Re: Panda Energy

I've just learned that this is a "West" deal for the sale of the LV Co Gen
units.

This deal was described as being the same as the Intergen deal. King &
Spalding helped me on that one, and when I thought this was an East deal I
contacted Keffer for a conflicts check (there is none). I haven't gone to
Mark with it yet, though.

We have forms, etc for this, and I'm happy to provide whatever support I
can. Please advise as to how you would like to proceed.

Kay

---------------------- Forwarded by Kay Mann/Corp/Enron on 02/27/2001 12:39
PM ---------------------------

From: Ben F Jacoby @ ECT 02/27/2001 11:32 AM

Sent by: Ben Jacoby@ECT
To: Kathleen Carnahan/NA/Enron@ENRON, Fred Mitro/HOU/ECT@ECT, Stephen Thome,
Christopher F Calger/PDX/ECT@ECT, Kay Mann/Corp/Enron, Chris Booth/NA/Enron
cc:

Subject: Re: Panda Energy

Folks:

I just got off the phone with Lee Johnson at GE. I described the overall deal
to him ("Intergen" style deal with the current 4 LV Cogen units, and a
purchase of 4 additional units as a replacement), but did not disclose that
the counterparty is Panda. Lee is totally on board, and thought this would be
a great transaction. Based on this, I think our GE risk is minimal, which
means that our primary commercial focus needs to be on making sure Panda is
prepared to transact, and if they remain as interested, making sure we
proceed with as simple a transaction as possible.

I would suggest that we have an all hands conference call to discuss the
transaction as soon as possible.

Fred-could you please contact everyone and set this up? I'm available all day
today, and tomorrow to 3 PM EST.

As soon as I get the revised proposal from Lee, I will forward it to the
group.

Regards,

Ben