Conectiv / Delmarva

My feeling is we stand by our confirmation - what do you think?
----- Forwarded by Mark Taylor/HOU/ECT on 12/12/2000 07:02 PM -----

Jeffrey T Hodge
12/12/2000 04:45 PM

To: Mark Taylor/HOU/ECT@ECT
cc: Scott Neal/HOU/ECT@ECT, Dick Jenkins/HOU/ECT@ECT, William
Kelly/HOU/ECT@ECT
Subject: Conectiv / Delmarva

Mark:

This falls into your area. I have spoke to William Kelly and advised that I
am forwarding it to you.

Thanks,

Jeff
----- Forwarded by Jeffrey T Hodge/HOU/ECT on 12/12/2000 04:43 PM -----

William Kelly
12/12/2000 04:20 PM

To: Jeffrey T Hodge/HOU/ECT@ECT
cc: Scott Neal/HOU/ECT@ECT, Dick Jenkins/HOU/ECT@ECT
Subject: Conectiv / Delmarva

On January 14, 2000, we transacted with Conective via NatSource for a Nov '00
- March '01 basis swap @ Transco Z6. Our ticket/booking/confirmation
indicates we bought the swap. The broker confirm indicates we sold the
swap. Our confirm to the counterparty was executed as Enron buying by their
operations manager, Joseph Glace. The counterparty is contending that the
broker confirm is correct. Trading contends our confirm is correct and
binding. How should we proceed? The value of the position is roughly $3MM
of revenue.

Thanks,

WK