Gallup

Spoke with Steve about the swap question. He wants to talk with you about
this before circling back to Knippa. If you don't hear from him, and want to
call him, his # is 281-350-8441.

Re. TW's exposure if we authorize ECS to lock in too early:

If TW defaults under the CSA, it must hold ECS harmless with regard to
expenses incurred by ECS in the assignment of the electric supply agreement
and pay ECS whatever is owed under the agreement. No other specific damages
are addressed, and the agreement specifically prohibits the recovery of
consequential, incidental or indirect losses or damages. (Section 9.2
provides for reimbursement for ECS's reasonable costs in providing
Compression Services, but only in the event TW uses its FERC out.) The Gas
Conversion Agreement provides for termination of the agreement in the event
of default by TW under the CSA, and obligates TW to reimburse ECS for ECS's
costs and expenses incurred in unwinding the forward sale of natural gas
volumes to be delivered to ECS under the agreement.

Other questions -- let me know.