Problem: BODY: Legal, Per the request of Stewart Rosman, please prepare an ISDA between Public Utility District Number One of Grays Harbor and ENA. Credit concerns should be addressed to Tracy Ngo or myself. Thank you,
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A: SUBJECT: PUD No.1 of Grays Harbor - ISDA request

Problem: BODY: I just got off the phone with Margaret Lester, a contract administrator at Dynegy, and Harlan Murphy, an attorney she works with. There was some misinformation communicated to them about EOL, and I told them the only way we would trade online with them was under the existing master, not under the online GTCs, we wanted the bankruptcy protection the master affords. They want to replace the old ERMS Master with an ISDA and I told them we would be happy to generate the master. Can I get some credit from you so I can turn around a master quickly, or we will have to work off their form, which will then become an ISDA comparison which will be a lot more work in the long run. Much thanks as usual for your prompt help!
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A: SUBJECT: Dynegy Marketing and Trade

Problem: BODY: It turns out the initial auction product will not be the emissions credits but rather the EnBank UK synthetic gas storage product. They want this auction to allow bids to be revoked or revised up until the end of the auction period and not to have the ability to accept bids until the expiration time. There is still no commitment to sell anything. All transactions will be for sales by Enron to the counterparty. I have taken a stab at revising the procedures language with this in mind.
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SUBJECT: Just when we thought it was safe....