Please note the following addition to the credit reserve for October 2001:

CP:  Alberta Direct - Hedges 
Deal No: 812159
Deal Date:  10/09/01
Deal Specifics:  ECC sells financial swap to CP
Term:  1/1/2002 thru 12/31/2007
Volume:  3.17494 MW/h, 7x24
Price:  Fixed $67.044 CAD
Region:  Alberta Power Pool
Trader/Mid-Marketer:  John Zufferli/Derek Davies
Credit Reserve Amount:  $67,000 CAD

RAC: transaction confirmed under 9/4/01 ISDA Master Agreement between ECC and Enron Direct Canada Corp

Please call with questions or comment.

Thank you
Wendy Conwell