IN: This is an email
We currently have $21.4 million in reserve for potential Northwest refunds. $10 million currently sits in the LTCA book and $11.4 currently sits in the LTNW book. During the summer, FERC initiated an investigation into the potential of unjust and unreasonable spot prices in the northwest from December of 2000 through June of 2001. Seatlle City Light, Tacoma City Light, Eugene Water and Electric Board, and Sacramento Municipal Utility District all filed claims at FERC for refunds from EPMI. The claims totaled close to $100 million. However, many of these claims were, on their face, spurious. For example, Eugene Water and Electric Board filed for refund of forward purchases which was clearly outside the scope of FERC's proceeding. We hired consultants from Charles River Associates (CRA) to help us with this process. One of their tasks was to apply the CAISO competitive benchmark pricing methodology to the Northwest market. That is, CRA attempted to reverse engineer the CAISO's methodology in order to estimate our Northwest risk. I was informed by our litigation team that EPMI's realistic potential exposure using this methodology was roughly $30 million. We decided to reserve roughly 2/3 of this amount which came to about $21 million. In September a FERC Adminitrative Law Judge heard the case and submitted a draft decision to the FERC. The draft decision recommended against any refunds. This draft decision is supposed to come in front of the FERC commissioners for approval before the end of the year. If this draft decision is approved, it would be appropriate to remove these reserves.

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OUT: Northwest Reserves

IN: This is an email
By telefax of November 21, Uriel Dutton of F&J provided a proposed waiver letter agreement for our review. I will have copies of that proposed agreement circulated by hand-delivery and fax to all those on this list and to Mariner's GC. At present, I am not sending this e-mail to Mariner's GC. If there is someone else I need to send this e-mail to, please let me know. Chuck and I have reviewed the letter, believe it to be overly broad, and hope that F&J is willing to negotiate further, along the following lines: 1. On page 1, third full paragraph, second line, we suggest inserting "Enron Corp. and " between "representation of" and "Enron's affiliates".

What is the subject?

OUT: In re F&J Representation

IN: This is an email
Do you guys have a rough estimate of the NW power exports for 2002? We just want to come up with a rough estimate of what the year on year difference will be from the NW to CA. Grigsby

What is the subject?

OUT:
hydro forecast