Subject: Collateral with CalPX
From: [email-masked]
To: [email-masked], john.lavorato/corp/[email-masked]
Cc: [email-masked]
Date: Tue, 23 Jan 2001 04:42:00 -0800 (PST)

George Sladoje 626-537-3136
Tim Belden 503-464-3820 (w)  503-701-5181 (c)

CORE MARKET
Current PX Security Requirement for the Core (Day Ahead and Day Of) Market  
<29,636,831>*

EPMI Core Market Collateral        18,570,788
Margin Shifted from CTS (Block Forward) Market      11,500,000

Core Market Excess         433,957

BLOCK FORWARD MARKET
Current PX Security Requirement for the CTS Block Forward Market   
<78,466,904>*

EPMI Block Forward Market Collateral       128,790,000
Margin Shifted to Core Market        <11,500,000>

Block Forward Market Excess       38,823,096

TOTAL EXCESS         39,257,053

* Indicates the value comes from the PX web site

The CFO of the PX has called for a freeze on all collateral.  We don't know 
what tariff provision allows them to do this.  I am working with attorneys to 
figure out what we can do to compel them to release our collateral.  Good 
luck.