RE:

George:
We need to be able to demonstrate some measurable benefit to Enron in doing this. Since we are not making any post-bankruptcy settlement payments, pushing the payment date back is not enough. What other benefit would there be? Why again does the customer want to do this?

Carol St. Clair
EB 4539
713-853-3989 (phone)
713-646-3393 (fax)
281-382-1943 (cell phone)
8774545506 (pager)
281-890-8862 (home fax)
carol.st.clair@enron.com

-----Original Message-----
From: Gilbert, George N.
Sent: Wednesday, December 12, 2001 9:48 AM
To: St. Clair, Carol
Subject:

Carol, in regards to our discussion yesterday evening. I have a customer who wants to roll some of his hedges back a few months. We are "out of the money" on the hedges. The roll will be done where it does not change our liability. This is better for ENE because it pushes our liabilities due out into the future by about six months.

Please let me know ASAP. Thanks for your help.

GNG
X35222