Re: PJM Prices US East Power Swap

Thanks Leslie. I will assume that the Index and Poduct Type descriptions do
not require any further Legal review.

Eric - Please see the attached changes. Since we are making changes to the
Product Type description, I will need to put a ticker item on the website
alerting our customers of the change. This will be done Monday morning so
customers will see the new ticker item when they sign on. Also, ISO NY has
been tested - so we can release that on Monday as well. I need one more piece
of information for the PJM Index in order to be able to TEST that Index - and
will make every effort to get that done today and have PJM ready to go as
well.

Leslie Hansen
06/15/2000 03:50 PM
To: Dale Neuner/HOU/ECT@ECT
cc: Sara Shackleton/HOU/ECT@ECT, Elizabeth Sager/HOU/ECT@ECT, Eric
Saibi/Corp/Enron@ENRON
Subject: Re: PJM Prices US East Power Swap

Dale:

Please see my revisions to the PJM Index below.

The Floating Price during a Determination Period shall be the average of the
hourly prices listed in the Index (in final, not estimate, form) for
electricity delivered during Peak hours on each Delivery Day during the
applicable Determination Period. The Floating Price for each Determination
Period shall be calculated utilizing the hourly clearing prices published by
PJM Interconnection, LLC on its official web site currently located at
http://www.pjm.com/pub/account/lmp/index.html
ftp://www.pjm.com/pub/account/lmp/index.html, or any successor thereto, under
the headings "PJM - Locational Marginal Pricing Files; Western Hub" (the
"Index").

Please note that we need to change the Pwr Fin Swap description to revise the
payment terms. Sara and I have met and discussed this issue with the
relevant folks in great detail and determined that the current language is
not reflected in reality. We also need to change the index definition for
the ISO NE index to delete the reference to "in final, not estimate, form".
Attached please find the revised long product descriptions for both ISO NE
and the NYISO.

Call me in the morning to discuss. I have a meeting at 10, so try me before
that time if you get a chance.

Leslie

Dale Neuner
06/14/2000 08:24 AM

To: Leslie Hansen/HOU/ECT@ECT, Sara Shackleton/HOU/ECT@ECT, Eric
Saibi/Corp/Enron@ENRON
cc: Kenny Ha/HOU/ECT@ECT, Jennifer deBoisblanc Denny/HOU/ECT@ECT, Torrey
Moorer/HOU/ECT@ECT, Tara Sweitzer/HOU/ECT@ECT
Subject: Re: PJM Prices US East Power Swap

Legal/Commercial:

Here is my suggestion for the PJM Index. I will use a PJM Peak Loadshape that
mirrors the ISO NE and ISO NY Loadshape.

Kenny; et al:

Please map in TEST and PROD

Index: PJM Interconnection
Abb: PJM InterC
Sort Code:
Desc: The Floating Price during a Determination Period shall be the average
of the hourly prices listed in the Index (in final, not estimate, form) for
electricity delivered during Peak hours on each Delivery Day during the
applicable Determination Period. The Floating Price for each Determination
Period shall be calculated utilizing the hourly clearing prices published by
PJM Interconnection, LLC on its official web site currently located at
http://www.pjm.com/pub/account/lmp/index.html, or any successor thereto,
under the heading "PJM - Locational Marginal Pricing Files" (the "Index").

Dale
3-9746

Eric Saibi@ENRON
06/13/2000 12:13 PM
To: Dale Neuner/HOU/ECT@ECT
cc:
Subject: PJM Prices

The appropriate address is ftp://www.pjm.com/pub/account/lmp/index.html

This is the same as going to www.pjm.com, clicking on "Market & System Data",
and then clicking on "Daily Real Time LMP Data".