Q: How does this look? Also, I did change some numbers in the excel spreadsheet: The Ignacio to Blanco subscription levels were pulling from the row excluding ROFR capacity in the supporting sheet. I changed it to be consistent with the other capacities (which include ROFR capacity). Shelley had made some assumptions about East of Thoreau capacity subscription, such as, the USGT 400,000/d contract would remain subscribed (it doesn't have ROFR) and she had included the extension of 2-3 other contracts that don't have ROFR. These contracts were then dropped after 2005. I continued the extensions through 2006. I changed the East of Thoreau capacity to 750,000/d from 850,000/d.
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A: Capacity Subscription Strategy

Q: Something for us to talk about during our next staff meeting. There are three projects which have significant cash flow problems and thus= difficulties in meeting debt obligations: these are: SECLP, Panama and Gaz= a. In the past, as I suppose we have done in Dabhol, we have taken the pos= ition that we would not inject cash into these companies and would be prepa= red to face a default and possible acceleration of the loans. SECLP has be= en the biggest issue/problem. Panama is much less (a few million of floati= ng of our receivables from the company) would be sufficient to meet the cas= h crunch in April of this year. Note that, in Panama, the debt is fully gu= aranteed by the government and is non-recoursed to the operating company, B= LM. In the past, we have discussed letting the debt default, which would c= ause the bank to potentially seek complete payment and acceleration from th= e GoPanama. The reason: the vast majority of BLM's problems stem from acti= ons taken by the regulator that have effectively amended our PPA's with pri= vate parties; those actions resulted in significant loss of revenues, which= although today have stopped or have been limited, have left a "mark" on th= e company's liquidity position. =20 Now the question is: come April of 2002, should any of our actions in Panam= a or decisions related thereto (which we would have otherwise taken or made= ) be affected in any way by either the proposed merger or an effort by Enro= n to preserve efforts to re-establish investor/creditor confidence? The sa= me could go for SECLP and Gaza. This is simply an overall "guidance" question. Let's take it up during our= staff meeting next week, if that's ok with you. Many thanks, Mariella
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A: Confidential - Decision tree on projects

Q: A man walks out of a bar, stumbling back and forth with a key in his hand. A cop on the beat sees him and approaches. "Can I help you sir?" "Yesssh!Ssssshomebody ssshtole my car!" the man replies. The cop asks, "Where was the car the last time you saw it?" "It wassssat the end of thissshkey!" the man replies.About that time the Officer looks down to see that the man's weineris hanging out of his fly for all theworld to see. He asks the man, "Sir, are you aware that you are exposing yourself?" Momentarily confused, the drunk looks down woefully at his crotch, and, without missing a beat, blurtsout "SON-OF-A-BITCH... THEY GOT MY GIRLFRIEND, TOO!"
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A: pretty funny...

Q: Greetings Dr. Gobbo: If my memory serves, you should have arrived back in Italy, or will return soon. Since we met, I have spoken with Severin Borenstein, who is intimately involved with California's electricity restructuring (melodrama?) and a renowned energy economist at UC Berkeley. Severin has offered to serve as a contact for you as you continue to take on the formidable task of restructuring your country's electric industry. I've included his contact information below. And, of course, if there is ever anything I can do for you, do not hesitate to contact me. All the best,
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A:
Contact with Prominent UC Berkeley Energy Economist