Tokyo Gas Weather deal

Mike/Jeff,

Understand interesting times, but we are very close to closing the biggest weather deal done in Japan with Tokyo Gas (3 month Dec-Feb collar, 900M Yen max payout). Given current situation with Enron, however, TG is now concerned about E's credit. We spoke to Hitachi today and they would be willing to sleeve this for us for 2% of premium (about $15k). Hitachi also has strong relationship with TG and they are trying to use this so that we can get the deal. Relationship being called on from high levels within Hitachi. Hijikata (our guy) has been told by TG that we now have the best price. We will need relationship to get done as some concern by TG of Enron reputational risk even if we are behind Hitachi.

Great pricing and coordination/cooperation with Mark's guys in US/Australia.

Joe