Subject: COB Position
From: [email-masked]
To: [email-masked]
Cc: [email-masked]
Date: Fri, 18 Jan 2002 18:49:41 -0800 (PST)

I understand that there are some questions with respect to how we are handling our COB length each day.  The easiest way to explain it is for people to reference our cash trading sheets (p:\trading\california\cascheduling\cash\position\nw\2002\jan2002\pos01**nw.xlw) and give either Diana or myself a call.

Basically for January we are long at COB approximately 118 MW onpeak and 193 MW offpeak.  This is BPA length.  Towards the beginning of the month we were importing most of that length into California.  After the first week we started doing swaps with Avista to move the COB length to cover our MC short (mostly BPA).  The BPA length at COB is slightly out of the money, but it is my understanding we are to leave BPA intact.

If you have any questions, please let me know.