John,  Further to the voice message that I left you, I have recalculated the amount of security that would be required if all of the modified direct sales contracts are acknowledged by noon January 4.
The calculations are still a bit rough but I thought this spreadsheet would provide you with something to review.
I have used a $35 Pool Price in the calculations.
Note the additional tabs in the spreadsheet that detail the hourly generation that the Pool has received for SD3 and SD4 .
In determining the actual security required, we will need to review the megawatts in the contracts registered in detail once we have the acknowledgements tomorrow.
For simplicity I have assumed that everything is base load and I know this is not correct.
Once we know exactly what contracts we are looking at, we can fine tune the calculation.
<<December SD3 and SD4.xls>>

Enron Security