IN: = = = = = = = = = = = = = = = = = = = = = = = = = = IntercontinentalExchange = = = = = = = = = = = = = =20 = = = = = = = = = = = = = Firm Power Price Bulletin = = = = = = = = = = = = = =20 = = = = = = = = = = = = = For Power Delivered on Thursday, October 25, 2001 = = = = = = = = = = = = = = = = = = = = = = = = = = =20 = = = = = = = = = = = = = = = = = = = = = = = = = = (Trade Date of Wednesday, October 24, = 2001) = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = =20 Click here to access index history. = = = = = = = = = = = =20 = = = = = = = = = = = = = = = = = = = = = = = = = = * volume represents sell-side only * = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = = =20 Hub=09High=09Low=09Wtd Avg Index=09Change ($)=09Vol (Mwh)=09 Cinergy=09 $28.00=09 $25.00=09 $27.23=09+ .33=09= 103,200=09 Comed=09 $26.50=09 $24.75=09 $25.58=09+ 1.33=09 = 4,800=09 Entergy=09 $23.85=09 $23.10=09 $23.47=09- 1.25=09= 13,600=09 Nepool=09 $40.00=09 $39.75=09 $39.85=09+ 1.29=09 = 4,000=09 PJM-West=09 $27.10=09 $26.25=09 $26.79=09+ .44= =09 79,200=09 TVA=09 $26.50=09 $25.25=09 $26.13=09- 1.25=09 = 12,800=09 = = = = = = = = = = = = = = = = = = = = = = = = = = Includes all trades done from 6 AM to 11= AM Central Prevailing Time on the trade date specified for financially fir= m power delivered during the on-peak hours (6 AM - 10 PM CPT for Eastern hu= bs / 6 AM - 10 PM Pacific Prevailing Time for Western hubs) on the delivery= date(s) specified. = = = = = = = = = = = = = = = = = = = = = = = =20 = = = = = = = = = = = = = IntercontinentalExchange is the world's most liquid = trading platform for over-the-counter energy and metals. Active markets in= clude North American power and natural gas, global crude and refined oil pr= oducts, and precious metals. Traded instruments include forwards, swaps, a= nd options. = = = = = = = = = =20 In order to receive the proprietary information contained in this email, yo= u acknowledge and agree that you shall not further disseminate the Intercon= tinentalExchange Market Data contained herein to any person or entity witho= ut the express written consent of IntercontinentalExchange. Furthermore,= you acknowledge that (1) IntercontinentalExchange has exclusive and valuab= le property rights in this data; (2) IntercontinentalExchange's data is bei= ng made available to you only for your own business or personal activities;= and (3) you cannot communicate the data, in any form, to any other person = or entity without the express written consent of IntercontinentalExchange. = = = = = =20 This data is provided to you free of charge. IntercontinentalExchange rese= rves the right to cancel this service at any time for any reason or no reas= on at all. = = = = = = = = = = = =20 You agree that IntercontinentalExchange does not make any representations o= r warranties, express or implied, with respect to the data. = = = = = = = = = = = = =20 To become an Exchange Participant or inquire about the indices, please cont= act sales@intcx.com. = = = = = = = = = = = =20 To unsubscribe from this service, click here unsubscribe. = = = = = = = = = = = = = = = = = = = = = = = = = =20 = = = = = = = = = = = = = = = = = = = = = = = = = = ?Copyright IntercontinentalExchange, Inc. 20= 01, All Rights Reserved. = = = = = = = = = = = = = = = = = = = = = = = = =

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OUT: Power Indices

IN: Baby girl Maxwell was born at 2:18 a.m. this morning. Mother, Daddy and Baby are doing fine. As soon as I have further information, such as name, weight, etc., I will send out a "follow-up" notice. Thanks.

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OUT: Matt and Gina Maxwell are proud parents AGAIN.....

IN: Attached is the agreement with my changes and comments included. I couldn't get it to redline for some reason. Let me know if you have any questions.

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OUT: Storage Agreement

IN: Here's the latest Tino-gram: 1. Tino's environ. consultants have not discovered any stop signs. 2. The Isleta is interested in granting Dennis ROW/lease for the power plant as well as the pipeline. The power plant could be located on Isleta land adjacent to the South boundary of the Scandia reservation. Thus, the power plant could be connected to DOE's existing powerline infrastructure without ever leaving the Isleta and DOE land. PNM would not be necessary to move power to DOE. Unclear to me whether this approach would give the power plant optimal access to the power grid for sales of surplus power. (maybe this could be done through DOE to an interconnect with PNM on the Scandia reservation?) 3. Dennis is using Jim Slattery, an ex law partner of mine in DC (and ex Dem. U.S. Congressman from Kansas), as his primary contact with Bill Richardson at DOE. My recollection is that Jim does have a good relationship with Richardson, so this seems very likely to be effective. Tino reports that "DOE is OK with the deal" and the next step is negotiating the power contract itself. Tino said that DOE is aware that the capital for the project will not come from the tribe so the tribe's interest will be fairly thin. It is unclear exactly how much indian ownership Dennis and Slattery promised DOE. 4. Tino has run into a power plant consultant named Jack Maddox who says he's working on a 230MW plant to be located west of Belen. Tino thinks he's working for the Laguna tribe, but wanted us to find out who is planning a big power plant out there. Is this ours? PNM's? El Paso? Finally, the next key step is obviously the economics. Based on what Tino told me, I'm convinced that Dennis and Tino don't have a real good sense of how much $$$ might be in this deal. They are groping a bit and our initial analysis of the numbers will likely carry a lot of weight. How are those efforts coming? Thanks. DF

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OUT:
Pueblo: CONFIDENTIAL