IN: We have not decided "to prevent any regulated utility from completing any financial transactions" online. If we have already satisfactorily concluded the necessary due diligence with respect to a particular utility, they will be approved. It is only with respect to those utilities which have not yet been researched that we are withholding approval. The due diligence required involves asking the utility for certain information concerning their organization and regulatory situation, hiring local counsel in the relevant state and having research done into the laws and regulations in place there and into any public utility commission orders respecting the particular utility in question, and on occasion requesting an opinion letter from the utility's counsel. We usually begin that process only when a trader believes there is a likelihood of a sufficient volume of trading with the utility to justify the time and expense. FYI, the due diligence process has in the past revealed circumstances which prevented the utility from trading derivatives or required actions to authorize such trading which had not been taken. A recent count showed about 10 executed master agreements and another 30 to 40 in one stage or another of the due diligence/negotiation process. Louise Kitchen

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OUT: Online Derivatives Trading with Regulated Utilities

IN: Rod: I spoke with their counsel today and he promised to look at the comments that I sent him a few weeks ago and to try to get this finalized by May 1st. I'll keep you posted. Carol

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OUT: Idacorp

IN: Sorry I didn't respond very promptly to your last email. Things have been very emotionally draining for me around here. I'm going to forward some of my recent email communications to catch you up on the issue. After you've had a chance to take in the situation I would really love to hear your opinion. Call or email with any insights. Susan Susan M Scott

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OUT: News from the front lines....

IN: Joe, I have slotted you 90 minutes w/Greg on Wednesday @ 4:00 p.m. Greg is scheduled to participate in a Houston conference call @ 5:30 p.m. You guys are connecting again for dinner. Please let me know the time and location for dinner on Wednesday night. Also, Greg says his schedule is open enough that he would like to hang out on the floor w/you and your guys. He will be officing over by John Sherriff and the mobile number he's carrying is +44 7901516638. Many Thanks, Liz Taylor

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OUT:
Meeting Confirmation