Subject: "Various "Morgan Stanley" master agreements".

Body: As a result of Jeff Nogid's request, here is a recap of the Morgan Stanley situation: (1) Morgan Stanley Capital Group Inc. This is the entity for commodity trading. (i) ECT has a Master Energy Price Swap Agreement dated 6/16/92 (ii) ECTRIC has an ISDA dated 3/2/99, but eff. 8/27/97 (2) Morgan Stanley Capital Services Inc. Jeff Nogid requesting new master for fixed income transactions (3) Morgan Stanley International Limited This is the entity for equity trading. Will Nogid or Kinneman ever need this one? Each of these companies has a different lawyer to negotiate the agreement. Each Morgan Stanley entity might require a separate guaranty. Anne Clark in legal (Cap Services) will let me know. I will put (2) in place. Do you want to pursue upgrading (1)(i) or addressing (3)? Please let me know. Thanks. Sara

Subject: "CGAS contract 64231".

Body: This is a good time to bring this up. Unless the original CES agreement has changed, ENA will pay CALP a monthly demand charge of $103,417 from 1/1/2000 - 4/30/2000. From 6/1/2000 - 7/7/2000, ENA will pay a (volumetric) demand charge of $.02/mmbtu to CALP for any volumes utilized by ENA. Which brings up 2 important points; 1.The month of May has not been addressed which means Robin needs to discuss this with CALP (and she may have already) However, currently we will not be showing any demand estimates for May. 2. It's a new ball game starting 7/8/2000. Comments/questions?

Subject: "Output from Operations/Control Review in Buenos Aires".

Body: Ted Murphy and I met with the Arther Andersen team this morning that accompanied us on our trip to Buenos Aires. We reviewed the observations and recommendations in written form that we had discussed briefly with you on our last day your office. After making a few changes, AA should be forwarding to you a copy of the draft document later this afternoon. We would welcome your comments and your additions on anything that you think we may have missed. Ted and I will be meeting with Rick Causey and Rick Buy within the next couple of days to discuss our operations and control review, so your responses would be welcomed prior to that meeting. I look forward to working with you and others in your office in my role over Global Risk Management Operations. In addition to overseeing common standards and controls for opeartional practices, I will work as your advocate for system and resource needs in order to insure success for your business plan in Buenos Aires.

Subject: "Bay State Meter bounce fee".

Body:
Meredith, please path deal 209359 with 209371 for Jan 31. This should capture the meter bounce fee ENA owes Bay State. Sherry, I don't remember who gave me this invoice. I will leave it on your desk.