Heads Up

As you are already aware, the West desk is making efforts to introduce
financial trading. I met with a customer of John Malowney's this afternoon,
a fellow from a small Oregon PUD named Clatskanie, (pronounced clask, as in
ask, uh nigh ) the name of a tribe of Indians that I am sure Lewis and Clark
dealt with on their way down river in 1805 and about which I will hereby
discipline myself to digress no further except to mention in passing that
there is an excavation site of one of their villages alluded to in the
Journals, not far from the Portland airport) anyway, this customer is
reviewing an ISDA and says there is an association of Oregon utilities that
share legal counsel and they are all edging ahead with ISDA review. One gets
the sense of a kind of imperceptible glacial movement turning into visible
creeping . I stepped up to the plate and said Enron legal would leave no
stone unturned in working with their association and we would be happy to get
our ISDA attorney's in Houston to work on a cost effective basis with their
association to promote this ISDA eductation process and on and on. He said
he would give my card to various lawyers and call us back. So, this is a
heads up about what may become an important opportunity for us to creep
somewhat more rapidly into the financial trading market up here. I realize
that resources in the financial trading group are spread thin but would like
to urge you to keep this kind of western initiative in mind. Wouldn't it be
ironic if the first city to string an electric wire (14 miles from Willamette
Falls at Oregon City, capital of the Oregon Territory, to downtown Portland)
for the public sale of electricity would lead the charge to embracing
financial power trading? I will keep you posted and try not to write
messages so soon after drinking Starbuck coffee. .--cgy