This deal is booked correctly.  The external fee, labeled exchange fee is the 
.145 cents per mm that we owe them for the exchange.  The confirmation letter 
is wrong.  The fee per Geoff Storey the trader is .145.  This is also known 
as a spread fee.  If you have any questions, please feel free to call 3-7376.
PL





Elizabeth L Hernandez
12/05/2000 03:09 PM
To: Phillip M Love/HOU/ECT@ECT
cc: Charles Jacobs/NA/Enron@Enron 
Subject: Consumers Energy

You entered these deals in Sitara.  Could you please get with Chuck Jacobs to 
resolve this issue.  Please see his e mail.
---------------------- Forwarded by Elizabeth L Hernandez/HOU/ECT on 
12/05/2000 03:08 PM ---------------------------
   
	
	
	From:  Charles Jacobs @ ENRON                           12/05/2000 12:59 PM
	

To: Elizabeth L Hernandez/HOU/ECT@ECT
cc:  
Subject: Consumers Energy

Elizabeth,

Can you check out Deal #'s 411921 (Sale) and 411937 (Purchase)?  Looks like a 
buy/sell where we sold to Consumers Energy in October (1,000,000 total at 
5.20) and bought it back from them in November.  Both deals have 0 rates so 
that's not a problem.  The problem is - there's an exchange fee on both deals 
of $0.0725.  But it's a negative fee on the sales side and a positive fee on 
the purchase side.  That means I would owe them a netted amount of $145,000.  
Is that right??  Should the sale side maybe be positive so the two sides net 
to 0 - or do we owe them this money??
Also, the confirmation letter for the sales side mentions a "spread fee" to 
be paid by Seller (ENA) of $155,000.  Could that $145,000 netted amount be a 
part of that?  And if so, where's the other $10,000?

So many questions!!  I have copies of the confirms if you need to see them.  
Let me know...

...Chuck