To expedite communication and secure all functional sign off on the Argentine
offshore power product I am circulating this overview of the product and its
structure and remaining issues that still need to be addressed. Please submit
comments as soon as possible so that we can secure the necessary approvals to
load and launch this product.

Product Description
Product Argentine Power Financial Swap
Obligation Firm
Transaction Location Offshore Enron Offshore & Onshore Argentina Counterparty
Internal Counterparty Enron North America
External Counterparties Generators, LDCs, Largest Industrials,
Term 1 Year and less Intra month, Monthly, Seasonal
Volume 1MW and more
Index Ezeiza
Currency $US Dollars/MWh
Stack Manager Alberto Carreno (ESA Houston)

Legal Issues
We need to secure the following:

Can an ESA employee execute the transaction on behalf of ENA?
Sign off on Product Description
Finalize GTC
Confirmation Template
ENA agreement to host product

Tax Issues
In relationship with US taxation risk we need tax to clarify the treatment on
the following:
Whoever will run the Stack Manager for this product has to be physically
located in the US?
Does that person who runs the Stack Manager need to be an ENA employee or can
he be an ESA employee?
Can an ESA employee execute the transaction on behalf of ENA?
Can Julian sitting in Buenos Aires have read only access to that product on
the Stack Manager?.

EOL Team
EOL to migrate contents and product to production

Trading Accounting
ENA - Back-Office setup mapping

Once these issues are cleared by Legal,Tax and Trading Accounting we need to
communicate all this to Dave Forster in order to get the Enrononline group
finalizing implementing the product.

Please give me your comments as soon as possible.

MFG