSTER.
  M N DF FD               M OF FD             FORCED DRAFT.
  M N DF GASR             M OF GASR           GAS RECIRCULATION.

  M N DH                  M OH ****           HEATER PROBLEMS
  M N DH AIR              M OH AIR            AIR
  M N DH AIRP             M OH AIRP           AIR PREHEATER
S M N DH DC             S M OH DC             DIRECT CONTACT
S M N DH HP             S M OH HP             HIGH PRESSURE
S M N DH LP             S M OH LP             LOW PRESSURE
S M N DH MSRE           S M OH MSRE           MOISTURE SEPARATOR REHEATER
S M N DH SAPH           S M OH SAPH           STEAM AIR PREHEATER

  M N DM                  M OM                MILL PROBLEMS OF ANY KIND
  M N DM FEED             M OM FEED           FEEDER PROBLEMS ONLY

  M N DO                  M OO                BURNER PROBLEMS OF ANY KIND

</TABLE>

<PAGE>

C.E.Co.                                                             G.P. No. 354
                                                                      Appendix E
                                                                          Page 7

                               SPS DERATING CODES

                               AUXILIARY EQUIPMENT
<TABLE>
<CAPTION>
    DERATE CODE           M OR O/S CODE                       DESCRIPTION
--------------------  ---------------------   -----------------------------------------
<S>                    <C>                    <C>
S M N DP ****          S M OP                 PUMP PROBLEMS.
  M N DP BF              M OP BF              BOILER FEED.
  M N DP BWCP            M OP BWCP            BOILER WATER CIRCULATING.
S M N DP CB            S M OP CB              CONDENSATE BOOSTER.
S M N DP CD            S M OP CD              CONDENSATE.
S M N DP CW            S m OP CW              CIRCULATING WATER.
S M N DP FW            S M OP FW              FEEDWATER
S M N DP HTRD          S M OP HTRD            HEATER DRAIN.
  M N DP RBF             M OP RBF             RESERVE BOILER FEED.
S M N DP RC            S m OP RC              REACTOR COOLING PUMP
S M N DP RF            S M OP RF              REACTOR FEED.
S M N DP RR            S M    RR              REACTOR RECIRCULATING.
S M N DP STAT          S M OP STAT            STATOR COOLING.

S M N DSG              S M OSG                STEAM GENERATOR PROBLEMS
      DSG TEMP             OSG TEMP           STEAM GENERATOR TEMP. LIMITATION
      DSG CHEM             OSG CHEM           STEAM GENERATOR CHEMISTRY PROBLEM.

S M N DV ****          S M OV ****            VALVE PROBLEMS.
S M N DV ATMP          S M OV ATMP            ATTEMPERATION.
S M N DV BIAS          S M OV BIAS            BIAS.
S M N DV BYPS          S M OV BYPS            BYPASS.
S M N DV CONT          S M OV CONT            CONTROL.
S M N DV EXTR          S M OV EXTR            EXTRACTION.
S M N DV INTE          S M OV INTE            INTERCEPT.
S M N DV MCIV          S M OV MCIV            MAIN CYCLE ISOLATION VALVE.
S M N DV MSIV          S M OV MSIV            MAIN STEAM ISOLATION.
S M N DV MSSV          S M OV MSSV            MAIN STEAM STOP.
S M N DV RELF          S M OV RELF            RELIEF.
S M N DV SAFE          S M OV SAFE            SAFETY.
S M N DV STOP          S M OV STOP            STOP.
S M N DV VENT          S M OV VENT            VENT.

</TABLE>
<PAGE>

<TABLE>
<CAPTION>

C.E.Co.                                                                                   G.P. No. 354
                                                                                            Appendix E
                                                                                                Page 8
                               SPS DERATING CODES

                                     SYSTEMS

    DERATE CODE            M OR O/S CODE                        DESCRIPTION
--------------------     ----------------------    ---------------------------------------------------
<S>                      <C>                       <C>
  M N DASH                   M OASH                ASH HANDLING SYSTEM. SILO FIRES. PLUGGED ASH
                                                   LINES, UNLOADING EQUIPMENT AND POLLUTION
                                                   PROBLEMS.
      DASH  EPA                OASH  EPA           EPA REGULATIONS.
S M N DAUX  ****           S M OAUX  ****          AUXILIARY POWER EQUIPMENT PROBLEM
S M N DAUX  BUS            S M OAUX  BUS           BUS.
S M N DAUX  DESL           S M OAUX  DESL          DIESEL GENERATOR.
S M N DAUX  SWGR           S M OAUX  SWGR          SWITCHGEAR.
S M N DAUX  TRAN           S M OAUX  TRAN          AUXILIARY TRANSFORMER.

      DECC                     O ECC               EMERGENCY CORE COOLING SYSTEM PROBLEMS
      DECC  NRC                O ECC NRC           NRC REGULATIONS.

S M N DEX                  S M O EX                EXCITERS OR VOLTAGE REGULATOR PROBLEMS.

  M N DFUS  ****             M OFUS  ****          FUEL DELIVERY SYSTEM PROBLEM.
  M N DFUS  BELT             M OFUS  BELT          BELT.
  M N DFUS  BRGE             M OFUS  BRGE          BARGE.
  M N DFUS  BUNK             M OFUS  BUNK          BUNKER.
  M N DFUS  COND             M OFUS  COND          CONDITIONER.
  M N DFUS  CRSH             M OFUS  CRSH          CRASHER.
  M N DFUS  DOCK             M OFUS  DOCK          DOCK.
  M N DFUS  DUMP             M OFUS  DUMP          CAR DUMPER.
    N DFUS  MANP               OFUS  MANP          MANPOWER.
  M N DFUS  PIPE             M OFUS  PIPE          OIL PIPING.
  M N DFUS  PUMP             M OFUS  PUMP          OIL PUMP & HEATER SET.
  M N DFUS  PUSH             M OFUS  PUSH          PUSHER.
  M N DFUS  TANK             M OFUS  TANK          OIL TANK.
  M N DFUS  TRIP             M OFUS  TRIP          TRIPPER OR ANY OTHER FUEL PROBLEMS.

S M N DGO                  S M OGO                 GOVERNOR OR EHC SYSTEM PROBLEMS WITH THE
                                                   FUTURE TURBINE.
  M N DPR                    M OPR                 PRECIPITATOR SYSTEM PROBLEM-BROKEN
                                                   WIRES. DUST BUILDUP, FULL HOPPER.
  M N DPR   EPA              M OPR   EPA           EPA REGULATIONS
  M N DSB                    M OSB                 SOOT BLOWING SYSTEM PROBLEM.
  M N DWAT  ****             M OWAT  ****          WATER SUPPLY PROBLEMS.
S M N DWAT  DEMI           S M OWAT  DEMI          DEMINERALIZER PROBLEMS.
S M N DWAT  MAKE           S M OWAT  MAKE          INSUFFICIENT MAKEUP.
S M N DWAT  POLI           S M OWAT  POLI          POLISHER PROBLEMS.
S M N DWAT  WAST           S M OWAT  WAST          WASTEWATER SYSTEM PROBLEMS.
</TABLE>

<PAGE>

<TABLE>
<CAPTION>

C.E.Co.                                                                                   G.P. No. 354
                                                                                            Appendix E
                                                                                                Page 9
                         SPS DERATING CODES SPECIAL ITEMS

    DERATE CODE            M OR O/S CODE                        DESCRIPTION
--------------------     ----------------------    ---------------------------------------------------
<S>                      <C>                       <C>
      DECP                                         FULL UNIT CAPACITY UNAVAILABLE. REASON NOT
                                                   COVERED BY SPECIFIC DERATING.

      DKAN                     OMAN                MANPOWER SHORTAGE.

      DOPE                     OOPE                OPERATING ERROR.*

                             N OSTR  FAIL          UNIT STARTUP TIME NOT IN +15 -30 WINDOW
                             N OBL1  FAIL          STARTUP TIME NOT IN +15 -30 WINDOW
                             N OBL2  FAIL          STARTUP TIME NOT IN +15 -30 WINDOW
      DPOL  ****               OPOL  ****          POLLUTION PROBLEMS.
    N DPOL  EPA                OPOL  EPA           EPA REGULATIONS.
    N DPOL  OFFG               OPOL  OFFG          OFF GAS.
    N DPOL  OZON               OPOL  OZON          OZONE CONCENTRATIONS.
    N DPOL  RADW               OPOL  RADW          RADIATION WASTE.
    N DPOL  STAC               OPOL  STAC          STACK OPACITY.
      DPOL  SULF               OPOL. SULF          HIGH SO2 OR SO3 CONCENTRATION.
    N DTEM  ****               OTEM  ****          COOLING WATER PROBLEM.
    N DTEM  CANA               OTEM  CANA          CANAL
    N DTEM  EPA                OTEM  EPA           EPA REGULATIONS
                                                   (KINCAID/QUAD-CITIES ONLY)
    N DTEM  LAKE               OTEM  LAKE          LAKE
    N DTEM  RIVR               OTEM  RIVIR         RIVER
    N DTEM  TOWR               OTEM  TOWR          COOLING TOWER PROBLEMS.
      DTRX  ****               OTRX  ****          TRANSMISSION PROBLEMS.
      DTRX  ICE                OTRX  ICE           ICE.
      DTRX  OVLD               OTRX  OVLD          OVERLOAD.
S M N DTRX  UNTR           S M OTRX  UNTR          UNIT TRANSFORMER.
S M N DTRX  VOLT           S M OTRX  VOLT          VOLTAGE.
    N DTRX  ZONE               OTRX  ZONE          ZONE.
                           S M OTRX  UBRK          UNIT BREAKER.

NOTE: ALL REASON CODES BELOW MUST HAVE NEGATIVE VALUES.

<CAPTION>

    DERATE CODE            M OR O/S CODE                        DESCRIPTION
--------------------     ----------------------    ---------------------------------------------------
<S>                      <C>                       <C>
      RFUE GAS                                     RECOVERABLE MW BURNING GAS
      RFUE OIL                                     RECOVERABLE MEGAWATTS BURNING OIL.
      RTST                                         RATING TEST OR OPERATION ABOVE OFFICIAL UNIT
                                                   RATING.
</TABLE>

<PAGE>

C.E.Co.                                                               G.P.No.354
                                                                      Appendix E
                                                                         Page 10

                              SPS DERATING CODES
                              ------------------

                          BLACK START DIESEL PEAKERS
                          --------------------------

<TABLE>
<CAPTION>

 DERATE CODE           M OR O/S CODE                  DESCRIPTION
---------------      ----------------      -------------------------------------------------
<S>                  <C>                   <C>
    DPDX ****             OPDX ****        DIESEL DERATING OR OUTAGE. A SECONDARY REASON IS
                                           ALWAYS REQUIRED. X = UNIT NUMBER
M N DPDX AUXT           M OPTX AUXT        AUXILIARY TRANSFORMER
M N DPDX BATT           M OPDX BATT        BATTERY AND CHARGING SYSTEM
M N DPDX CONT           M OPDX CONT        ENGINE CONTROL SYSTEM
M N DPDX COOL           M OPDX COOL        COOLING SYSTEM
                        M OPDX ENEX        ENGINE EXCHANGE
M N DPDX ENGE           M OPDX ENGE        ENGINE PROBLEM
                          OPDX EROR        OPERATING OR MAINTENANCE ERROR
                          OPDX EXPL        UNIT OR COMPONENT EXPLOSION
                          OPDX FIRE        FIRE
M N DPDX FUEL           M OPDX FUEL        FUEL SYSTEM
M N DPDX GENR           M OPDX GENR        GENERATOR PROBLEM
M N DFDX GOV            M OPDX GOV         GOVERNOR PROBLEM
M N DPDX INAS           M OPDX INAS        AIR INLET SYSTEM
M N DPDX LUBR           M OPDX LUBR        LUBRICATION PROBLEM
M N DPDX MAIN           M OPDX MAIN        MAIN TRANSFORMER
                          OPDX NADS        NATURAL DISASTER TO PLANT
                        M OPDX OVHL        OVERHAUL
  N DPDX REGS             OPDX REGS        NOISE OR ENVIRONMENTAL REGULATION
M N DPDX STRT           M OPDX STRT        STARTER SYSTEM
  N DPDX TEST                              TESTING OF INDIVIDUAL UNITS
M N DPDX TUCH           M OPDX TUCH        TURBO-CHARGER
M N DPDX VIBS           M OPDX VIBS        VIBRATION PROBLEM

LOCATIONS- FISK UNIT 20, JOLIET UNIT 9

<PAGE>

C.E.Co.                                                               G.P.No.354
                                                                      Appendix E
                                                                         Page 11

                              SPS DERATING CODES
                              ------------------

                           FAST START PEAKING UNITS
                           ------------------------

 DERATE CODE         M OR O/S CODE                      DESCRIPTION
---------------    ----------------        -------------------------------------------------
    DPKX ****         OPKX ****            PEAKER DERATING OR OUTAGE. A SECONDARY
                                           REASON IS ALWAYS REQUIRED. X = UNIT BLOCK
                                           NUMBER
M N DPKX AUXT       M OPKX AUXT            BLOCK TRANSFORMER
M N DPKX BATT       M OPKX BATT            BATTERY AND CHARGING SYSTEM
M N DPKX BEAR       M OPKX BEAR            BEARING PROBLEM (NOT VIBRATION)
                    M OPKX CLNG            TURBINE CLEANING
M N DPKX COMP       M OPKX COMP            COMPRESSOR PROBLEM
M N DPKX CONT       M OPKX CONT            CONTROLS AND INSTRUMENTATION
M N DPKX COOL       M OPKX COOL            COOLING SYSTEM
                    M OPKX ENEX            ENGINE EXCHANGE
                      OPKX EROR            OPERATING OR MAINTENANCE ERROR
M N DPKX EROS       M OPKX EROS            AIRBORNE PARTICULATE EROSION
M N DPKX EXCR       M OPKX EXCR            EXCITER PROBLEM
M N DPKX EXHT       M OPKX EXHT            EXHAUST EQUIPMENT
                      OPKX EXPL            EXPLOSION
                      OPKX FIRE            FIRE
M N DPKX FUEL       M OPKX FUEL            FUEL SYSTEM
M N DPKX GENR       M OPKX GENR            GENERATOR PROBLEM
  N DPKX HEGT       M OPKX HEGT            HIGH EXHAUST GAS TEMPS.
M N DPKX IGNT       M OPKX IGNT            IGNITION SYSTEM
M N DPKX INAS       M OPKX INAS            INLET AIR SYSTEM
M N DPKX LUBR       M OPKX LUBR            LUBRICATION PROBLEM
M N DPKX MAIN       M OPKX MAIN            MAIN TRANSFORMER
                      OPKX NADS            NATURAL DISASTER TO PLANT
                    M OPKX OVHL            OVERHAUL
M N DPKX REDC       M OPKX REDC            REDUCTION SPEED GEAR
  N DPKX REGS         OPKX REGS            NOISE OR ENVIRONMENTAL REGULATIONS
M N DPKX SULF       M OPKX SULF            SULFURIZATION EROSION FROM FUEL
  N DPKX TEST                              TESTING
M N DPKX TURB       M OPKX TURB            TURBINE PROBLEM
M N DPKX TURN       M OPKX TURN            TURNING GEAR
M N DPKX VIBS       M OPKX VIBS            VIBRATION PROBLEM
LOCATIONS-    BLOOM, CALUMET. CRAWFORD, ELECTRIC JUNCTION, FISK, JOLIET 6, LOMBARD,
              SABROOKE, WAUKEGAN

<PAGE>

C.E.Co.                                                               G.P.No.354
                                                                      Appendix E
                                                                         Page 12

                               SPS OUTAGE CODES
                               ----------------

      CODE                                               DESCRIPTION
---------------                            -------------------------------------------------

                ECONOMIC BOILER OUTAGES ARRANGED WITH LOAD DISPATCHER

EB 1                                       ECONOMIC OUTAGE ON BOILER #1
EB 2                                       ECONOMIC OUTAGE ON BOILER #2

           SCHEDULED OUTAGES ARRANGED BY OVERHAUL SCHEDULING COMMITTEE

SBO1                                       BOILER OVERHAUL #1 BOILER
SBO2                                       BOILER OVERHAUL #2 BOILER
SMNT                                       SCHEDULE D MAINTENANCE
SNEW                                       NON-COMM. UNIT (VALUE MUST BE-
SOVL                                       UNIT OVERHAUL)

</TABLE>

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00023-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00023-of-00352.parquet"}]]