Credit Reserve - Alberta Direct Deal #817779

Please note the following addition to the credit reserve for October 2001:

CP: Alberta Direct - Hedges (backed to back with Enron Direct Canada Corp pertaining to retail Co-Op Deals)
Deal No: 817779
Deal Date: 10/12/01
Deal Specifics: ECC sells financial swap to CP
Term: 1/1/2002 thru 12/31/2007
Volume: 1.6 MW/h, 7x24
Price: Fixed $67.044 CAD
Region: Alberta Power Pool
Trader/Mid-Marketer: John Zufferli/Derek Davies
Credit Reserve Amount: $32,000 CAD

RAC: transaction confirmed under 9/4/01 ISDA Master Agreement between ECC and Enron Direct Canada Corp

Please call with questions or comment.

Thank you
Wendy Conwell