Document:

<PAGE>
                                                                   EXHIBIT 10.47

                       AMENDMENT NO.1 TO WARRANT AGREEMENT

         This Amendment No. 1 to Warrant Agreement, dated as of February 27,
2002 (the "Amendment") to the Warrant Agreement dated as of May 1, 1997 (the
"Warrant Agreement"), between General Credit Corporation, a New York corporation
(the "Company") and American Stock Transfer & Trust Company, a New York
corporation (the "Warrant Agent"). All capitalized terms not defined in this
Amendment shall have the same meanings as set forth in the Warrant Agreement,
and all references to paragraphs or sections in this Amendment shall correspond
to the same paragraphs or sections as set forth in the Warrant Agreement.

         WHEREAS, the Company desires to amend the Warrant Agreement, as
provided in this Amendment;

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

         1. Paragraph 3.1 of the Warrant Agreement is hereby deleted in its
entirety and replaced with the following:

                  Warrant Price. Each Warrant shall, when countersigned by the
Warrant Agent, entitle the registered holder thereof; subject to the provisions
of such Warrant and of this Agreement, to purchase from the Company one share of
Common Stock for $1.50 per whole share, subject to the adjustments provided in
Section 4 hereof. The term "Warrant Price' as used in this Agreement refers to
the price per share at which Common Stock may be purchased at the time a Warrant
is exercised.

         2. Paragraph 3.2 of the Warrant Agreement is hereby deleted in its
entirety and replaced with the following:

                  Duration of Warrants. A Warrant may be exercised only during
the period ("Exercise Period") commencing on April 24, 1997 and terminating at
4:00 p.m. EST on April 30, 2003; provided, however, that the Exercise Period of
the Warrants shall terminate earlier on the date fixed for redemption of such
Warrants as provided in Section 6 of this Agreement ("Expiration Date"). Each
Warrant not exercised on or before the Expiration Date shall become void, and
all rights thereunder and all rights in respect thereof under this Agreement
shall cease at the close of business on the Expiration Date. The Company has the
right, in its sole, discretion, to extend the expiration date of the Warrants on
five business days prior written notice to the holders of the Warrants.

         3. Paragraph 6.1 of the Warrant Agreement is hereby deleted in its
entirety and replaced with the following:

                  Redemption. The Warrants may be redeemed, at the option of the
Company, as a whole at any time or in part from time to time, after April 24,

<PAGE>

1997, and prior to their expiration, in any proportion as the Company in it sole
discretion may determine, at the office of the Warrant Agent, upon the notice
referred to in Section 6.2, at the price of $.25 per Warrant ("Redemption
Price"), provided that the closing bid price of the Common Stock as reported on
Nasdaq, or the closing sale price, as reported on a national or regional
securities exchange, as applicable, of the shares of the Common Stock for 30
consecutive trading days ending within 10 days of the notice of redemption of
the Warrants averages at least $3.00 per share, subject to adjustment, and
further provided that the Company shall give written notice of the Company's
intent to redeem the Warrants at least five business days prior to the date of
the notice of redemption.

         4. This Amendment sets forth the entire amendment being made to the
Warrant Agreement. Except as specifically provided in this Amendment, the
Warrant Agreement and all Warrant Certificates remain in full force and effect
in accordance with their terms. References in any Warrant Certificate to the
Warrant Agreement shall be deemed to refer to the Warrant Agreement, as amended
by this Amendment.

         IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
duly executed as of the day and year first above written.

                                            GENERAL CREDIT CORPORATION, a New
                                            York corporation

                                            By: /s/ IRWIN ZELLERMAIER
                                                -------------------------------
                                            Name: Irwin Zellermaier
                                            Title: Chief Executive Officer

                                            AMERICAN STOCK TRANSFER & TRUST
                                            COMPANY, a New York corporation

                                            By: /s/ HERBERT J. LEMMER
                                                -------------------------------
                                            Name: Herbert J. Lemmer
                                            Title: Vice President

                                       2<PAGE>

                                                                   EXHIBIT 10.25

                            AUTOMATED POWER EXCHANGE
                   MASTER SERVICE AND PARTICIPATION AGREEMENT

THIS AUTOMATED POWER EXCHANGE MASTER SERVICE AND PARTICIPATION AGREEMENT
("MSPA") is made and entered into this 7th day of February, 2002 by and between
Automated Power Exchange, Inc., a California corporation ("APX"), and Bear
Valley Electric Services ("Participant"). APX and Participant are sometimes
referred to herein individually as  "Party" and collectively as the "Parties."

     WHEREAS, APX operates electronic information exchanges in which
Participants are able to buy and sell electricity and other products and
services, and

     WHEREAS, the Participant desires to enter into this APX MSPA in order to
be able to utilize APX Services from time to time in accordance with the terms
hereof.

     NOW THEREFORE, in consideration of the foregoing and the mutual promises
and covenants hereinafter set forth, the Parties agree and intend to be bound
as follows:

1.   DEFINITIONS AND INTERPRETATION.

     1.1. Definitions. Except as otherwise defined herein, initially capitalized
          terms used in this APX MSPA have the meanings set forth in Section 2.1
          of the APX Master Terms and Conditions of Service, together with
          certain additionally defined terms in all applicable Tabs, as amended
          and modified from time to time.

     1.2. Interpretation. The rules of interpretation set forth in Section 2.2
          of the APX Master Terms shall apply to this MSPA.

     1.3. Conflicts. In the event of a conflict between the provisions of this
          MSPA and the APX Master Terms or any applicable Tabs, the provisions
          of this MSPA shall control and take precedence.

2.   USE OF APX SERVICES.

     2.1. Upon execution of this APX MSPA and satisfaction of the conditions of
          eligibility set forth in Section 3 of the APX Master Terms, the
          Participant shall be eligible to use the APX Services.

     2.2. This APX MSPA does not obligate the Participant or any of its
          affiliates to use any APX Services.

3.   TERMS AND CONDITIONS OF SERVICE.

     3.1. The APX Master Terms, including all applicable Tabs, are incorporated
          herein and made a part of this APX MASPA.

     3.2. APX and the Participant agree that:

          a.)   The APX Master Terms, inclusive of all applicable Tabs, this
                MSPA, and all rules, orders, procedures, or protocols duly
                promulgated from time to time by APX shall govern the
                Participant's use of any APX Service.

          b.)   APX and the Participant will abide by the APX Master Terms and
                all rules, orders, procedures and protocols duly promulgated by
                APX in respect of all matters relating to the Participant's use
                of any APX Service.

          c.)   The Participant's eligibility to use the APX Services is at all
                times subject to the APX Master Terms and all rules, orders,
                procedures, and protocols duly promulgated by APX, and may be
                revoked in accordance with the APX Master Terms.

     3.3. APX may amend or modify the APX Master Terms from time to time in
          accordance with the procedures set forth in Section 9 of the APX
          Master Terms. Any such amendment or modification shall be binding upon
          the Participant in accordance with the provisions set forth in Section
          9 of the APX Master Terms.

4.   TERMS AND TERMINATION.

This APX MSPA shall become effective on the date set forth in the introductory
paragraph and shall remain in effect unless terminated in accordance with the
provisions set forth in Section 11 of the APX Master Terms.

5.  REPRESENTATIONS AND WARRANTIES.

     5.1. Each Party represents and warrants to the other Party the following:

          a.)   Authority. The execution, delivery, and performance by each
                Party of this APX MSPA are within the Party's powers, have been
                duly authorized by all necessary corporate or other action, and
                do not and will not violate the terms and conditions in the
                Party's governing documents, any material contract to which the
                Party is a party, or any applicable laws; and

          b.)   Binding Obligations. This APX MSPA constitutes the legal, valid,
                and binding obligations of each Party, enforceable against the
                Party in accordance with its terms, except as enforceability may
                be limited by applicable bankruptcy or similar laws affecting
                the enforcement of creditor's rights generally or by equitable
                principles relating to enforceability of contracts made by and
                for competent parties.

     5.2. The representations and warranties above are intended to be continuing
          representations and warranties with the expectation that each Party
          can and will rely upon their continuing applicability.

6.   TRANSFER AND ASSIGNMENT.

     6.1. Neither Party shall assign any of its rights nor delegate any of its
          obligations under this APX MSPA without the prior written consent of
          the other Party, which consent shall not be unreasonably withheld or
          delayed. Any prohibited assignment or delegation shall be void.

     6.2. Notwithstanding the foregoing, this APX MSPA shall be binding upon and
          shall inure to the benefit of the Parties and their respective
          successors and permitted assigns.

7.   ELECTRONIC CONTRACTING.

All submitted applications, schedules, bids, confirmations, changes to
information on file with APX, notices and other communications conducted via
electronic transfer, including direct computer link, bulletin board, e-mail,
facsimile or any other means established by APX, shall invoke the same legal
rights, responsibilities, and obligations set forth in the APX Master Terms as
if executed in written format. APX and Participant waive any defense under the
Statute of Frauds, or similar provision of law, in connection therewith.

                                     - 1 -
<PAGE>
8.   MISCELLANEOUS

          8.1 Notices. Except as otherwise specified herein or in the APX
              Master Terms, notices shall be in writing and transmitted by
              mail, overnight courier, or facsimile. Notices to APX shall be
              addressed to: Automated Power Exchange, Inc. 5201 Great America
              Parkway #522 Santa Clara, California 95054 Attention: Contracts
              Department (408) 517-2100. Notices to Participant shall be
              addressed to the representative specified in Appendix 1 of this
              APX MSPA.

          8.2 Entire Agreement. This APX MSPA and all attachments hereto, and
              the APX Master Terms with applicable Tabs embody the entire
              agreement and understanding of the Parties and superseded all
              prior or contemporaneous agreements and understandings of the
              Parties, verbal or written, relating to the subject matter hereof.

          8.3 Governing Law. THIS APX MSPA SHALL BE GOVERNED BY, AND
              INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF
              CALIFORNIA, EXCLUDING ANY CHOICE OF LAW RULE THAT DIRECTS THE
              APPLICATION OF THE LAWS OF ANOTHER JURISDICTION, IRRESPECTIVE OF
              THE PLACES OF EXECUTION OR OF THE ORDER IN WHICH SIGNATURES OF
              THE PARTIES ARE AFFIXED OR OF THE PLACE OF PERFORMANCE.

          8.4 Independent Parties. Nothing in this APX MSPA shall be construed
              or represented as creating a partnership, trust, fiduciary or any
              similar relationship among the Parties. Except as set forth in
              the APX Master Terms, no Party is authorized to act on behalf of
              the other Party and none shall be considered the agent of the
              other.

          8.5 No Third-Party Beneficiaries. This APX MSPA is made and entered
              into for the sole protection and legal benefit of the Parties and
              their permitted successors and assigns. No other person shall be
              a direct or indirect legal beneficiary of, or have any direct or
              indirect cause of action or claim in connection with, this APX
              MSPA.

          8.6 Amendment. Subject to Section 1.3 above, this APX MSPA is subject
              to modification of the APX Master Terms. In all other respects,
              this APX MSPA shall be modified or amended only by a written
              instrument executed by the Parties and shall not be modified by
              course of performance or any usage of trade.

          8.7 Severability. The illegality or unenforceability of any provision
              of this APX MSPA or any instrument or agreement required
              hereunder shall not in any way affect or impair the legality or
              enforceability of the remaining provisions of this APX MSPA or
              any instrument or agreement required hereunder.

          8.8 Counterparts. This APX MSPA may be executed in any number of
              separate counterparts, which shall be deemed to constitute one
              instrument. The authorized representative of the Parties have
              executed this APX Master Service and Participation Agreement as
              of the date first set forth above:

AUTOMATED POWER EXCHANGE INC.                      BEAR VALLEY ELECTRIC SERVICES

                                                       /s/ JOEL A. DICKSON

By: /s/ [SIGNATURE ILLEGIBLE]                      By: Joel A. Dickson
    -------------------------                          -------------------------
Title: SR. VP                                      Title: Vice President
       ----------------------                           ------------------------
Date: 2/15/02                                      Date: February 7, 2002
      -----------------------                            -----------------------

                                      -2-

<PAGE>
                                   APPENDIX 1

PARTICIPANT:                  BEAR VALLEY ELECTRIC SERVICE

REPRESENTATIVE CONTACT:       RAYMOND P. JUELS
                              630 EAST FOOTHILL BLVD.
                              SAN DIMAS, CA 91773
                              RJUELS@SCWATER.COM
                              (909) 394-3600, EXT. 679
                              (909) 394-3768 - FACSIMILE

EMERGENCY CONTACT:            JOEL A. DICKSON
                              630 EAST FOOTHILL BLVD.
                              SAN DIMAS, CA 91773
                              JADICKSON@SCWATER.COM
                              (909) 394-3600, EXT. 636
                              (909) 394-1382 - FACSIMILE

BILLING CONTACT:              RAYMOND P. JUELS
                              630 EAST FOOTHILL BLVD.
                              SAN DIMAS, CA 91773
                              RJUELS@SCWATER.COM
                              (909) 394-3600, EXT. 679
                              (909) 394-3768 - FACSIMILE

AGENT CONTACT:                COMPLETE ENERGY SERVICES
                              650 EAST PARKRIDGE AVENUE, #110
                              CORONA, CA 92879
                              COMPENERGY@COMPENERGY.COM

                              DAVE KOLK
                              COMPLETE ENERGY SERVICES
                              650 EAST PARKRIDGE AVENUE, #110
                              CORONA, CA 92879
                              DKOLK@COMPENERGY.COM
                              (909) 280-9411
                              (909) 280-9821 - FACSIMILE
                              (909) 283-1097 - CELLULAR

                              JUNE SKILLMAN
                              COMPLETE ENERGY SERVICES
                              650 COMPLETE ENERGY SERVICES, #110
                              CORONA, CA 92879
                              JSKILLMAN@COMPENERGY.COM
                              (909) 280-9411
                              (909) 280-9821 - FACSIMILE
                              (909) 290-3749 - CELLULAR

                                     - 3 -
<PAGE>
                            AUTOMATED POWER EXCHANGE
                       MASTER TERMS AND CONDITIONS: TAB 1
                   PARTICIPANT APPROVED COUNTER-PARTY TRADING

1.   SCOPE.

     1.1. This Tab Number 1 to the APX Master Terms and Conditions of Service
          sets forth the requirements, procedures, and protocols for the
          effective use of Participant Approved Counter-Party Trading services.
          Together with other applicable Tabs, the Master Service and
          Participation Agreement, and the APX Master Terms and Conditions of
          Service, all of which are expressly incorporated by reference, this
          Tab constitutes the entire agreement necessary to conduct Participant
          Approved Counter-Party Trading in the APX Markets.

     1.2. References to a Section shall mean a Section of this Tab 1, unless
          otherwise agreed. In the event of conflict between this Tab 1 and the
          APX Master Terms, this Tab 1 shall control and take precedence. The
          Participant Approved Counter-Party Trading service is an APX Market
          within the meaning of that defined term.

2.        DEFINITIONS.

     2.1. The following defined terms supplement the Master Terms and are
          applicable to Participant Approved Counter-Party Trading in APX
          Markets in the United States and Canada.

          2.1.1. "Delivery" means the actual or required exchange of electricity
               pursuant to a Contracted Order or otherwise.

          2.1.2. "Monthly Invoice" means the APX electronic invoice summarizing
               a Participant's transactional activity for the month.

3.   APPROVED COUNTER-PARTY CONTRACTING.

     3.1. APX Participants may Contract in APX Markets via the Market Window on
          a Participant Approved Counter-Party basis for some or all of their
          APX Product Specification Sheet requirements, as each Participant may
          elect. In registering for Participant Approved Counter-Party Trades, a
          Participant will indicate what counter-party entities that registering
          Participant is accepting as a trading partner. A Participant may amend
          its Participant Approved Counter-Party registration statement via the
          APX Market Window from time to time as it may elect, thereby
          increasing or decreasing the number of Participant Approved
          Counter-Parties for that amending Participant. Changes are effective
          immediately upon receipt by APX. A Participant may also choose to use
          Participant Approved Counter-Party services solely, or in conjunction
          with, APX Managed Credit Services as described in Tab 3 to these APX
          Master Terms.

     3.2. Participant Approved Counter-Party Trading must be by the mutual
          consent of both parties. When mutual consent is indicated to APX, the
          Participant's Market Window software will be enabled such that only
          the bids and asks of approved counter-parties may be Contracted,
          though all Orders from all Participants are viewable. As with APX
          Managed Credit Services, screen entries by others are anonymous to the
          Participant until Contracted by the Market Engine. Unlike APX Managed
          Credit Services, counter-party identity is revealed to each side after
          Contracting.

     3.3. Approved Counter-Party Trading is unsecured and all Participants to
          such trading expressly agree to the following provisions:

          a.)  each Participant is responsible to itself and the other party for
               full performance of the Contracted Order, whether entailing
               obligations to make or take Delivery, or actions to ensure
               transmission rights affecting Delivery;

          b.)  each Participant is free to alter the terms of the Contracted
               Order with their Participant Approved Counter-Party after the
               Contracted Order has been accepted by the Market Engine, in the
               same manner that they can alter any bilateral obligation;

          c.)  each Participant bears the risk of the other's default in making
               Delivery or taking Delivery;

          d.)  each Participant remains responsible for informing APX if the
               Contracted Order or any modification causes a change in APX
               Scheduling Services, and for payment of all applicable Scheduling
               fees occasioned thereby;

          e.)  each Participant acknowledges that in any dispute concerning a
               Participant Approved Counter-Party Contracted Order(s), APX
               cannot be a Party to the dispute, and can only confirm what the
               Market Engine recorded as the Contracted Order; and

          f.)  a Participant may not cycle their Participant Approved
               Counter-Party screen feature on and off as a way of discerning
               counter-party identity prior to Contracting. The ability to
               engage in such "toggling" is software limited as discussed in the
               APX Product Specification Sheet.

     3.4. A Participant is permitted to use APX Services in part through
          Participant Approved Counter-Party Trading as it may elect, and as
          long as it has at least one Approved Counter-Party. In the event that
          a Participant shifts to APX Managed Credit Services, triggering
          collateralization of trades encumbering credit, the provisions of the
          APX Master Terms and Tab 3 (APX Managed Credit Services) relating to
          Monetary Reserve Facility procedures apply, and control what actions
          APX and Participants are required to take.

     3.5. A Participant who chooses to use the APX California Scheduling Service
          (APX SC ID) and/or the APX Qualified Scheduling Entity (QSE) Service
          must continue to maintain a Monetary Reserve Facility as described in
          Tab 3 (APX Managed Credit Services) even when they engage in
          Participant Approved Counterparty Trading.

4.   PAYMENT.

     4.1. Supplementing the Tab 4 description of APX Market Settlement and
          Billing processes, the following provisions specific to Participant
          Approved Counter-Party Trading applies to affected APX Participants:

          a.)  Participant Approved Counter-Party transactions will be recorded
               and displayed for each Participant within the APX Market Window
               and the counter-party disclosure report prepared for each
               Participant.

          b.)  In the event of a Participant Approved Counter-Party default, APX
               will not act to cure the default or minimize its effects on the
               parties to the defaulted Order or assure that payment to the
               non-defaulting party is made. APX' sole responsibility to the
               parties will be to confirm what the Contracted Order was as
               recorded by the APX Market Engine.

          c.)  Participants are responsible to APX for the payment of fees
               associated solely with the amount of Contracted Order energy
               recorded by the APX Market Engine, regardless of the energy
               actually delivered and accepted. The Monthly Invoice will display
               the amount of APX fees owed for all energy transacted, while
               showing only APX-settled units of energy.

5.   ADDENDA.

     5.1. Unless expressly addressed, nothing herein shall be construed as a
          waiver of the Representations and Warranties given by the Parties in
          Section 4 of the APX Master Terms, or of the Code of Conduct
          requirements of Section 8 of the APX Master Terms.

     5.2. For Participant Approved Counter-Party Trading only, the following
          Sections of the APX Master Terms and Conditions of Service do not
          apply:

          a.)  3.4 requiring that a Monetary Reserve Facility (MRF) be
               established.

          b.)  Tab 3 to these APX Master Terms addressing APX Managed Credit
               Services.

                          * * * * * * * * * * * * * * *

                                   PAGE 1 OF 1
                           EFFECTIVE SEPTEMBER 1, 2001

<PAGE>
                            AUTOMATED POWER EXCHANGE
                     MASTER TERMS AND CONDITIONS OF SERVICE

1. SCOPE.

   1.1.  These APX Master Terms set forth the eligibility and operating
         requirements for utilization of the APX Services and Products.
         Together with the applicable APX Product and Service Tabs, these
         Master Terms are incorporated in and made a part of each Participant's
         Master Service Agreement, and may be revised from time to time. The
         current version of these APX Master Terms is available to Participants
         via the APX Internet Site or upon request from APX.

   1.2.  These APX Master Terms apply to each APX Market in which Participants
         are able to utilize APX Services or buy and sell Products. Additional
         terms, conditions, and requirements that apply to specific APX
         Services and Products are set forth in individual Tabs to these Master
         Terms, and are expressly incorporated into these APX Master Terms.

   1.3.  In the event of a conflict between these Master Terms and any
         applicable Tab, the applicable Tab requirements shall control.

2. DEFINITIONS.

   2.1.  Defined terms specific to individual APX Products and Services can be
         found in the applicable Tab. Initially capitalized terms used in these
         APX Master Terms and elsewhere in the Tabs shall have the meanings set
         forth below:

         2.1.1.     "Affiliate" means any person or entity that is directly or
                    indirectly controlled by, in control of, or under the common
                    control of another.

         2.1.2.     "APX" means Automated Power Exchange, Inc., a California
                    corporation.

         2.1.3.     "APX Internet Site" means the APX' site on the Internet
                    at address www.apx.com.

         2.1.4.     "APX Managed Credit Trading" means the trading activity of
                    APX Market Participants under which said Participant posts
                    credit which partially or wholly supports its Contracted
                    position in the event of default by that Participant.

         2.1.5.     "APX Market" means a set of available Products and/or
                    Services for which there is a specific subject matter Tab.

         2.1.6.     "APX Market Tab" means one or more subject matter
                    supplements to these APX Master Terms which sets forth
                    additional terms, conditions, and requirements applicable
                    to the described APX Services and Products.

         2.1.7.     "APX Market Engine" means the active server and software
                    that administers APX Services and is owned and maintained
                    by APX.

         2.1.8.     "APX Market Window" means the software that provides the
                    electronic interface between Participants and the APX
                    Market Engine.

         2.1.9.     "APX Master Service Agreement" means the Master Service and
                    Participation Agreement entered into between the
                    Participant and APX.

         2.1.10.    "APX Product Specification Sheet" means that written
                    descriptive statement of APX energy, capacity,
                    transmission, and ancillary service products available to
                    Participants, revised from time to time, and published on
                    the APX website at www.apx.com.

         2.1.11.    "APX Registration Statement" means the enrollment form that
                    each Participant must complete prior to being eligible to
                    use APX Services.

         2.1.12.    "APX Services" means the services and associated Products
                    that APX offers in each APX Market, as specified in the
                    applicable Market Tab or APX Product Specification Data
                    Sheets.

         2.1.13.    "Contract," "Contracted," and "Contracting" describes the
                    result of the APX Market Engine's matching one or more buy
                    Orders with one or more sell Orders.

         2.1.14.    "Contracted Order" means a contract that has been formed
                    between one or more Participants that have submitted buy
                    Orders and one or more Participants that have submitted
                    sell Orders upon being Contracted by the APX Market Engine.

         2.1.15.    "Control Area" means those facilities and intangible rights
                    and operations that are controlled by a Control Area
                    Operator.

         2.1.16.    "Control Area Operator" means the entity that performs
                    Control Area Services for a specific Control Area.

         2.1.17.    "Control Area Requirements" means all duly-constituted
                    rules or equivalents that apply or govern Control Area
                    Services, issued by proper authority.

         2.1.18.    "Control Area Services" means those services provided by
                    the Control Area Operator to stabilize the performance of
                    the electric grid.

         2.1.19.    "Depository" means Comerica Bank-California, a California
                    bank corporation, or a successor entity appointed by APX.

         2.1.20.    "FERC" means the Federal Energy Regulatory Commission or
                    its successor.

         2.1.21.    "Force Majeure" means an event or circumstance that is
                    beyond the reasonable control of the affected Party and
                    that could not have been avoided with the exercise of due
                    diligence.

         2.1.22.    "Governmental Authority" means any federal, state, or local
                    branch or unit of government, including FERC, SEC and CFTC,
                    and any entity that is subject to regulation by any
                    administrative agency as a public utility, including state
                    and regional ISOs, ISAs, and RTOs.

         2.1.23.    "Insolvency Proceeding" means any case, action, or
                    proceeding relating to bankruptcy, reorganization,
                    insolvency, liquidation, receivership, dissolution,
                    winding-up, or any general assignment for the benefit of
                    creditors.

         2.1.24.    "Law" means any law, treaty, code, rule, regulation,
                    tariff, protocol, or judicial order binding upon APX, the
                    Depository, or a Participant.

         2.1.25.    "Monetary Reserve Facility" means the financial
                    arrangements made by a Participant in advance of
                    registration as an APX Managed Credit Trading Participant
                    using the APX Services.

         2.1.26.    "Order" means a Participant initiated buy Order or sell
                    Order.

         2.1.27.    "Participant" means a person or entity that meets the
                    eligibility requirements set forth in Section 3 below.

         2.1.28.    "Participant Approved Counter-Party Trading" means trading
                    activity under which a Participant selects its
                    counter-party from a Participant Approved Counter-Party
                    list, and for which the selecting Participant bears the
                    risk of counter-party default. The identity of the counter-
                    party is disclosed upon formation of the Contracted Order.

         2.1.29.    "Party" means APX or a Participant.

         2.1.30.    "Products" means all units or packages of electrical power,
                    including, but not limited to energy, capacity,
                    transmission, or ancillary services or derivatives
                    therefor, the purchase, sale and trading of which are
                    supported or facilitated by the APX Market Window and APX
                    Market Engine, as more particularly described in the APX
                    Product Specification Data Sheets published from time to
                    time. "Products" expressly excludes securities and futures
                    contracts of any kind, and the trading of securities and
                    futures contracts via the APX Market Window is prohibited.
                    "Products" expressly excludes "swaps" as defined in 17
                    C.F.R. Part 35.

         2.1.31.    "Termination Date" means the date on which a Participant's
                    APX Master Service Agreement is terminated.

   2.2. In these APX Master Terms, unless the context otherwise requires:

         2.2.1.     Terms stated in the singular shall include the plural and
                    the masculine shall include the feminine and neuter, and
                    vice versa;

         2.2.2.     References to a Section, Exhibit, or Tab shall mean a
                    Section, Exhibit, or Tab of these APX Master Terms.

         2.2.3.     The words "includes" or including" shall mean "including
                    without limitation";

         2.2.4.     A reference to an agreement shall be to the agreement as
                    amended or modified as of the date of reference;

         2.2.5.     References to any Law or Control Area Requirement shall be
                    to such law or requirement as amended or modified as of the
                    date of reference;

                                  PAGE 1 OF 6
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                            AUTOMATED POWER EXCHANGE
                     MASTER TERMS AND CONDITIONS OF SERVICE

          2.2.6.  Any reference to a "person" includes any individual,
                  partnership, firm, company, corporation, joint venture, trust
                  or organization whether or not possessing separate legal
                  personality;

          2.2.7.  Any reference to a day, week, or month shall be deemed to be a
                  reference to a calendar day, week, or month; and

          2.2.8.  The terms "electricity" and "energy" are used interchangeably
                  herein.

3.   CONDITIONS OF ELIGIBILITY TO USE THE APX SERVICES

          3.1.    The certifications and representations contained in Section 4
                  below must be true and correct with respect to such person.

          3.2.    The person must obtain and maintain at its cost all required
                  hardware, software, and communications links that are
                  necessary to operate the APX Market Window and communicate
                  with APX in accordance with these APX Master Terms.

          3.3.    The person must enter into and remain in compliance with an
                  APX Master Service Agreement.

          3.4.    The person must establish and maintain a Monetary Reserve
                  Facility that covers its monetary reserve requirements for APX
                  Managed Credit Trading in accordance with the provisions of
                  Tab 3 to these APX Master Terms.

          3.5.    The person must submit and update as required, a correct and
                  complete APX Registration Statement encompassing all
                  registered APX Services.

          3.6.    The person must be in compliance with all requirements of Law
                  and Governmental Authority, including Control Area
                  Requirements, if applicable.

          3.7.    When properly registered, APX will notify the person that it
                  meets the eligibility requirements of a Participant for the
                  designated APX Services, and will provide to such Participant
                  its assigned system password(s).

4. REPRESENTATIONS AND WARRANTIES

     4.1. Each Participant represents and warrants to APX the following:

          4.1.1.  The Participant has complied with all conditions of
                  eligibility.

          4.1.2.  The Participant is not in violation of the Code of Conduct set
                  forth in Section 8.

          4.1.3.  The Participant has not committed any act that would
                  constitute a violation of these APX Master Terms.

          4.1.4.  The Participant will treat all information and materials
                  provided or disclosed by APX as "APX Confidential Information"
                  when designated as such, and if non-disclosure is not required
                  by public law.

          4.1.5.  If the Participant will be selling electricity directly to any
                  end-use customer, or purchasing power on its own behalf as an
                  end-use customer, the Participant has complied with all
                  requirements applicable to its area for retail suppliers
                  and/or purchasers of electricity and related services.

          4.1.6.  No registered load of the Participant is ineligible for
                  wholesale transmission service under the Federal Power Act.

          4.1.7.  The Participant is required to purchase and/or sell
                  electricity, or enter into forward contracts for the same, in
                  all places where the contract is made or will be performed.

          4.1.8.  The Participant has all licenses, authorizations, consents,
                  and approvals to own its assets, conduct business, and to
                  perform its obligations under the APX Master Service Agreement
                  and these APX Master Terms.

          4.1.9.  Each Participant that submits an Order has or can obtain good
                  title to the underlying energy or transmission rights that is
                  the subject of the sell Order, and warrants that the
                  Participant will make or take delivery of the energy as the
                  case may be.

          4.1.10. Where required, the Participant has complied with all Control
                  Area Requirements.

     4.2. APX represents and warrants to Participants the following:

          4.2.1.  APX is qualified to do business in those jurisdictions
                  necessary to carry out all of its responsibilities under these
                  APX Master Terms.

          4.2.2.  APX has all licenses, authorizations, consents, and approvals
                  to own its assets, conduct business, and to perform its
                  obligations hereunder.

          4.2.3.  APX is the sole owner of APX Market Engine and Market Window
                  technology, and such technology does not infringe the patents
                  of others.

          4.2.4.  APX will treat all Participant registration data, financial
                  data, and APX Market activity and communications as
                  "Participant Confidential Information", whether designated as
                  confidential or not.

     4.3. The representations and warranties set forth in Sections 4.1 and 4.2
          are continuing representations and warranties, and are reaffirmed by
          each Participant and APX each time the Participant uses any APX
          Service.

5. MONETARY RESERVE REQUIREMENTS

     5.1  In order to secure its APX Market obligations, each Participant that
          is not engaged in Participant Approved Counter-Party Trading shall
          establish and maintain a Monetary Reserve Facility that meets the
          requirements of Tab 3 to these APX Master Terms. The Monetary Reserve
          Facility may be in the form of an irrevocable and unconditional letter
          of credit or cash deposit in a monetary reserve account at the
          Depository.

     5.2  A Monetary Reserve Facility is not required for an APX Participant
          engaged in Participant Approved Counter-Party trading in any APX
          Market.

     5.3  APX shall only initiate a draw upon the Participant's Monetary Reserve
          Facility under the circumstances described in Tab 3 and Tab 4.

     5.4  APX reserves the right to set and modify the Monetary Reserve Facility
          criteria from time to time in its reasonable discretion.

6.   APX PRODUCTS AND SERVICES

     6.1. Registered Participants shall be eligible to utilize the APX Market
          Window to purchase, sell or trade the APX products described in the
          APX Product Specification Sheets, or use the APX Services, each of
          which is more fully described in the indicated Tab to these APX Master
          Terms.

     6.2. Participant Approved Counter-Party Trading: Tab 1

     6.3. Schedule Coordination Services: Tab 2

     6.4. APX Credit Management Services: Tab 3

     6.5. APX Settlement and Billing Services: Tab 4

     6.6. APX Product and Service Fee Schedule: Tab 5

     6.7. APX Telephone Brokering Service: Tab 6

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                           AUTOMATED POWER EXCHANGE
                     MASTER TERMS AND CONDITIONS OF SERVICE

7.   SOFTWARE LICENSING AGREEMENT

     7.1.   Subject to the terms and conditions of these Master Terms and any
            modifications contained in the Master Service Agreement, APX grants
            to each registered Participant a restricted, nonexclusive,
            nontransferable right to use the APX Market Window software (in
            executable code form only) at the Participant's designated sites on
            up to ten (10) designated computers.

     7.2.   Without the prior written consent of APX, no Participant shall (i)
            copy all or any portion of the Market Window; (ii) decompile or
            disassemble the APX Market Window or attempt to determine any source
            code, algorithms, methods or techniques embodied in the Market
            Window; (iii) modify, translate, or create any derivative works
            based upon the Market Window; (iv) distribute, disclose, market,
            sell, rent, lease, assign, sublicense, transfer, covey or pledge to
            transfer the Market Window in whole or part to any third party; (v)
            remove or alter any copyright, trademark, trade name or other
            proprietary notices and legends appearing on or in copies of the
            Market Window; (vi) allow remote access or transfer the Market
            Window software to any computer other than the Participant's ten
            designated computers; (vii) incorporate the APX Market Window into
            any other program or product; (viii) use the Market Window other
            than in accordance with these APX Master Terms. Participant
            employees, Agents, Independent Contractors, and affiliates are
            subject to the same exclusions to the extent that they are required
            to use Participant's licensed Market Window.

     7.3.   As between APX and Participants, APX retains all right, title and
            interest in and to the APX Market Window, including any derivative
            works thereof.  APX retains all right, title, and interest in its
            Applications Program Interface ("API"), and shares title with
            Participants in any API derivative works. Participant agrees not to
            take any action to jeopardize, limit or interfere with APX'
            ownership rights of the Market Window or derivative works thereof.

     7.4.   APX may from time to time deliver to Participants modifications or
            new releases of the APX Market Window.  Before doing so, APX will
            provide notice to affected Participants.  These APX Master Terms
            shall apply to such modifications and/or new release as if part of
            the original license grant.  APX will fully support at its cost only
            the current software release and the immediately preceding version.

     7.5.   Any APX Market Window software or documentation that is provided to
            or on behalf of the United States of America, its agencies and/or
            instrumentalities ("U.S. Government") is provided with Restricted
            Rights as that term is used in Part 27 of the Federal Acquisition
            Regulations ("FAR"). Use, duplication, or disclosure is subject to
            all of the restrictions contained in the FAR, and any DOD or other
            agency FAR supplements.

     7.6.   Each Participant must routinely monitor its market position(s) via
            the APX Market Window, and promptly notify APX if it encounters any
            material difficulty in using the APX Market Window.  APX will
            attempt to correct any material problems, errors, or bugs that are
            reported, take reasonable steps to mitigate the effects of any such
            problems, and forward any resulting modifications to affected
            Participants. Under no circumstances will APX be responsible for any
            costs or damages that result from a Participant's inability to use
            the APX Market Window, except as set forth in Section 14 of these
            APX Master Terms. In the event that the APX Market Window
            malfunctions or becomes inoperable due to the negligent or wrongful
            act or omission of a Participant or a condition associated with
            Participant's hardware, software, or data communications equipment,
            the Participant shall reimburse APX for all costs incurred by APX in
            fixing such malfunction or inoperability.

8.   CODE OF CONDUCT

     8.1.   At all times during the term of its APX Master Service Agreement,
            APX and each participant shall comply with all applicable Laws and
            Control Area Requirements that relate to or have an impact upon the
            parties performance hereunder.

     8.2.   No Participant shall take any action that would undermine or
            improperly manipulate any APX service, any Participant, the
            Depository, or APX.  This includes, but is not limited to,
            self-dealing in one's own name or through intermediaries established
            or used for that purpose.

     8.3.   No Participant shall take any action that would cause APX or other
            Participant to violate any Law, Control Area Requirement, or these
            Master Terms.

     8.4.   Each Participant shall at all times respond to any communication
            from APX and/or their respective agents or representatives in a
            timely manner. To facilitate communications timeliness, each
            Participant will regularly monitor its market position(s) via the
            APX Market Window.

     8.5.   APX and each Participant shall permit their market communications to
            each other to be recorded in accordance with state and federal law.

     8.6.   No Participant shall own or control or hold with power to vote more
            than ten percent of APX shares.

     8.7.   APX and its employees and directors shall be prohibited from buying
            or selling a commodity or product for which APX operates an
            exchange.

     8.8.   APX and its employees and directors shall be prohibited from owning
            or controlling a material interest in any entity that buys or sells
            commodities or products in the APX Markets, or in the markets of any
            Affiliates.

     8.9.   APX and its employees and directors shall be prohibited from serving
            as an employee, agent, representative or Board member of any entity
            that is an APX Market Participant.

     8.10.  APX shall at all times maintain and enforce a code of conduct for it
            directors, employees, and contractors.  APX shall make available to
            any Participant a copy of the current APX internal code of conduct
            upon written request.

9.   AMENDMENT AND MODIFICATION OF TERMS

     9.1.   APX may, in its reasonable discretion, modify or amend these APX
            Master Terms from time to time. In such event, APX will transmit
            notice to Participants at least thirty days before the date on which
            such amendment or modification will go into effect.

     9.2.   Any modification or amendment to these APX Master Terms will be
            prospective only and shall not apply to any Contracted Orders, but
            shall be binding upon Participants and APX for all orders
            consummated after the effective date of the amendment or
            modification. Once a properly noticed amendment or modification
            becomes effective, a Participant's submission of any Order or use of
            any APX Service shall operate as an acceptance by such Participant
            of, and agreement to be bound by, the amendment or modification.

     9.3.   Notwithstanding the foregoing, in the event of an emergency, as
            determined by APX in its reasonable discretion, APX shall have the
            right to modify the APX Master Terms and any applicable Tabs without
            notice in order to respond to the emergency. Any such amendment
            shall apply to all unperformed Contracted Orders, and to other
            ongoing transactions and activities of APX Market Participants, as
            circumstances warrant. To the extent practicable, APX will consider
            all Participant's interests in an emergency and will act reasonably
            during such emergency and in actions thereafter.

     9.4.   APX may, in its reasonable discretion modify its APX Product
            Specifications Sheets and re-publish the same on the APX Internet
            Site without giving the thirty days advance notice to Participants
            applicable to contract terms modifications.

10.  SUSPENSION OF ELIGIBILITY

     10.1.  APX may suspend the eligibility of a Participant to use one or more
            of the APX Services at any time without liability of any kind to the
            Participant if;

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                            AUTOMATED POWER EXCHANGE
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          a.   the Participant fails to comply with any provision of the Code of
               Conduct set forth in Section 8 above;

          b.   the Participant fails to satisfy any condition of eligibility set
               forth in Section 3;

          c.   any representation or warranty made by the Participant in Section
               4 ceases to be true and correct in any material way;

          d.   the Participant takes any action in derogation of APX' rights in
               or to the APX Market Window;

          e.   the Participant fails to maintain an adequate Monetary Reserve
               Facility (MRF) where required to do so to engage in APX Managed
               Credit Trading, or acts to limit APX access to the Participant'
               MRF; or

          f.   the Participant ceases to be solvent, voluntarily ceases
               conducting business, or commences any Insolvency Proceeding.

     10.2. In the event that APX suspends a Participant's eligibility to use APX
           Services, APX may terminate the Master Service Agreement without
           liability.

     10.3. Upon suspension of a Participant under this Section, APX will notify
           the Participant as soon as practicable, and the Participant will
           continue to be responsible for all amounts owing in connection with
           the Participant's use of APX Services.

11.  TERMINATION OF THE APX MASTER SERVICE AGREEMENT

     11.1. Termination by APX: APX may terminate a Participant's Master Service
           Agreement at any time for the reasons stated in Section 10.1 above.

     11.2. Terminated by Participant: a Participant may terminate its Master
           Service Agreement at any time with written notice to APX of
           Termination Date.

     11.3. Effect of Termination:

           a.  the eligibility of the Participant to use APX Services shall
               cease;

           b.  the provisions of the APX Master Terms and Service Agreement
               shall remain effective until all financial obligations have been
               discharged;

           c.  within 30 days after termination, the Participant must deliver or
               destroy all copies of the APX Market Window and certify to the
               same;

           d.  the Participant must immediately render payment for all amounts
               owing under these APX Master Terms and will be entitled to
               receive any amounts owing to the Participant by the next ordinary
               payment receipt date established by these APX Market Terms;

           e.  the Participant will refrain from any action that would interfere
               with APX' access to the Participant's Monetary Reserve Facility;
               and

          f.   the provisions of these APX Master Terms requiring performance
               after termination will be deemed effective and operative.

12.  FORCE MAJEURE

     12.1.  No Party will be considered in default of any obligation if
            prevented from fulfilling such obligation by Force Majeure.
            Notwithstanding the foregoing, no Participant shall be excused from
            any obligation to render payment due to APX in connection with the
            use of APX Services, or from continuing to comply with the code of
            conduct provisions of Section 8 that are unaffected by the
            circumstances of the Force Majeure. Unless the nature of the product
            defined in the APX Product Specification Sheet permits it, Force
            Majeure shall NOT be claimed by any Participant based upon purely
            economic considerations such as (i.) loss of Buyer's markets; (ii.)
            buyer's inability to economically use or re-sell the purchased
            energy product(s); (iii.) the loss of Seller's supply; or (iv.)
            Seller's ability to sell the product to a different Buyer under more
            attractive terms.

     12.2.  In the event of a Force Majeure that prevents a Party from
            performing any of its obligations under these Master Terms, the
            Party shall:

          a.   notify the other Party in writing as soon as commercially
               practicable;

          b.   use commercially reasonable efforts to mitigate the effects of
               such Force Majeure, and act to resume performance as soon as
               possible;

          c.   not be entitled to suspend performance in any greater scope or
               for any longer duration than reasonably required by the Force
               Majeure;

          d.   keep the other Party apprised of the mitigation and restoration
               efforts initiated by the Party;

          e.   provide written notice of the resumption of full performance to
               the other Party.

     12.3.  Notwithstanding the foregoing, the settlement of any strike,
            lockout, or labor dispute constituting a Force Majeure shall be
            within the sole discretion of the Party involved in such labor
            dispute, and the obligation to use commercially reasonable efforts
            to resolve or remedy does not apply.

13.  INDEMNIFICATION

     13.1.  To the fullest extent permitted by Law, each Participant shall
            indemnify and hold harmless APX, its Affiliates, agents, officers
            and employees from any and all claims, costs, and expenses incurred
            by them to the extent caused wholly or in part by any act or
            omission by the Participant, its Affiliates, agents, officers, and
            employees, except to the extent such claim is caused by the
            negligence or willful misconduct of APX. Each Participant's
            obligation to indemnify under this Section shall survive termination
            of the Participant's APX Master Service Agreement, and shall not be
            limited in any way by amount or type of damages.

     13.2.  In addition to the foregoing, to the fullest extent permitted by
            Law, each Participant shall also indemnify APX from any and all
            claims caused wholly or in part by any error or omission in the
            information that the Participant submits to APX for further
            transmittal to a Control Area Operator.

     13.3.  To the fullest extent permitted by Law, APX shall indemnify and hold
            harmless a Participant, its Affiliates, agents, officers and
            employees from any and all claims, costs and expenses incurred by
            them to the extent caused wholly or in part by any act or omission
            of APX, its affiliates, agents, officers and employees, except to
            the extent such claim is caused by the negligence or willful
            misconduct of Participant, APX' obligation to indemnify under this
            Section shall survive termination of Participant's APX Master
            Service Agreement and shall at all times be subject to the Section
            14 limitation of liability.

     13.4.  APX shall indemnify and hold harmless a Participant from all claims,
            costs and expenses to the extent caused wholly or in part by APX'
            breach of or infringement upon any third party's copyright,
            trademark, patent or other intellectual property right.

14.  LIMITATION OF LIABILITY

     14.1.  THE APX SERVICES ARE PROVIDED "AS IS" FOR USE IN AN ELECTRONIC
            TRADING ENVIRONMENT. APX DISCLAIMS ALL REPRESENTATIONS AND
            WARRANTIES, WHETHER EXPRESS OR IMPLIED, RELATING TO APX SERVICES,
            INCLUDING ANY WARRANTIES OF DESIGN, MERCHANTABILITY, FITNESS FOR A
            PARTICULAR PURPOSE, OR WARRANTIES ARISING FROM ANY CLAIMED COURSE OF
            DEALING, COURSE OF PERFORMANCE, USAGE OR TRADE PRACTICE, APX MAKES
            NO REPRESENTATIONS THAT THE APX SERVICES WILL OPERATE WITHOUT
            INTERRUPTION OR BE ERROR FREE.

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                            AUTOMATED POWER EXCHANGE
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     14.2.  EXCEPT FOR DISCLAIMED SOFTWARE DESIGN AND/OR PERFORMANCE, ANY
            CLAIM ARISING FROM ALL ALLEGATION OF APX' NEGLIGENCE, OR FROM AN
            ALLEGATION OF BREACH OF CONTRACT BY APX, SHALL BE SUBJECT TO THE
            FOLLOWING LIMITATIONS: (I) NO SUCH CLAIM MAY BE BROUGHT FOR APX ACTS
            OR FAILURES TO ACT OCCURRING DURING THE FIRST 90 DAYS OF
            PARTICIPANT'S REGISTRATION AS AN APX PARTICIPANT; (II) NO SUCH CLAIM
            RELATING TO A SINGLE SET OF FACTS OR OCCURRENCES MAY BE BROUGHT
            AGAINST APX IF IT INVOLVES LESS THAN $5,000 (PARTICIPANTS SHALL NOT
            COMBINE CLAIMS INVOLVING DIFFERENT SETS OF FACTS AS A MEANS OF
            AVOIDING THIS LIMITATION); (III) APX' MAXIMUM LIABILITY TO ANY
            PARTICIPANT FOR ANY AND ALL SUCH CLAIMS IN A GIVEN CALENDAR YEAR
            SHALL NOT EXCEED THE LESSER OF $50,000 OR SIX MONTHS OF APX FEES
            MEASURED BY THE MOST RECENTLY COMPLETED SIX FULL CALENDAR MONTHS
            PRECEDING THE EVENT OF LIABILITY; AND (IV) ANY SUCH CLAIM MUST BE
            BROUGHT WITHIN SIX MONTHS AFTER THE EVENT GIVING RISE TO THE CLAIM.
            IF ANY SUCH CLAIM IS NOT BROUGHT WITHIN SUCH SIX MONTH PERIOD, THE
            RIGHT TO DO SO SHALL BE DEEMED WAIVED, IRRESPECTIVE OF ANY DIFFERENT
            TIME LIMIT SET FORTH IN ANY STATUTE OF LIMITATIONS THAT OTHERWISE
            WOULD APPLY, WITH RESPECT TO CLAIMS THAT ARE SUBJECT TO THE LIMITS
            SET FORTH IN THIS SECTION 14.2, EACH PARTICIPANT ACKNOWLEDGES THAT;
            (I) IT MAY HAVE SUCH A CLAIM THAT INVOLVES LESS THAN $5,000 AND (II)
            IT MAY HAVE CLAIMS IN ANY GIVEN CALENDAR YEAR THAT INDIVIDUALLY OR
            COLLECTIVELY INVOLVE MORE THAN $50,000 AND EXPRESSLY WAIVES ITS
            RIGHT TO PURSUE ANY SUCH CLAIM TO THE EXTENT THAT IT EXCEEDS SUCH
            LIMITS.

     14.3.  NO PARTY SHALL BE LIABLE TO ANOTHER FOR SPECIAL, INDIRECT,
            CONSEQUENTIAL, PUNITIVE OR EXEMPLARY DAMAGES, WHETHER IN CONTRACT,
            TORT, STRICT LIABILITY STATUTORY LIABILITY OR OTHERWISE, ARISING OUT
            OF OR IN CONNECTION WITH THE USE OF APX SERVICES UNDER THESE MASTER
            TERMS, ANY APPLICABLE TABS, OR THE MASTER SERVICE AGREEMENT,
            INCLUDING ANY LOSS OF PROFITS, EARNINGS, REVENUE, USE, DATA,
            CONTRACT, OR GOODWILL, EVEN IF A PARTY HAS KNOWLEDGE OF THE
            POSSIBILITY OF SUCH DAMAGES.

16.  DISPUTES RESOLUTION

     15.1.  In all disputes arising from a Participant's use of any APX
            Services, the aggrieved Party shall notify the other Party(s) in
            writing of the nature of the dispute with as much detail as
            possible. A duly-authorized representative of each Party possessing
            full authority to resolve the dispute shall meet in person or by
            telephone within 14 days after the date of written notice in order
            to reach an agreement resolving the dispute. If the Parties'
            representatives cannot resolve the dispute or agree upon a written
            corrective action plan within 7 days after their initial meeting, or
            any mutual extension of time, then either Party may request
            contractual arbitration as provided in Section 15.2. Neither Party
            shall initiate arbitration unless the process described in this
            Section 15.1 has been employed or waived.

     15.2.  Any controversy or claim between the Parties arising out of or
            relating to APX Services under these Master Terms, including
            applicable Tabs, shall be subject to mandatory binding arbitration
            in accordance with the United States Arbitration Act, and under the
            auspices and the commercial rules and procedures of the American
            Arbitration Association then in effect. If APX is a party to the
            dispute, the arbitration shall be conducted in San Francisco,
            California; if APX is not a party to the dispute, the arbitration
            can be conducted at such place and time as the Parties may elect.
            Each Party may serve a single request for production of documents,
            and any disputes regarding document production shall be resolved by
            the arbitrator(s). The arbitrators shall give effect to statutes of
            limitation in determining any claim, and shall deliver a written
            opinion setting forth findings of fact, conclusions of law and the
            rationale for the decision. The arbitrators shall reconsider the
            decision only once upon proper motion and at the expense of the
            Party requesting reconsideration. Judgement upon the decision
            rendered may be entered in any court having jurisdiction. Section 4
            requirements of confidentiality apply to the arbitration proceeding,
            all evidence taken, and the opinion of the arbitrators. Confidential
            information may be disclosed in camera and under seal to the
            arbitrators and in any subsequent judicial action to enforce the
            arbitration award or order.

     15.3.  No provision of this Section 15 shall limit the right of either
            Party to obtain provisional or ancillary remedies from a court of
            competent jurisdiction before, after, or during pendency of any
            arbitration, except that no Party may seek to avoid binding
            arbitration. The exercise of a remedy does not waive the right of
            either Party to resort to arbitration.

16.  MISCELLANEOUS

     16.1.  APX has entered into the APX Master Service Agreement and agreed to
            provide APX Services based on and in reliance upon the continuation
            of Laws and regulatory policies in effect as of the date of each
            Participant's Master Service Agreement. If such Laws change in a
            manner that renders any portion of these Master Terms, applicable
            Tabs, or the Master Service Agreement illegal, unenforceable, or
            financially impracticable, then APX shall have the right to modify
            the Master Service Agreement or terminate it altogether as
            circumstances may reasonably require.

     16.2.  Any waiver of any provision under these APX Master Terms, applicable
            Tabs, or the Master Service Agreement must be in writing and will
            not be implied by any usage of trade, course of dealing or course of
            performance. Any delay in exercising a right or remedy under these
            terms shall not imply a waiver of those rights and remedies. Any
            express waiver of such rights and/or remedy shall not be construed
            as a continuing waiver.

     16.3.  In the event that one or more of the provisions of these APX Master
            Terms, applicable Tabs, or the APX Master Service Agreement shall
            for any reason be held to be unenforceable, such unenforceability
            shall not affect any other provision, and the contract shall be
            construed as if the unenforceable provisions had never been
            contained in the contract terms.

     16.4.  APX and each Participant expressly acknowledge that time is of the
            essence in the performance of their respective obligations under
            these APX Master Terms, applicable Tabs, and the APX Master Service
            Agreement.

     16.5.  APX and each Participant shall comply with all Laws and Control
            Area Requirements as they relate to performance hereunder.

     16.6.  The remedies provided under these APX Master Terms and Master
            Service Agreement shall be cumulative and not exclusive, and the
            election of one remedy shall not preclude pursuit of other remedies.
            In arbitration a Party may seek any remedy generally available under
            governing law.

     16.7.  THE APX MASTER SERVICE AGREEMENT, THESE APX MASTER TERMS, AND ALL
            APPLICABLE TABS SHALL BE GOVERNED BY, AND INTERPRETED IN ACCORDANCE
            WITH, THE LAWS OF THE STATE OF CALIFORNIA, EXCLUDING ANY CHOICE OF
            LAW RULES THAT DIRECT THE APPLICATION OF THE LAWS OF ANOTHER
            JURISDICTION IRRESPECTIVE OF THE PLACE OF EXECUTION OR PERFORMANCE.
            Unless APX is not a party, any legal action or proceeding with
            respect to these APX Master Terms, the Master Service Agreement, and
            any applicable Tabs must be brought in the courts of the State of
            California or if the United States in the Northern District of
            California. By execution and delivery of the APX Master Service
            Agreement, APX and each Participant consent for themselves and in
            respect of their property, to the exclusive jurisdiction of those
            courts. APX and each Participant irrevocably waive any objection
            which they may now or hereafter have to the bringing of any action
            or proceeding exclusively in California state or federal judicial
            forums.

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16.8.   Nothing in these APX Master Terms, the APX Master Service Agreement, or
        applicable Tabs shall be construed as creating a partnership, trust,
        joint venture or any similar relationship between APX and any
        Participant. Except as authorized by the procedures necessary to perform
        certain APX Services described in the Schedule Coordinator Services Tab
        (Tab 2), no Party is authorized to act on behalf of the other Party, and
        none shall be considered the agent of the other.

16.9.   These APX Master Terms, the APX Master Service Agreement and all
        applicable Tabs are made and entered into for the sole protection and
        legal benefit of the Parties, their successors and assigns.  No other
        person shall be a director or indirect legal beneficiary of, or have any
        cause of action, claim, or entitlement in connection with APX Services.
        No customer of Participant shall have any rights against APX in
        connection with such Participant's use of any APX Service.

16.10.  APX shall have the right to offset, or to direct the Depository to
        offset, against any amounts owing to a Participant as a result of its
        use of APX Services amounts owed to APX or other participants.

16.11.  No party shall assign or delegate any of its rights or obligations under
        the APX Master Service Agreement, these APX Master Terms, or applicable
        Tabs, without the prior written consent of the other, which consent will
        not be unreasonably withheld.  Absent the prior written consent of the
        other Party, any attempted assignment shall be void and of no force or
        effect.

16.12.  Any default under these APX Master Terms, the Master Service Agreement,
        or applicable Tabs shall be considered a default of the others and shall
        entitle the parties to exercise such rights as are available herein and
        therein.

16.13.  APX may establish such rules, orders, procedures or protocols related to
        the APX Services as it deems reasonable and necessary from time to time,
        and shall transmit such items to Participants via the APX Market Window.
        Participants shall comply with requirements of such transmitted items,
        whether such transmittals are actually reviewed, received or
        acknowledged.

16.14.  Each Party shall do all necessary acts and make, execute, and deliver
        such written instruments as shall from time to time be reasonably
        required to carry out the terms of these APX Master Terms, the APX
        Master Service Agreement and applicable Tabs.

16.15.  These APX Master Terms, the APX Master Service Agreement, and applicable
        APX Tabs constitute the entire agreement and understanding of the APX
        and each Participant, and merge and supercede all prior or
        contemporaneous agreements, understandings, commitments, representations
        and discussions relating to the subject matter hereof.

                              ...................

                                  PAGE 6 OF 6
                          EFFECTIVE SEPTEMBER 1, 2001
<PAGE>

                            AUTOMATED POWER EXCHANGE
                       MASTER TERMS AND CONDITIONS: TAB 2
                         CALIFORNIA SCHEDULING SERVICES

1.   SCOPE.

     1.1. This Tab to the APX Master Terms and Conditions of Service sets forth
          the requirements, procedures, and protocols for the effective use of
          APX California Scheduling Services. Together with other applicable
          Tabs, the Master Service and Participation Agreement, and the APX
          Master Terms and Conditions of Service, all of which are expressly
          incorporated by reference, this Tab constitutes the entire agreement
          necessary to obtain California Scheduling Services.

     1.2. References to a Section shall mean a Section of this Tab 2, unless
          otherwise agreed. In the event of conflict between this Tab 2 and the
          APX Master Terms, this Tab 2 shall control and take precedence. APX
          California Scheduling Service is an APX Market within the meaning of
          that defined term.

2.   DEFINITIONS.

     2.1. "Ancillary Services" has the meaning set forth in the Independent
          System Operator (ISO) Tariff.

     2.2. "APX California Scheduling Service (APX SC ID)" means the service
          described in Section 3.2.

     2.3. "APX California Scheduling Service (Participant SC ID)" means the
          service described in Section 3.3 and for which APX is acting as the
          Participant's Scheduling Coordinator Agent.

     2.4. "APX California Services" means the APX California products for
          energy, capacity, transmission, ancillary services and green energy
          tickets; APX California Scheduling Service (APX SC ID); and APX
          California Scheduling Service (Participant SC ID).

     2.5. "Congestion Zones" means the Zones and interconnection points that are
          specified as congestion zones by the ISO from time to time.

     2.6. "Control Area Operator" means the California ISO in California.

     2.7. "Delivery Point" means the point at which electricity is injected into
          the ISO Controlled Grid.

     2.8. "Delivery Day" means a day on which delivery of energy occurs in the
          time zone of the buyer or buyer's designee.

     2.9. "Deviation" means the difference between Scheduled and metered
          electric energy deliveries.

     2.10. "End-Use Meter" has the meaning set forth in the ISO Tariff.

     2.11. "Export" has the meaning set forth in the ISO Tariff.

     2.12. "Generation Meter" has the meaning set forth in the ISO Tariff.

     2.13. "Generator" means an entity that owns, operates, controls or has the
          right to sell or dispose of output from a generating unit.

     2.14. "Import" has the meaning set forth in the ISO Tariff.

     2.15. "ISO" means the California Independent System Operator for APX
          California Services.

     2.16. "ISO Charges" means the authorized regulatory charges the ISO is
          permitted to indirectly charge Participants via their Scheduling
          Coordinator for grid operations and management, including but not
          limited to charges for wheeling access.

     2.17. "ISO Controlled Grid" is that part of the electricity transmission
          system for which the ISO is authorized to regulate and control
          performance reliability.

     2.18. "Load" has the meaning set forth in the ISO Tariff.

     2.19. "Meter Aggregation Service Provider" (MASP) means an entity hired by
          the Participant and approved by APX that prepares Settlement Quality
          Meter Data.

     2.20. "Meter Data Management Agent" (MDMA) means an entity hired by the
          Participant and approved by APX that provides meter installations,
          meter reading, and contributes to the preparation of Settlement
          Quality Meter Data.

     2.21. "Net Physical Position" means the net quantity of energy to be
          Delivered to or by a Registered Facility at any given time, taking
          into account all of Participant's Contracted Orders and positions in
          the APX Market.

     2.22. "Pass-Through Charges" means all charges and taxes levied by a
          Control Area Operator or any Governmental Authority in connection with
          (I) the purchase, sale, delivery and use of the APX Products; or (ii)
          the use of any APX Service, including Control Area Operator Charges,
          taxes, fees, franchise fees, or utility user taxes, whether actually
          levied or imputed.

     2.23. "Pass-Through Payments" means all payments from a Control Area
          Operator, or any other entity, to APX for a Participant in connection
          with such Participant's use of APX Services, that APX agrees to accept
          and pass on to the Participant.

     2.24. "Receipt Point" means the point at which electricity is removed from
          the ISO Controlled Grid.

     2.25. "Registered Export" means an Export for which APX is designated as
          the SC or SC Agent.

     2.26. "Registered Facility" means any registered Generating unit, Load,
          Export, Import or Transfer Point where APX is designated as the SC or
          SC Agent.

     2.27. "Registered Import" means an Import for which APX is designated as
          the SC or SC Agent.

     2.28. "Registered Transfer Point" means any Congestion Zone in which a SC
          can transfer electricity to or from an APX SC ID or a Participant SC
          ID in accordance with the Participant's Transfer Schedule indicated on
          their APX Registration Statement.

     2.29. "Schedule" has the meaning set forth in the ISO Tariff.

     2.30. "Scheduling Coordinator" (SC) has the meaning set forth in the ISO
          Tariff.

     2.31. "Scheduling Coordinator Agent" (SC Agent) means a Participant SC ID
          that has been certified by the ISO and for which APX is performing the
          APX California Scheduling Service (Participant SC ID) behind this SC
          ID.

     2.32. "Settlement Quality Meter Data" (SQMD) means meter data that is
          load-profiled (if necessary), adjusted for distribution line losses,
          aggregated to the level at which Orders for a Registered Facility are
          submitted, and submitted to the ISO in a specified format by a
          required due date.

     2.33. "Take-Out Point" has the meaning set forth in the ISO Tariff.

     2.34. "Transfer Schedule" has the meaning set forth in the ISO Tariff.

     2.35. "True-Up Amount" means the amount credited or debited to reflect
          either SQMD or ISO Charges after delivery.

     2.36. "Zone" has the meaning set forth in the ISO Tariff.

3.   SCHEDULING SERVICES.

     3.1. APX offers two types of Scheduling Coordinator Services: APX
          California Scheduling Service (APX SC ID) and APX California
          Scheduling Service (Participant SC ID), collectively known as the APX
          California Scheduling Services.

     3.2. Upon being designated by a Participant as the Scheduling Coordinator
          for a Registered Facility, , APX will act as the Scheduling
          Coordinator in compliance with ISO Tariffs then in effect. APX will
          act to fulfill its obligations to develop Schedules under an APX SC
          ID, transmit them to the ISO, and act on instructions received. A
          Participant that desires to utilize the APX California Scheduling
          Services must submit an APX Registration Statement, designating APX as
          their Schedule Coordinator.

                                   PAGE 1 OF 4
                           EFFECTIVE SEPTEMBER 1, 2001

<PAGE>

                            AUTOMATED POWER EXCHANGE
                       MASTER TERMS AND CONDITIONS: TAB 2
                         CALIFORNIA SCHEDULING SERVICES

          The appointment of APX as a Participant's SC remains in effect until
          terminated or modified by either Party. If APX is the SC for a
          Participant engaged in block forward trading using Participant
          Approved Counter-Party Trading, APX will encumber credit five (5) days
          prior to the traded energy going to physical delivery. If APX is not
          the SC at the time for encumbering monthly block forward credit, APX
          will not encumber credit or submit physical delivery Schedules to the
          Control Area Operator.

     3.3. Upon being designated by a Participant as the Scheduling Coordinator
          Agent for a Registered Facility, APX will act as the SC Agent in
          compliance with ISO Tariffs then in effect. APX will act to fulfill
          its obligations to develop Schedules under the Participant SC ID,
          transmit them to the ISO and act on instructions received. A
          Participant that desires to utilize the APX California Scheduling
          Services must submit an APX Registration Statement, designating APX s
          their Scheduling Coordinator Agent. The appointment of APX as a
          Participant's SC Agent remains in effect until terminated or modified
          by either Party.

     3.4. A Participant for whom APX performs APX California Scheduling Services
          must:

          a.   Complete a Registration Statement authorizing specific types of
               Schedules to be submitted by APX;

          b.   Submit a fully balanced Schedule to APX in time for APX to submit
               the Schedule to the ISO;

          c.   Provide sufficient information to APX to enable timely submission
               of a complete Schedule, inclusive of quantity, Delivery Point,
               Receipt Point and such other information as APX or the ISO
               requires; and

          d.   Use the appropriate loss calculation methodology specified by ISO
               Tariff in preparing Schedule data. Once a Participant has
               provided APX with the information described above, APX will
               submit a Schedule for the Participant's Registered Facility, at
               each opportunity provided by the ISO. Such Schedules shall
               reflect the Net Physical Position of each Registered Facility.

4.   APX CALIFORNIA SCHEDULING SERVICE (APX SC ID) - OPERATIONAL REQUIREMENTS.

     4.1. In addition to the eligibility requirements of Section 3 of the APX
          Master Terms, to be eligible to use APX California Scheduling Service
          (APX SC ID), a Participant must:

          a.   Designate APX as the Scheduling Coordinator for specified
               Generators, Loads, Exports, Imports and Transfer Points in its
               APX Registration Statement;

          b.   Provide all information that APX reasonably needs to comply with
               the ISO Tariff; and

          c.   For Registered Loads, provide monthly energy consumption data,
               peak energy demand data from interval meters, and the rate
               schedule for that load under which it has taken service for the
               preceding 12 months.

     4.2. If any material modification is made to a Participant's Registered
          Facility, the Participant shall inform APX by a written change to its
          then current APX Registration Statement.

     4.3. By virtue of its use of APX California Scheduling Service, each
          Participant grants to APX all agency authority necessary to comply
          with the ISO Tariff as a Scheduling Coordinator.

     4.4. Each Participant has a contractual obligation to take or Deliver the
          amount of energy specified in any Schedule submitted to the ISO by APX
          on behalf of the registered Participant. In the event of a Deviation,
          including a Deviation resulting from a Participant's failure to
          Schedule a Delivery with APX, the Participant must pay a charge or
          receive a credit, as the case may be, to reflect associated True-Up
          Amounts and ISO Charges.

     4.5. With respect to any Schedule that APX submits to the ISO on a
          Participant's behalf, as well as related Deliveries required under
          Schedules submitted, the Participant shall be solely responsible for
          all charges imposed on APX by the ISO and all APX fees associated with
          such Schedule or related Deliveries.

     4.6. Except to the extent a Participant self-provides Ancillary Services,
          for any Schedule that APX submits on behalf of a Registered Load or
          Registered Export, the Participant shall be liable for its pro rata
          portion of all charges for Ancillary Services that are incurred by all
          APX Registered loads and Registered Exports. Such pro rata portion
          shall be determined by a comparison of the relative Net Physical
          Position of such Participant's respective Load and Exports.

     4.7. In providing APX California Scheduling Service to a given Participant,
          APX will endeavor to:

          a.   Submit required Schedules to the ISO using an APX SC ID.

          b.   Transmit Ancillary Service bids for Participant's Registered
               Facility to the ISO, and pass ISO acceptance, instructions,
               payments, fees, and charges, if any, back to the Participant.

          c.   Transmit error messages generated by the ISO's Schedule
               validation checks to the Participant, as received by APX;

          d.   Transmit applicable messages sent by the ISO to the Participant,
               as received by APX;

          e.   If applicable, relay Settlement Quality Meter Data provided by
               the Participant (or its MDMA) to the ISO or equivalent;

          f.   If applicable, relay Settlement Quality Meter Data provided by
               the ISO to the Participant (or its MDMA); and

          g.   Calculate, bill and collect from the Participant any Pass-Through
               Charges owing, including imputed Control Area Operator charges.

          h.   Calculate, bill and collect from the ISO any Pass-Through
               Payments owed to the Participant.

     4.8. All communications (including bids) that APX is to transmit to the ISO
          on behalf of Participants must be received via the APX Market Window
          or other means approved by APX in its reasonable discretion.

     4.9. APX will Schedule a Registered Generator that is committed to
          Regulatory Must-Take, Regulatory Must-Run, or Reliability Must-Run
          Generation only on the basis of Net Physical Position. Each
          Participant that is so Scheduled is responsible for ensuring that the
          Net Physical Position is and remains adequate to comply with all
          requirements of Law or contract.

     4.10. When APX is acting as SC in a Transfer Schedule, APX will notify the
          counterpart SC of the Net Physical Position of the Registered Transfer
          Point and the Zone associated with the Transfer Schedule when it
          appears that there is a mismatch. APX will submit settled Transfer
          Schedules to the ISO at each opportunity provided for submitting
          Schedules, and is authorized to submit the Transfer Schedule to the
          ISO whether it has received counterpart SC confirmation or not. In the
          event of a discrepancy between the Net Physical Position and/or Zone
          reported by APX and the counterpart SC, APX will apply commercially
          reasonable efforts to resolve such discrepancy. If a discrepancy
          cannot be resolved in time for submittal to the ISO, APX will submit
          the Transfer Schedule it has and shall not be responsible for any
          later discovered inaccuracy in the counterpart SC's information.

5.   APX CALIFORNIA SCHEDULING SERVICE (APX SC ID) - METERING AND METER DATA
     REQUIREMENTS.

5.1. Each Participant who uses APX Scheduling Coordinator Services, including
     APX Bilateral Contract Scheduling Services, must ensure that each
     Registered Facility has in place and maintains all metering equipment and
     facilities required to comply with

                                   PAGE 2 OF 4
                           EFFECTIVE SEPTEMBER 1, 2001

<PAGE>

                            AUTOMATED POWER EXCHANGE
                       MASTER TERMS AND CONDITIONS: TAB 2
                         CALIFORNIA SCHEDULING SERVICES

     ISO Tariffs and applicable Law. Also, each Registered Facility that
     requires a Meter Data Management Agent (MDMA) must arrange for services
     from an MDMA that is certified by appropriate regulatory authority and
     approved by APX in its reasonable discretion. In addition, each Registered
     Facility that requires a Meter Aggregation Service Provider (MASP) must
     arrange for services from a MASP that is certified by appropriate authority
     and approved by APX in its reasonable discretion. Lastly, each Participant
     must provide meter registration data that includes meter identification
     serial number, demand zone for that meter(s), start date, end date and
     other related data prior to the effective date of the meter, for each
     Registered Generating Unit's Generation Meter and each Registered Load's
     End-Use Meter. Periodic update of meter identification data changes on the
     1st and 15(th) of each month is an on-going requirement, and no meter will
     be accepted for registration after its start date. Participants who provide
     late or erroneous meter data will incur a meter data adjustment charge. APX
     reserves the right to decline Scheduling Coordinator responsibility for any
     meter(s) registered late, or any meter for which required credit has not
     been posted by the meter start date.

     5.2. For each Registered Load, the respective Participant must ensure that
          APX is provided Settlement Quality Meter Data in the form and at the
          time specified below by either (i.) providing or arranging for the
          provision of Settlement Quality Meter Data to APX, or (ii.) entering
          into a mutual agreement with APX whereby APX will process Settlement
          Quality Meter Data for the Registered Load, subject to any terms and
          conditions that APX may specify. If the Participant chooses to provide
          or arrange for the provision of Settlement Quality Meter Data to APX
          pursuant to subpart (i.) above, APX shall be entitled to conduct an
          annual audit of the data, materials, books or other records that may
          be involved in the processing of Settlement Quality Meter Data,
          provided (x.) the audit shall be conducted at the Participant's
          expense at a mutually convenient time and place, preferably where data
          is processed or records are stored; (y) APX shall provide reasonable
          advance notice of the audit, audit time, and place; and (z) APX shall
          conduct the audit during normal business hours unless the Participant
          and APX agree otherwise.

     5.3. By approving a Participant's use of any MDMA and MASP, or by
          maintaining a list of approved MDMAs and MASPs, APX makes no
          representation or warranty as to the capabilities (technical,
          financial or otherwise) of any MDMA or MASP. Each Participant is
          solely responsible for ensuring that its MDMA and MASP comply with the
          requirements of Governmental Authorities and has the capability to
          fulfill its obligations under the APX Master Terms and this Tab 2. APX
          is not responsible for the failure of any MDMA and MASP to perform to
          a particular Participant's satisfaction.

     5.4. Each Participant shall be solely responsible for the timely submission
          of Settlement Quality Meter Data. Additionally, each Participant is
          solely responsible for any error in the Settlement Quality Meter Data
          that is submitted to APX and/or the ISO by the Participant or the
          Participant's MDMA and MASP. Lastly, each Participant who fails to
          submit, or submits inaccurate or incomplete Settlement Quality Meter
          Data, such that APX is assessed ISO Charges, agrees to reimburse APX
          for all charges actually assessed plus administrative costs incurred
          by APX in rectifying deficient data.

     5.5. The following specific rules describe the performance standards for
          providing Settlement Quality Meter Data to APX:

          5.5.1. Registered Facilities that are directly connected to the ISO
               Controlled Grid must comply with all applicable provisions of the
               ISO Tariff, protocols, and published operational technical
               requirements.

          5.5.2. Registered Facilities that are not directly connected to the
               ISO Controlled Grid must provide Settlement Quality Meter Data to
               APX in a manner that conforms with all applicable provisions of
               the ISO Tariff, protocols, and operational technical
               requirements.

          5.5.3. For Registered Facilities that are not directly connected to
               the ISO Controlled Grid, Settlement Quality Meter Data must be
               provided to APX no later than five (5) days before a particular
               day's energy consumption/production data is due to the ISO.

          5.5.4. Registered Generators that are not directly connected to the
               ISO Controlled Grid with a nameplate capability greater than 50
               KW must provide data from an interval meter that measures net
               electrical output at the interface to the distribution system or
               the ISO Controlled Grid as appropriate.

          5.5.5. For Registered Loads, consumption must be reported at the level
               at which it was Scheduled (e.g. if the Load was Scheduled at a
               Take-Out Point, the corresponding End-Use Meter reads must be
               reported at that Take-Out Point).

          5.5.6. For Participants with both Registered Loads and Registered
               Generators, meter data for Load and Generation must be reported
               separately, and cannot be netted against each other.

6.   APX CALIFORNIA SCHEDULING SERVICE (PARTICIPANT SC ID) - OPERATIONAL
     REQUIREMENTS

     6.1. In addition to the eligibility requirements of Section 3 of the APX
          Master Terms, to be eligible to use APX California Scheduling Service
          (Participant SC ID), a Participant must:

          a.   Designate APX as the Scheduling Coordinator Agent for specified
               Generators, Loads, Exports, Imports and Transfer Points in its
               APX Registration Statement;

          b.   Provide all information that APX reasonably needs to comply with
               the ISO Tariff; and

          c.   For Registered Loads, provide monthly energy consumption data,
               peak energy demand data from interval meters, and the rate
               schedule for that load under which it has taken service for the
               preceding 12 months.

     6.2. If any material modification is made to a Participant's Registered
          Facility, the Participant shall inform APX by a written change to its
          then current APX Registration Statement.

     6.3. By virtue of its use of APX California Scheduling Service (Participant
          SC ID), each Participant grants to APX all agency authority necessary
          to comply with the ISO Tariff as a Scheduling Coordinator.

     6.4. Each Participant has a contractual obligation to take or Deliver the
          amount of energy specified in any Schedule submitted to the ISO by APX
          in the name of the registered Participant. In the event of a
          Deviation, including a Deviation resulting from a Participant's
          failure to Schedule a Delivery with APX or its counter-party, the
          Participant must pay a charge or receive a credit, as the case may be,
          to reflect associated True-Up Amounts and ISO Charges.

     6.5. With respect to any Schedule that APX submits to the ISO in the name
          of a Participant, as well as related Deliveries required under
          Schedules submitted, the Participant shall be solely responsible for
          all charges imposed on APX by the ISO and all APX fees associated with
          such Schedules or related Deliveries.

     6.6. In providing APX California Scheduling Service to a given Participant,
          APX will endeavor to:

          a.   Submit required Schedules to the ISO using the Participant SC ID.

                                   PAGE 3 OF 4
                           EFFECTIVE SEPTEMBER 1, 2001

<PAGE>

                            AUTOMATED POWER EXCHANGE
                       MASTER TERMS AND CONDITIONS: TAB 2
                         CALIFORNIA SCHEDULING SERVICES

          b.   Transmit Ancillary Service bids for Participant's Registered
               Facility to the ISO, and pass ISO acceptance, instructions,
               payments, fees, and charges, if any, back to the Participant.

          c.   Transmit error messages generated by the ISO's Schedule
               validation checks to the Participant, as received by APX;

          d.   Transmit applicable messages sent by the ISO to the Participant,
               as received by APX;

          e.   If applicable, relay Settlement Quality Meter Data provided by
               the Participant (or its MDMA) to the ISO or equivalent;

          f.   If applicable, relay Settlement Quality Meter Data provided by
               the ISO to the Participant (or its MDMA); and

          g.   Calculate any Pass-Through Charges owing, including imputed
               Control Area Operator charges.

          h.   Calculate from the ISO any Pass-Through Payments owed to the
               Participant.

     6.7. All communications (including bids) that APX is to transmit to the ISO
          on behalf of Participants must be received via the APX Market Window
          or other means approved by APX in its reasonable discretion.

     6.8. When APX is acting as SC Agent in a Transfer Schedule, APX will notify
          the counterpart SC of the Net Physical Position of the Registered
          Transfer Point and the Zone associated with the Transfer Schedule when
          it appears that there is a mismatch. APX will submit settled Transfer
          Schedules to the ISO at each opportunity provided for submitting
          Schedules, and is authorized to submit the Transfer Schedule to the
          ISO whether it has received counterpart SC confirmation or not. In the
          event of a discrepancy between the Net Physical Position and/or Zone
          reported by APX and the counterpart SC, APX will apply commercially
          reasonable efforts to resolve such discrepancy. If a discrepancy
          cannot be resolved in time for submittal to the ISO, APX will submit
          the Transfer Schedule it has and shall not be responsible for any
          later discovered inaccuracy in the counterpart SC's information.

     6.9. When APX is acting as SC Agent for a Participant, Tab 3 (APX Managed
          Credit Services) does not apply.

     6.10. When APX is acting as SC Agent for a Participant, Section 4 of Tab 4
          (Settlement and Payment) does not apply.

                         * * * * * * * * * * * * * * * *

                                   PAGE 4 OF 4
                           EFFECTIVE SEPTEMBER 1, 2001

<PAGE>

                            AUTOMATED POWER EXCHANGE
                       MASTER TERMS AND CONDITIONS: TAB 3
                           APX MANAGED CREDIT SERVICES

1.   SCOPE.

     1.1. This Tab Number 3 to the APX Master Terms and Conditions of Service
          sets forth the requirements, procedures, and protocols for the
          effective use of APX Managed Credit Services in all regions where APX
          trading services and Scheduling Services are offered. Together with
          other applicable Tabs, the APX Master Service and Participation
          Agreement, and the APX Master Terms and Conditions of Service, all of
          which are expressly incorporated by reference, this Tab constitutes
          the entire agreement necessary for Participants to engage in APX
          Managed Credit Services. Participant Approved Counter-Party Trading is
          procedurally different, is described in Tab 1, and is not applicable
          to this Tab 3.

     1.2. References to a Section shall mean a Section of this Tab 3, unless
          otherwise agreed. In the event of conflict between this Tab 3 and the
          APX Master Terms, this Tab 3 shall control and take precedence. APX
          Managed Credit Services is an APX Market within the meaning of that
          defined term in all regions where offered.

2.   DEFINITIONS.

     2.1. "APX Clearing Account" means the account maintained with the
          Depository in which all monies owing from Participant's are deposited
          and disbursed.

     2.2. "Business Day" means a day on which Federal Monetary Reserve member
          banks are open for business in California and New York.

     2.3. "Market Closing Time" means the time the APX Market Engine ceases to
          accept Buy Orders or Sell Orders for a particular APX Market for a
          particular interval.

     2.4. "Monetary Reserve Account" means the APX accessible accounts
          maintained with the Depository containing Participant cash to secure
          all or a portion of that Participant's APX Service obligations.

     2.5. "Monetary Reserve Requirement" means the minimum amount of funds (in
          US dollars) or reserves (in letter of credit form) that a Participant
          must maintain in its Monetary Reserve Facility at any given time to
          cover the Participant's Net Exposure.

     2.6. "Net Exposure" means APX' good faith estimate of a Participant's
          maximum net monetary exposure (in US dollars) relating to the APX
          Services at any given time, as determined by APX in its reasonable
          discretion.

     2.7. "Net Financial Position" means the total amount (in US dollars) due
          from or payable to a Participant at any given time, based on the
          aggregate of such Participant's Contracted Orders and other use of the
          APX Services.

3.   APX MANAGED CREDIT TERMS.

     3.1. Each APX Managed Credit Participant shall establish and maintain a
          Monetary Reserve Facility that meets the requirements set forth in
          this Tab 3 and is otherwise acceptable to APX in its reasonable
          discretion. Such Monetary Reserve Facility may take one of the
          following forms:

          a.   an irrevocable and unconditional letter of credit that has been
               approved by APX and issued by a bank or other financial
               institution acceptable to APX in its reasonable discretion, as
               more fully described below; or

          b.   a cash deposit in an interest-bearing Monetary Reserve Account,
               with interest accruing to the Participant.

     3.2. Each Participant shall establish and maintain its Monetary Reserve
          Facility in an amount that is sufficient to cover its Net Exposure, as
          determined by APX from time to time. APX reserves the right to set and
          modify the criteria used to determine Net Exposure from time to time
          in its sole reasonable discretion, and will notify Participants of
          changes in such criteria to the extent that such changes have a
          material effect upon Participant's Monetary Reserve Requirement.

     3.3. Letters of credit are shown as a balance under the "Credit Limit" icon
          of the Participant's Market Window. APX will provide Participants the
          templated forms for posting letters of credit. APX will accept letters
          of credit from financial institutions that enjoy a minimum short-term
          rating of A1+ (Standard & Poor's), P1 (Moody's), or F1+ (Fitch). If an
          institution's letter of credit rating falls below the required level
          after a Participant has Registered, the Participant will be notified
          and has thirty (30) days from the rating downgrade date to replace the
          letter of credit.

     3.4. Participants may mix Monetary Reserve Facility types to meet their
          estimated credit limit requirements. In the event of a draw on a
          Participant's Monetary Reserve Facility where the MRF is comprised of
          mixed species of funds, APX will exercise its reasonable discretion in
          drawing on one type before another in curing the deficiency.

     3.5. APX shall only initiate a draw upon Participant's Monetary Reserve
          Facility if it appears there are insufficient funds in the APX
          Clearing Account on the monthly Payment Due Date to cover that
          Participant's then presenting Net Exposure. In order to avoid or
          mitigate this potential situation, APX will monitor a Participant's
          Net Exposure on a daily basis, and may periodically call for increases
          in the Participant's posted credit levels in any given month. An
          inability to post additional credit, or a failure to promptly do so in
          response to APX' request, will cause the Participant's further trading
          to be suspended until they unwind their financial position or post
          additional credit. Under some circumstances, APX may withdraw as the
          Participant's Scheduling Coordinator and/or Qualified Scheduling
          Entity, as when a Registered Load has been apprised of the need to
          increase their available credit, and has failed to do so. Credit is
          encumbered automatically against entered bids, even before such bids
          have Contracted on the APX Market Window screen. Bids not Contracted
          lapse at Market Closing Time, and the unused credit returns to the
          Participant's then available credit limit.

     3.6. Prior to initiating any draw upon a Participant's Monetary Reserve
          Facility, APX will employ reasonable efforts to notify the Participant
          of the insufficiency in time for such Participant to rectify the
          shortage; provided that APX shall not be liable for ( i ) any failure
          to actually notify a Participant prior to initiating a draw under this
          Section, or ( ii ) initiating a draw under this Section at any time
          before, after, or contemporaneously with giving such notice. Each time
          APX initiates a draw on a Participant's Monetary Reserve Facility, the
          Participant will incur the Default Fee listed in Tab 5 of these APX
          Master Terms.

     3.7. For Participants that are subject to ISO pass-through charges, it may
          be necessary to periodically increase a trading Participant's APX
          Clearing Account cash deposits solely to cover the increased cash
          exposure in that

                                   Page 1 of 2
                           Effective September 1, 2001

<PAGE>

                            AUTOMATED POWER EXCHANGE
                       MASTER TERMS AND CONDITIONS: TAB 3
                           APX MANAGED CREDIT SERVICES

          single trading venue. APX will initiate written notification to the
          Participant if such an increase in Clearing Account cash deposits is
          required. For those affected Participants whose trading is ultimately
          secured by a Monetary Reserve Facility letter of credit, any increase
          in their APX Clearing Account deposits made necessary by the
          imposition of ISO pass-through charges must be in the form of cash,
          rather than in an increase in the face amount of the letter of credit.

     3.8. Monetary Reserve Facility cash reserves shall bear interest for the
          Participant at the rate negotiated from time to time between APX and
          the Depository. For purposes of the amount to be maintained by the
          Participant as a Monetary Reserve Facility, the Participant shall
          receive a credit on the tenth Business Day of each month equal to the
          amount of interest earned during the preceding calendar month. At a
          Participant's request, annually in January, APX will distribute to
          such Participants an amount equal to the interest earned on funds held
          in the Monetary Reserve Account, so long as such distribution does not
          cause the Participant to have insufficient credit reserves.

                        * * * * * * * * * * * * * * * * *

                                   Page 2 of 2
                           Effective September 1, 2001

<PAGE>

                            AUTOMATED POWER EXCHANGE
                       MASTER TERMS AND CONDITIONS: TAB 4
                         SETTLEMENT AND PAYMENT SERVICES

1.   SCOPE.

     1.1. This Tab Number 4 to the APX Master Terms and Conditions of Service
          sets forth the requirements, procedures, and protocols for the
          effective use of APX Settlement and Payment Services. Together with
          other applicable Tabs, the Master Service and Participation Agreement,
          and the APX Master Terms and Conditions of Service, all of which are
          expressly incorporated by reference, this Tab constitutes the entire
          agreement necessary to receive APX Settlement and Payment Services.

     1.2. References to a Section shall mean a Section of this Tab 4, unless
          otherwise agreed. In the event of conflict between this Tab 4 and the
          APX Master Terms, this Tab 4 shall control and take precedence. APX
          Settlement and Payment Services is an APX Market within the meaning of
          that defined term.

2.   DEFINITIONS.

     2.1. "APX Settlement Statement" means the password protected,
          electronically posted statement of a Participant's actual and
          estimated amounts owed by or to that Participant, in connection with
          the Participant's use of APX Services for the reporting period,
          including True-Up Amounts.

     2.2. "Control Area Operator Charges" means the fees that are imposed by a
          Control Area Operator in connection with a Participant's use of the
          APX Services.

     2.3. "Default Fee" means the charge specified in Tab 5 of these APX Master
          Terms that is assessed by APX in the event that APX is required to
          initiate a draw on a Participant's Monetary Reserve Facility.

     2.4. "Monthly Invoice" means the password protected, electronic statement
          of an APX Market Participant's transactions in the preceding calendar
          month, including payments made or received, APX Fees, Pass-Through
          Charges and Payments, and Control Area Operator Charges.

     2.5. "Net Financial Position" means the total amount (in US dollars) due
          from or payable to a Participant at any given time, based on the
          aggregate of such Participant's Contracted Orders and other use of the
          APX Services.

     2.6. "Pass-Through Charges" means all charges and taxes levied by a Control
          Area Operator or any Governmental Authority (other than APX Fees) in
          connection with ( i ) the purchase, sale, Delivery, and use of APX
          Products; or ( ii ) the use of any APX Service.

     2.7. "Pass-Through Payments" means all payments from a Control Area
          Operator, or any other entity, to APX for a Participant in connection
          with such Participant's use of the APX Services that APX accepts for
          further pass on to Participants.

     2.8. "Payment Due Date" means 10:00 a.m. Pacific Standard or Daylight
          Savings Time, on the fifteenth day of each month, or if the fifteenth
          is not a Business day, on the last Business Day preceding the
          fifteenth day.

     2.9. "Payment Receipt Date" means 12:00 noon, Pacific Standard or Daylight
          Savings Time, on the second Business Day following the Payment Due
          Date.

     2.10. "True-Up Amount" means the amount credited or debited to a
          Participant to reflect new information in respect of a Participant's
          actual activities and liabilities.

3.   SETTLEMENT TERMS.

     3.1.  APX will regularly produce a Settlement Statement for each
           Participant. The Settlement Statement will reflect actual and
           estimated amounts owed by or to a Participant, including all charges
           for electricity, Pass-Through Charges, Pass-Through Payments, and APX
           Fees in connection with the Participant's use of the APX Services for
           the reportable Delivery Day. True-Up Amounts will also be posted in
           the viewable and downloadable Settlement Statement based upon the
           data available to APX at the time. If Pass-Through Charges and
           Pass-Through Payments for that reporting day correlate to more than
           one APX Participant, APX will allocate such Charges and Payments to
           affected Participants on a pro rata basis according to the amount of
           electricity Delivered by or to the Participants in connection with
           their use of any APX Service.

     3.2.  Promptly after the end of each calendar month, but no later than the
           seventh day of the next month, APX will post the Participant's
           Monthly Invoice reflecting that Participant's Net Financial Position
           for the prior month. The Monthly Invoice will include all defined
           elements stated above, and any new or adjusted Control Area Operator
           Charges or credits received up to the posting date, even if such
           Charges or credits relate to activity preceding the billing month
           that is the subject of the Monthly Invoice.

     3.3.  All Settlement Statements and Monthly Invoices will be delivered via
           such secure electronic means as may be approved by APX from time to
           time. Participants desiring delivery of Settlement Statements or
           Monthly Invoices by means other than the password protected APX
           Internet Site must make alternate arrangements with APX.
           Notwithstanding the foregoing, upon a Participant's written request,
           Monthly Invoices also will be sent by APX to the Participant via U.S.
           mail.

4.   PAYMENT TERMS.

     4.1. Each Participant that owes money to APX or any other Participant at
          the end of each month shall deposit such amount, in immediately
          available funds, into the APX Clearing Account on or before the
          Payment Due Date. Each Participant is responsible for ensuring that
          sufficient funds to cover payment for all outstanding liabilities are
          deposited into the APX Clearing Account on or before the Payment Due
          Date.

     4.2. A Participant's liability for amounts owing to APX or any other entity
          pursuant to these APX Master Terms at the end of the month shall be
          discharged to the extent available funds have been deposited by the
          Participant by the applicable Payment Due Date. If a Participant uses
          APX Services in more than one APX Market, APX will apply the funds in
          the Clearing Account to the Participant's outstanding obligations in
          all APX Markets according to the order in which such obligations were
          incurred. If sufficient funds have not been deposited in the APX
          Clearing Account by the Payment Due Date, APX will direct the
          Depository to allocate the available funds that have been deposited by
          the Participant in APX' reasonable discretion and will initiate a draw
          upon the Participant's Monetary Reserve Facility in an amount that is
          sufficient to discharge remaining obligations. Prior to initiating any
          such draw, however, APX will employ reasonable efforts to notify the
          Participant of the insufficiency in time for such

                                   Page 1 of 2
                           Effective September 1, 2001

<PAGE>

                            AUTOMATED POWER EXCHANGE
                       MASTER TERMS AND CONDITIONS: TAB 4
                         SETTLEMENT AND PAYMENT SERVICES

          Participant to rectify the shortage; provided that APX shall not be
          liable for (i) any failure to actually notify a Participant prior to
          initiating a draw under this Section 4.2, or ( ii ) initiating a draw
          under this Section 4.2 at any time before, after or contemporaneously
          with giving such notice. Each time APX initiates a draw on a
          Participant's Monetary Reserve Facility, the Participant will incur
          the Default Fee listed in Tab 5 to these APX Master Terms.

     4.3. APX shall effectuate payment to each Participant that is owed money at
          the end of the month by withdrawing the amount due from the APX
          Clearing Account and depositing such amount into an account designated
          by the Participant. Any such account must be capable of receiving
          funds via Fed-Wire. Such payment will occur on the Payment Receipt
          Date or such other date as may be agreed upon in writing between APX
          and the Participant.

     4.4. APX will remit to each Participant all Pass-Through Payments that are
          owing to such Participant and that APX has received as of the Payment
          Due Date. Such remittance will occur on the Payment Receipt Date. In
          performing this function, APX will forward the Pass-Through Payments
          actually received, and shall bear no responsibility for any shortage,
          delay, or reduction in Pass-Through Payment that the originator of the
          payment may have caused. Participants shall be solely responsible for
          raising, pursuing and resolving any dispute regarding Pass-Through
          Payments with the applicable party and/or originator, and shall
          reimburse APX for any costs incurred by APX in connection therewith.
          In the event of a dispute between Participant and the originator of
          Pass-Through Payments, APX' responsibility shall be confined to
          providing information concerning a Participant's Contracted Orders and
          Scheduled Deliveries in response to the Participant's reasonable
          request; provided that the provision of such requested information
          does not cause or induce a violation or breach of confidentiality
          arising from obligations under these APX Master Terms.

     4.5. In the event a Participant's Net Financial Position has changed
          between the end of the prior month and the Payment Receipt Date from
          that of net seller to net buyer as a result of activity in the first
          12 days of the new month, APX reserves the right to account for that
          fact in holding back some of the funds that the Participant would be
          otherwise entitled to solely as a result of its trading activity in
          the prior month.

     4.6. All exchanges of funds by or with the Depository shall be by Fed-Wire
          or similarly secure electronic funds transfer method proposed by the
          Participant and approved by APX. All deposits into the APX Clearing
          Account and payments from the APX Clearing Account shall be in U.S.
          dollars. Exchange rate conversion charges and fees, if any, will be
          borne by the Participant.

     4.7. Notwithstanding the provisions of Section 15 of the APX Master Terms,
          in the event a Participant disputes any amount in a Settlement
          Statement or Monthly Invoice, such Participant must notify APX of the
          Participant's dispute within 30 days after the date of the Statement
          or Invoice in which the disputed amount first appears. Such
          notification by a Participant must include a complete statement of the
          basis underlying the Participant's objection to the amounts set forth
          in the Settlement Statement or Monthly Invoice. A Participant's
          failure to notify APX of a Settlement Statement or Monthly Invoice
          dispute within the relevant 30 day period will constitute acceptance
          by the Participant of the truth and accuracy of the posted statements
          and a waiver by the Participant of any right to object to such
          Settlement Statement or Monthly Invoice. Failure to object to an
          estimated charge shall not serve to waive or minimize a Participant's
          right to object to any related True-Up Amount in a subsequent
          Settlement Statement or Monthly Invoice. Lastly, the Participant is
          obligated to pay Monthly Invoice published charges, even if disputed,
          by the Payment Due Date. If the dispute is resolved in the
          Participant's favor after the Payment Due Date, a credit will be
          posted to the then current Settlement Statement.

     4.8. If APX discovers any error in a Settlement Statement or Monthly
          Invoice, it will correct such error as soon as practicable.
          Participants shall be responsible for paying any additional amounts
          owing to APX, and shall receive payment from APX, as a result of a
          corrected Settlement Statement or Monthly Invoice in the manner
          described in Section 4.2 or 4.3 as the case may be.

     4.9. Notwithstanding the provisions of Section 3.2, APX may, but is not
          obligated to, send supplemental invoices to a Participant at any time
          reflecting True-Up Amounts related to Pass-Through Charges. Payment of
          amounts set forth in a supplemental invoice shall be due on the date
          indicated by APX in such invoice. The provisions of this Section 4
          shall apply to such supplemental invoices.

     4.10. In the event that a Participant has not deposited sufficient funds in
          the APX Clearing Account by the Payment Due Date, and the
          Participant's Monetary Reserve Facility is inadequate to cover the
          shortfall, APX may take any action to recover the unpaid amount that
          is available to it at law or equity. Interest shall accrue on the
          unpaid amount until paid in full on a daily basis at a fluctuating
          rate equal to the highest prime rate published in the Wall Street
          Journal plus six (6) percent, or the maximum interest rate permitted
          by law, whichever is less.

     4.11. In the event that, as a result of a default by a Participant or
          otherwise, after reasonable and diligent attempts to replenish the
          Participant's Clearing Account funds and draw down Participant's
          Monetary Reserve Facility, APX will act to reduce payments to
          Participants that are owed money in connection with their use of APX
          Services in the same APX Market as the defaulting Participant. APX
          will reduce payments to Participants in that APX Market on an
          individual basis separate from all other APX Markets, such that
          payments owed to a Participant in one APX Market will not be reduced
          to offset unpaid amounts that are owing in connection with APX
          Services in any other APX Market.

                            * * * * * * * * * * * * *

                                   Page 2 of 2
                           Effective September 1, 2001

<PAGE>

                            AUTOMATED POWER EXCHANGE
                       MASTER TERMS AND CONDITIONS: TAB 5
                      APX PRODUCT AND SERVICE FEE SCHEDULE

<TABLE>
<CAPTION>
APX FEES - WSCC REGION
--------------------------------
MARKET TRANSACTION FEES
--------------------------------
                                             UNIT OF
         APX FEES               AMOUNT       MEASURE   TIME THAT FEE IS INCURRED     COMMENTS
--------------------------      ------       -------   -------------------------     --------
<S>                             <C>          <C>       <C>                           <C>
APX Market Transaction Fee      $0.10        Per MWh   When an Order is Contracted   Applies to buy Orders and sell Orders each time
(Hourly Energy)                                        in the APX Markets            an Order is Contracted in whole or in part.

APX Market Transaction Fee      $0.03        Per MWh   When an Order is Contracted   Applies to buy Orders and sell Orders each time
(Daily/BOM Energy)                                     in the APX Markets            an Order is Contracted in whole or in part.

APX Market Transaction Fee      $0.01        Per MWh   When an Order is Contracted   Applies to buy Orders and sell Orders each time
(Monthly Energy and A/S CFD)                           in the APX Markets            an Order is Contracted in whole or in part.

APX Market Transaction Fee      $0.03        Per MWh   When an Order is Contracted   Applies to buy Orders and sell Orders each time
(Annual Green Tickets)                                 in the APX Markets            an Order is Contracted in whole or in part.
</TABLE>

<TABLE>
<CAPTION>
SCHEDULING FEES ( NP15, SP15, ZP26)
-----------------------------------
                                AMOUNT <     AMOUNT >
                                25,000 MWh   25,000 MWh   UNIT OF   TIME THAT FEE IS
         APX FEES               PER MONTH    PER MONTH    MEASURE   INCURRED                   COMMENTS
------------------------------  ----------   ----------   -------   ----------------           ---------
<S>                             <C>           <C>
APX Market Scheduling Fee       $0.1250      $0.0625      Per MWh   When a Day-Ahead           Applies to net position of Registered
(Day-Ahead)                                                         Schedule is accepted       Facilities except Registered Transfer
                                                                    by the CAISO                Points.

APX Market Scheduling Fee       $0.1250      $0.0625      Per MWh   When an Hour-Ahead         Applies in the same manner as the
(Hour-Ahead)                                                        Schedule is accepted       Day-Ahead APX Market Scheduling Fee
                                                                    by the CAISO               when there is a change in net
                                                                                               position between the Day-Ahead and
                                                                                               Hour-Ahead Schedules/

APX Real-Time Scheduling        $0.2500      $0.1250      Per MWh   When APX applies           Applies when metered consumption or
Fee (Real-Time Deviations)                                          CAISO Imbalance            generation is greater than the most
                                                                    Energy fees-rata           recently scheduled position.

APX Bilateral Scheduling Fee    $0.1250      $0.0625      Per MWh   When a Day-Ahead           Applies to the source and sink MWhs
(Day-Ahead)                                                         Schedule is accepted       of a bilateral contract.
                                                                    by the CAISO
APX is the SC for both parties
of the bilateral transaction

APX Bilateral Scheduling Fee    $0.1250      $0.0625      Per MWh   When an Hour-Ahead         Applies in the same manner as the
(Hour-Ahead)                                                        Schedule is accepted       Day-Ahead APX Bilateral Scheduling
                                                                    by the CAISO               Fee when there is a change in net
                                                                                               position between the Day-Ahead and
                                                                                               Hour-Ahead Schedules.
APX is the SC for both parties
of the bilateral transaction

APX Bilateral Scheduling Fee    $0.2500      $0.1250      Per MWh   When an Hour-Ahead         Applies to the scheduled MWhs of a
(Day-Ahead)                                                         Schedule is accepted       bilateral contract, including
                                                                    by the CAISO               instances where the source or sink
                                                                                               uses another Scheduling Coordinator.

APX is the SC for one party of
the bilateral transaction

APX Bilateral Scheduling Fee    $0.2500      $0.1250      Per MWh   When an Hour-Ahead         Applies in the same manner as the
(Hour-Ahead)                                                        Schedule is accepted       Day-Ahead APX Bilateral Scheduling
                                                                    by the CAISO               Fee when there is a change in net
                                                                                               position between the Day-Ahead and
                                                                                               Hour-Ahead Schedules.
APX is the SC for one party of
the bilateral transaction

APX Bilateral Scheduling Fee    $0.03        $0.03        Per MWh   When a bilateral is        Applies to Green Ticket buyers and
(Green Tickets)                                                     confirmed between the      Green Ticket sellers when APX handles
                                                                    parties                    the financial settlement of the
                                                                                               Green Ticket transaction between the
                                                                                               parties.

APX Scheduling Fee              $0.1250      $0.0625      Per MWh   When the CAISO             "Ancillary Services Capacity" means
(Ancillary Services Capacity)                                       purchases Ancillary        the capacity provided by a
                                                                    Services Capacity          Participant to the CAISO for
                                                                                               supplying Ancillary Services.

APX Scheduling Fee              $0.1250      $0.0625      Per MWh   When a Schedule for        Applies to Ancillary Service energy
(Ancillary Services Energy)                                         Ancillary Services is      that is dispatched by the CAISO.
                                                                    accepted by CAISO

APX Scheduling Fee              $0.1250       $0.1250     Per MWh   When a Schedule for        Applies to Supplemental Energy that
(Supplemental Energy                                                Supplemental Energy        is dispatched by the CAISO, whether
Dispatched)                                                         is dispatched by           accepted or declined by the
                                                                    CAISO                      Participant.
</TABLE>
               FIXED FEES FOR MARKET TRANSACTIONS AND SCHEDULING

                                   Page 1 of 3
                                                     Effective September 1, 2001

<PAGE>

                            AUTOMATED POWER EXCHANGE
                       MASTER TERMS AND CONDITIONS: TAB 5
                      APX PRODUCT AND SERVICE FEE SCHEDULE

<TABLE>
<CAPTION>
                                        UNIT OF
         APX FEES           AMOUNT      MEASURE        TIME THAT FEE IS INCURRED                      COMMENTS
-------------------------   ------      -------        -------------------------                      --------
<S>                         <C>
Minimum Monthly Market Fee  $500        Per            Last day of each month        Fee applies to Participants trading in the
                                        Participant                                  APX Markets that do not utilize the APX
                                        per month                                    Scheduling Coordinator Services. Applies to
                                                                                     the extent that a Participant's total APX
                                                                                     Market Transaction Fees for a month are less
                                                                                     than $500. Amount to be paid is the
                                                                                     difference between total Transaction Fees
                                                                                     and the $500 minimum. Fee commences when a
                                                                                     Participant connects to the APX Market
                                                                                     Engine or uses the APX Phone Brokerage
                                                                                     Service. Fee terminates upon receipt of a
                                                                                     Contract Termination letter. Participants
                                                                                     will pay this fee only once each month to
                                                                                     cover participation in all of the APX
                                                                                     Markets.

Minimum Monthly             $2500       Per            Last day of each month        Fee applies to Participants utilizing the
Scheduling/Market Fee                   Participant                                  APX Scheduling Coordinator Services,
                                        per month                                    including sales to CAISO imbalance market.
                                                                                     Applies to the extent that a Participant's
                                                                                     total Scheduling Fees for a month are less
                                                                                     than $2500. Fee commences when a Participant
                                                                                     submits its first schedule or when the
                                                                                     Participant's first Generation or Load Meter
                                                                                     becomes effective. Fee terminates three
                                                                                     months after receipt of Contract Termination
                                                                                     letter or last schedule submitted.

Participant Set-up Fee      $1,000      One time fee   Last day of month once a      Participants will pay this fee only once
                                                       Participant is billed         (unless the Participant is suspended) to
                                                       Minimum Monthly Fee for       cover participation in all of the APX
                                                       first time.                   Markets.

Participant Training Fee    No Charge   N/A            N/A                           Participant must have signed the MSPA.
(1st) session)

Participant Training Fee    $1000       Per session    Last day of the month
(additional sessions)                                  in which training
                                                       occurred

Monetary Reserve Account    $25         Per            Last day of each month        Only applies if a Participant establishes a
Maintenance Fee                         Participant                                  Monetary Reserve Account. Participants will
                                        per month                                    pay this fee once each month to cover
                                                                                     maintenance of a given Monetary Reserve
                                                                                     Account.

Default Fee                 $2,500      Per default    When APX initiates a draw
                                                       on a Participant's
                                                       Monetary Reserve Facility

Funds Transfer Fee          $5          Per transfer   When funds are transferred    Applies to receipt and payment of funds.
                                                       via Fed-Wire, Automated
                                                       Clearing House (ACH), or
                                                       Electronic Funds Transfer
                                                       (EFT)

Generation Meter Data       $5000       Per            Last day of each month        Only applies when the Participant's meter
Disaggregation Fee                      Participant                                  data for one or more Generation Meters is
                                        per month                                    not sent daily to the CAISO.

APX FEES - ERCOT and NORTHEAST REGION

                                        UNIT OF
         APX FEES           AMOUNT      MEASURE        TIME THAT FEE IS INCURRED                      COMMENTS
-------------------------   ------      -------        -------------------------                      --------
 MARKET TRANSACTION FEES

APX Market Transaction Fee  $0.03       Per MWh        When an Order is Contracted   Applies to Buy Orders and Sell Orders each
                                                       in the APX Markets            time an Order is Contracted in whole or in
                                                                                     part.
FIXED FEES

Minimum Monthly Market Fee  $500        Per            Last day of each month        Applies to the extent that a Participant's
                                        Participant                                  total APX Market Transaction Fees for a
                                        per month                                    month are less than $500. Amount to be paid
                                                                                     is the difference between total Transaction
                                                                                     Fees and the $500 minimum. Fee commences
                                                                                     when a Participant connects to the APX
                                                                                     Market Engine or uses the APX Phone
                                                                                     Brokerage Service. Fee terminates upon
                                                                                     receipt of a Contract Termination letter.
                                                                                     Participants will pay this fee only once
                                                                                     each month to cover participation in all of
                                                                                     the APX Markets.

Participant Set-up Fee      $1,000      One time       Last day of month once a      Participants will pay this fee only once
                                        fee            Participant is billed         (unless the Participant is suspended) to
                                                       Minimum Monthly Fee for       cover participation in all of the APX
                                                       first time.                   Markets.

Participant Training Fee    No Charge   N/A            N/A                           Participant must have signed the MSP.
(1(st) session)
</TABLE>

                                   Page 2 of 3
                                                     Effective September 1, 2001

<PAGE>

                            AUTOMATED POWER EXCHANGE
                       MASTER TERMS AND CONDITIONS: TAB 5
                      APX PRODUCT AND SERVICE FEE SCHEDULE

<TABLE>
<S>                         <C>         <C>            <C>                           <C>
Participant Training Fee    $1000       Per            Last day of the month in which
(additional sessions)                   session        training occurred

Fed-Wire Funds Transfer Fee    $5       Per            When funds are transferred    Applies to receipt and payment of funds.
                                        transfer       via Fed-Wire
</TABLE>

For ERCOT Scheduling Fees, refer to Tab 2A.

                                   Page 3 of 3
                                                     Effective September 1, 2001

<PAGE>

                            AUTOMATED POWER EXCHANGE
                       MASTER TERMS AND CONDITIONS: TAB 6
                          TELEPHONE BROKERAGE SERVICES

1.    SCOPE

      1.1.  This Tab Number 6 to the APX Master Terms and Conditions of Services
            sets forth the requirements, procedures, and protocols for the
            effective use of Telephone Brokerage Services. Together with other
            applicable Tabs, the Master Service and Participation Agreement, and
            the APX Master Terms and Conditions of Service, all of which are
            expressly incorporated by reference, this Tab constitutes the entire
            agreement necessary to utilize the Telephone Brokerage Services in
            the APX Markets.

      1.2.  References to a Section shall mean a Section of this Tab 6, unless
            otherwise agreed. In the event of a conflict between this Tab 6 and
            the APX Master Terms, this Tab 6 shall control and take precedence.
            The Telephone Brokerage Services is an APX Market within the meaning
            of that defined term.

2.    DEFINITIONS

      2.1.  The following defined terms supplement the Master Terms and are
            applicable to Telephone Brokerage Services in the APX Markets in the
            United States and Canada

            2.1.1. "APX Telephone Brokerage Desk" means the manned APX desk that
                  acts as a confidential point of contact for all Participants
                  to conduct trades through the online APX Markets.

            2.1.2. "APX Operations Desk" means the manned APX desk that assists
                  Participants with scheduling activities and interact with the
                  California ISO.

            2.1.3. "Telephone Brokerage Services" means the telephone services
                  provided by APX in which it acts as an intermediary,
                  transacting for its Participants in the APX Markets with
                  impartiality and discretion.

3.    TELEPHONE BROKERAGE SERVICES.

      3.1.  Telephone Brokerage Services include:

            3.1.1. Telephone dialogue between APX and Participants to provide
                  the information necessary for Participants to learn the
                  essential facts relating to open Orders in the APX Markets and
                  to generate interest in posting Orders and/or countering to
                  open Orders.

            3.1.2. APX submittal of Orders on behalf of Participants via a
                  recorded telephone line or written notice (facsimile and
                  electronic mail are acceptable).

            3.1.3. APX withdrawal of Orders on behalf of Participants via a
                  recorded telephone line or written notice (facsimile and
                  electronic mail are acceptable).

      3.2.  Telephone Brokerage Services do not include scheduling activities,
            which are handled by the APX Operations Desk.

      3.3.  Security Authorization

            To submit/withdraw Orders using the APX Telephone Brokerage Desk,
            users are required to provide their Login ID and Password. A
            Participant shall not permit others to use Participant's account and
            shall notify APX of any known or suspected unauthorized use of
            Participant's account. Participant is responsible for maintaining
            the confidentiality of the password and shall be fully liable for
            the use and any unauthorized use its Login IDs.

      3.4.  Confidentiality

            All information passed on by a Participant to APX is treated with
            the utmost confidentiality per Section 4.2.4 of the Master Terms.

                                   PAGE 1 OF 1
                           EFFECTIVE SEPTEMBER 1, 2001

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