December 20, 2002

Balancing Pool Continues Role in Securitization Transactions

The Balancing Pool continues to fulfill its role in the closing today of the securitization transaction of the 2000 Pool Price Deferral Accounts for Epcor Distribution Inc. and related companies. These transactions related to the securitization of some $200 million of deferral account balances.

The Balancing Pool played a key role in providing indemnification to the securitzation conduit in order to minimize the political/regulatory risk associated with the transaction. As part of this process, the Balancing Pool obtained a AA (low) corporate credit rating from Dominion Bond Rating Service and also arranged a back-stop credit facility with a major Canadian chartered bank.

To date, the Balancing Pool has facilitated the securitization of some $500 million of deferral accounts relating to the ATCO, Aquila and Epcor group of companies. Similar transactions are presently under consideration for ENMAX Energy Corporation.

For more information, please contact:
Gary Reynolds
Acting Balancing Pool Administrator and Chief Financial Officer
Telephone: 430-538-3443