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Summary Of Defaults Midwest Iso 3 23 09
Summary Of Defaults Midwest Iso 3 23 09
Summary Of Defaults Midwest Iso 3 23 09
Summary Of Defaults Midwest Iso 3 23 09
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Summary Of Defaults Midwest Iso 3 23 09

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Summary of Defaults_Midwest ISO_3-23-09

Summary of Defaults_Midwest ISO_3-23-09

Published in: Business, Economy & Finance
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  • 1. March 23, 2009 Re: Default and Short Payment Status Update To Whom It May Concern: Below is a list of the companies that are currently in Default including the effective date of the default. Companies in Default as of March 23, 2009 NAME DATE OF DEFAULT LEHMAN BROTHERS COMMODITY SERVICES, INC October 10, 2008 OLDE TOWNE ENERGY ASSOCIATES, LLC January 9, 2009 JJR POWER LLC January 20, 2009 TMERGE, LLC February 11, 2009 APEX ENERGY TRADING, LLC March 13, 2009 FLAT EARTH ENERGY, LLC March 13, 2009 ENERGY ENDEAVORS LLC March 13, 2009 HIGH SIERRA POWER MARKETING, LLC March 13, 2009 CORE ENERGY SERVICES, INC March 18, 2009 GLOBAL ENERGY INVESTMENTS GROUP, LLC March 18, 2009 THE AI FUNDS March 19, 2009 PEAK CAPITAL MANAGEMENT March 20, 2009 ALEA POWER LLC March 20, 2009 DJGW, LLC March 20, 2009 For these fourteen companies, the aggregate amount of billed and yet to be billed RSG resettlement charges that are not covered by financial security is estimated to be $22.2 million. This estimate includes interest owed per the Tariff. Companies that are not paying Invoices As of March 19, 2009, four companies are failing to pay their invoices. These companies are not in default under the tariff because their financial security has been sufficient to cover their invoices. For these four companies, the aggregate amount of billed and yet to be billed RSG resettlement charges that are not covered by financial security is estimated to be $1.1 million. Summary of Estimated RSG Charges CATEGORY NUMBER RSG EXPOSURE Companies in Default 14 $ 22,234,615.92 Companies not Paying Invoices 4 $ 1,084,883.10 Total 18 $ 23,319,499.02
  • 2. Short Payment Amounts as of March 19, 2009 Pursuant to Module B, Section 7.6 of the Tariff, the Midwest ISO only distributes funds to market participants that are net due funds to the extent it receives funds from market participants that are net owed funds (see the attached “Exhibit A” for an example). The weekly and cumulative amount of funds owed but not paid starting with invoices dated January 13, 2009 (which were payable one week later) is detailed in the chart below. This is the unpaid amount after utilizing available financial security. SUMMARY OF SHORT PAID AMOUNTS Invoice Date Short Pay Amount Market Activy 1/13/2009 $ 33,352.00 $ 584,380,203.00 1/20/2009 $ 23,913.00 $ 548,896,140.00 1/27/2009 $ 7,556.00 $ 622,352,574.00 2/3/2009 $ 50,971.00 $ 832,284,186.00 2/10/2009 $ 116,633.00 $ 601,973,612.00 2/17/2009 $ 92,444.00 $ 606,053,336.00 2/24/2009 $ 41,277.00 $ 687,283,090.00 3/3/2009 $ 13,354.00 $ 366,705,857.00 3/10/2009 $ 124,562.00 $ 470,956,584.00 Total $ 504,062.00 $ 5,320,885,582.00 Actual Amount Owed but Not Paid After Utilizing Available Financial Security as of March 19, 2009 $140,000 $120,000 $100,000 $80,000 $60,000 $40,000 $20,000 $- 1/13/2009 1/20/2009 1/27/2009 2/3/2009 2/10/2009 2/17/2009 2/24/2009 3/3/2009 3/10/2009 Invoice Date Also included in the table above is each week’s Market Activity for all market participants. The Market Activity value shown includes the Market Activity of market participants that are in default. Pursuant to Module B, Section 7.10, at the point in time that the Midwest ISO declares an amount owed but not paid to be an Uncollectible Obligation the Midwest ISO will proceed to uplift the amount of the Uncollectible Obligation to all remaining market participants based on their pro rata share of the Market Activity during the week the Uncollectible Obligation was incurred.

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