Subject: "FERC Orders".

Body: Folks, FERC is deliberating today on many agenda items. Two they have approved are: 1. Modifying the June 19 Price Mitigation Order setting the price cap at $108 until April 30, 2002, and decoupling the cap from California's reserve deficiency, and instead tying the cap to the price of natural gas (upwards, only). 2. Denial of Requests for Rehearing (in great part) on all California Orders since last December 15 (2000), and ordering the California ISO to submit a revised congestion management plan, and a plan for establishing a day-ahead market, both plans due May 1, 2002. Both Orders passed 3 Yea, and 1 No (MAssey, in part on the second order). gba

Subject: "Master forms".

Body: Via fax, I am sending to you the new and old Annex A forms and a variety of new and old option (cap,floor, call,put,collar) formats. Per our earlier conversation, I would truly appreciate your input. The fax is about 40 pages. Sara

Subject: "EnronOnline Counterparty Approval Process".

Body: David: Tana and I would like to talk with you to set up the counterparty approval process for EnronOnline regarding Australian counterparties (trading Australian and other products) and Australian products being traded by non-Australian counterparties. The EnronOnline people are anxious that Tana be designated their liaison and we need to figure out what she can do and what you (or someone else in Australia) need to do as part of this process going forward. Any chance you might be available for a telephone conversation about this at 9:00 am your time (5:00 pm Houston time) today? Mark

Subject: "NETCO Org. Chart".

Body:
This org. chart head count totals 135, with an additional 34 that should be included from Peggy Hedstrom's org. chart sent from the Canada office which totals 169 for NETCO Energy Operations. If you have any questions please contact Leslie Reeves @ X37962. Thank you,