RE: British Energy

Great!!!

-----Original Message-----
From: Milnthorp, Rob
Sent: Monday, June 04, 2001 3:33 PM
To: Lavorato, John
Subject: British Energy

Following up our conversation -

- Garrett and Dana are in constant contact re British Energy and have no issues with extending the contract
- Paul and his team are "very confident" that they can roll the hedges and maintain the existing margin
- They are 100% confident that they can hedge all 500MW's at say a $2 margin
- Their plan is to hedge at least 400MW between now and november (new deals + rollovers)
- We will continue to update both you and Dana before entering into any hedges