Please note the following addition to the domestic credit reserve for Aug 2001:

CP:  Valley Electric Association, Inc.
Deal No: 714097 (leg 1 on-peak; legs 2 and 3 off-peak)
Deal Date:  8/1/2001
Deal Specifics:  EPMI fixed price power sale
Term:  6/1/2002 thru 12/31/2006
Volume:  variable hourly MWs; up to 35MW/h for on-peak 6X16; up to 40MW/h for off-peak
Price:  Fixed $46.75
Delivery Point:  Mead basis (Palo Verde/WSCC-S)
Trader/Mid-Marketer:  Matt Motley/Paul Choi
Credit Reserve Amount:  $48,500 (forty-eight thousand five hundred USD)

RAC: transaction confirmed under 2/13/01 Master Contract with margin rights.

Please call w/any questions.

Regards,
Tracy
503-464-8755