Physical and Financial Power Deals

Joram/Yair,

The attachment below excludes the (5) five physical power transactions (at
PJM) that Merrill would like to keep with Enron Power Marketing, Inc.

Tracy
---------------------- Forwarded by Tracy Ngo/PDX/ECT on 03/14/2001 05:08 PM
---------------------------

Tracy Ngo
03/14/2001 05:01 PM
To: jcukierman@exchange.ml.com
cc: rsheybank@exchange.ml.com, torr@exchange.ml.com, William S
Bradford/HOU/ECT, Janice R Moore/HOU/ECT@ECT, Rhonda L Denton/HOU/ECT@ECT,
Sara Shackleton/HOU/ECT@ECT

Subject: Physical and Financial Power Deals

Joram/Yair,

Attached please find the spreadsheet (sheet 1 for physical power deals and
sheet 2 for financial power deals) containing the deals currently outstanding
between Merrill Lynch Capital Services and Enron Power Marketing, Inc. (for
physical power) and Enron North America Corp. (for financial power).

Please have this list reviewed and let me know if this is in aggreance with
your records.

I will now work on the financial gas transactions that Merrill is proposing
to assign.

Regards,
Tracy
503-464-8755

---------------------- Forwarded by Tracy Ngo/PDX/ECT on 03/14/2001 03:59 PM
---------------------------

Rhonda L Denton
03/14/2001 03:50 PM
To: Tracy Ngo/PDX/ECT@ECT
cc:

Subject: MERRILL

Here we go