Con Ed of NY

Ed,

Please review the attached revised confirm for Con Ed. The revision is to
the Exposure Threshold/Credit Ratings on page 1 of Annex B-1. As ENA does
not have a credit rating above BBB+, we have inserted $20 mil. (the BBB+
threshold) for those ratings above BBB+.

Please contact either Sara or myself.

Thanks,
Stephanie

Sara - I spoke to Clement about the revised guaranty and have emailed him
clean and blacklined copies.