RE: Puget Energy

Is there an action item with regards to the preparation of agreements?

If so, I would like Dave Fuller in Portland to work on the creation of the appropriate gas contracts and the discussions with Puget.

Please advise. BT
-----Original Message-----
From: Vanek, Darren
Sent: Monday, October 22, 2001 3:04 PM
To: Tycholiz, Barry
Subject: RE: Puget Energy

Barry,
Sorry for not getting back to you. The Power MTM positions are approx $570,000 and all related to physical positions with a total Net Power position of approx $1.2MM. I have been working with Beverly Ikeda of Puget on the issues and so far so good. Puget is going to deliver a $10MM Letter of Credit to cover the financial positions. From our conversations, her traders do not anticipate hedging any further and really only need access to short term EOL business. In addition, she and I discussed the needs of bilateral contracts with margining rights to prevent a similar situation from occurring in the future.

Thanks,
-D

-----Original Message-----
From: Tycholiz, Barry
Sent: Monday, October 22, 2001 2:52 PM
To: Vanek, Darren
Subject: Puget Energy

Darren, did you check this already.... are there any power MTM positions with Puget Energy that would be in addition to the Gas MTM that you put on my desk. ( $ 50 MM)

Thanks. BT