ERSON 2: Greg Wolfe's office.
SHARI STACK: Greg, this is Shari.
GREG: Shari.
SHARI: Hey! Well SNOPUD called me
GREG: Again -
SHARI: -- and - and, well, anyway they were calling - they were saying, well you know,
just to let you know that, [chuckles] your -your guy -y - ya'll haven't read our contract or
you sent us an EEi and we don't know if we want to do an EEi and so on and so forth.
And so I just kind of like said well - and I think their contract, I mean, I haven't seen it,
but apparently, it's - it's pretty - pretty much based on the WSPP.
GREG: Yeah, that's probably -
SHARI: And so I said - and I said look, guys we typically don't do long term
transactions under that and there's some key reasons why the EEi is better and so I said
can I just send you the key distinctions and he said, yeah he'd like to see it, and I said
look, send me your contract and let me look through it and I can quickly see what the,
ah, the differences are and, you know, if it comes down to it, I mean, maybe we could do
it on the WSPP, I said, but we'd need to make amendments to it. I said, because, I - I
said - I said, honestly, I just can't see a way that we would transact this long under the
WSPP. And he was - he knew - he - he - he was fair enough and he said he would
really like to see the differences 'cause he doesn't - he hasn't - he doesn't really know
much about the EEi so -
GREG: Yeah.
· SHARI: I'm gonna send him that now and I told him I would take a look and we're
gonna talk first thing in the morning and he said that they think they're gonna decide
around noon tomorrow or twelve thirty --
GREG: Yeah.
Shari: who gets the transactions.


1 GREG: Yeah.
SHARI: So, I just want to tell you that.
GREG: OK. Cool.
SHARI: OK
5 GREG: All right.

SHARI: I think that - that - that's fair enough, I mean don't you think? I mean, I don't
want to tank the deal, but we - they've - they've gotta realize that the WSPP does need
improvement and that there are some very weak points.
GREG: Yeah. 1O SHARI: So -
GREG: Well that's cool, I mean I -
SHARI: Or should I talk to Tracy, or, has credit approved this? I haven't even asked
that.
GREG: Nah, she said give me a name and number, I don't know. Yeah.
SHARI: Well, tell her it's important, I mean, it's a long term deal, isn't it?
GREG: Come on.
SHARI: What is it, for '06?
GREG: Yeah.
SHARI: Or what was it? You didn't get credit approval?
GREG: Um, through '08, through '08. No, we never do that.
SHARI: Greg!
GREG: What?
SHARI: Are you serious?
GREG: No, she just came over said give me a number of somebody to talk to and ah,
so, um, you know I didn't, ah -
SHARI: I can't believe this is you I'm talking to.
GREG: I mean, it's a public -it's a public utility district. They're buying it for load.
They have the right to pass on rates. They're gonna have auth - authorization to buy the


1 power. She knows - she's known for a couple of days. She just came over here and said,
"Am I supposed to talk to somebody in Snohomish?" So, yeah, she needs to. I'll tell her
to get the credit terms to you. Come on, man, you're making me feel bad! [laughs]
SHARI: [laughs] You're a Vice-President! I don't - I'm not believing this! [laughs]
GREG: Well, these people - you know how many times my phone rings a day and
people just want prices and we go through this, I mean, the -you know, when the thing
gets real, when they say they really want to transact, when they -you know we'll get all
the stuff in line. But, I could, I mean, I could -we could be spending a lot of time on a
bunch of people that ain't gonna transact right now, so, um -
SHARI: OK.
GREG: All right? So, I'll get Tracy. I'll call that - ah, Karen - she - she said -
SHARI: And Karen was actually in the room when I was talking to you --
GREG: Yeah
SHARI: um, Eric and -
GREG: OK
SHARI: -- and she listened to this.
GREG: OK, good. Um, uh, well, if you want to call that attorney back and just say,
"Hey, who would our credit person talk to,'' just to kind of get a - get comfort. But, I
don't know why, I mean -
SHARI: But it just seems to me, don't you think, the fact that they're making such an
effort to call me twice and looking at my documents that we - we must be a counter
party they want to transact with?
GREG: Yes, yes.
SHARI: Or, you know?
GREG: The fact that they changed their process, they're - they're calling you -
SHARI: [laughs] They're calling me.
GREG: Yeah, yeah. Um, so anyway, let me, ah - do you have the attorney's number?
And maybe, you know what? Since you've kind of talked to the attorney a couple of


times, um, do you mind calling him and - and just, 'cause what Tracy was saying is, who
do I call over there. And I don't want her to necessarily call Karen.
SHARI: OK.
GREG: I mean if that's who the contact is then maybe we'll have to do that, but, um, I
don't want to give them the sense that we feel like they're gonna do a deal with us, all
right? 'Cause if they think we're --
SHARI: Well then why don't we just hang off?
GREG: No, no.
SHARI: OK.
GREG: I mean, this is all about price, all right?
SHARI: OK,
GREG: I mean, she went out of her way to say that you and others, you know, and kind
of make it sound like there's somebody else there.
SHARI: Uh huh.
GREG: And I think there is, ah, but I don't wanna, if -if -if they know that we know
that they don't have many options they may just say "Aa, I don't like this deal."
SHARI: OK.
GREG: So, um, so, I'd kinda like to, ah, if you can just call that attorney back and -
SHARI: And say is there a credit person that -
GREG: Yeah, just say - and, just from a - a - you know if you were gonna send them
the EEI, or tell them we sent the EEI but it didn't have any credit terms in it, um, who
would our credit person talk to?
SHARI: OK.
GREG: And I don't know, who do we talk to at public utility districts? They generally
don't have credit people -
SHARI: Yeah.
GREG: -- do they?
SHARI: I don't know. [laughs]


1 GREG: CFO's, I guess.
2 SHARI: OK. All right, if we were - just so - so bizarre. OK, if we were gonna talk to

3 somebody, who would -

4 GREG: No, no just, just tell 'em, um - just tell 'em that the EEI we sent didn't have any

credit terms and - and, uh, you know one of the things we wanted to shore up, you
know if we are gonna be um, you know, on some sort of short list -make it sound like
7 we're in a competitive process -

SHARI: OK.
GREG: Um, or um, just, ah, who - who have others been talking to, or some shit like
that, you know?
SHARI: [laughs]
GREG: Um, called lies, its all how well you can weave these lies together, Shari. All
right, so, um -
SHARI: I feel like I'm being corrupted now -
GREG: No, this is marketing.
SHARI: OK.
GREG: It's not as bad as trading.
SHARI: Yeah, it's true. Oh yeah, you're right. OK, cool, I'll - I'll do it. Thank you and
I'll just - I guess I'll e-mail the person's name and number to you and Tracy and that way
you can follow up with her.
GREG: OK
SHARI: All righty, thanks
GREG: Thanks, bye-bye.