Swap

Here's the info for documentation. Please call. Sara
---------------------- Forwarded by Sara Shackleton/HOU/ECT on 07/22/99 11:03
AM ---------------------------
From: "Julian Poole/ENRON_DEVELOPMENT" AT ENRON_DEVELOPMENT@CCMAIL on
07/21/99 03:06 PM
To: Sara Shackleton@ECT
cc: "Don Black/ENRON_DEVELOPMENT" AT ENRON_DEVELOPMENT@CCMAIL, Federico
Cerisoli AT ENRON_DEVELOPMENT@CCMAIL, Brent Hendry AT
ENRON_DEVELOPMENT@CCMAIL, Jana Morse AT ENRON_DEVELOPMENT@CCMAIL, "Veronica
Leppez/ENRON_DEVELOPMENT" AT ENRON_DEVELOPMENT@CCMAIL
Subject: Swap

Sara, we need your help with the following:

We have closed our first financial power swap in Argentina, with the
following terms:
Counterparty: Central Puerto S.A.
Notional volume: 30 MW, 24 hours/day, 7 days/week
Trade date: July 20, 1999
Effective date: November 1, 1999
Termination date: April 30, 2000
Calculation Period: each calendar month beginning with November 01, 1999
and ending on April 30, 2000
Fixed price payer: ECT Corp.
Fixed price: $18.40
Floating price payer: C. Puerto
Floating price: Simple average of the quotations for the Argentine hourly
monomic power price at the load center (Ezeiza) published by Cammesa for the
applicable Calculation Period

We need you to issue the Confirmation of this trade and have it sent to the
customer asap, with a copy to us in Buenos Aires.
Thank you very much.

If you have any questions pls. call either Federico or myself.

Regards,

Julian