Yes Sean, leg 3 is only for peak for 8/6/01-9/30/01 and premium for leg 3 is $2/MWh. 
PS. The $5/MWh premium for the original leg 1 is already liquidated and paid off.

 -----Original Message-----
From: 	Crandall, Sean  
Sent:	Friday, August 03, 2001 8:39 AM
To:	Chang, Fran; Rosman, Stewart
Cc:	Scholtes, Diana
Subject:	RE: Modesto deal changes made 

Just a clarification.  The new leg 3 is just for onpeak (correct?), and the premium is $2 total, not in addition to premium of first deal.  Is this correct?

 -----Original Message-----
From: 	Chang, Fran  
Sent:	Thursday, August 02, 2001 4:18 PM
To:	Rosman, Stewart
Cc:	Crandall, Sean; Scholtes, Diana
Subject:	Modesto deal changes made 

Stewart,

Per our discussion I have changed Modesto basis option deal #520328 to reflect the restructured terms:

* original peak deal (leg 1) deal end date was changed from 9/30/01 to 8/5/01. 
* new leg 3 was created for 8/6/01-9/30/01.  All terms stay the same except that strike price was changed to $3 and an extra premium was added for $2/MWh for the new leg.

I have also put a note in the comment field requesting the confirm group to send documents to you before sending to counterparty.

Please let me know if you have any questions.

Thanks,
Fran
x7973