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2005-01-24 City Council (6)
Of particular interest in Figure 3 is the relatively large ($180,000) negative mark to market value for January 2005 transactions with Sempra. This is a result of two independent factors. Western's original estimate of January 2005 supply to Palo Alto of approximately 18,000 MWh (approximately 20% of load) was reduced to zero deliveries in June of 2004. Palo Alto was, therefore, obligated to purchase between July and November 2004 additional power while prices were relatively high. The City made these purchases with Sempra which was the lowest bidder at the time. After the purchases were made market prices declined creating the negative MTM value shown. This event is symptomatic of the new environment in which Palo Alto finds itself, namely that the City and its largest supplier (Western) no longer have a firm volume contract. Palo Alto's supply from Western can be expected to be more variable in the future and much more dependent on hydro operating parameters and weather characteristics. This is a consequence ofthe expiration of the previous 40-year contract for firm power with Western. Wind Power. The City recently signed a 23.5-year contract with Pacificorp Power Marketing (PPM) for supplIes of wind energy. PPM is a wholly owned subsidiary of Scottish Power. Wind power has different characteristics from a normal power purchase because it is not volumetrically firm. In other words, the amount Palo Alto receives directly relates to how strongly the wind blows. Based on historic meteorological conditions Palo Alto expects to receive approximately 58,000 MWh per year. Market prices for calendar year on-peak strips of 6 by 16 (6 days a week, 16 hours a day) electricity delivered at North Path 15 (NP15) are presented in Figure 4. The figure shows the initially upward and subsequent d9wnward trend for prices of power throughout the quarter for forward delivery. CPAU open transactions are scheduled for delivery either at the California- Oregon Border (COB) or North Path 15. North Path 15 represents an aggregate pric~ for electricity delivery within the Northern California region. . . Based on the above price data, purchases, and expected forward delivery on the City's wind contracts, the credit exposure of the City to counterparties totals approximately $10.8 Million for standard contracts. Using the volume averages presented above, the MTM value of the contract is a negative $499,000 over the next 36 months. This MTM value however, does not include the value of the Renewable Energy Credits associated with the production of the power. These Credits have a variable value of between $2 and $12, but currently their market price is roughly $5.00 for 1 MWh blocks. The additional value of the tags puts the total MTM value of the contract at an estimated at negative $209,000. CMR:136:05 Page 4 of 11 Attachment A Page 1- Gas Transaction Report 1"\ .L 3' 2004 Delivery Delivery . Days In Price Total End Market Counterparty Point Period MMBtu Price Month Structure Volume Use Total Cost Deal Type Price Mark to Market Coral Energy CG January-05 1,500 $ 5.98 31 Fixed 46,500 Pool $ 278,070.00 Purchase $ 6.29 $ 14,415.00 BP CG January-05 1,500 $ 6.83 31 Fixed 46,500 Pool $ 317,595.00 Purchase $ 6.29 $ (25,110.00) BP CG January-05 1,500 $ 6.53 31 Fixed 46,500 Pool $ 303,877.49 Purchase $ 6.29 $ (11,392.49) Sempra CG January-05 240 $ 5.72 31 Fixed 7,440 G11 $ 42,556.80 Purchase $ 6.29 $ 4,240.80 Coral Energy CG January-05 1,000 $ 5.61 31 Fixed 31,000 Pool $. 173,910.00 Purchase $ 6.29 $ 21,080.00 BP Malin January-05 1,000 $ 4.83 31 Fixed 31,000 Pool $ 149,730.00 Purchase-$ 5.80 $ 30,070.00 Sempra Malin January-05 1,197 $ 5.09 31 Fixed 37,107 Pool $ 188,874.64 Purchase $ 5.80 $ 26,345.96 Coral Energy Malin January-05 462 $ 6.37 31 Fixed 14,322 Pool $ 91,231.14 Purchase $ 5.80 $ (8,163.54) Sempra Malin January-05 1,500 $ 4.20 31 Fixed 46,500 Pool $ 195,299.99 Purchase $ 5.80 $ 74,400.01 Sempra Malin January-05 1,000 $ 4.03 31 Fixed 31,000 Pool $ 124,868.00 Purchase $ 5.80 $ 54,932.00 Sempra Malin January-05 1,500 $ 4.26 31 Fixed 46,500 Pool $ 198,090.01 Purchase $ 5.80 $ 71,609.99 Coral Energy. Malin January-05 (689\ $ 5.22 31 Fixed -<21,359\ Pool $ (111,493.98\ Sale $ .5.80 $ (12,388.22 Coral Energy CG February-05 1,500 $ 5.98 28 Fixed 42,000 Pool $ 251,160.00 Purchase $ 5.98 $ (0.00) Coral Energy CG February-05 2,500 $ 6.60 28 Fixed 70,000 $ 461,999.99 Purchase $ 5.98 $ (43,399.99) Sempra CG February-05 230 $ 5.72 28 Fixed 6,440 G11 $ 36,836.80 Purchase $ 5.98 $ 1,674.40 Coral Energy CG February-05 1,000 $ 5.61 28 Fixed 28,000 Pool $ 157,080.00 Purchase $ 5.98 $ 10,360.00 BP Malin February-05 1,300 $ 5.21 28 Fixed 36,400 Pool $ 189,644.00 Purchase $ 5.59 $ 13,832.00 Coral Energy Malin February-05 670 $ 6.47 28 Fixed 18,760 Pool $ 121,377.20 Purchase $ 5.59 $ (16,508.80 Sempra Malin February-05 1,500 $ 4.20 28 Fixed 42,000 Pool $ 176,399.99 Purchase $ 5.59 $ 58,380.01 Sempra Malin February-05 1,000 $ 4.03 28 Fixed 28,000 Pool $ 112,784.00 Purchase $ 5.59 $ 43,736.00 Sempra Malin February-05 1,500 $ 4.26 28 Fixed 42,000 Pool $ 178,920.01 Purchase $ 5.59 $ 55,859.99 Coral Energy CG March-05 1,500 $ 5.98 31 Fixed 46,500 Pool $ 278,070.00 Purchase $ 6.02 $ 1,860.00 Sempra CG March-05 180 $ 5.72 31 Fixed 5,580 G11 $ 31,917.60 Purchase $ 6.02 $ 1,674.00 Coral Energy CG March-05 1,000 $ 5.61 31 Fixed 31,000 Pool $ 173,910.00 Purchase $ 6.02 $ 12,710.00 Duke Malin March-05 1,000 $ 7.10 31 Fixed 31,000 Pool $ 220,100.00 Purchase $ 5.64 $ (45,260.00 Coral Energy Malin March-05 970 $ 6.42 31 Fixed 30,070 Pool $ 193,049.40 Purchase $-5.64 $ (23,454.60 Sempra Malin March-05 1,500 $ 4.20 31 Fixed 46,500 Pool $ 195,299.99 Purchase $ 5.64 $ 66,960.01 Sempra Malin March-05 1,000 $ 4.03 31 Fixed 31,000 Pool $ 124,868.00 Purchase $ 5.64 $ 49,972.00 Sempra Malin March-05 1,500 $ 4.26 31 Fixed 46,500 Pool $ 198,090.01 Purchase $ 5.64 $ 64,169.99 Sempra CG April-05 150 $ 5.72 30 Fixed 4,500 G11 $ 25,740.00 Purchase $ 6.03 $ 1,395.00 Sempra Malin April-05 1,000 $ 3.92 30 Fixed 30,000 Pool $ 117,600.00 Purchase $ 5.60 $ .50,400.00 Sempra Malin April-05 1,500 $ 4.68 30 Fixed 45,000 Pool $ 21-0,599.99 Purchase $ 5.60 $ 41,400.01 BP Malin April-05 1,300 $ 4.53 30 Fixed 39,000 Pool $ 176,670.01 Purchase $ 5.60 $ 41,729.99 Coral Energy Malin April-05 1,000 $ 4.66 30 Fixed 30,000 Pool $ 139,800.00 Purchase $ 5.60 $ 28,200.00 Attachment A Page 2 Gas Transaction Report .... 3 2004 - Delivery Delivery Days In Price Total End Market Counterparty Point Period MMBtu Price Month Structure Volume Use Total Cost Deal Type Price Mark to Market Sempra Malin May-05 1,000 $ 3.92 31 Fixed 31,000 Pool $ 121,520.00 Purchase $ 5.62 $ 52,700.00 Sempra Malin May-05 1,800 $ 4.68 31 Fixed 55,800 Pool $ 261,143.99 Purchase $ 5.62 $ 52,452.01 Coral Energy Malin May-05 1,000 $ 4.66 31 Fixed 31,000 Pool $ 144,460.00 Purchase $ 5.62 $ 29,760.00 Sempra Malin May-05 160 $ 4.78 31 Fixed 4,960 G11 $ 23,708.80 Purchase $ 5.62 $ 4,166.40 ! Sempra Malin June-05 1,000 $ 3.92 30 Fixed 30,000 Pool $ 117,600.00 Purchase $ 5.66 $ 52,200.00 I Sempra Malin June-05 1,300 $ 4.68 30 Fixed 39,000 Pool $ 182,519.99 Purchase $ 5.66 $ 38,220.01 Coral Energy Malin June~05 1,000 $ 4.66 30 Fixed 30,000 Pool $ 139,800.00 Purchase $ 5.66 $ 30,000.00 Sempra Malin June-05 110 $ 4.78 30 Fixed 3,300 G11 $ 15,774.00 Purchase $ 5.66 $ 2,904.00 Sempra Malin July-05 1,000 $ 3.92 31 Fixed 31,000 Pool $ 121,520.00 Purchase $ 5.71 $ 55,490.00 Coral Energy Malin . July-05 1,000 $ 4.66 31 Fixed 31,000 Pool $ 144,460.00 Purchase $ 5.71 $ 32,550.00 Sempra Malin July-05 1,000 $ 4.29 31 Fixed 31,000 Pool $ 132,990.00 Purchase $ 5.71 $ 44,020.00 Sempra Malin July-05 90 $ 4.78 31 Fixed 2,790 G11 $ 13,336.20 Purchase $ 5.71 $ 2,594.70· Sempra Malin August-05 1,000 $ 3.92 31 Fixed 31,000 Pool $ 121,520.00 Purchase $ 5.74 $ 56,420.00. Sempra Malin August-05 1,000 $ 4.29 31 Fixed 31,000 Pool $ 132,990.00 Purchase $ 5.74 $ -44,950.00 BP Malin August-05 1,008 $ 5.63 31 Fixed 31,248 Pool $ 175,863.74 Purchase $ 5.74 $ 3,499.78 Sempra Malin September-05 1,000 $ 3.92 30 Fixed 30,000 Pool $ 117,600.00 Purchase $ 5.71 $ 53,700.00 Sempra Malin September-05 1,000 $ 4.29 30 Fixed 30,000 Pool $ 128,700.00 Purchase $ 5.71 $ 42,600.00 BP Malin. September-05 1,008 $ 5.63 30 Fixed 30,240 Pool $ 170,190.71 Purchase $ 5.71 $ 2,479.69 Sempra Malin October-05 1,000 $ 3.92 31 Fixed 31,000 Pool $ 121,520.00 Purchase $ 5.74 $ 56,420.00 Sempra Malin October-05 1,000 $ 4.29 31 Fixed 31,000 Pool $ 132,990.00 Purchase $ 5.74 $ 44,950.00 BP Malin October-05 1,008 $ 5.63 31 Fixed 31,248 Pool $ 175,863.74 Purchase $ 5.74 $ 3,499.78 Sempra Malin October-05 1,000 $ 4.68 31 Fixed 31,000 Pool $ 145,079.99 Purchase $ 5.74 $ 32,860.01 Coral Energy CG November-05 1,200 $ 7.09 30 Fixed 36,000 Pool $ 255,240.01 Purchase $ 6.37 $ (25,920.01 BP Malin November-05 1,008 $ 5.63 30 Fixed 30,240 Pool $ 170,190.71 Purchase $ 6.06 $ 13,063.69 Sempra Malin November-05 1,000 $ 4.68 30 Fixed 30,000 Pool $ 140,399.99 Purchase $ 6.06 $ 41,400.01 BP Malin November-05 2,500 $ 4.73 30 Fixed 75,000 Pool $ 354,750.00 Purchase $ 6.06 $ 99,750.00 Coral Energy Malin November-05 1,000 $ 4.98 30 Fixed 30,000 Pool $ 149,400.00 Purchase $ 6.06 $ 32,400.00 Coral Energy CG December-05 1,200 $ 7.09 31 Fixed 37,200 Pool $ 263,748.01 Purchase $ 6.70 $ (14,508.01 \ Sempra CG December-05 1,000 $ 6.56 31 Fixed 31,000 Pool $ 203,344.51 Purchase $ 6.70 $ 4,355.49 BP CG December-05 1,500 $ 6.54 31 Fixed 46,500 Pool $ 304,110.00 Purchase $ 6.70 $ 7,440.00 Sempra Malin December-05 1,000 $ 4.68 31 Fixed 31,000 Pool $ 145,079.99 Purchase $ 6.39 $ 53,010.01 BP Malin December-05 2,500 $ 4.73 31 Fixed 77,500 Pool $ 366,575.00 Purchase $ 6.39 $ 128,650.00 Coral Energy Malin December-05 1,000 $ 4.98 .31 Fixed 31,000 Pool $ 154,380.00 Purchase $ 6.39 $ 43,710.00 ConocoPhillips Malin December-05 1,008 $ 5.15 31 Fixed 31,248 Pool $ 160,927.20 Purchase $ 6.39 $ 38,747.52 Attachment A Page 3 Gas Transaction Report .... 3' 2004 Delivery Delivery Days In Price Total End Market Counterparty Point Period MMBtu Price Month Structure Volume Use Total Cost Deal Type Price Mark to Market Sempra CG January-06 1,000 $ 6.56 31 Fixed 31,000 Pool $ 203,344.51 Purchase $ 6.92 $ 11,175.49 BP CG January-06 1,500 $ 6.54 31 Fixed 46,500 Pool $ 304,110.00 Purchase $ 6.92 $ 17,670.00 Sempra Malin January-06 1,000 $ 4.68 31 Fixed 31,000 Pool $ 145,079.99 Purchase $ 6.61 $ 59,830.01 BP Malin January-06 2,500 $ 4.73 31 Fixed 77,500 Pool $ 366,575.00 Purchase $ 6.61 $ 145,700.00 Coral Energy Malin January-06 1,000 $ 4.98 31 Fixed 31,000 Pool $ 154,380.00 Purchase $ 6.61 $ 50,530.00 ConocoPhillips Malin January.-06 1,008 $ 5.15 31 Fixed 31,248 Pool $ 160,927.20 Purchase. $ 6.61 $ 45,622.08 BP CG February-06 2,500 $ 7.54 28 Fixed 70,000 Pool $ 527,800.00 Purchase $ 6.91 $ (44,100.00) BP Malin February-06 1,000 $ 5.43 28 Fixed 28,000 Pool $ 151,900.01 Purchase $ 6.60 $ 32,899.99 i BP Malin February-06 2,500 $ 4.73 28 Fixed 70,000 Pool $ 331,100.00 Purchase $ 6.60 $ 130,900.00 I Coral Energy Malin February-06 1,000 $ 4.98 28 Fixed 28,000 Pool $ 139,440.00 Purchase $ 6.60 $ 45,360.00 ConocoPhillips Malin February-06 1,008 $ 5.15 28 Fixed 28,224 Pool $ 145,353.60 Purchase $ 6.60-$ 40,924.80 Coral Energy CG March-06 1,200 $ 7.09 31 Fixed 37,200 Pool $ 263,748.01 Purchase $ 6.69 $ (14,880.01 BP Malin March-06 1,000 $ 7.32 31 Fixed 31,000 Pool $ 226,920.01 Purchase $ 6.38 $ (29,140.01 BP Malin March-06 2,500 $ 4.73 31 Fixed 77,500 Pool $ 366,575.00 Purchase $ 6.38 $ 127,875.00 Coral Energy Malin March-06 1,000 $ 4.98 31 Fixed 31,000 Pool $ 154,380.00 Purchase $ 6.38 $ 43,400.00 ConocoPhillips Malin March-06 1,008 $ 5.15 31 Fixed 31,248 Pool $ 160,927.20 Purchase $ 6.38 $ 38,435.04 Sempra Malin April-06 750 $ 4.66 30 Fixed 22,500 Pool $ 104,850.00 Purchase $ 5.55 $ 20,025.00 Sempra Malin April-06 1,000 $ 4.27 30 Fixed 30,000 Pool $ 128,100.00 Purchase $ 5.55 $ 38,400.00 Sempra Malin April-06 1,500 $ 4.65 30 Fixed 45,000 Pool $ 209,250.00 Purchase $ 5.55 $ 40,500.00 Sempra Malin May-06 1,200 $ 4.66 31 Fixed 37,200 Pool $ 173,351.99 Purchase $ 5.41 $ 27,900.01 Sempra Malin May-06 1,500 $ 4.65 31 Fixed 46,500 Pool $ 216,225.00 Purchase $ 5.41 $ 35,340.00 Sempra Malin June-06 1,000 $ 4.66 30 Fixed 30,000 Pool $ 139,800.00 Purchase $ 5.43 $ 23,100.00 Sempra Malin June-06 1,000 $ 5.06 30 Fixed 30,000 Pool $ 151,785.01 Purchase $ 5.43 $ 11,114.99 Sempra Malin July-06 1,000 $ 5.06 31 Fixed 31,000 Pool $ 156,844.51 Purchase $ . 5.46 $ 12,415.49 Sempra Malin July-06 1,000 $ 4.48 31 Fixed 31,000 Pool $ 138,880.00 Purchase $ 5.46 $ 30,380.00 Sempra Malin August-06 1,000 $ 5.06 31 Fixed 31,000 Pool $ 156,844.51 Purchase $ 5.47 $ 12,725.49 Sempra Malin August-06 1,000 $ 4.48 31 Fixed 31,000 Pool $ 138,880.00 Purchase $ 5.47 $ 30,690.00 Sempra Malin September-06 1,000 $ 5.06 30 Fixed 30,000 Pool $ 151,785.01 Purchase $ 5.45 $ 11,714.99 Sempra . Malin September-06 1,000 $ 4.48 30 Fixed 30,000 Pool $ 134,400.00 Purchase $ 5.45 $ 29,100.00 Sempra Malin October-06 2,000 $ 4.89 31 Fixed 62,000 Pool $ 303,490.00 Purchase $ 5.47 $ 35,650.00 Sempra Malin November-06 2,000 $ 4.89 30 Fixed 60,000 Pool $ 293,700.00 Purchase $ 5.76 $ 51,900.00 Sempra Malin November-06 1,000 $ 5.03 30 Fixed 30,000 Pool $ 150,900.01 Purchase $ 5.76 $ 21,899.99 Coral Energy Malin November-06 1,500 $ 6.34 30 Fixed 45,000 Pool $ 285,524.99 Purchase $ 5.76 $ (26,324.99) Sempra Malin December-06 2,000 $ 4.89 31 Fixed 62,000 Pool $ 303,490.00 Purchase $ 6.04 $ 70,990.00 Attachment A Page 4 Gas Transaction Report ... ::l' 2004 Delivery Delivery Days I" Price Total End Market Counterparty Point Period MMBtu Price Month Structure Volume Use Total Cost Deal Type Price Mark to Market Sempra Malin December-06 1,000 $ 5.03 31 Fixed 31,000 Pool $ 155,930.01 Purchase $ 6.04 $ 31,309.99 Coral Energy Malin December-06 1,500 $ 6.34 31 Fixed 46,500 Pool $ 295,042.49 Purchase $ 6.04 $ (14,182.49 Sempra Malin December-06 1,470 $ 6.64 .31 Fixed 45,570 Pool $ 302,584.79 Purchase $ 6.04 $ (27,341.99 Sempra Malin January-07 2,000 $ 4.89 31 Fixed 62,000 Pool $ 303,490.00 Purchase $ 6.25 $ 84,010.00 Sempra Malin January-07 1,000 $ 5.03 31 Fixed 31,000 Pool $ 155,930.01 Purchase $ 6.25 $ 37,819.99 Coral Energy Malin January-07 1,500 $ 6.34 31 Fixed 46,500 Pool $ 295,042.49 Purchase $ 6.25 $ (4,417.49 : Sempra Malin January-07 1,470 $ 6.64 31 Fixed 45,570 Pool $ 302,584.79 Purchase $ 6.25 $ (17,772.29 Sempra Malin February-07 2,000· $ 4.89 28 Fixed 56,000 Pool $ 274,120.00 Purchase $ 6.24 $ 75,320.00 Sempra Malin February-07 1,000 $ 5.03 28 Fixed 28,000 Pool $ 140,840.01 Purchase $ 6.24 $ -33,879.99 Sempra Malin February-07 1,470 $ 6.64 28 Fixed 41,160 Pool $ 273,302.39 Purchase $ 6.24 $ (16,463.99 Sempra Malin March-07 2,000 $ 4.89 31 Fixed 62,000 Pool $ 303,490.00 Purchase $ 6.04 $ 70,990.00 Sempra Malin March-07 1-,000 $ 5.03 31 Fixed 31,000 Pool $ 155,930.01 Purchase $ 6.04 $ 31,309.99 Coral Energy Malin April-07 1,500 $ 4.63 30 Fixed 45,000 Pool $ 208,350.01 Purchase $ 5.17 $ 24,299.99 Coral Energy . Malin May-07 1,500 $ 4.63 31 Fixed 46,500 Pool $ 215,295.01 Purchase $ 5.05 $ 19,529.99 Coral Energy Malin June-07 1,500 $ 4.63 30 Fixed 45,000 Pool $ 208,350.01 Purchase $ 5.07 $ 19,799.99 Sempra Malin July-07 1,000 $ 5.41 31 Fixed 31,000 Pool $ 167,865.00 Purchase $ 5.09 $ (10,075.00 Sempra Malin August-07 1,000 $ 5.41 -31 Fixed 31,000 Pool $ 167,865.00 Purchase $ 5.11 $ (9,455.00 Sempra Malin September-07 1,000 $ 5.41 30 Fixed 30,000 Pool $ 162,450.00 Purchase $ 5.09 $ (9,750.00 Sempra Malin October-07 1,000 $ 5.41 31 Fixed 31,000 Pool $ 167,865.00 Purchase $ 5.11 $ (9,455.00 Totals 4,358,954 $ 22,630,811.21 $ 3,305,344.67 Delivery Delivery On Peak Off Peak Counter party Point Period MW Price Expected Hours Expected Hours Deal Type Coral Power NP15 Jan-05 25 36.60 400 344 Purchase Duke NP15 Jan-05 25 48.75 400 344 Purchase Coral Power NP15 Jan-05 10 53.55 400 0 Purchase Semora NP15 Jan-05 35 64.50 400 0 Purchase Sempra NP15 Jan-05 25 57.95 400 344 Purchase Duke NP15 Jan-05 15 56.00 400 344 Purchase Semora NP15 Jan-05 10 47,50 0 344 Sale Coral Power NP15 Feb-05 25 36.60 384 288 Purchase Duke NP15 Feb-05 25 48.75 384 288 Purchase Coral Power NP15 Feb-05 10 53.55 384 0 Purchase Duke NP15 Feb-05 15 56.00 384 288 Purchase Sempra COB Feb-05 30 60.25 384 0 Purchase Coral Power NP15 Mar-05 25 36.60 432 312 Purchase Duke NP15 Mar-OS 25 48.75 432 . 312 Purchase Duke NP15 Mar-OS 15 56.00 432 312 Purchase Coral Power NP15 Apr-OS 10 53.55 416 0 Purchase Coral Power NP15 Aor-05 20 49.75 416 303 Purchase Coral Power NP15 Jun-05 10 57.00 416 304 Purchase BP NP15 Jul-05 20 62.50 400 344 Purchase BP NP15 Auo-05 20 62.50 432 312 Purchase BP NP15 . Sep-05 20 62.50 400 320 Purchase Coral Power COB Seo-05 25 47.40 400 320 Purchase Sempra NP15 Sep-C5 25 54.75 400 0 Purchase Semora NP15 Sep-C5 10 56.25 400 0 Purchase Coral Power COB Oct-OS 25 47.40 416 329 Purchase Coral Power NP15 Oct-05 25 36.60 416 329 Purchase Sempra NP15 Oct-05 25 54.75 416 0 Purchase Coral Power NP15 Oct-05 15 59.65 416 329 Purchase Coral Power COB Nov-05 25 47.40 400 320 Purchase Coral Power NP15 Nov-05 25 36.60 400 320 Purchase Semora NP15 Nov-05 25 -54.75 400 0 Purchase Sempra NP15 Nov-05 10 56.25 400 0 Purchase Coral Power NP15 Nov-05 15 59.65 400 320 Purchase Coral Power COB Dec-05 25 47.40 416 328 Purchase Coral Power NP15 Dec-05 25 36.60 416 328 Purchase Semora NP15 Dec-05 25 54.75 416 0 Purchase Semora NP15 Dec-05 10 56.25 416 0 Purchase Coral Power NP15 Dec-05 15 59.65 416 328 Purchase Coral Power NP15 Jan-06 25 36.60 400 344 Purchase Coral Power NP15 Jan-06 10 58.25 400 344 Purchase Coral Power NP15 Jan-06 15 66.25 400 344 Purchase Duke NP15 Jan-06 25 66.25 400 0 Purchase Coral Power NP15 Feb-06 25 36.60 384 .288 Purchase Coral Power NP15 Feb-06 10 58.25 384 288 Purchase Coral Power NP15 Feb-06 15 66.25 384 288 Purchase Coral Power NP15 Mar-06 25 36.60 432 312 Purchase Coral Power NP15 Mar-06 10 58.25 432 312 Purchase Coral Power NP15 Mar-06 15 66.25 432 312 Purchase BP COB Seo-06 10 54.50 400 0 Purchase Semora NP15 Seo-06 10 53.50 400 320 Purchase BP COB Oct-06 10 54.50 416 0 Purchase Coral Power NP15 Oct-06 25 36.60 416 329 Purchase Sempra NP15 Oct-06 10 53.50 416 329 Purchase BP COB Nov-06 10 54.50 400 0 Purchase Coral Power NP15 Nov-06 25 36.60 400 320 Purchase Sempra NP15 Nov-06 10 53.50 400 320 Purchase BP COB Dec-06 10 54.50 400 0 Purchase Coral Power NP15 Dec-06 25 36.60 400 344 Purchase Semora NP15 Dec-06 10 53.50 400 344 Purchase BP COB Jan-07 10 51.50 416 328 Purchase Coral Power NP15 Jan-07 25 36.60 416 328 Purchase BP COB Feb-07 10 51.50 384 288 Purchase Coral Power NP15 Feb-07 25 36.60 384 288 Purchase AttachmentB Electric Transaction Report December 31,2004 Total On Total Off Contract Price Contract Price PeakMWh PeakMWh Total MWh On Peak Off Peak On Peak Price Off Peak Price 10,000 8,600 18.600 $ 366,000 $ 314,760 $ 59.50 $ 40.50 10,000 8,600 18,600 $ 487,500 $ 419,250 $ 59.50 $ 40.50 4,000 -4,000 $ 214,200 $ -$ 59.50 $ 40.50 14,000 -14,000 $ 903,000 $ -$ 59.50 $ 40.50 10,000 8,600 18,600 $ 579,500 $ 498,370 $. 59.50 $ 40.50 6,000 5,160 11,160 $ 336,000 $ 288,960 $ 59.50 $ 40.50 3,440 3,440 $ -$ 163,400 $ 59.50 $ 40.50 9,600 7,200 16,800 $ 351,360 $ 263,520 $ 57.75 $ 48.50 9,600 7,200 16,800 $ 468,000 $ 351,000 $ 57.75 $ 48.50 3,840 -3,840 $ 205,632 $ -$ 57.75 $ 48.50 5.760 4,320 10,080 $ 322,560 $ 241,920 $ 57.75 $ 48.50 11,520 -11,520 $ 694,080 $ -$ 58.50 $ 49.00 10,800 7,800 18,600 $ 395,280 $ 285,480 $ 56.25 $ 46.50 10,800 7,800 18,600 $ 526,500 $ 380,250 $ 56.25 $ 46.50 6,480 4,680 11,160 $ 362,880 $ 262,080 $ 56.25 $ 46.50 4,160 -4,160 $ 222,768 $ -$ 53.81 $ 40.12 8,320 6,060 14,380 $ 413,920 $ 301,485 $ 53.81 $ 40.12 4,160 3,040 7,200 $ 237,120 $ 173,280 $ 60.38 $ 45.01 8,000 6,880 14,880 $ 500,000 $ 430,000 $ 70.66 $ 52.05 8,640 6,240 14,880 $ 540,000 $ 390,000 $ 76.24 $ 56.16 8,000 6,400 14,400 $ 500,000 $ 400,000 $ 63.84 $ 47.03 10,000 8,000 18,000 $ 474,000 $ 379,200 $ 56.80 $ 49.76 10,000 -10,000 $ 547,500 $ -$ 63.84 $ 47.03 4,000 -4,000 $ 225,000 $ -$ 63.64 $ 47.03 10,400 8,225 18,625 $ 492,960 $ 389,865 $ 57.60 $ 50.65 10,400 8,225 18,625 $ 380,640 $ 301,035 $ 62.57 $ 50.65 10,400 -10,400 $ 569,400 $ -$ 62.57 $ 50.65 6,240 4,935 11,175 $ 372,216 $ 294,373 $ 62.57 $ 50.65 10,000 8,000 18,000 $ 474,000 $ 379,200 $ 57.01 $ 50.13 10,000 8,000 18,000 $ 366,000 $ 292,800 $ 61.92 $ 50.13 10,000 -10,000 $ 547,500 $ -$ 61.92 $ 50.13 4,000 -4,000 $ 225,000 $ -$ 61.92 $ 50.13 6,000 4,800 10,800 $ 357,900 $ 286,320 $ 61.92 $ 50.13 10,400 8,200 18,600 $ 492,960 $ 388,680 $ 59.39 $ 52.22 10,400 8,200 18,600 $ 380,640 $ 300,120 $ 64.51 $ 52.22 10,400 -10,400 $ 569,400 $ -$ 64.51 $ 52.22 4,160 -4,160 $ 234,000 $ -$ 64.51 $ 52.22 6,240 4,920 11,160 $ 372,216 $ 293,478 $ 64.51 $ 52.22 10,000 8,600 18,600' $ 366,000 $ 314,760 $ 65.29 $ 47.50 4,000 3,440 7,440 $ 233,000 $ 200,380 $ 65.29 $ 47.50 6,000 5,160 11,160 $ 397,500 $ 341,850 $ 65.29 $ 47.50 10,000 -10,000 $ 662,500 $ -$ 65.29 $ 47.50 9,600 7,200 16,800 $ 351,360 $ 263,520 $ 64.66 $ 47.05 3,840 2,880 6,720 $ 223,680 $ 167,760 $ 64.66 $ 47.05 5,760 4,320 10,080 $ 381,600 $ 286,200 $ 64.66 $ 47.05 10,800 7,800 18,600 $ 395,280 $ 285,480 $ 62.80 $ 45.69 4,320 3,120 7,440 $ 251,640 $ 181,740 $ 62.80 $ 45.69 6,480 4,680 11,160 $ 429,300 $ 310,050 $ 62.80 $ 45.69 4,000 -4,000 $ 218,000 $ -$ 56.31 $ ~7.43 4,000 3,200 7,200 $ 214,000 $ 171,200 $ 64.56 $ 49.98 4,160 -4,160 $ 226,720 $ -$ 53.03 $ 44.84 10,400 8,225 18,625 $ 380,640 $ 301,035 $ 60.80 $ 51.73 4,160 3,290 7,450 $ 222,560 $ 176,015 $ 60.80 $ 51.73 4;000 -4,000 $ 218,000 $ -$ 52.48 $ 44.37 10,000 8,000 18,000 $ 366,000$ 292,800 $ 60.18 $ 51.19 4,000 3,200 7,200 $ 214,000 $ 171,200 $ 60.18 $ 51.19 4,000 -4,000 $ 218,000 $ -$ 54.67 $ 46.22 10,000 8,600 18,600 $ 366,000 $ 314,760 $ 62.68 $ 53.33 4,000 3,440 7,440 $ 214,000 $ 184,040 $ 62.68 $ 53.33 4,160 3,280 7,440 $ 214,240 $ 168,920 $ 57.01 $ 45.18 10,400 8,200 18,600 $ 380,640 $ 300,120 $ 64.89 $ 46.81 3,840 2,880 6,720 $ 197,760 $ 148,320 $ 56.47 $ 44.75 9,600 7,200 16,800 $ 351,360 $ 263.520 $ 64.27 $ 46.37 Page 1 MTMOn MTMOff Total Mark Peak Peak to Market 229,000 33,540 262,540 107,500 (70,950 36,550 23,800 -23,800 (70,000 -70,000' 15,500 150,070 134,570' 21,000 9,980 58,980' -24,080 24,080 203,040 85,680 288,720 86,400 1,800 84,600 16,128 -16,128 10,080 32,400 22,320' 20,160 -20,160' 212,220 77,220 289,440 81,000 17,550 63,450 1,620 44,460 42,840 1,082 -1,082 33,779 58,358 24,579 14,061 36,450 22,389 65,280 (71,896 6,616 118,714 39,562 79,152 10,720 99,008 88,288' 94,000 18,880 112,880 90,900 -90,900 30,360 -30,360 106,080 26,731 132,811 270,088 115,561 385,649 81,328 -81,328 18,221 44,415 26,194 96,100 21,840 117,940 253,200 108,240 361,440 71,700 -71,700 22,680 -22,680 13,620 45,696 32,076 124,696 39,524 164,220 290,264 128,084 418,348 101,504 -·101,504 34,362 -34,362 30,326 36,556 6,229 286,900 93,740 380,640 28,160 36,980 8,820 5,760 96,750 102,510 9,600 -9,600 269,376 75,240 344,616 24,614 32,256 (7,642 9,158 82,944 92,102 282,960 70,902 353,862 19,656 39,187 19,531 22,356 96,221 118,577 7,240 -7,240 44,240 11,264 32,976 6,115 -6,115 251,680 124,444 376,124 30,368 5,823 24,545 (8,080 -8,080 235,800 116,720 352,520 26,720 ,392 19,328 680 -680 260,800 143,878 404,678 36,720 585 36,135 22,922 20,730 2,192 294,2ffl 83,722 377,938 19,085 19,440 355 265.632 70.344 335.9761 Delivery Delivery On Peak Off Peak Counter party Point Period MW Price Expected Hours Expected Hours Deal Type BP COB Mar-07 10 51.50 432 312 Purchase Coral Power NP15 Mar-07 25 36.60 432 312 Purchase Sempra NP15 Sep-07 10 53.65 384 336 Purchase Coral Power NP15 Oct-07 25 36.60 432 313 Purchase Sempra NP15 Oct-07 10 53.65 432 313 Purchase Coral Power NP15 Nov-07 25 36.60 400 320 Purchase Sempra NP15 Nov-07 10 53.65 400 320 Purchase Coral Power NP15 Dec-07 25 36.60 400 344 . Purchase Sempra NP15 Dec-07 10 53.65 400 344 Purchase Coral Power NP15 Jan-08 25 36.60 416 328 Purchase Coral Power NP15 Feb-08 25 36.60 400 296 Purchase Coral Power NP15 Mar-08 25 36.60 ' 416 328 Purchase Coral Power NP15 Oct-08 25 36.60 432 313 Purchase Coral Power NP15 Nov-08 25 36.60 384 336 Purchase Coral Power NP15 Dec-08 25 36.60 416 328 Purchase Coral Power NP15 Jan-09 25 36.60 416 328 Purchase Coral Power NP15 Feb-09 25 36.60 384 288 Purchase Coral Power NP15 Mar-09 25 36.60 416 328 Purchase Coral Power NP15 Oct-09 25 36.60 432 313 Purchase Coral Power NP15 Nov-09 25 36.60 384 336 Purchase Coral Power NP15 Dec-09 25 36.60 416 328 Purchase Totals AttachmentB Electric Transaction Report December 31, 2004 Total On Total Off Contract Price Contract Price PeakMWh PeakMWh TotalMWh On Peak Off Peak On Peak Price Off Peak Price 4,320 3,120 7,440 $ 222,480 $ 160,680 $ 54.84 $ 43.46 10,800 7,800 18,600 $ 395,280 $ 285,480 $ 62.42 $ 45.03 3,840 3,360 7,200 $ 206,016 $ 180,264 $ 63.66 $ 48.86 10,800 7,825 18,625 $ 395,280 $ 286,395 $ 59.95 $ 50.57 4,320 3,130 7,450 $ 231,768 $ 167,925 $ 59.95 $ 50.57 10,000 8,000 18,000 $ 366,000 $ 292,800 $ 59.33 $ 50.04 4,000 3,200 7,200 $ 214,600 $ 171,680 $ 59.33 $ 50.04 10,000 8,600 18,600 $ 366,000 $ 314,760 $ 61.80 $ 52.13 4,000 3,440 7,440 $ 214,600 $ 184,556 $ 61.80 $ 52.13 10,400 8,200 18,600 $ 380,640 $ 300,120 $ 63.32 $ 45.84 10,000 7,400 17,400 $ 366,000 $ 270,840 $ 62.71 $ 45.40 10,400 8,200 18,600 $ 380,640 $ 300,120 $ 60.90 $ .44.09 10,800 7,825 18,625 $ 395,280 $ 286,395 $ 58.49 $ 49.51 9,600 8,400 18,000 $ 351,360 $ 307,440 $ 57.89 $ 49.00 10,400 8,200 18,600 $ 380,640 $ 300,120 $ 60.30 $ 51.04 10,400 8,200 18,600 $ 380,640 $ 300,120 $ 61.21 $ 44.86 9,600 7,200 16,800 $ 351,360 $ 263,520 $ 60.63 $ 44.44 10,400 8,200 18,600 $ 380,640-$ 300,120 $ 58.88 $ 43.16 10,800 7,825 18,625 $ 395,280 $ 286,395 $ 56.55 $ 48.46 9,600 8,400 18,000 $ 351,360 $ 307,440 $ 55.97 $ 47.96 10,400 8,200 18,600 $ 380,640 $ 300,120 $ 58.30 $ 49.96 653,120 418,085 1,071,205 $ 30,507,916 $ 18,552,985 Page 2 MTMOn MTMOff Total Mark Peak Peak to Market 14,429 25,085 10,656 278,856 65,754 344,610 38,438 16,094 22,344 252,180 109,315 361,495 27,216 9,640 17,576 227,300 107,520 334,820 22,720 11,552 11,168 252,000 133,558 385,558 32,600 5,229 27,371 277,888 75,768 353,656 261,100 65,120 326,220 252,720 61,418 314,138 236.412 101,021 337.433 204,384 104,160 308,544 246,480 118,408 384,888 255,944 67,732 323,676 230,688 56,448 287,136 231,712 53,792 285,504 215,460 92,805 308,265 185,952 95,424 281,376 225,680 109,552 335,232 9,207,051 1,529,844 10,736,895