Subject: West Power Counterparty Update: 12/31/01
From: legal <[email-masked]>
To: [email-masked]
Cc: [email-masked], [email-masked], [email-masked], [email-masked], [email-masked], [email-masked], [email-masked], [email-masked], [email-masked], [email-masked], [email-masked], [email-masked], [email-masked], [email-masked], [email-masked]
Date: Mon, 31 Dec 2001 14:34:49 -0800 (PST)

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.