FW: West Power Counterparty Update: 12/31/01

-----Original Message-----
From: Hall, Steve C. (Legal)
Sent: Monday, December 31, 2001 2:35 PM
To: Panus, Stephanie
Cc: Belden, Tim; Calger, Christopher F.; Yoder, Christian; Thomas, Jake; Crandall, Sean; Mallory, Chris; Alonso, Tom; Fischer, Mark; Scholtes, Diana; Williams III, Bill; Cutsforth, Diane; Bishop, Serena; Runswick, Stacy; Rance, Susan; Sager, Elizabeth
Subject: West Power Counterparty Update: 12/31/01

Today's mail brought the following news:

1. Metropolitan Water District: MWD has terminated Deal Nos. 790056.01 and 807275.01, effective December 12, 2001. There are two other one-month deals, one beginning in February and one in March. I am confirming with MWD that they intend to terminate those as well, as is required under the WSPP agreement.

2. City of Vernon: City of Vernon has terminated all deals effective December 27, 2001.

3. WAPA is retaining monies due Enron for post-November 30 deliveries while WAPA "assess[es its] set-off rights under the Bankruptcy Code and other applicable law."

4. City of Luzenac has suspended deliveries until January 15, 2002.

5. City of Burbank has terminated all transactions immediately.