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HomeMy WebLinkAboutStaff Report 335-05of CPAU's true exposure. The Risk Manager will continue to closely monitor counterparty credit ratings. Electricity Suppliers -Credit Exposure and Credit Ratings as of June 30, 2005. Previous Current Counter Credit S&P Quarter Expected Expected Expected party Exposure Ranking Default Default "Loss,,2 Frequency Frequency BP $572,180 AA+ .02 .02 $ 114 Cora1l $16,937,979 A-.02 .053 $8,469 Duke $269,980 BBB .23 .17 $ 459 , Sempra $1,754,492 BBB+ .22 .17 $3,141 Total $19,534,631 $12,183 1 Coral was previously owned by Shell (70%) and lntergen (30%). Recently Coral became wholly owned by Shell PLC. 2 Expected loss represents the product of the default rate in the next 12 months and credit exposure. As such it provides an estimate of the 12-month average risk being carried by CPA V as a result of its forward contracts. Default frequencies are independently calculated, and cross-default probabilities (that change the one firm's default will increase the chances of another firm defaulting) are not included. 3 This estimate is based on the credit ratings, and not the KMV model results. 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 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. CMR:335:05 Page 10 of 14 , . Green Energy Credit Exposure and Credit Ratings as of June 30,2005. Counterparty Credit Previous Quarter Current Exposure Calculated Calculated Expected Expected Default Expected Default "Loss" Frequency Frequency Ameresco, Inc. $0 N/A 0.85 $0 Pacificorp Power $1,93 1,386 0.5 0 0.58 $1 1,202 Marketing Natural Gas. As the next table shows, the City has exposure to five counterparties totaling $9 .0 million over the next 36 months. This total is up $3 .0 million from last quarter. The highest exposure with a single supplier is $4.6 million with Sempra, a BBB+ company~ with the second highest exposure being with AA+ rated BP at $2.6 million. The remainder of the exposure is distributed between two other counterparties. The Coral default estimate is calculated as described above. Gas Supplier Credit Exposure and Credit Rating as of June 30, 2005. Previous Current Counter Credit S&P Expected Expected Expected party Exposure Ranking Default Default LOSS2 Frequency Frequency BP $ 2,635,127 AA+ .02 .02 $527 ConocoPhillips $ 39 1,466 A-.02 .02 $78 Corall $ 1,433,303 A-.02 .053 $7 17 Duke $ 0 BBB .23 .17 0 Sempra $4,559,901 BBB+ .22 .17 $7,752 I"! ~ 'S ;,r6 ',~ '\ .,. l'o Total $9,024,800 $9,074 ',T'" "', " " ". ,. r '. ¥ 1 Recently Coral became wholly owned by Shell PLC. 2 Expected loss represents the product of the default rate in the next 12 months and credit exposure, As such it provides an estimate of the 12-month average risk being carried by CPA U as a result of its forward contracts, Default frequencies are independently calculated, and cross-default probabilities(that change the one firm's default will increase the chances of another firm defaulting) are not included 3 This estimate is based on the credit ratings, and not the KMV model results, CMR:335:05 Page 11 of 14 Credit Quality of Suppliers. Overall, the City's suppliers have continued to improve their credit quality. Figure 10 shows how the expected default frequency of CPAU'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. Similarly, Coral is the wholly owned subsidiary of Shell, and previously, the credit rating of Shell has been used. As noted above, the point estimate for Coral was adjusted for financial reasons. The staff-calculated EDF point estimates for Pacificorp Power Marketers, Coral and Ameresco are included on the Figure 10. Figure 10. Expected Default Frequencies for CPAU Counterparties over last 12 months B+ BB· BB BBB AAA Note: The Pacijicorp, Coral and Ameresco EDF values shown above are point estimates calculated by staff/rom conjidentialjinancial information. As such, tracking is done on a quarterly basis and is not continuous. CMR:335:05 Page 12 ofl4 I ~ "CS = 0 U .... .... '0 ~ • U .... CI,l ~ ~ SUMMARY Staff has continued to purchase electricity and gas in full accordance with the City's Energy Risk Management Policies and Procedures, and no exceptions have occurred. The average prices paid for both electricity and gas have increased, due to increasing prices in the marketplace. The current value of the City's fixed price purchases is $19.7 million for electricity, up from $18.7 million at the end of last quarter; and $9.0 million for gas, up from $4.5 million at the end of last quarter. The current value of the City's wind power contracts have increased from $1.4 million to $l. 9 million. All of these increases in value are primarily due to the increase in prices for commodities in the forward markets. The City's Value at Risk measures, an estimate of the risk of the unpurchased portion of the expected load, increased temporarily during the quarter for both gas and electricity due to an overall increase in prices and the settlement with Enron, which removed approximately $21.5 million from the reserve funds. By the end of the quarter, both VaR measures declined and remain below maximum limits. Corresponding to the changes in portfolio market value, the total credit exposure of the City has increased to $19.6 million for electricity and $9.0 million for gas. CMR:335:05 Page I3 of 14 Delivery Delivery Counter party DealType Point Period Coral Energy Malin Jul-05 Purchase Sempra Malin Jul-05 Purchase Sempra Malin Jul-05 Purchase Sempra Malin Jul-05 Purchase BP Malin Aug-05 Purchase Sempra Malin Aug-OS Purchase Sempra Malin Aug-05 Purchase BP Malin Sep-05 Purchase Sempra Malin Sep-05 . Purchase Sempra Malin Sep-05 Purchase BP Malin Oct-05 Purchase Sempra Malin Oct-OS Purchase Sempra Malin Oct-05 Purchase Sempra Malin Oct-05 Purchase BP CG Nov-OS Purchase BP CG Nov-05 Purchase Coral Energy CG Nov-05 Purchase BP Malin Nov-05 Purchase BP Malin Nov-05 Purchase BP Malin Nov-05 Purchase Coral Energy Malin Nov-OS Purchase Sempra Malin Nov-05 Purchase BP CG Dec-05 Purchase BP CG Dec-05 Purchase BP CG ' Dec-05 Purchase Coral Energy CG Dec-05 Purchase Sempra CG Dec-05 Purchase SP Malin Dec-05 Purchase SP Malin Dec-05 Purchase ConocoPhillips Malin Dec-05 Purchase Coral Energy Malin Dec-05 Purchase Sempra Malin Dec-05 Purchase SP CG Jan-06 Purchase SP CG Jan-06 Purchase SP CG Jan-06 Purchase SP CG Jan-06 Purchase Sempra CG Jan-06 Purchase MMBtu Price per day 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 1,200 $ 7.09 1,008 $ 5.63 2,500 $ 4.73 462 $ 6.36 1,000 $ 4.98 1,000 $ 4.68 1,000 $ 7.05 1,000 $ 6.55 1,500 $ 6.54 1,200 $ 7.09 1,000 $ 6.56 2,500 $ 4.73 462 $ 6.36 1,008 $ 5.15 1,000 $ 4.98 1,000 $ 4.68 1,500 $ 6.77 1,000 $ 7.05 1,000 $ 6.55 1,500 $ 6.54 1,000 $ 6.56 Appendix A Gas Transaction Report June 30. 2005 ~ ~ Days In Price Month Structure 31 Fixed 31 Fixed 31 Fixed 31 Fixed 31 Fixed 31 Fixed 31 Fixed 30 Fixed 30 Fixed 30 Fixed 31 Fixed 31 Fixed 31 Fixed 31 Fixed 30 Fixed 30 Fixed 30 Fixed 30 Fixed 30 Fixed 30 Fixed 30 Fixed 30 Fixed 31 Fixed 31 Fixed 31 Fixed 31 Fixed 31 Fixed 31 Fixed 31 Fixed 31 Fixed 31 Fixed 31 Fixed 31 Fixed 31 Fixed 31 Fixed 31 Fixed 31 Fixed Page 1 Total Volume Market Total Mark to EndUse Total Cost Value (MMBtu) (MMBtu) Market Value 31,000 Pool $ 144,460 $ 6.47 $ 56,110 31,000 Pool $ 121,520 $ 6.47 $ 79,050 31,000 Pool $ 132,990 $ 6.47 $ 67,580 2,790 Gil $ 13,336 $ 6.47 $ 4,715 31,248 Pool $ 175,864 $ 6.73 $ 34,435 31,000 Pool $ 121,520 $ 6.73 $ 87,110 31,000 Pool $ 132,990 $ 6.73 $ 75,640 30,240 Pool $ 170,191 $ 6.81 $ 35,744 30,000 Pool $ 117,600 $ 6.81 $ 86,700 30,000 Pool $ 128,700 $ 6.81 $ 75,600 31,248 Pool $ 175,864 $ 6.85 $ 38,185 31,000 Pool $ 121,520 $ 6.85 $ 90,830 31,000 Pool $ 132,990 $ 6.85 $ 79,360 31,000 _Pool $ 145,080 $ 6.85 $ 67,270 30,000 Pool $ 211,650 $ 7.89 $ 25,050 30,000 Pool $ 196,500 $ 7.89 $ 40,200 36,000 Pool $ 255,240 $ 7.89 $ 28,800 30,240 Pool $ 170,191 $ 7.59 $ 59,331 75,000 Pool $ 354,750 $ 7.59 $ 214,500 13,860 Pool $ 88,080 $ 7.59 $ 17,117 30,000 Pool $ 149,400 $ 7.59 $ 78,300 30,000 Pool $ 140,400 $ 7.59 $ 87,300 31,000 Pool $ 218,705 $ 8.43 $ 42,625 31,000 Pool $ 203,050 $ 8.43 $ 58,280 46,500 Pool $ 304,110 $ 8.43 $ 87,885 37,200 Pool $ 263,748 $ 8.43 $ 49,848 31,000 Pool $ 203,345 $ 8.43 $ 57,985 77,500 Pool $ 366,575 $ 8.14 $ 264,275 14,322 Pool $ 91,016 $ 8.14 $ 25,565 31,248 Pool $ 160,927 $ 8.14 $ 93,432 31,000 Pool $ 154,380 $ 8.14 $ 97,960 31 ,000 Pool $ 145,080 $ 8.14 $ 107,260 46,500 Pool $ 314,805 $ 8.77 $ 93,000 31,000 Pool $ 218,705 $ 8.77 $ 53,165 31,000 Pool $ 203,050 $ 8.77 $ 68,820 46,500 Pool $ 304,110 $ 8.77 $ 103,695 31,000 Pool $ 203,345 $ 8.77 $ 68,525 Delivery Delivery MMBtu Counter party Point Period DealType per day BP Malin Jan-06 Purchase 2,500 BP Malin Jan-06 Purchase 462 ConocoPhillips Malin Jan-06 Purchase 1,008 Coral Energy Malin Jan-06 Purchase 1,000 Sempra Malin Jan-06 Purchase 1,000 BP CG Feb-06 Purchase 1,500 BP CG Feb-06 Purchase 2,500 BP CG Feb-06 Purchase 1,000 BP Malin Feb-06 Purchase 1,000 BP Malin Feb-06 Purchase 2,500 BP Malin Feb-06 Purchase 462 ConocoPhillips Malin Feb-06 Purchase 1,008 Coral Energy Malin Feb-06 Purchase 1,000 BP CG Mar-06 Purchase 1,000 BP CG Mar-06 Purchase 1,000 Coral Energy CG Mar-06 Purchase 1,200 BP Malin Mar-06 Purchase 1,000 BP Malin Mar-06 Purchase 2,500 BP Malin Mar-06 Purchase 462 ConocoPhillips Malin Mar-06 Purchase 1,008 Coral Energy Malin Mar-06 Purchase 1,000 Sempra Malin Apr-06 Purchase 750 Sempra Malin Apr-06 Purchase 1,000 Sempra Malin Apr-06 Purchase 1,500 Sempra Malin May-06 Purchase 1,200 Sempra Malin May-06 Purchase 1,500 Sempra Malin Jun-06 Purchase 1,000 Sempra Malin Jun-06 Purchase 1,000 Sempra Malin Jul-06 Purchase 1,000 Sempra Malin Jul-06 Purchase 1,000 Sempra Malin Aug-06 Purchase 1,000 Sempra Malin Aug-06 Purchase 1,000 Sempra Malin Sep-06 Purchase 1,000 Sempra Malin Sep-06 Purchase 1,000 Sempra Malin Oct-06 Purchase 2,000 Coral Energy Malin Nov-06 Purchase 1,500 Sempra Malin Nov-06 Purchase 2,000 Price $ 4.73 $ 6.36 $ 5.15 $ 4.98 $ 4.68 $ 6.77 $ 7.54 $ 7.05 $ 5.43 $ 4.73 $ 6.36 $ 5.15 $ 4.98 $ 7.05 $ 6.55 $ 7.09 $ 7.32 $ 4.73 $ 6.36 $ 5.15 $ 4.98 $ 4.66 $ 4.27 $ 4.65 $ 4.66 $ 4.65 $ 4.66 $ 5.06 $ 5.06 $ 4.48 $ 5.06 $ 4.48 $ 5.06 $ 4.48 $ 4.89 $ 6.34 $ 4.89 Appendix A Gas Transaction Report June 30. 2005 Days In Price Month Structure 31 Fixed 31 Fixed 31 Fixed 31 Fixed 31 Fixed 28 Fixed 28 Fixed 28 Fixed 28 Fixed 28 Fixed 28 Fixed 28 Fixed 28 Fixed 31 Fixed 31 Fixed 31 Fixed 31 Fixed 31 Fixed 31 Fixed 31 Fixed 31 Fixed 30 Fixed 30 Fixed 30 Fixed 31 Fixed 31 Fixed 30 Fixed 30 Fixed 31 Fixed 31 Fixed 31 Fixed 31 Fixed 30 Fixed 30 Fixed 31 Fixed 30 Fixed 30 Fixed Page 2 Total Volume Market Total Mark to (MMBtu) EndUse Total Cost Value (MMBtu) Market Value 77,500 Pool $ 366,575 $ 8.47 $ 289,850 14,322 Pool $ 91,0]6 $ 8.47 $ 30,291 31,248 Pool $ 160,927 $ 8.47 $ 103,743 31,000 Pool $ 154,380 $ 8.47 $ 108,190 31,000 Pool $ 145,080 $ 8.47 $ 117,490 42,000 Pool $ 284,340 $ 8.78 $ 84,420 70,000 Pool $ 527,800 $ 8.78 $ 86,800 28,000 Pool $ 197,540 $ 8.78 $ 48,300 28,000 Pool $ 151,900 $ 8.48 $ 85,540 70,000 Pool $ 331,100 $ 8.48 $ 262,500 12,936 Pool $ 82,208 $ 8.48 $ 27,489 28,224 Pool $ 145,354 $ 8.48 $ 93,986 28,000 Pool $ 139,440 $ 8.48 $ 98,000 31,000 1'001 $ 218,705 $ 8.67 $ 50,065 31,000 Pool $ 203,050 $ 8.67 $ 65,720 37,200 Pool $ 263,748 $ 8.67 $ 58,776 31,000 Pool $ 226,920 $ 8.36 $ 32,240 77,500 Pool $ 366,575 $ 8.36 $ 281,325 14,322 Pool $ 9],016 $ 8.36 $ 28,716 31 ,248 Pool $ 160,927 $ 8.36 $ 100,306 31,000 Pool $ 154,380 $ 8.36 $ 104,780 22,500 Pool $ 104,850 $ 7.39 $ 61,425 30,000 Pool $ 128,100 $ 7.39 $ 93,600 45,000 Pool $ 209,250 $ 7.39 $ 123,300 37,200 Pool $ 173,352 $ 7.34 $ 99,696 46,500 .Pool $ 216,225 $ 7.34 $ 125,085 30,000 Pool $ 139,800 $ 7.38 $ 81,600 30,000 Pool $ 151,785 $ 7.38 $ 69,615 31,000 Pool $ 156,845 $ 7.43 $ 73,485 31,000 Pool $ 138,880 $ 7.43 $ 91,450 31,000 Pool $ 156,845 $ 7.48 $ 75,035 31,000 Pool $ 138,880 $ 7.48 $ 93,000 30,000 Pool $ 15 1,785 $ 7.46 $ 72,015 30,000 Pool $ 134,400 $ 7.46 $ 89,400 62,000 Pool $ 303,490 $ 7.50 $ 161,510 45,000 Pool $ 285,525 $ 7.83 $ 66,825 60,000 Pool $ 293,70Q_ $ 7.83 $ 176,100 Delivery Delivery Counter party DealType Point Period Sempra Malin Nov-06 Purchase Coral Energy Malin Dec-06 Purchase Sempra Malin Dec-06 Purchase Sempra Malin Dec-06 Purchase Sempra Malin Dec-06 Purchase Coral Energy Malin Jan-07 Purchase Sempra Malin Jan-07 Purchase Sempra Malin Jan-07 Purchase Sempra Malin Jan-07 Purchase Sempra Malin Feb-07 Purchase Sempra Malin Feb-07 Purchase Sempra Malin Feb-07 Purchase Sempra Malin Feb-07 Purchase Sempra Malin Mar-07 Purchase Sempra Malin Mar-07 Purchase Sempra Malin Mar-07 Purchase Coral Energy Malin Apr-07 Purchase Coral Energy Malin May-07 Purchase Coral Energy Malin Jun-07 Purchase Sempra Malin Jul-07 Purchase Sempra Malin Aug-07 Purchase Sempra Malin Sep-07 Purchase Sempra Malin Oct-07 Purchase Coral Energy Malin Nov-07 Purchase Coral Energy Malin Dec-07 Purchase Coral Energy Malin Jan-08 Purchase Totals MMBtu Price per day 1,000 $ 5.03 1,500 $ 6.34 2,000 $ 4.89 1,000 $ 5.03 1,470 $ 6.64 1,500 $ 6.34 2,000 $ 4.89 1,000 $ 5.03 1,470 $ 6.64 1,500 $ 6.39 2,000 $ 4.89 1,000 $ 5.03 1,470 $ 6.64 1,500 $ 6.39 2,000 $ 4.89 1,000 $ 5.03 1,500 $ 4.63 1,500 $ 4.63 1,500 $ 4.63 1,000 $ 5.41 1,000 $ 5.41 1,000 $ 5.41 1,000 $ 5.41 1,000 $ 6.00 1,000 $ 6.00 1,000 $ 6.00 Appendix A Gas Transaction Report June 30. 2005 Days In Price Month Structure 30 Fixed 31 Fixed 31 Fixed 31 Fixed 31 Fixed 31 Fixed 31 Fixed 31 Fixed 31 Fixed 28 Fixed 28 Fixed 28 Fixed 28 Fixed 31 Fixed 31 Fixed 31 Fixed 30 Fixed 31 Fixed 30 Fixed 31 Fixed 31 Fixed 30 Fixed 31 Fixed 30 Fixed 31 Fixed 31 Fixed Page 3 Total Volume Market Total Mark to EndUse Total Cost Value (MMBtu) (MMBtu) Market Value 30,000 Pool $ 150,900 $ 7.83 $ 84,000 46,500 Pool $ 295,042 $ 8.16 $ 84,398 62,000 Pool $ 303,490 $ 8.16 $ 202,430 31,000 Pool $ 155,930 $ 8.16 $ 97,030 45,570 Pool $ 302,585 $ 8.16 $ 69,266 46,500 Pool $ 295,042 $ 8.40 $ 95,558 62,000 Pool $ 303,490 $ 8.40 $ 217,310· 31,000 Pool $ 155,930 $ 8.40 $ 104,470 45,570 Pool $ 302,585 $ 8.40 $ 80,203 42,000 Pool $ 268,170 $ 8.40 $ 84,630 56,000 Pool $ 274,120 $ 8.40 $ 196,280 28,000 Pool $ 140,840 $ 8.40 $ 94,360 41 ,160 Pool $ 273,302 $ 8.40 $ 72,442 49,500 .Pool $ 296,903 $ 8.27 $ 87,652 62,000 Pool $ 303,490 $ 8.27 $ 209,250 31,000 Pool $ 155,930 $ 8.27 $ 100,440 45,000 Pool $ 208,350 $ 7.14 $ 112,950 46,500 Pool $ 215,295 $ 7.11 $ 115,320 45,000 Pool · $ 208,350 $ 7.16 $ 113,850 31,000 Pool $ 167,865 $ 7.20 $ 55,335 31,000 Pool $ 167,865 $ 7.22 $ 55,955 30,000 Pool $ 162,450 $ 7.21 $ 53,850 31,000 Pool $ 167,865 $ 7.23 $ 56,265 30,000 Pool $ 180,000 $ 7.55 $ 46,500 31,000 Pool $ 186,000 $ 7.86 $ 57,660 31,000 Pool $ 186,000 $ 8.08 $ 64,480 3,653,396 $ 19,930,268 $ 9,024,800 Delivery Delivery Counterparty Point Period BP NP15 July-05 BP NP15 August-05 Duke NP15 August-05 Sempra NP15 September-05 Sempra NP15 September-05 Coral Power COB September-05 Coral Power NP15 September-05 BP NP15 September-05 Coral Power NP15 October-05 Coral Power COB October-05 Sempra NP15 October-05 Coral Power NP15 October-05 Coral Power NP15 November-05 Coral Power NP15 November-05 Coral Power COB November-05 Sempra NP15 November-05 Coral Power NP15 November-05 Sempra NP15 November-05 Coral Power NP15 December-05 Coral Power NP15 December-05 Sempra NP15 December-05 Coral Power NP15 December-05 Sempra NP15 December-05 Coral Power COB December-05 Coral Power NP15 January-05 Duke NP15 January-05 Duke NP15 January-05 Coral Power NP15 January-05 BP NP15 January-05 Coral Power NP15 January-05 Coral Power NP15 February-05 Coral Power NP15 February-05 Coral Power NP15 February-05 Duke NP15 February-05 Coral Power NP15 February-O~ Total Volume 14,880 14,880 11,160 10,000 4,000 18,000 -10,000 14,400 18,625 18,625 10,400 11,175 18,000 10,800 18,000 4,000 10,800 10,000 18,600 11,160 4,160 7,440 10,400 18,600 7,440 10,000 10,000 11,160 10,000 18,600 9,600 10,080 6,720 7,680 _.1§,8QQ _.- Appendix B Electric Transaction Report June 30. 2005 Cost of HLH Purchase Volume $930,000 8,000 $930,000 8,640 $764,460 6,480 $547,500 10,000 $225,000 4,000 $853,200 10,000 ($692,500) -10,000 $900,000 8,000 $681,675 10,400 $882,825 10,400 $569,400 10,400 $666,589 6,240 $658,800 10,000 $644,220 6,000 $853,200 10,000 $225,000 4,000 $604,800 6,000 $547,500 10,000 $680,760 10,400 $665,694 6,240 $234,000 4,160 $491,784 4,160 $569,400 10,400 $881,640 10,400 $433,380 4,000 $662,500 10,000 $662,500 10,000 $739,350 6,000 $705,000 10,000 $680,760 10,000 $628,800 9,600 $667,800 5,760 $391,440 3,840 $608,640 7,680 $614,880 __ 9,6.9_0 _ Page 1 LLH Price During Price During Volume Heavy Load Light Load Mark to Market Hours Hours 6,880 $ 67.25 $ 47.44 ($65,613 6,240 $ 80.28 $ 57.02 $119,370 4,680 $ 80.28 $ 57.02 $22,568 o $ 65.63 $ 49.29 $108,783 o $ 65.63 $ 49.29 $37,513 8,000 $ 62.67 $ 50.84 $180,175 o $ 65.63 $ 49.29 $36,217 6,400 $ 65.63 $ 49.29 ($59,541) 8,225 $ 73.25 $ 56.20 $542,335 8,225 $ 69.03 $ 58.49 $316,099 o $ 73.25 $ 56.20 $192,365 '4,935 $ -73.25 $ 56.20 $67,818 8,000 $ 72.49 $ 55.62 $511,081 4,800 $ 72.49 $ 55.62 $57,708 8,000 $ 68.31 $ 57.88 $293,015 o $ 72.49 $ 55.62 $64,966 4,800 $ 72.49 $ 55.62 $97,128 o $ 72.49 $ 55.62 $177,415 8,200 $ 75.51 .$ 57.94 $579,658 4,920 $ 75.51 $ 57.94 $90,557 o $ 75.51 $ 57.94 $80,130 3,280 $ 75.51 $ 57.94 $12,383 o $ 75.51 $ 57.94 $215,924 8,200 $ 71.16 $ 60.30 $352,857 3,440 $ 79.00 $ 61 .17 $93,072 o $ 79.00 $ 61.17 $127,540 o $ 79.00 $ 61.17 $127,540 5,160 $ 79.00 $ 61.17 $50,328 o $ 79.00 $ 61.17 $85,040 8,600 $ 79.00 $ 61.17 $635,370 o $ 78.25 $ 60.59 $122,415 4,320 $ 78.25 $ 60.59 $44,681 2,880 $ 78.25 $ 60.59 $83,547 o $ 78.25 $ 60.59 ($7,668\ 7,200 $ 78.25 $ 60.59 $572,588 Delivery Delivery Counterparty Point Period Sempra NP15 March-05 Coral Power NP15 March-05 Coral Power NP15 March-05 Coral Power NP15 March-05 Sempra NP15 April-05 Coral Power COB September-05 Sempra NP15 September-05 BP COB September-05 Coral Power NP15 October-05 Sempra NP15 October-05 Sempra NP15 October-05 BP COB October-05 Sempra NP15 November-05 Sempra NP15 November-05 Coral Power COB November-05 BP COB November-05 Coral Power NP15 November-05 Coral Power NP15 December-05 Coral Power COB December-05 Sempra NP15 December-05 Sempra NP15 December-05 BP COB December-05 Sempra COB January-05 Coral Power NP15 January-05 BP COB January-05 BP COB February-05 Coral Power NP15 February-05 Sempra COB February-05 Sempra COB March-05 BP COB March-05 Coral Power NP15 March-05 Sempra NP15 September-05 Sempra NP15 October-05 Coral Power NP15 October-05 Coral Power NP15 November-05 Total Volume 11 ,160 18,600 11,160 7,440 14,380 10,000 7,200 4,000 18,625 7,450 7,450 4,160 7,200 7,200 10,000 4,000 18,000 18,600 10,000 7,440 7,440 4,000 7,440 18,600 7,440 6,720 16,800 6,720 7,440 7,440 18,600 7,200 7,450 18,625 18,000 Appendix B Electric Transaction Report June 30. 2005 Cost of HLH Purchase Volume $541,260 6,480 $680,760 10,800 $739,350 6,480 $433,380 4,320 $782,991 8,000 $595,000 10,000 $385,200 4,000 $218,000 4,000 $681,675 10,400 $398,575 4,160 $492,445 4,160 $226,720 4,160 $475,920 4,000 $385,200 4,000 $575,000 10,000 $218,000 4,000 $658,800 10,000 $680,760 10,000 $662,500 10,000 $491,784 4,000 $398,040 4,000 $218,000 4,000 $507,780 4,160 $680,760 10,400 $383,160 4,160 $346,080 3,840 $614,880 9,600 $458,640 3,840 $507,780 4,320 $383,160 4,320 $680,760 10,800 $386,280 3,840 $399,693 4,320 $681,675 10,800 $658,800 10,000 Page 2 LLH Price During Price During Volume Heavy Load Light Load Mark to Market Hours Hours 4,680 $ 75.99 $ 58.84 $226,568 7,800 $ 75.99 $ 58.84 $598,954 4,680 $ 75.99 $ 58.84 $28,478 3,1 20 $ 75.99 $ 58.84 $78,506 6,380 $ 63.42 $ 47.76 $29,107 o $ 71.1 5 $ 58.05 $116,481 3,200 $ 77.74 $ 57.16 $108,668 o $ 71.15 $ 58.05 $66,592 8,225 $ 73.21 $ 55.00 $532,067 3,290 $ 73.21 $ 55.00 $86,922 i 3,290 $ 73.21 $ 55.00 ($6,948 o $-67.00 $ 57.09 $52,015 3,200 $ 72.46 $ 54.43 ($11,920\ 3,200 $ 72.46 $ 54.43 $78,800 o $ 66.31 $ 56.51 $88,128 o $ 66.31 $ 56.51 $47,251 8,000 $ 72.46 $ 54.43 $501,200 8,600 $ 75.47 $ 56.70 $561,593 o $ 69.08 $ 58.86 $28,258 3,440 $ 75.47 $ 56.70 $5,157 3,440 $ 75.47 $ 56.70 $98,901 o $ 69.08 $ 58.86 $58,303 3,280 $ 69.88 $ 58.49 ($25,209 8,200 $ 78.82 $ 60.80 $637,450 3,280 $ 69.88 $ 58.49 $99,411 2,880 $ 69.22 $ 57.94 $86,571 7,200 $ 78.07 $ 60.22 $568,107 2,880 $ 69.22 $ 57.94 ($25,989 3,120 $ 67.22 $ 56.26 ($41 ,840 3,120 $ 67.22 $ 56.26 $82,780 7,800 $ 75.81 $ 58.48 $594,166 3,360 $ 77.31 $ 56.63 $100,897 3,130 $ 72.81 $ 54.49 $85,407 7,825 $ 72.81 $ 54.49 $531,073 8,000 $ 72.06 $ 53.93 $493,235 Delivery Delivery Counterparty Point Period Sempra NP15 November-05 Sempra NP15 December-05 Coral Power NP15 December-05 Coral Power NP15 January-05 Coral Power NP15 February-05 Coral Power NP15 March-05 Coral Power NP15 October-05 Coral Power NP15 November-05 Coral Power NP15 December-05 Coral Power NP15 January-05 Coral Power NP15 February-05 Coral Power NP15 March-05 Coral Power NP15 October-05 Coral Power NP15 November-05 Coral Power NP15 December-05 Total Total Volume 7,200 7,440 18,600 18,600 17,400 18,600 18,625 18,000 18,600 18,600 16,800 18,600 18,625 18,000 18,600 Appendix B Electric Transaction Report June 30. 2005 Cost of HLH Purchase Volume $386,280 4,000 $399,156 4,000 $680,760 10,000 $680,760 10,400 $636,840 10,000 $680,760 10,400 $681,675 10,800 $658,800 9,600 $680,760 10,400 $680,760 10,400 $614,880 9,600 $680,760 10,400 $681,675 10,800 $658,800 9,600 $680,760 10,400 48,222,230 626,960 Page 3 LLH Price During Price During Volume Heavy Load Light Load Mark to Market Hours Hours 3,200 $ 72.06 $ 53.93 $74,534 3,440 $ 75.06 $ 56.18 $94,341 8,600 $ 75.06 $ 56.18 $552,982 8,200 $ 77.50 $ 58.80 $607,432 7,400 $ 76.76 $ 58.24 $561,785 8,200 $ 74.55 $ 56.56 $558,358 7,825 $ 71.60 $ 52.70 $503,977 8,400 $ 70.86 $ 52.16 $459,590 8,200 $ 73.81 $ 54 .33 $532,412 8,200 $ 76.19 $ 57.44 $582,627. 7,200 $ 75.46 $ 56.90 $519,209 -8,200 $~ 73.29 $ 55.25 $534,498 7,825 $ 70.38 $ 51.49 $481 ,341 8,400 $ 69.66 $ 50.95 $437,934 8,200 $ 72.56 $ 53.08 $509,105 385,495 $19,534,631