Subject: "Monaco Grand Prix".

Body: If you guys watched the Monaco Grand Prix this past Sunday... perhaps you saw the fellow from the Ferrari team who went on the podium to receive the winner's trophy from Prince Ranier? That was my good friend Luca Baldisserri, who is the chief engineer for Ferrari and won almost everything these past few years with his driver Michael Schumacher...Luca is likely the best car engineer in the world, and is interested to join me in the future as a partner to operate a team in the U.S. based CART "IndyCar" series... I invited you both as our sport requires strong corporate partners to function... and thought you may have interest with knowledge that you would be working with some of the best people in the world... which would make it reasonable to achieve a very positive return on any corporate investment. Please feel welcome to keep in touch... and to join us for a race this summer if you wish. Best to you

Subject: "PCA Demand Letter".

Body: CONFIDENTIAL ATTORNEY/CLIENT INFORMATION NOT DISCOVERABLE Two years after PCA's bankruptcy, we received a demand letter from PCA. PCA claims that EPMI owes PCA $15,126,445.16 for damages resulting from EPMI's wrongful termination of transactions in June 1998. This amount appears to be based on PCA's calculation of the forward values of the terminated trades, and certain "preference payments" that PCA claims were made to EPMI. This claim is in its preliminary stages. I will update you with further information as soon as we get a handle on what the Trustee is really seeking. As you will remember, we currently have a proof of claim pending against PCA for over $5 million dollars representing our unpaid receivable amount. Bill In connection with this matter, it would be very helpful if you could have someone gather the following information: 1. Date and amount of last payment made by PCA, splitting the relative net amounts owed to and from EPMI (I would assume that payment for April deliveries was made - accordingly, I would assume that the last payment we received from PCA would have been around May 20th). 2. Total amount of MWH delivered to PCA but for which PCA never paid for. 3. The details of how you calculated the net MTM exposure of the terminated transactions (pursuant to an email to me dated July 27, 1998 you had calculated the MTM as of July 7, 1998 at $3,772,939) As always, thanks for your help.

Subject: "Wisconsin".

Body: What is your time frame for this matter? I have looked over the agreement, and need to confer further w/ attorney. The legal dept. will be out of the office Thursday / Friday for our legal conference, so I could have something for you around Monday. Please let me know. Thanks!

Subject: "TW Response to CPUC Protest".

Body:
Attached is the final version of of Transwestern's response to the CPUC's protest in Docket No. RP97-288-017. The attachment was filed with FERC last Wednesday.