Subject: "Out of the Office".

Body: I will be out of the office visiting El Paso Electric and PNM through Friday evening. Please see Ryan with any questions regarding trading. I can be reached on my cell phone at 503-887-3449. Thanks,

Subject: "Assignmemt/Amendment".

Body: Robert: Susan Flynn told me that your client is objecting to the deletion of the first part of the first sentence in the "Setoff" language. I just wanted to explain why we are requesting this change. In reviewing our forms during the latter part of 1999, we made a number of changes to both our ISDA Schedule and CSA. One of these changes was the deletion of the preamble language contained in the setoff provision. We concluded that the phrase "Without affecting ...., all payments will be made without setoff ...;provided, however," actually negated the effect of setoff which we WANT to occur UPON THE DESIGNATION OR THE DEEMED DESIGNATION of an Early Termination Date. What purpose do you think the phrase serves if left in the setoff provision? Please feel free to give me a call at 713/853-5620. Thanks. Sara

Subject: "San Diego Gas & Electric - financial trading".

Body: Abbey: On March 29, you left me a voice mail in connection with the foregoing. Please call me at 713/853-5620 for an update and to answer you questions. There is not much left to do. Thanks. Sara Shackleton

Subject: "NYPA ISDA".

Body:
Attached is a clean and blacklined draft of the changes to the ISDA Schedule. We have also attached the proposed form of Enron Corp. Guaranty and the legal opinions of Enron North America and Enron Corp. The opinions of Cadwalader with respect to the ISDA and the Guaranty will be sent shortly under separate cover from Susan Lobel at Cadwalader. It appears the only remaining issue on the ISDA is the "Conditions Precedent" provision which NYPA is still considering. Please let me know if these changes meet with your approval.