IN: Notes from Bryson conversation with Ken Lay: Urged us to "stay at the table". Says teams in Washington have all the demand curves from the utilities (from which to calculate offering prices). QF meeting starts at 7:00 pm tonight. says average cost of QFs today is 15?/kwh (amounts to 30% of supply). believes that cost can be brought down significantly if gas is purchased forward (perhaps by state entity). Says all utility generation (another 30%), mostly hydro and nuclear is cost based at 4?/kwh. If suppliers come in at 5.5? (or even 6? ), there is room under the 7? new commodity rate component to recover securitized costs (amounts to about 40% of SCE supply). Says good progress was made today. Believes they may have a framework this evening. Believes 5.5? is causing problem; maybe room to squeeze it up (perhaps as high as 6.0?). Thinks governor will slightly increase rates (or pay more at government facilities) if the parties can get 97% of the way to a solution. Thinks it's nearly a "done deal" that DWR (state entity) will buy power. Says securitization may be harder to get. Bryson's questions to Ken (and Ken's to us): Are we willing to forbear payment of amounts owed to us and continue to sell power to the utilities over the next several weeks. Ken realizes that Bryson may be overstating the progress made, and made no commitments to Bryson. Let's discuss at 10:30 call tomorrow.

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OUT: Bryson Conversation

IN: This is what we have so far. Primary on k#.7537 Volume Comment 60,000 Telescoped to NY 30,000 Z3 to NY 3,000 Z3 to Non NY 17,000 Z3 to Z4 Note: Maybe Scott will Highlight in Red what we have for retail. Primary 6-6 space from Leidy/Wharton to NY Volume k# 16,500 3.4367 8,850 2.2390 12,800 2.2173 Segmented 6-6 Space k#3.4367 30,000 maybe ( need to check 1st thing in the morning) Backhaul k# 3.5806 6-1 space 20,000 smackerooooos. Segmented Space 3-3 k#.7537 112,800 definite and another 15,600 maybe( i need to check 1st thing in the morning) No segmented 4-4 space

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OUT: Trco for July

IN: Molly: I left you a voice mail this morning about Citibank. The file reflects that you received correspondence from Citibank on 2/22/00 and Carol St. Clair had propsed revisions to the existing 1/9/96 ISDA Master Agreement (including changes to the CSA). Have you agreed to those changes? The Australia office is inquiring about the status of this Master Agreement. Thanks. Sara

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OUT: Citibank N.A./ENA Master Agreement and CSA

IN: Ashley and I need your address again and your uncles' addresses for Christmas cards. How is married life treating you? Good I hope. What are you guys doing for Christmas? Are your folks coming in? We are staying in Houston. Should be nice and quiet. We are going to have a few people over for new year's, but nothing special. PL

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OUT:
addreses