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Drew, here's my first stab at a rehearing argument. I did not go as far as I could have because I really think we should argue that there should be no limitation at all and that TW should be able to decide for itself what capacity it can sell as firm. Instead, I've proposed a solution that will be less controversial, as we discussed earlier this week. If you think this passes the laugh test I can do some rewriting and circulate it. My biggest concern is portraying PNM's capacity as "firm" or "interruptible" since PNM does not use that terminology, in its tariff or otherwise, except to assure us over the phone that it is firm! I'd like to check to see if PNM is comfortable with all this before we file anything. Call when you can; this is not due 'til Oct. 15.

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OUT: PNM

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All: Attached are Bob's comments. I have not yet reviewed but will do so= =20 shortly. We're making progress on the masters. And it will be important t= o=20 track ALL EQUITY CONFIRMATIONS. I would appreciate your advising me whenev= er=20 Enron Corp. transacts derivatives/forwards, whether in the name of Enron=20 Corp. or ENA, on a timely basis. This will obvioiusly eliminate delays in= =20 reviewing the language and will make it easier to speak with both Rex and= =20 Bob. Thanks. Sara

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OUT: Equity Transactions

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Pls. see the attached resolution electing Mr. Troubh to the Board and waiving the requirement he tender his retirement at 71 (he is 75). CONFIDENTIALITY NOTICE The information contained in this email may be confidential and/or privileged. This email is intended to be reviewed by the individual or organization named above. If you are not the indented recipient, you are hereby notified that any review, dissemination or copying of this email or its attachments, if any, or the information contained herein is prohibited. If you receive this email in error, please immediately notify the sender by return email and delete this email from your system. Thank you.

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OUT:
Resolution for today