It appears that the calculation and collateral call is pretty accurate.  Basically, EPMI had made significant purchases from the New England pool to fill the UI, NSTAR and CMP load (approx 1,000 mw/h).  Based on a 42 hour post petition calculation, ISO projects 30 day exposure at $39MM.  Since collateral is calculated at 3.5x, we would owe $137MM in collateral.  Unless we feel that our load/supply shape will change, as per the letter, we can request the ISO to reconsider the collateral amount.  Let me know your thoughts.

Ed Sacks