If PG&E's LOCs are related to the now cancelled long term power trades, they
clearly should not be renewed. What are the SCE LOCs for?



William S Bradford/ENRON@enronXgate
04/17/2001 10:46 AM

To: Elizabeth Sager/HOU/ECT@ECT
cc: Richard B Sanders/HOU/ECT@ECT, Veronica Gonzalez/ENRON@enronXgate
Subject: RE: PX LCs

Thanks.

What about Pacific Gas & Electric Company and Southern California Edison
Company?



-----Original Message-----
From: Sager, Elizabeth
Sent: Tuesday, April 17, 2001 9:54 AM
To: Bradford, William S.
Cc: Sanders, Richard
Subject: Re: PX LCs

Bill

I spoke with Richard and we will have to renew. He is currently trying to
get the PX bankruptcy court to allow us to take back our security in light
of the FERC ruling re chargebacks, but due to uncertainty of the FERC ruling,
court has not been willing to allow us to remove. Richard continues on the
case. In the meanwhile, the PX/bankruptcy court will not allow the LC's to
expire without drawing down. So we should go ahead and renew.






William S Bradford/ENRON@enronXgate 04/16/2001 07:35 PM To: Elizabeth
Sager/HOU/ECT@ECT cc: Subject: FW:


Let's discuss.

Bill


-----Original Message-----
From: Gonzalez, Veronica
Sent: Monday, April 16, 2001 4:13 PM
To: Ngo, Tracy; Bradford, William S.
Cc: Sacks, Edward
Subject:
Importance: High

The following LC's expire on 4/30/01. Due to the issues in the West, please
advise if we need to amend the expiry date.

Beneficiary: California Power Exchange
Bank: Toronto-Dominion
LC #: G390148
Amount: $15,000,000
Expiry: 4/30/01

Beneficiary: California Power Exchange
Bank: Australia and New Zealand Banking Group Limited
LC #: 5060/8200
Amount: 27,000,000
Expiry: 4/30/01

Beneficiary: California Power Exchange
Bank: Bank of America, National Association
LC # 3016972
Amount: 40,290,000
Expiry: 4/30/01


Beneficiary: Pacific Gas & Electric Company
Bank: Bayerische Hypo-Und Vereinsbank
LC #: SB103951
Amount: 30,000,000
Expiry: 4/30/01

Beneficiary: Southern California Edison Company
Bank: Banca Di Roma
LC # IC-31520
Amount: $11,500,000
Expiry: 4/30/01

Beneficiary: Southern California Edison Company
Bank: Arab Bank plc
LC # SLC 3001/01
Amount: $19,500,000
Expiry: 4/30/01