Jeff:

Following is a summary of recent EPMI West Power activity with the 3 
California utilites

PG&E - EEI Master Agreement in place.  As part of their recent RFP, we 
completed 2, 50 MW,  5 year, sale transactions for peak hours at $58.40 and 
$58.70.  They are looking at EOL although they have not transacted on it.  
They call regularly for shorter dated quotes.  We deal with Claudia Grief who 
works in Joe Henri's group.  Overall, we have a very positive relationship 
and look forward to increasing business.

Edison - Almost finished negotiation of a EEI Master Agreement to allow 
transactions.  We are haggling about some credit issues, but expect these to 
be resolved shortly.  We participated in their only RFP.   They did not 
transact with us or, to our knowledge, with others. They got cold feet.   We 
work with Jill Horswell, Sean Baker and Bennie Wu.  Since master contracts 
are not done yet, and no deals have been completed, I would say this 
relationship is not as good as PG&E but better than SDG&E.  I would expect 
that we will be doing regular cash business by the end of the year.  They are 
looking at EOL.

SDG&E - We have participated in 3 RFPs and have not been successful.  We have 
been trying to sell them longer dated energy (5 years).  We believe they have 
bought from others but for small size and limited duration.  We work with 
Sharon Firooz.  We have sent them master EEI agreements and are not making as 
much progress in getting them to agree.  They prefer using the  WSPP contract 
rather than EEI.  We hate WSPP.  We will keep pounding on them until they see 
the light but it will likely take longer.  Plus they are far more skittish 
re: longer dated transactions thatn the other utilites.  This said, I would 
be surprised if we were not transacting with them on shorter term deals by Q1 
2001.  They are not using EOL.

Please let me know if this summary meets your needs 503/464-3822.

C