Legal Question

Mark -

I have a legal question for you. I was told recently that Carol St Clair was
going to help support the West Trading desk on physical transactions. Since
she came from the financial legal group I was wondering if she would be able
to help with financial transactions as well. I feel there are synergies to
having the same Enron lawyer represent us for both the EEI and ISDA. A
recent example of this could be the SMUD relationship. Carol recently
completed an amendment to the existing ISDA and now is looking at sending
them a EEI. The SMUD credit and legal personnel are the same so the process
should be quite smooth. I was interested in your thoughts on this. You can
reach me by phone (503-464-3810) or email. Thanks.

Stewart