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I spoke with Mary Mervene this morning and the llenders declined to convene this week although we will arrange an ECA call for Thursday or Friday. Mary has requested that we do the following: 1) Send the Lenders and S&W the new budget info and the revised change order summary. 2) Revise the model to reflect the new costs and the new timeline. 3) S&W will review the model and then we will repeat the exercise of calculating fuel oil and Furnas penalty exposures. 4) Finalize sponsor support elements. This can all occur fairly quickly except I am concerned because we have not resolved the budget with Shell, and theoretically the lenders can take 30 days to review the model and budget when submitted. We also need to discuss strategy because we may want to delete the contingency from the budget since the lenders are going to want the sponsors to commit to some general contingency supporty anyway.

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OUT: OPIC/KFW Next Steps

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OUT: BNP Paribas Commodity Futures NG MarketWatch for 06/17/02

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Guys, Joe Sutton had passed down an opportunity that probably fits your capabilities better than ours. In a nutshell, a consultant on retainer by Mass. General Hospital in Boston, part of the Healthcare Partners system, is desiring a steam and electric contract. The steam load could be as high as 500,000 pd of steam and 22 MW of power. I think they are very open to an energy partner to manage all their needs perhaps including the six or seven other hospitals that HP controls in the nation. The consultants name is Joe Petrowski (203)451-9747. I spoke to him yesterday afternoon and promised that one of you would be in contact. Joe is a big fan of Enron's and could see the logic of a more robust product like the full energy outsourcing versus just a steam agreement. It may be a good lead into the health care segment. Regards

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OUT:
Mass. General