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Strategies & Market Trends : Floorless Preferred Stock/Debenture -- Ignore unavailable to you. Want to Upgrade?

To: Zeev Hed who wrote (1359)	12/21/2001 8:24:01 AM
From: Roger A. Babb	Read Replies (1) \| Respond to of 1438

Zeev, many utilities who have signed long term supply contracts with the likes of ENE and CPN rather than build their own power plants are also at risk, both as to the price and availability of future electric supply.

To: Zeev Hed who wrote (1359)	12/21/2001 9:47:33 AM
From: Logain Ablar	Respond to of 1438

Zeev: From what I'm reading in insurance company reports on ene exposure they are indicting exposure on their surety bond line (besides losses in other areas like bond portfolio investments). XL has indicated they are unable to quantify the exposure at this time but have set up a 45M reserve. Chubb and others have established reserves. I think the surety number is being pegged @ around 700M (this would be AFIT so the gross # is around $1.1B). So even if ene can't meet committments insurance picks up some portion of the tab.