PSEG Risk Memo

I'm going in today, can we meet for lunch?

Also, please review attached form of risk memo in which I outline the risks
that I see in the PSEG transaction. I have not elaborated the details yet
because I wnated to first confirm the outline with you. I only expect to use
bullets below the issues I've identified. Also, how much if any of this
should be added to the DASH which is also attached. Lastly, since Mark is
out this week, I've addressed the memo to Julia since she will sign the DASH
(I gave her a heads up yesterday). Thanks. I've got a 10:30 call, but will
stop by may be before or more likely after.

Carlos Sole'
Senior Counsel
Enron North America Corp.
1400 Smith Street
Houston, Texas 77002-7361

(713) 345-8191 (phone)
713 646-3393 (fax)