Please note the following addition to the EPMI credit reserve:

Counterparty:	Mesa, City of
Deal No:		765297
Deal Date:   	9/6/01
Deal Specifics:	EPMI sale, 10mw/h, July/Aug only, peak
Term:		7/1/02 to 8/31/12
Delivery Point:	Pinnacle Peak
Fixed Price:		$53.25
Marketer:		Paul Choi/Matt Motley

Counterparty:	Mesa, City of
Deal No:		765250
Deal Date:   	9/6/01
Deal Specifics:	EPMI sale, 15 mw/h (May-Aug), 20 mw/h (Sept), peak
Term:		5/1/02 to 9/30/12
Delivery Point:	Pinnacle Peak
Fixed Price:		$46.75
Marketer:		Paul Choi/Matt Motley
 
Counterparty:	Mesa, City of 
Deal No:		765268
Deal Date:   	9/6/01
Deal Specifics:	EPMI sale, 20mw/h, baseload
Term:		6/1/03 to 5/31/13
Delivery Point:	Pinnacle Peak
Fixed Price:		$36.12
Marketer:		Paul Choi/Matt Motley

Counterparty:	Electrical District Number Two, Pinal County
Deal No:		765306
Deal Date:   	9/6/01
Deal Specifics:	EPMI sale, 6 mw/h (June-Aug), baseload
Term:		6/1/02 to 8/31/07
Delivery Point:	Pinnacle Peak
Fixed Price:		$43.50
Marketer:		Paul Choi/Matt Motley

Counterparty:	Electrical District Number Two, Pinal County
Deal No:		765317
Deal Date:   	9/6/01
Deal Specifics:	EPMI sale, 5 mw/h (May-Aug), peak
Term:		5/1/02 to 8/31/12
Delivery Point:	Pinnacle Peak
Fixed Price:		$46.75
Marketer:		Paul Choi/Matt Motley

Credit Reserve for all deals above:  $930,000 (U.S. dollars)

Comments or questions, please reply.

Ed Sacks