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Staff Report 226-05
EI t""t S r ec rIcuy upplIers-C d" E re It i xposure an d C d"tR " re I atmgs Previous Current S&P Quarter Expected Counterparty Credit Exposure Expected Ranking Default Default Frequency Frequency BP $922,174 AA+ .02 .02 Coral $15,496,789 A-.03 .02* Duke $400,093 BBB .41 .23 Sempra $1,961,591 BBB+ .28 .22 Total $18,780,591 'Cf ~'m~llii'lj .,,,".:1)1 rurll',~\ '.~ t .... , ~~. . . ,"::'~l" .!/l ,.' .~'!. ~""~ ."",,, "",.J!. "E, *Coral is owned by Shell (70%) and Intergen (30%). Intergen is owned by Shell (50%) and Bechtel (50%). CPAU's largest exposure, in excess of $15 million, is with an A-rated company with a 0.02 percent default rate. While this exposure is relatively large, the counterparty is financially strong and rated highly by rating agencies. Renewable Electricity. Palo Alto's contracts for renewable "green" energy include both wind contracts with Pacificorp Power Marketing (PPM), discussed above, as well as contracts to convert landfill gas to electricity with Ameresco, Inc. Neither PPM (owned by Scottish Power) nor Ameresco are publicly traded and therefore KMV Credit Edge does not include them in its default reporting. The Risk Manager therefore has used financial information provided confidentially by each of the two counterparties to estimate an Expected Default Frequency, which is statistically comparable to the EDF's reported for the other counterparties. The Credit Exposure and EDF ratings for these counterparties are presented below. Green Energy Credit Exposure and Credit Ratings Counterparty Credit Previous Quarter Current Calculated Exposure Calculated Expected Expected Default Default Frequency Frequency Ameresco, Inc. $0 N/A 0.85 Pacificorp Power Marketing $1,400,000 N/A 0.50 CMR:226:05 Page 9 of 12 Natural Gas. As the next table shows, the City has exposure to five counterparties totaling $5.7 million over the next 36 months. This total is up $2.4 million from last quarter. The highest exposure with a single supplier is $1.96 million with a BBB+ company, with the second highest being with BP at $1.7 million. The remainder of the exposure is distributed between two other counterparties. Gas Supplier Credit Exposure and Credit Rating Previous Current Quarter Expected Counterparty Credit Exposure S&P Ranking Expected Default Default Frequency Frequency BP $ 1,676,970 AA+ .02 .02 ConocoPhillips $ 263,782 A-.02 .02 Coral $ 804,519 A-.03 * .02 Duke $ 0 BBB .41 .23 Sempra $2,951,682 BBB+ .28 .22 Total $5,696,953 I~ , '~". !,i>} ~f~'lil ,,~ i~1~:1::F" ,.'~ ~,i ~ ~~f.~~~'·~k~~-<rl D:i,'V "," '" li~:~: 'o:!i~_ ,j1 ,~ liM, 1Ii",,,--£, J: *Coral is owned by Shell (70%) and Intergen (30%). Intergen is owned by Shell (50%) and Bechtel (50%). Credit Quality of Suppliers. Overall, the City's suppliers have continued to improve their credit quality. Figure 10 shows how the EDF ofCPAU's current suppliers has declined (i.e. improved credit) over the past three years. As mentioned previously, Pacificorp Power Marketers is privately held and therefore an EDF is not issued by Moody's KMV. The firm's sole owner Scottish Power is used as a surrogate EDF. Also note that the staff calculated EDF estimates for Pacificorp Power Markets and Ameresco are included on the Figure. CMR:226:05 Page 10 of 12 Delivery Delivery Counterparty Point Period BP Malin Apr-05 Coral Energy Malin Apr-05 Sempra CG Apr-05 Sempra Malin Apr-05 Sempra Malin Apr-05 Coral Energy Malin May-05 Sempra Malin May-05 Sempra Malin May-05 Sempra Malin May-05 Coral Energy Malin Jun-05 Sempra Malin Jun-05 Sempra Malin Jun-05 Sempra Malin Jun-05 Coral Energy Malin Jul-05 Sempra Malin Jul-05 Sempra Malin Jul-05 Sempra Malin Jul-05 BP Malin Aug-05 Sempra Malin Aug-05 Sempra Malin Aug-05 BP Malin Sep-05 Sempra Malin Sep-05 Sempra Malin Sep-05 BP Malin Oct-05 Sempra Malin Oct-05 . Sempra Malin Oct-05 Sempra Malin Oct-05 BP CG Nov-05 BP CG Nov-05 BP Malin Nov-05 BP Malin Nov-05 BP Malin Nov-05 Coral Energy CG Nov-05 Coral Energy Malin Nov-05 Sempra Malin Nov-05 BP CG Dec-05 BP CG Dec-05 BP CG Dec-05 BP Malin Dec-05 BP Malin Dec-05 COl'1ocoPhimps Malin Dec-05 ------------------------------------- Daily Volume MMBtu Price 1,300 $ 4.53 1,000 $ 4.66 150 $ 5.72 1,000 $ 3.92 1,500 $ 4.68 1,000 $ 4.66 1,000 $ 3.92 1,800 $ 4.68 160 $ 4.78 1,000 $ 4.66 1,000 $ 3.92 1,300 $ 4.68 110 $ 4.78 1,000 $ 4.66 1,000 $ 3.92 1,000 $ 4.29 90 $ 4.78 1,008 $ 5.63 1,000 $ 3.92 1,000 $ 4.29 1,008 $ 5.63 1,000 $ 3.92 1,000 $ 4.29 1,008 $ 5.63 1,000 $ 3.92 1,000 $ 4.29 1,000 $ 4.68 1,000 $ 7.05 1,000 $ 6.55 1,008 $ 5.63 2,500 $ 4.73 462 $ 6.36 1,200 $ 7.09 1,000 $ 4.98 1,000 $ 4.68 1,000 $ 7.05 1,000 $ 6.55 1,500 $ 6.54 2,500 $ 4.73 462 $ 6.36 1,008 $ 5.1 5 Appendix A Gas Transaction Report March 31, 2005 Days In Price Month Structure End Use Total Cost 30 Fixed Pool $ 176,670.01 30 Fixed Pool $ 139,800.00 30 Fixed G11 $ 25,740.00 30 Fixed Pool $ 117,600.00 30 Fixed Pool $ 210,599.99 31 Fixed Pool $ 144,460.00 31 Fixed Pool $ 121,520.00 31 Fixed Pool $ 261,143.99 31 Fixed G11 $ 23,708.80 30 Fixed Pool $ 139,800.00 30 Fixed Pool $ 117,600.00 30 Fixed Pool $ 182,519.99 30 Fixed G11 $ 15,774.00 31 Fixed Pool $ 144,460.00 31 Fixed Pool $ 121,520.00 31 Fixed Pool $ 132,990.00 31 Fixed G11 $ 13,336.20 31 Fixed Pool $ 175,863.74 31 Fixed Pool $ 121,520.00 31 Fixed Pool $ 132,990.00 30 Fixed Pool $ 170,190.71 30 Fixed Pool $ 117,600.00 30 Fixed Pool $ 128,700.00 31 Fixed Pool $ 175,863.74 31 Fixed Pool $ 121,520.00 31 Fixed Pool $ 132,990.00 31 Fixed Pool $ 145,079.99 30 Fixed Pool $ 211,649.99 30 Fixed Pool $ 196,500.01 30 Fixed Pool $ 170,190.71 30 Fixed Pool $ 354,750.00 30 Fixed Pool $ 88,080.30 30 Fixed Pool $ 255,240.01 30 Fixed Pool $ 149,400.00 30 Fixed Pool $ 140,399.99 31 Fixed Pool $ 218,704.99 31 Fixed Pool $ 203,050.01 31 Fixed Pool $ 304,110.00 31 Fixed Pool $ 366,575.00 31 Fixed Pool $ 91,016.31 31 Fixed Pool $ 16Q,9~?.20 Page 1 Total Volume Market Deal Type MMBTU Price Mark to Market Purchase 39,000.00 6.1875 $ 64,642.49 Purchase 30,000.00 6.1875 $ 45,825.00 Purchase 4,500.00 6.1 875 $ 2,103.75 Purchase 30,000.00 6.1875 $ 68,025.00 Purchase 45,000.00 6.1875 $ 67,837.51 Purchase 31,000.00 6.3975 $ 53,862.50 Purchase 31,000.00 6.3975 $ 76,802.50 Purchase 55,800.00 6.3975 $ 95,836.51 Purchase 4,960.00 6.3975 $ 8,022.80 Purchase 30,000.00 6.4575 $ 53,925.00 Purchase 30,000.00 6.4575 $ 76,125.00 Purchase 39,000.00 6.4575 $ 69,322.51 Purchase 3,300.00 6.4575 $ 5,535.75 Purchase 31,000.00 6.5175 $ 57,582.50 Purchase 31,000.00 6.5175 $ 80,522.50 Purchase 31,000.00 6.5175 $ 69,052.50 Purchase 2,790.00 6.5175 $ 4,847.62 Purchase 31,248.00 6.5425 $ 28,576.30 Purchase 31,000.00 6.5425 $ 81,297.50 Purchase 31,000.00 6.5425 $ 69,827.50 Purchase 30,240.00 6.5455 $ 27,745.21 Purchase 30,000.00 6.5455 $ 78,765.00 Purchase 30,000.00 6.5455 $ 67,665.00 Purchase 31,248.00 6.5675 $ 29,357.50 Purchase 31,000.00 6.5675 $ 82,072.50 Purchase 31,000.00 6.5675 $ 70,602.50 Purchase 31,000.00 6.5675 $ 58,512.51 Purchase 30,000.00 7.241 $ 5,580.01 Purchase 30,000.00 7.241 $ 20,729.99 Purchase 30,240.00 6.848 $ 36,892.81 Purchase 75,000.00 6.848 $ 158,850.00 Purchase 13,860.00 6.848 $ 6,832.98 ; Purchase 36,000.00 7.241 $ 5,435.99 Purchase 30,000.00 6.848 $ 56,040.00 Purchase 30,000.00 6.848 $ 65,040.01 Purchase 31,000.00 7.608 $ 17,143.01 Purchase 31,000.00 7.608 $ 32,797.99 Purchase 46,500.00 7.608 $ 49,662.00 Purchase 77,500.00 7.202 $ 191,580.00 Purchase 14,322.00 7.202 $ 12,130.73 Purchase 31,248.00 7.202 $ 64,120.89 Daily Delivery Delivery Volume Counterparty Point Period MMBtu Price Coral Energy CG Dec-05 1,200 $ 7.09 Coral Energy Malin Dec-05 1,000 $ 4.98 Sempra CG Dec-05 1,000 $ 6.56 Sempra Malin Dec-05 1,000 $ 4.68 BP CG Jan-06 1,500 $ 6.77 BP CG Jan-06 1,000 $ 7.05 BP CG Jan-06 1,000 $ 6.55 BP CG Jan-06 1,500 $ 6.54 BP Malin Jan-06 2,500 $ 4.73 BP Malin Jan-06 462 $ 6.36 ConocoPhillips Malin Jan-06 1,008 $ 5.15 Coral Energy Malin Jan-06 1,000 $ 4.98 Sempra CG Jan-06 1,000 $ 6.56 Sempra Malin Jan-06 1,000 $ 4.68 BP CG Feb-06 . 1,500 $ 6.77 BP CG Feb-06 2,500 $ 7.54 BP CG Feb-06 1,000 $ 7.05 BP Malin Feb-06 1,000 $ 5.43 BP Malin Feb-06 2,500 $ 4.73 BP Malin Feb-06 462 $ 6.36 ConocoPhillips Mal in Feb-06 1,008 $ 5.15 Coral Energy Malin Feb-06 1,000 $ 4.98 BP CG Mar-06 1,000 $ 7.05 BP CG Mar-06 1,000 $ 6.55 BP Malin Mar-06 1,000 $ 7.32 BP Malin Mar-06 2,500 $ 4.73 BP Malin Mar-06 462 $ 6..36 ConocoPhillips Malin Mar-06 1,008 $ 5.15 Coral Energy CG Mar-06 1,200 $ 7.09 Coral Energy Malin Mar-06 1,000 $ 4.98 Sempra Malin Apr-06 750 $ 4.66 Sempra Malin Apr-06 1,000 $ 4.27 Sempra Malin Apr-06 1,500 $ 4.65 Sempra Malin May-06 1,200 $ 4.66 Sempra Malin May-06 1,500 $ 4.65 Sempra Malin Jun-06 1,000 $ 4.66 Sempra Malin Jun-06 1,000 $ 5.06 Sempra Malin Jul-06 1,000 $ 5.06 Sempra Malin Jul-06 1,000 $ 4.48 Sempra Malin Aug-06 1,000 $ 5.06 Sempra Malin Aug-06 1,000 $ 4.48 Appendix A Gas Transaction Report March 31, 2005 Days In Price Month Structure End Use Total Cost 31 Fixed Pool $ 263,748.01 31 Fixed Pool $ 154,380.00 31 Fixed Pool $ 203,344.51 31 Fixed Pool $ 145,079.99 31 Fixed Pool $ 314,805.00 31 Fixed Pool $ 218,704.99 31 Fixed Pool $ 203,050.01 31 Fixed Pool $ 304,1 10.00 31 Fixed Pool $ 366,575.00 31 Fixed Pool $ 91 ,016.31 31 Fixed Pool $ 160,927.20 31 Fixed Pool $ 154,380.00 31 Fixed Pool $ 203,344.51 31 Fixed Pool $ 145,079.99 28 Fixed Pool $ 284,340.00 28 Fixed Pool $ 527,800.00 28 Fixed Pool $ 197,540.00 28 Fixed Pool $ 151,900.01 28 Fixed Pool $ 331,100.00 28 Fixed Pool $ 82,208.28 28 Fixed Pool $ 145,353.60 28 Fixed Pool $ 139,440.00 31 Fixed Pool $ 218,704.99 31 Fixed Pool $ 203,050.01 31 Fixed Pool $ 226,920.01 31 Fixed Pool $ 366,575.00 31 Fixed Pool $ 91 ,016.31 31 Fixed Pool $ 160,927.20 31 Fixed Pool $ 263,748.01 31 Fixed Pool $ 154,380.00 30 Fixed Pool $ 104,850.00 30 Fixed Pool $ 128,100.00 30 Fixed Pool $ 209,250.00 31 Fixed Pool $ 173,351.99 31 Fixed Pool $ 216,225.00 30 Fixed Pool $ 139,800.00 30 Fixed Pool $ 151,785.01 31 Fixed Pool $ 156,844.51 31 Fixed Pool $ 138,880.00 31 Fixed Pool $ 156,844.51 31 Fixed Pool $ 138,880.00 Page 2 Total Volume Market Deal Type MMBTU Price Mark to Market Purchase 37,200.00 7.608 $ 19,269.59 Purchase 31,000.00 7.202 $ 68,882.00 Purchase 31 ,000.00 7.608 $ 32,503.49 Purchase 31,000.00 7.202 $ 78,182.01 Purchase 46,500.00 7.843 $ 49,894.50 Purchase 31,000.00 7.843 $ 24,428.01 Purchase 31,000.00 7.843 $ 40,082.99 Purchase 46,500.00 7.843 $ 60,589.50 Purchase 77,500.00 7.434 $ 209,560.00 Purchase 14,322.00 7.434 $ 15,453.44 Purchase 31,248.00 7.434 $ 71,370.43 Purchase 31,000.00 7.434 $ 76,074.00 Purchase 31 ,000.00 7.843 $ 39,788.49 Purchase 31,000.00 7.434 $ 85,374.01 Purchase 42,000.00 7.816 $ 43,932.00 Purchase 70,000.00 7.816 $ 19,320.00 Purchase 28,000.00 7.816 $ 21,308.00 Purchase 28,000.00 7.407 $ 55,495.99 Purchase 70,000.00 7.407 $ 187,390.00 Purchase 12,936.00 7.407 $ 13,608.67 Purchase 28,224.00 7.407 $ 63,701.57 Purchase 28,000.00 7.407 $ 67,956.00 Purchase 31,000.00 7.633 $ 17,918.01 Purchase 31 ,000.00 7.633 $ 33,572.99 Purchase 31,000.00 7.217 $ (3, 193.01) Purchase 77,500.00 7.217 $ 192,742.50 Purchase 14,322.00 7.217 $ 12,345.56 Purchase 31,248.00 7.217 $ 64,589.61 Purchase 37,200.00 7.633 $ 20,199.59 Purchase 31,000.00 7.217 $ 69,347.00 Purchase 22,500.00 6.1445 $ 33,401.25 Purchase 30,000.00 6.1445 $ 56,235.00 Purchase 45,000.00 6.1445 $ 67,252.50 Purchase 37,200.00 6.0045 $ 50,015.41 Purchase 46,500.00 6.0045 $ 62,984.25 Purchase 30,000.00 6.0295 $ 41,085.00 Purchase 30,000.00 6.0295 $ 29,099.99 Purchase 31,000.00 6.0595 $ 30,999.99 Purchase 31,000.00 6.0595 $ 48,964.50 Purchase 31,000.00 6.0895 $ 31,929.99 Purchase 31,000.00 6.0895 $ 49,894.50 Daily Delivery Delivery Volume Counterparty Point Period MMBtu Price Sempra Malin Sep-06 1,000 $ 5.06 Sempra Malin Sep-06 1,000 $ 4.48 Sempra Malin Oct-06 2,000 $ 4.89 Coral Energy Malin Nov-06 1,500 $ 6.34 Sempra Malin Nov-06 2,000 $ 4.89 Sempra Malin Nov-06 1,000 $ 5.03 Coral Energy Malin Dec-06 1,500 $ 6.34 Sempra Malin Dec-06 2,000 $ 4.89 Sempra Malin Dec-06 1,000 $ 5.03 Sempra Malin Dec-06 1,470 $ 6.64 Coral Energy Malin Jan-07 1,500 $ 6.34 Sempra Malin Jan-07 2,000 $ 4.89 Sempra Malin Jan-07 1,000 $ 5.03 Sempra Malin Jan-07 1,470 $ 6.64 Sempra Malin Feb-07 1,500 $ 6.39 Sempra Malin Feb-07 2,000 $ 4.89 Sempra Malin Feb-07 1,000 $ 5.03 Sempra Malin Feb-07 1,470 $ 6.64 Sempra Malin Mar-07 1,500 $ 6.39 Sempra Malin Mar-07 2,000 $ 4.89 Sempra Malin Mar-07 1,000 $ 5.03 Coral Energy Malin Apr-07 1,500 $ 4.63 Coral Energy Malin May-07 1,500 $ 4.63 Coral Energy Malin Jun-07 1,500 $ 4.63 Sempra Malin Jul-07 1,000 $ 5.41 Sempra Malin Aug-07 1,000 $ 5.41 Sempra Malin Sep-07 1,000 $ 5.41 Sempra Malin Oct-07 1,000 $ 5.41 Coral Energy Malin Nov-07 1,000 $ 6.00 Coral Energy Malin Dec-07 1,000 $ 6.00 Coral Energy Malin Jan-08 1,000 $ 6.00 Totals -- Appendix A Gas Transaction Report March 31, 2005 Days In Price Month Structure End Use Total Cost 30 Fixed Pool $ 151,785.01 30 Fixed Pool $ 134,400.00 31 Fixed Pool $ 303,490.00 30 Fixed Pool $ 285,524.99 30 Fixed Pool $ 293,700.00 30 Fixed Pool $ 150,900.01 31 Fixed Pool $ 295,042.49 31 Fixed Pool $ 303,490.00 31 Fixed Pool $ 155,930.01 31 Fixed Pool $ 302,584.79 31 Fixed Pool $ 295,042.49 31 Fixed Pool $ 303,490.00 31 Fixed Pool $ 155,930.01 31 Fixed Pool $ 302,584.79 28 Fixed Pool $ 268,170.01 28 Fixed Pool $ 274,120.00 28 Fixed Pool $ 140,840.01 28 Fixed Pool $ 273,302.39 31 Fixed Pool $ 296,902.51 31 Fixed Pool $ 303,490.00 31 Fixed Pool $ 155,930.01 30 Fixed Pool $ 208,350.01 31 Fixed Pool $ 215,295.01 30 Fixed Pool $ 208,350.01 31 Fixed Pool $ 167,865.00 31 Fixed Pool $ 167,865.00 30 Fixed Pool $ 162,450.00 31 Fixed Pool $ 167,865.00 30 Fixed Pool $ 180,000.00 31 Fixed Pool $ 186,000.00 31 Fixed Pool $ 186,000.00 $ 21,607,205.15 Page 3 Total Volume Market Deal Type MMBTU Price Mark to Market Purchase 30,000.00 6.0645 $ 30,1 49.99 Purchase 30,000.00 6.0645 $ 47,535.00 Purchase 62,000.00 6.0845 $ 73,749.00 Purchase 45,000.00 6.357 $ 540.01 Purchase 60,000.00 6.357 $ 87,720.00 Purchase 30,000.00 6.357 $ 39,809.99 Purchase 46,500.00 6.627 $ 13,113.01 Purchase 62,000.00 6.627 $ 107,384.00 Purchase 31,000.00 6.627 $ 49,506.99 Purchase 45,570.00 6.627 $ (592.40 Purchase 46,500.00 6.867 $ 24,273.01 Purchase 62,000.00 6.867 $ 122,264.00 Purchase 31,000.00 6.867 $ 56,946.99 Purchase 45,570.00 6.867 $ 10,344.40 Purchase· 42,000.00 6.832 $ 18,773.99 Purchase 56,000.00 6.832 $ 108,472.00 Purchase 28,000.00 6.832 $ 50,455.99 Purchase 41,160.00 6.832 $ 7,902.73 Purchase 46,500.00 6.637 $ 11,717.99 Purchase 62,000.00 6.637 $ 108,004.00 Purchase 31,000.00 6.637 $ 49,816.99 Purchase 45,000.00 5.817 $ 53,414.99 Purchase 46,500.00 5.657 $ 47,755.49 Purchase 45,000.00 5.667 $ 46,664.99 Purchase 31,000.00 5.682 $ 8,277.00 Purchase 31,000.00 5.719 $ 9,424.00 Purchase 30,000.00 5.709 $ 8,820.00 Purchase 31,000.00 5.727 $ 9,672.00 Purchase 30,000.00 6.007 $ 210.00 Purchase 31,000.00 6.267 $ 8,277.00 Purchase 31,000.00 6.512 $ 15,872.00 4,026,956.00 $ 5,696,953.90 On Off Delivery Delivery Peak Peak Counterparty Point Period MW Hours Hours Coral Power NP15 Apr-05 10 416 - Coral Power NP15 Apr-05 20 416 303 Coral Power NP15 Jun-05 10 416 304 BP NP15 Jul-05 20 400 344 Duke NP15 Aug-05 15 432 312 BP NP15 Aug-05 20 432 312 Sempra NP15 Sep-05 25 400 - Sempra NP15 Sep-05 10 400 - Coral Power NP15 Sep-05 25 400 - Coral Power COB Sep-05 25 400 320 BP NP15 Sep-05 20 400 320 Sempra NP15 Oct-05 25 41 6 - Coral Power NP15 Oct-05 25 416 329 Coral Power NP15 Oct-05 15 416 329 Coral Power COB Oct-05 25 416 329 Sempra NP15 Nov-05 25 400 - Sempra NP15 Nov-05 10 400 - Coral Power NP15 Nov-05 25 400 320 Coral Power NP15 Nov-05 15 400 320 Coral Power NP15 Nov-05 15 400 320 Coral Power COB Nov-05 25 400 320 Sempra NP15 Dec-05 25 416 - Sempra NP15 Dec-05 10 41 6 - Coral Power NP15 Dec-05 25 416 328 Coral Power NP15 Dec-05 15 416 328 Coral Power COB Dec-05 25 416 328 Duke NP1 5 Jan-06 25 400 - Duke NP1 5 Jan-06 25 400 - Coral Power NP15 Jan-06 25 400 344 Coral Power NP15 Jan-06 10 400 344 Coral Power NP15 Jan-06 15 400 344 BP NP1 5 Jan-06 25 400 - Coral Power NP1 5 Feb-06 25 384 288 Coral Power NP15 Feb-06 10 384 288 Coral Power NP15 Feb-06 15 384 288 Appendix B. Electric Transaction Quarterly Re port March 31, 2005 Contract Heavy Light Total Price per Deal Load Load Load Market MWh Type Hours Hours Hours Price HLH $ 53.55 Purch. 4,160 -4,160 $ 62.25 $ 49 .75 Purch. 8,320 6,060 14,380 $ 62.25 $ 57.00 Purch. 4,160 3,040 7,200 $ 71 .00 $ 62.50 Purch . 8,000 6,880 14,880 $ 85.75 $ 68.50 Purch. 6,480 4,680 11,160 $ 92.52 $ 62.50 Purch . 8,640 6,240 14,880 $ 92.52 $ 54.75 Purch . 10,000 -10,000 $ 77.48 $ 56.25 Purch. 4,000 -4,000 $ 77.48 $ 69.25 Sale (10,000) -(10,000) $ 77.48 $ 47.40 Purch. 10,000 8,000 18,000 $ 72.48 $ 62.50 Purch. 8,000 6,400 14,400 $ 77.48 $ 54.75 Purch. 10,400 -10,400 $ 76 .23 $ 36.60 Purch. 10,400 8,225 18,625 $ 76.23 $ 59.65 Purch. 6,240 4,935 11,175 $ 76.23 $ 47.40 Purch. 10,400 8,225 18,625 $ 70.52 $ 54.75 Purch. 10,000 -10,000 $ 75.44 $ 56.25 Purch. 4,000 -4,000 $ 75.44 $ 36.60 Purch. 10,000 8,000 18,000 $ 75.44 $ 59.65 Pu rch. 6,000 4,800 10,800 $ 75.44 $ 56.00 Purch. 6,000 4,800 10,800 $ 75.44 $ 47.40 Purch. 10,000 8,000 18,000 $ 69.79 $ 54.75 Purch. 10,400 -10,400 $ 78.58 $ 56.25 Purch. 4,1 60 -4,1 60 $ 78.58 $ 36.60 Purch. 10,400 8,200 18,600 $ 78.58 $ 59.65 Purch. 6,240 4,920 11,1 60 $ 78.58 $ 47.40 Purch. 10,400 8,200 18,600 $ 72.70 $ 66.25 Purch. 10,000 -10,000 $ 79.26 $ 66.25 Purch. 10,000 -10,000 $ 79.26 $ 36.60 Purch. 10,000 8,600 18,600 $ 79.26 $ 58.25 Purch. 4,000 3,440 7,440 $ 79.26 $ 66.25 Purch. 6,000 5,160 11 ,160 $ 79.26 $ 70.50 Purch. 10,000 -10,000 $ 79.26 $ 36.60 Purch. 9,600 7,200 16,800 $ 78.50 $ 58.25 Pu rch. 3,840 2,880 6,720 $ 78.50 $ 66.25 Purch. 5,760 4,320 10,080 $ 78.50 Page 1 Market Total Market Mark to Price LLH Total Price Value Market Value $ 49.91 $ 222,768 $ 258,960 $ 36,1 92 $ 49.91 $ 715,405 $ 820,358 $ 104,953 $ 52.06 $ 410,400 $ 453,632 $ 43,232 $ 60.37 $ 930,000 $ 1,101,380 $ 171,380 $ 65.14 $ 764,460 $ 904,392 $ 139,932 $ 65.14 $ 930,000 $ 1,205,855 $ 275,855 $ 54.55 $ 547,500 $ 774,772 $ 227,272 $ 54.55 $ 225,000 $ 309,909 $ 84,909 $ 54.55 $ (692,500) $ (774,772) $ (82,272) $ 57 .1 8 $ 853,200 $ 1,182,250 $ 329,050 $ 54.55 $ 900,000 $ 968,924 $ 68,924 $ 60.16 $ 569,400 $ 792,752 $ 223 ,352 $ 60.1 6 $ 681 ,675 $ 1,287,602 $ 605,927 $ 60.16 $ 666,589 $ 772,561 $ 105,972 $ 59.1 5 $ 882,825 $ 1,219,870 $ 337,045 $ 59.54 $ 547,500 $ 754,403 $ 206,903 $ 59.54 $ 225,000 $ 301,761 $ 76,761 $ 59.54 $ 658,800 $ 1,230,754 $ 571,954 $ 59.54 $ 644,220 $ 738,453 $ 94,232 $ 59.54 $ 604,800 $ 738,453 $ 133,653 $ 58.54 $ 853,200 $ 1,166,208 $ 313,008 $ 62.02 $ 569,400 $ 817,270 $ 247,870 $ 62.02 $ 234,000 $ 326,908 $ 92,908 $ 62.02 $ 680,760 $ 1,325,874 $ 645,114 $ 62 .02 $ 665,694 $ 795,524 $ 129,830 $ 60.98 $ 881,640 $ 1,256,074 · $ 374,434 $ 60.39 $ 662,500 $ 792,581 $ 130,081 $ 60.39 $ 662,500 $ 792,581 $ 130,081 $ 60 .39 $ 680,760 $ 1,31 1,910 $ 631 ,1 50 $ 60.39 $ 433,380 $ 524,764 $ 91,384 $ 60.39 $ 739,350 $ 787,1 46 $ 47,796 $ 60.39 $ 705,000 $ 792,581 $ 87,581 $ 59.81 $ 614,880 $ 1,184,277 $ 569,397 $ 59.81 $ 391,440 $ 473,711 $ 82,271 $ 59.81 $ 667,800 $ 710,566 $ ~~,l66 On Off . Delivery Delivery Peak Peak Counterparty Point Period MW Hours Hours Coral Power NP15 Feb-06 25 384 - Sempra NP15 Mar-06 15 432 312 Coral Power NP15 Mar-06 25 432 312 Coral Power NP15 Mar-06 10 432 312 Coral Power NP15 Mar-06 15 432 312 Sempra NP15 Sep-06 10 400 320 Coral Power COB Sep-06 25 400 - BP COB Sep-06 10 400 - Sempra NP15 Oct-06 10 416 329 Coral Power NP15 Oct-06 25 416 329 BP COB Oct-06 10 416 - Sempra NP15 Nov-06 10 400 320 Coral Power NP15 Nov-06 25 400 320 Coral Power COB Nov-06 25 400 - BP COB Nov-06 10 400 - Sempra NP15 Dec-06 10 400 344 Coral Power NP15 Dec-06 25 400 344 Coral Power COB Dec-06 25 400 - BP COB Dec-06 10 400 - Coral Power NP15 Jan-07 25 416 328 BP COB Jan-07 10 416 328 Coral Power NP15 Feb-07 25 384 288 BP COB Feb-07 10 384 288 Coral Power NP15 Mar-07 25 432 312 BP COB Mar-07 10 432 312 Sempra NP15 Sep-07 10 384 336 Sempra NP15 Oct-07 10 432 313 Coral Power NP15 Oct-07 25 432 313 Sempra NP15 Nov-07 10 400 320 Coral Power NP15 Nov-07 25 400 320 Sempra NP15 Dec-07 10 400 344 Coral Power NP15 Dec-07 25 400 344 Coral Power NP15 Jan-08 25 416 328 Coral Power NP15 Feb-08 25 400 296 Coral Power NP15 Mar-08 25 416 328 Appendix B. Electric Transaction Quarterly Report March 31, 2005 Contract Heavy Light Total Price per Deal Load Load Load Market MWh Type Hours Hours Hours Price HLH $ 65.50 Purch. 9,600 -9,600 $ 78.50 $ 48.50 Purch. 6,480 4,680 11,160 $ 76.24 $ 36.60 Purch. 10,800 7,800 18,600 $ 76.24 $ 58.25 Purch. 4,320 3,120 7,440 $ 76.24 $ 66.25 Purch. 6,480 4,680 11,160 $ 76.24 $ 53.50 Purch. 4,000 3,200 7,200 $ 72.47 $ 59.50 Purch. 10,000 -10,000 $ 63.78 $ 54.50 Purch. 4,000 -4,000 $ 63.78 $ 53.50 Purch. 4,160 3,290 7,450 $ 68.25 $ 36.60 Purch. 10,400 8,225 18,625 $ 68.25 $ 54.50 Purch. 4,160 -4,160 $ 60.07 $ 53.50 Purch. 4,000 3,200 7,200 $ 67.55 $ 36.60 Purch. 10,000 8,000 18,000 $ 67.55 $ 57.50 Purch. 10,000 -10,000 $ 59.45 $ 54.50 Purch. 4,000 -4,000 $ 59.45 $ 53.50 Purch. 4,000 3,440 7,440 $ 70.36 $ 36.60 Purch. 10,000 8,600 18,600 $ 70.36 $ 66.25 Purch. 10,000 -10,000 $ 61.92 $ 54.50 Purch. 4,000 -4,000 $ 61.92 $ 36.60 Purch. 10,400 8,200 18,600 $ 75.66 $ 51.50 Purch. 4,160 3,280 7,440 $ 66.47 $ 36.60 Purch. 9,600 7,200 16,800 $ 74.94 $ 51 .50 Purch. 3,840 2,880 6,720 $ 65.83 $ 36.60 Purch. 10,800 7,800 18,600 $ 72.78 $ 51.50 Purch. 4,320 3,1 20 7,440 $ 63.94 $ 53.65 Purch. 3,840 3,360 7,200 $ 74.22 $ 53.65 Purch. 4,320 3,130 7,450 $ 69.90 $ 36.60 Purch. 10,800 7,825 18,625 $ 69.90 $ 53.65 Purch. 4,000 3,200 7,200 $ 69.18 $ 36.60 Purch. 10,000 8,000 18,000 $ 69.18 $ 53.65 Purch. 4,000 3,440 7,440 $ 72.06 $ 36.60 Purch. 10,000 8,600 18,600 $ 72.06 $ 36.60 Purch. 10,400 8,200 18,600 $ 71.98 $ 36.60 Purch. 10,000 7,400 17,400 $ 71.30 $ 36.60 Purch. 10,400 8,200 18,600 $ 69.24 Page 2 Market Total Market Mark to Price LLH Total Price Value Market Value $ 59.81 $ 628,800 $ 753,631 $ 124,831 $ 58.09 $ 541,260 $ 765,872 $ 224,612 $ 58.09 $ 680,760 $ 1,276,454 $ 595,694 $ 58.09 $ 433,380 $ 510,582 $ 77,202 $ 58.09 $ 739,350 $ 765,872 $ 26,522 $ 51 .57 $ 385,200 $ 454,908 $ 69,708 $ 51.35 $ 595,000 $ 637,812 $ 42,812 $ 51.35 $ 218,000 $ 255,125 $ 37,125 $ 54.45 $ 398,575 $ 463,043 $ 64,468 $ 54.45 $ 681,675 $ 1,157,608 $ 475,933 $ 51.41 $ 226,720 $ 249,874 $ 23,154 $ 53.88 $ 385,200 $ 442,613 $ 57,413 $ 53.88 $ 658,800 $ 1,106,531 $ 447,731 $ 50.88 $ 575,000 $ 594,466 $ 19,466 $ 50.88 $ 218,000 $ 237,786 $ 19,786 $ 56.13 $ 398,040 $ 474,526 $ 76,486 $ 56.13 $ 680,760 $ 1,186,315 $ 505,555 $ 53.00 $ 662,500 $ 619,235 $ (43,265) $ 53.00 $ 218,000 $ 247,694 $ 29,694 $ 57.81 $ 680,760 $ 1,260,958 $ 580,198 $ 56.45 $ 383,160 $ 461,649 $ 78,489 $ 57.26 $ 614,880 $ 1,131,733 $ 516,853 $ 55.91 $ 346,080 $ 413,821 $ 67,741 $ 55.61 $ 680,760 $ 1,219,790 $ 539,030 $ 54.30 $ 383,160 $ 445,604 $ 62,444 $ 52.97 $ 386,280 $ 462,981 $ 76,701 $ 55.92 $ 399,693 $ 476,991 $ 77,299 $ 55.92 $ 681,675 $ 1,192,478 $ 510,803 $ 55.34 $ 386,280 $ 453,811 $ 67,531 $ 55.34 $ 658,800 $ 1,134,527 $ 475,727 $ 57.65 $ 399,156 $ 486,556 $ 87,400 $ 57.65 $ 680,760 $ 1,216,389 $ 535,629 $ 55.17 $ 680,760 $ 1,201,042 $ 520,282 $ 54.65 $ 636,840 $ 1,117,367 $ 480,527 $ 53.07 $ 680,760 $ 1,155,288 $ 474,528 On Off Delivery Delivery Peak Peak Counterparty Point Period MW Hours Hours Coral Power NP15 Oct-08 25 432 313 Coral Power NP15 Nov-08 25 384 336 Coral Power NP15 Dec-08 25 416 328 Coral Power NP15 Jan-09 25 416 328 Coral Power NP15 Feb-09 25 384 288 Coral Power NP15 Mar-09 25 416 328 Coral Power NP15 Oct-09 25 432 313 Coral Power NP15 Nov-09 25 384 336 Coral Power NP15 Dec-09 25 416 328 Totals/Avgs. --- Appendix B. Electric Transaction Quarterly Report March 31, 2005 Contract Heavy Light Total Price per Deal Load Load Load Market MWh Type Hours Hours Hours Price HLH $ 36.60 Purch. 10,800 7,825 18,625 $ 55.92 $ 36.60 Purch. 9,600 8,400 18,000 $ 58.25 $ 36.60 Purch. 10,400 8,200 18,600 $ 61.16 $ 36.60 Purch. 10,400 8,200 18,600 $ 73.42 $ 36.60 Purch. 9,600 7,200 16,800 $ 72.73 $ 36.60 Purch. 10,400 8,200 18,600 $ 70 .63 $ 36.60 Purch. 10,800 7,825 18,625 $ 57.04 $ 36.60 Purch. 9,600 8,400 18,000 $ 59.42 $ 36.60 Purch. 10,400 8,200 18,600 $ 62.39 $ 50.14 599,280 365,725 965,005 $ 72.04 Page 3 Market Total Market Mark to Price LLH Total Price Value Market Value $ 42.23 $ 681,675 $ 934,410 $ 252,735 $ 46.50 $ 658,800 $ 949,759 $ 290,959 $ 48.82 $ 680,760 $ 1,036,413 $ 355,653 $ 56.27 $ 680,760 $ 1,225,063 $ 544,303 $ 55.74 $ 614,880 $ 1,099,477 $ 484,597 $ 54.1 3 $ 680,760 $ 1,1 78,393 $ 497,634 $ 43.08 $ 681 ,675 $ 953,098 $ 271,423 $ 47.43 $ 658,800 $ 968,755 $ 309,955 $ 49.80 $ 680,760 $ 1,057,142 $ 376,382 $ 56.13 $ 44,753,039 $ 63,533,681 $ 18,780,643 , .