Large Deal Alert

---------------------- Forwarded by Phillip K Allen/HOU/ECT on 05/19/2000
10:46 AM ---------------------------

From: Jeffrey A Shankman 05/18/2000 06:27 PM

To: Phillip K Allen/HOU/ECT@ECT, Keith Holst/HOU/ECT@ect, Mike
Grigsby/HOU/ECT@ECT
cc:
Subject: Large Deal Alert

---------------------- Forwarded by Jeffrey A Shankman/HOU/ECT on 05/18/2000
08:23 PM ---------------------------

Bruce Sukaly@ENRON
05/18/2000 08:20 AM
To: John Arnold/HOU/ECT@ECT, Mike Maggi/Corp/Enron@Enron, Jeffrey A
Shankman/HOU/ECT@ECT
cc:
Subject: Large Deal Alert

To make a long story short.

Williams is long 4000MW of tolling in SP15 (SoCal ) for 20 years (I know I
did the deal)
on Tuesday afternoon, Williams sold 1000 MW to Merrill Lynch for the
remaining life (now 18 years)

Merrill is short fixed price gas at So Cal border up to 250,000MMBtu a day
and long SP15 power (1000 MW) a day.

heat rate 10,500 SoCal Border plus $0.50.

I'm not sure if MRL has just brokered this deal or is warehousing it.

For what its worth........