IN: On October 19, Consumers Energy filed tariff sheets and workpapers changes rates and rate calculation methodologies for firm and non-firm transmission service. Consumers states that the filing is in compliance with a letter order issued by the Commission October 5. The filed sheets are to have retroactive effective dates (1992; 1993). Interventions/protests are due Nov. 16. Please contact me if you need further information.

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OUT: Consumers Energy -- tariff filing

IN: I think this takes care of everyone. AND Judy would like everyone have Spinnaker access as well. Thanks. ID Person upnr010 Chris Germany uppm000Scottg Scott Goodell upnr070 Judy Townsend upnr300 Vickie Versen upnr000 Beverly Beaty upnr320 Clarisa Garcia upnr330 Robert Allwein

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OUT: VNG Agency

IN: 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

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

IN: Here's an update to yesterday's meeting on this subject. Product Development (Jim Wood, JD Burrows, JeVaughn Sterling, Gillian Johnson and myself) had a brief discussion with Jim Brown (Transaction Accounting) to review the applicability of MTM accounting for the Maryland index product. With relatively minor contract changes (to ensure the product is an "Index Plus" structure) the conclusion of the discussion was that the product should qualify for MTM. Market costs will not necessarily match revenues (for the reasons we discussed yesterday) which should make the product eligible for MTM. The desk would have an index position. The desk can then choose to manage the position or not. Nina and I certainly want to make sure you agree with this reasoning. Here's a 1st draft of a TC with marked revisions. The "Management Fee" is eliminated and replaced with EESI Energy Index Price plus $__/kWh in this draft.

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OUT:
Maryland "Index Plus" Product