Enron Energy Marketing Corp.

Vicki

Enron Energy Marketing Corp.("EEMC") has bonds posted with the ISO New England ("ISO-NE") with a value of $14,423,297.39. I am led to believe that this entity is an Enron Energy Services, Inc. ("EESI") entity which bought some assets from PG&E, possibly.

In order to maximise our credit flexibility and minimise our collateral obligations would you be kind enough to advise as to whether this entity is trading or requires NEPOOL to fulfill any obligations to customers and if not, we would want to cancel the bond.

If indeed the bond is needed, could you see if there is a way to transfer the obligations which require the bond to be in place for EEMC, from EEMC to EESI, in order that we can position ourselves to cancel the bond. In respect of any such transfer we would want to ensure that there was no increase in the obligation upon EESI as to the amount of the bonds required to be posted. EESI currently has $20,000,000 in bonds posted with ISO-NE.

If ISO-NE required the amount of the bonds to be increased, in the event that the obligations of EEMC were transferred to EESI, Travis, please could you advise as to whether the DIP financing agreements will permit us to issue new bonds, if the net effect was to reduce the amount of bonds issued as between all Enron entities.

Marcus