Utilities (investor owned)

Mark and I met with Mark Haedicke regarding utilities and the need for a
legal opinion from the utility counterparty. We have agreed with Mark as
follows:

1. Our negotiations with investor owned utilities should be based upon our
standard ISDA Schedule (ISDA Multicurrency Agreement) AND including the
"Additional Termination Event". Neither party should be required to provide
a legal opinion.

2. Investor owned utilites will be approved for online trading from a legal
viewpoint. The extra "Additional Termination Event" paragraph is not
currently included in the GTC's but COULD be incorporated if there is a
revision to the online agreement.

3. Our position with respect to municipals/municipal owned utilities,
federal/state/local owned utilities and cooperatives remains unchanged. We
should still utilize and update the "municipal ISDA" form, and, require a
legal opinion from the counterparty. In that regard, Susan Flynn has been
working on an "omnibus" format for an electric co-op (Deseret Generation and
Transmission Co-operative), an earlier version of which could be used as a
template for a municipal omnibus confirmation.