Public Service Company of New Mexico

At the request of Darren Vanek in Credit, we have done some preliminary due
diligence regarding the ability of The Public Service Company of New Mexico
to enter into financial transactions. Based on our conversations with them
and review of their Board Resolution, it appears:

1. They are an investor owned utility, not a governmental entity
2. Their Board Resolution ONLY approves electricity futures, options or
swaps, and gas or oil futures, options or swaps.
3. THEY CANNOT ENTER INTO FINANCIAL TRANSACTIONS OVER 18 MONTHS. It is
imperative that anyone trading with this counterparty be made aware of this
restriction

Please call me if you have any questions.