Subject: "BP Oil International Ltd. ("BP")".

Body: Rod and I discussed this party (which always appears on the legal/credit list!!!! It seem that BP signed a Master Agreement (our OLD form) with ECTRIC on 1/8/98 and agreed to sign THE IDENTICAL AGREEMENT with ENA. Absent an executed agreement, ENA and BP continue to use a form of "Swap Contract" which had been agreed to many years ago (similar to our GTC's in the omnibus) which also provides that the parties will negotiate a master agreement. Rod doesn't see much current trading activity so we didn't believe this to be a high priority. Having said all of this, the form is limited to swaps, doesn't provide for setoff, arbitration, certain market disruption events and several other items which we can review if necessary. Please let me know how you would like to proceed. Thanks. Sara

Subject: "Where ARE natural gas prices headed ? Check out GasTrader Newsletter".

Body: Dear Colleague, GasTrader would like to offer you a COMPLIMENTARY trial subscription to GasTrader - the only natural gas industry publication that deals with today's critical issue of where natural gas prices are headed, and not where they have been. GasTrader features weekly analysis and commentary from the industry's leading forecasters, observers, and traders. GasTrader brings you short and long term weather predictions, useful for planning load and power requirements, as well as price trends, market outlook, and economic analysis. In addition GasTrader in its' Market Outlook section brings you no-nonsense trading recommendations for the wild and volatile natural gas futures. A key feature for those doing deals tied to the Nymex futures contract. Check out GasTrader's market recommendations from long time Commodity Trading Advisor and analyst Bill Burson. See if those recommendations help you do better deals and expand the razor thin margins so prevalent today in natural gas marketing. If you would like to receive your FIVE WEEK COMPLIMENTARY SUBSCRIPTION to GasTrader, please vistit our website, GasTrader.net and click "subscribe" or reply to this e-mail and include your name, company and address and telephone. The publication will be delivered by e-mail usually late Friday afternoon giving you plenty of time to formulate your trading strategy for Monday. I hope to hear from you soon. Sincerely,

Subject: "ConEd upcoming RFP".

Body: Rob, ConEd is looking for strictly indicative levels for monthly power in Zone G & J in NY for Nov-April 02, 5x16 for 100-300 MW. They are going to send out an RFP in mid September, and are trying to determine the alternatives. The possible products are: 1) Purchase monthly power in Zone G & Z On peak November through April, they would like to see our indicative offer on a monthly basis for both zones. 2) Purchase a collar (potentially zero cost) whereby the cap price will be $15 above the underlying and the floor is approx. $10 below underlying. These would be daily options with automatic exercise for 100 MW. 3) The final alternative would be a ConEd purchase of a daily call option with a strike $15 above the underlying and limit the # of times that they could exercise, e.g. first 5 times in a given month. This RFP will be out the second week of September, if you could give us an indication as to what the pricing may be, then they could better determine which is their best course of action. Thanks. Nick

Subject: "Sizing the Back-Office Outsourcing Opportunity".

Body:
Sally, As per our phone conversation, here is a proposed plan for sizing the opportunity. I will try to set up some time on your calendar later this week to discuss. I am copying Greg as well. Hope you have a good trip. Regards,