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To: Joan Osland Graffius who wrote (144874)1/19/2002 8:59:56 PM
From: yard_man  Respond to of 436258
 
they are small -- don't know about the balance sheet.

A few years ago they looked overly dependent on market purchases, to me, but they have been building quite a bit and forward market prices for electricity have softened considerably. I think softer electricity prices will be the case for at least 2 - 3 years going forward => stability of earnings.