IN: Attached is the REVISED Credit Watch List for November 5: Please note the changes to Mieco Inc. and Exelon Generation Company, LLC. Thank you. Please reply with any questions. Kortney x30616

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OUT: REVISED Power Credit Watch List
IN: This is an email
California's Price Caps Raising Average Cost of Power=20 The retail price caps imposed in California are leading to higher average= =20 prices for longer periods of time as demand responsiveness is dulled and=20 supply is retarded, according to a report released by Morgan Stanley Dean= =20 Witter. Traders interviewed by the firm said that calendar strips for 2001= =20 through 2003 have traded in excess of $100/MWh, or around $30/MWh higher th= an=20 a month ago. What's more, the firm said, the expected trough in the forward= =20 curve =01* projected in the 2002-2003 time frame =01* "continues to move ou= t in=20 time. "=20 The Dean Witter study reported that the change in futures pricing for the= =20 California Oregon Border (a proxy for Northern California pricing) and at= =20 Palo Verde (a proxy for Southern California pricing) trading hubs show=20 similar upward trends from June through August.=20 The study said the most alarming thing for the state is the increased threa= t=20 of power outages. Higher priced regions like the desert Southwest and the= =20 Northwest "will suck exports out of the state and deter imports," Dean Witt= er=20 said. The tight supply situation is pushing average prices higher, more=20 often, and increasing the risk imports won't arrive at all when they are=20 truly needed.

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OUT: California's Price Caps Raising Average Cost of Power
QUESTION: Jeff: Were the following points considered or discussed prior to them turning the last draft? The cross default langugae still does not work. Why was the threshold lowered to $50,000,000? Alicia: What are your thoughts on this? Carol
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ANS: Swap Assignment Agreement - April 20 Draft
Jeff, I am headed to Istanbul & the Greek Isles for vacation in late June. I happened to be talking with Rebecca who indicated that you guys had just gotten back from Istanbul for a wedding & that you have a brother that lives there. We will be in Istanbul for only 3 days & want to make the best use of time possible. I think that Rebecca mentioned that you knew of a private guide that we might be able to book for full or half days. I would love to do that & wondered if you might have the name & phone number of the guide. Also, I would love to hear your thoughts on what there is to do & if you have any restaurant recomendations. We are staying at the same hotel that you & Rebecca just stayed at & it will be the first time in Istanbul for both of us. Jeff, thanks in advance for your insight & help!!! Cheryl
Q: What is a potential subject line for this email?
answer: A trip to Turkey
Thought you could use some good news! CUIABA (not typically associated with "good news") 1. GT12 is repaired and running: Commissioning on gas is complete for purposes of the PPA which avoids a default (yippee!). GT11 is still on schedule to be repaired by December 3, 2001. 2. Consent signed: Both Furnas and Electrobras (the guarantor) have now signed the consent, and aditivo #5 whereby Furnas will take on the risk associated with new regulatory issues and pass those costs through to end users. ANEEL has approved but still must formally ratify this plan. Thus, we are getting closer to financial close by year end. The issues of political force majeure and the survival of the Electrobras guaranty are still under negotiation with the Brazilian government. It is unclear at this time how the recent turn of events at Enron will impact the financing. 3. Shell: The mediation was temporarily suspended a day early. The parties will consider Shell swapping its interest in Cuiaba for Enron assets GTB, TBG and Transredes. The parties are determining whether this swap makes sense and, depending on the outcome, will reconvene either to negotiate the swap or continue the mediation. This dispute must be settled to close financing. 4. Insurance: Reservation of rights letter to be issued as a result of Siemens report that the row 3 cracks first appeared in 1999, but Siemens advised the Owner they were "normal" and thus the plant should continue to run. We are covered for our own negligence but still no final word on coverage. All information requested by underwriters has been provided, including Siemens' correspondence advising the Owner that the cracks were not material. ANNEX V Orlando Gonzales met with Brazilian officials again last week and advised that he is very close to negotiating a satisfactory agreement on Annex V. He requested that we not file any suits at this time. Regards,
Answer: Good news from Brazil
Q: Let's eliminate future problems with Dow and their trader Mike Billings. Credit has given the O.K. to trade in the name of The Dow Chemical Company. We will document trades on the "omnibus" UNLESS we are able to negotiate an ISDA with the counterparty. Tell Mike Billings that we will not keep changing from "Dow Hydrocarbons and Resources, Inc." to the parent company. We waste too much time and energy. Call if you have questions. Sara
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A:
The Dow Chemical Company