Folks- Please see attached an important memo regarding the future plans and finances of the CA Energy Solutions Group. Thank you all for a hectic, but great, year. :-) Happy Holidays!! Many thanks,
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answer: CESG 2002 Plan and Finances
Holnam has just terminated their contract and Luzenac terminated earlier this month. Starting Feb.1, we should be delivering to Ash Grove Cement and LP. We are currently delivering to LP, and Ash grove suspended for the entire month of Jan. Let me know if you have any questions. Thanks.
Answer: Montana Update
Here is an email: <<IPPupdate092201.pdf>> Good Morning Attached, please find our Power Generation Update issued this morning. 1. EIX Bankruptcy Filing?-Implications for the IPPs Recent press reports have suggested there is a growing likelihood that an involuntary bankruptcy petition will be filed against Southern California Edison, the utility subsidiary of Edison International (EIX, Not Rated). We thought it would be timely to analyze the implications of an SCE bankruptcy for the IPPs. 2. SCE Bankruptcy Would be Neutral for the IPPs Our overall conclusion is that an SCE bankruptcy would be neutral for the sector: A. Such an event would have no impact on the earnings estimates or forecasted growth rates for any of the companies under our coverage. B. In addition, none of the companies have any direct receivables exposure to SCE. C. Finally, we believe reserves taken against accounts receivable balances from the CalISO and PX across the sector adequately mitigate exposure to potential bad debt writedowns. 3. Updated Accounts Receivables Exposure Included Included in the note are updated details on the accounts receivables exposure of all the IPPs with California operations. Regards,
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A: CSFB Power Gen Update: EIX Bankrptcy?--Implications for theIPPs
Q: Rod: FYI, Paul's doing bond swap with UBS. Does credit have any issues? I am verifying the Enron party (since I am not familiar with the ECT Investment Trust). Please advise. Sara
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A: TR Bond Swap Confirmation
IN: I made a couple of minor revisions. Jake has given us until when he gets in tomorrow. I changed Turbine Agreement to Turbine Contract (one place in the LOI), and added responsibility for filing fees in the llc agreement. Perhaps it it redundant. I'm not sure I'm on top of the LLC agreement. Maybe we can discuss in the am.

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OUT: Panda documents
IN: This is an email
To Seconds/Leads: Attached is an update of the Priority Settlements matrix with changes identified in bold. One of the sheets in the attached excel file is a listing of certain contracts deemed Terminated by ECC. Counsel is seeking MTM calculations on these Terminated contracts/counteparties as soon as possible. Accordingly, while on-going settlement discussions should continue, the focus for seconds/analysts should shift to calculating the MTM's (some of which are already underway per the Priority Settlements list) from the Terminated Contracts list. We are currently seeking input from Counsel as to whether we should shift even more resources to the Terminated Contracts list MTM calculations. We'll let you know on that. In any case, I'm going to be collecting MTMs on the Priority Settlements when I do my daily rounds - I've been getting this from most of you but there's been some exceptions, so if you have the models done I'll be asking for: - Your calculated MTM number - The TAGG / NPower MTM number Thanks in advance. Any questions or problems, let me know. Regards,

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OUT:
Update of priority settlements - Without Prejudice