Hello everyone.  More fun issues from Chicago.  I would like to discuss the 
different options available for giving parent guarantees to third parties.  
As everyone knows, to date we have had two third party transactions requiring 
parent guarantees.  In the Trunkline transaction, each parent issued separate 
guarantees for 1/2 of the requested amount, negotiated by respective 
counsel.  In the Alliance transaction, Enron issued a guarantee for the 
entire amount and Peoples has presented us with a reimbursement agreement 
which we are reviewing.  Peoples' Board meets next Wednesday, Oct. 4, to 
approve the risk management policy.  Assuming the policy is approved, deal 
flow should begin to increase and I would like to discuss how these 
guarantees can best be handled going forward.  My thought was an hour or so 
next Monday, Oct. 2, to the extent everyone is available, with a follow up 
meeting with Peoples perhaps Wednesday.  Let me know how your calendar looks 
and I will coordinate the meeting.

Jeff & Kay:  Although this has been initially focused on parent guarantees, 
this is part of a larger issue regarding negotiations of enovate contracts in 
general.  For instance, we have agreed to templates for a Master Purchase and 
Sale Agreement and a GISB Agreement.  However, who is authorized to make 
changes and negotiate on behalf of enovate?  We can discuss any suggestions 
for handling these situations as well.

Thanks,

Gregg