IN: 1. Be sure to verify that the underlying contracts do not allow cherry picking under any default scenario. If it does, amend the express language. 2. We have made 2 changes to the netting agreement forms on the basis of further review by Leslie Hansen of some provisions in our trading forms. The first change is in paragraph 2(a) to clarify the definition of Default. The second change is in paragraph 14(b) to delete the day limitation on claims of Force Majeure. We feel this should not be included in any physical contract that will be included in a master netting agreement, especially because of the current international situation and security concerns. See attached reline version to read the changes. 3. No changes have been made to the Collateral Annex. 4. Attached below are the new forms. Rather than continue with forms with and without the user notes, I put the user notes in a separate document. They are not at the back of the forms. Simpler. The attached forms are Master Netting & Security Agmnt 10 h a v1 (to use without collateral annex) and Master Netting & Security Agmnt 10 h v1 (to use with collateral annex).

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OUT: FORM CHANGES: READ

IN: With the exception of Sunil no one answered the original question (Do we want to go somewhere we can eat?). Given that the three of you sit within inches of each other, I'm going to let y'all discuss the matter and get back to me. Anything's OK with me so just let me know what you come up with. If you get stumped I'd be happy to offer some suggestions.

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OUT: Following directions, evidently, is much more difficult than it seems.

IN: Ben, Who can know go in an change Vac time....Joe Stepenovitch should have been marked VACATION TIME FOR MAY 15th - 18th, (32 hours total) and he was not. I can not go that far back. Can we please have someone change this so his time will be correct? Thanks for your help,

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OUT: Change Vac. Time

IN: Due to problems with a Mirant downstream, I had to change a couple of paths late Monday. The new and improved paths are: LADWP-CISO(T)LDWP/SYL GF-LDWP(T)SYL/MALIN #LDWP00000178F-LA(T)SYL/MALIN LDWPCA0024-LADWP-MORGAN-BPA(T)MALIN/JD #10031F-BPA(T)JD/PGE #10031NF-MORGAN-AEP-EPMI-CAES-PGE. Deal numbers 630912 and 556517. IPCO-IPCO(T)IPCO/LGBP #79606F-IPCO-EPMI-MIRANT-SNOH-BPA(T)LGBP/JD #96092NF-SNOH-MIRANT-BPA(T)JD/MALIN #371697F-CISO(T)MALIN/NP15-MIRANT. Deal numbers 524174 and 626428. Both for 25mw on Light-load for 06/05. I have made a tag, #24026, for the LA to PGE path. It was made as a preschedule tag, but due to the lateness of it, BPA may deny it just because they can. If that happens, EPMI real-time will have to make a real-time tag. You can use my tag as a template. Late breaking news - my tag went undelivered due to communication failure at PGE, so I faxed the tag to all the counterparties. Mirant has made tag #5673 for the IPCO to NP15 path. All counterparties have been called as of 15:30 and are aware that these schedules are going real-time - that is, their real time groups will call the schedules in to BPA. EPMI real-time will have to make sure this gets done with a reminder phone call to our counterparties. I have spoken with PGE/Donna, AEP/Peggy, Mirant/Emily, and IPCO/Perry. CAES (Conagra) had already gone home for the day and has no real-time. Any questions? Please call. Thanks, Donald Robinson.

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OUT:
MIDC path going real-time