IN: Gerald, were you able to get the contracts w/ changes out to Aspect, et al yesterday? I am out this week, but am checking email. If you need to talk, call me on my cell phone 713-628-0543. Thanks.

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OUT: Revised contracts to Aspect et al

IN: I working with outside counsel to get a draft of the revolver prepared. She (outside counsel, Heather Brown) has summarized the information I have given her as follows (see below), and I would appreciate your input as to whether it is accurate. Once we get a draft we can sit down and discuss it, and make sure we are on the right track. I believe Gregg said that this needs to be in place within 2 weeks. Thanks,

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OUT: Revolver for MEH (now named enovate)

IN: Anne, can we add the new pg&e topock curve to the basis transport tab? Also, the LT transport section is showing the transport positions through 2002, which is incorrect. Please review the transport deals in the model and delete the positions. Thanks,

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OUT: NCD

IN: Brad, further to our conversation of yesterday morning, please find attached Enron's payout table and alternative payout table regarding the permanent assignment of PGT capacity. The onus will be on Enron to deliver long dated capacity to Calpine and we will begin working on this immediately. Below is a summary of some of the key next steps. Please review and we can discuss on Monday the numbers and final steps as required. ENA and Calpine will formalise % discount, volume grid, lump sum $ amount or annuity amount. As discussed our cost of funds implied will be LIBOR + 200 basis points. ( to be confirmed ). ENA will raise a precedent agreement with option language in favor of Calpine which allows you to request that the period 2 volume be no less than the period 1 volume and up to the total delivered volume of 67,500 based on the agreed to % discount as referenced in point #1. ENA will forward the draft precedent agreement which will include the necessary conditions precedent required and with the general commercial terms as agreed per items above (ETA - Tues/Wed). ENA will provide a bid to Calpine on Monday afternoon with a number on the Spark Spread proposal. Contact name @ Trans Canada and ANG is Kay Coad Ph: 403-267-2480. I trust the information as provided above is consistent with our previous discussions. Please contact me once you have had a chance to review. Regards,

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OUT:
Enron - PGT Payout Table