IN: We have accepted your suggested revision to Article 13 of the Agency and Management Agreement. Attached is a new executable with the language revised. Also attached for execution are the gas purchase confirm and associated GTC for the gas purchase through Monday June 4. The GTC was revised to remove the $0.15 per MMBtu liquidated damages. Thanks.

Generate a subject line.

OUT: Gas Sale Docs. and Revised Agency Agreement

IN: Pat: I am a financial trading attorney with Enron North America Corp. ("ENA") in the Houston office. Christian Yoder gave me your name and suggested that we speak regarding the EWEB transaction. I will be negotiating the ISDA Master Agreement with EWEB, probably with Jmi Deason directly. ENA requires that governmentals provide specific evidence of authority to enter into derivative instruments (including certified resolutions specifically authorizing execution of the master agreement and all transactions thereunder, legal opinion and additional reps/warranties). I was curious as to the specific documentation you had reviewed from EWEB. It sounded from your email which Christian forwarded to me, that you were reviewing evidence of authority to enter into physical transactions. I would like to speak with you directly, if possible. I am in a Central time zone and my direct line is (713) 853-5620. I look forward to speaking with you. Thanks. Sara

Generate a subject line.

OUT: EWEB

IN: Today FERC issued the following draft orders: NYISO TEP and Bid Cap (ER01-3001): Commission granted NYISO's request to extend the currently effective $1000/MWh Bid Caps on certain NYISO adminstered markets, and to extend its Temporary Extraordinary Procedures for Correcting Market Design Flaws and Addressing Transitional Abnormalities, until the Northeastern RTO is operational. The Commission ordered NYISO to narrow the scope of the TEP, and to file tariff sheets doing so within 30 days. NYISO proposed virtual bidding procedures (ER01-3009; ER01-3153): Tariff changes to implement virtual bidding were approved. The changes would allow market participants to bid non-physical generation and load into the day-ahead market and settle the bids in the real-time market. Also accepted were NYISOs Market Mitigation Measures to address gaming or market power strategies that might emerge as a result of the virtual bidding. NYISO - Cost responsibility for new interconnections. (ER01-2967): Tariff changes allocating cost responsibility for interconnection facilities. The provisions allocate to developers 100% of the cost of facilities necessary to physically interconnect the project. Additionally, developers are allocated the coswts for transmission system upgrades that would not have been made "but for" the interconnection, minus the cost of any facilities that the NYISO's regional plan dictates would have been necessary anyway for load growth and reliability purposes. ISO-NE - Interim Bid Caps (ER01-3086): Commission approved extension of bid caps until the Northeastern RTO is operational. Calpine v. ISO-NE (EL01-124): Commission granted complaint by Calpine and Mirant, finding that ISO-NE has amended Market Rule 5 to exclude external contracts from setting the energy clearing price, in violation of a Commission order. If you need further information, please let me know. Susan Lindberg x30596

Generate a subject line.

OUT: Orders issued today in NYISO and ISO-NE proceedings

IN: I created deal 536707 for this gas. This has nothing to do with the voodoo deals I do with Jeff Porter. We need to schedule this.

Generate a subject line.

OUT:
Sale to ENA from New Power