Please see below.


Debra Perlingiere
Enron North America Corp.
Legal Department
1400 Smith Street, EB 3885
Houston, Texas 77002
dperlin@enron.com
Phone 713-853-7658
Fax  713-646-3490

----- Forwarded by Debra Perlingiere/HOU/ECT on 12/22/2000 01:56 PM -----

	Bob Bowen
	12/22/2000 12:25 PM
		 
		 To: Debra Perlingiere/HOU/ECT@ECT
		 cc: 
		 Subject: Gas Agreement - CPS and ENA

Please run this group by the credit group then, if possible, send them the 
master firm and spot agrements.

Thanks.
---------------------- Forwarded by Bob Bowen/HOU/ECT on 12/22/2000 12:25 PM 
---------------------------


"McGilloway, Vangie" <Vangie.McGilloway@powersrc.com> on 12/22/2000 10:58:35 
AM
To: "Bob Bowen (E-mail)" <bob.bowen@enron.com>
cc:  
Subject: Gas Agreement - CPS and ENA


Good Morning Bob and Happy Holidays to you -
Hope things are going well with you and Enron North America ("ENA").
Earlier this week, I assumed a new role at Constellation Power Source, Inc.,
which will give the opportunity to "reconnect" with many of the contract
administration and legal professionals I worked with during my years at
MEGA. I look forward to working with you once again.

In light of the upcoming addition to our wholesale energy business, this
email confirms our request to establish a gas purchase and sale agreement
between your organization and Constellation Power Source, Inc.("CPS").
According to our business structure, our affiliate company in Houston, TX,
Constellation Energy Source, Inc.("CES"), was previously handling all of the
wholesale natural gas business on behalf of our organization.  It is
expected that CES will cease operations by April '01 and the wholesale gas
trading activity will be conducted through our newly formed Gas Desk located
within the CPS' offices in Baltimore, MD. I have already contacted CES in an
attempt to gather contracts and determine whether an assignment or the
termination and reissuing of a new agreement between us would be the most
feasible mean to proceed with our gas trading activity in a timely fashion.

ENA  has been identified by our Gas Desk as one of the potential
counterparties for gas trading in the year 2001.  CPS will initiate gas
trading as early as January 29th, 2001. Considering this, I am looking
forward to receiving a copy of your master agreement for our review and
consideration.  Such can be forwarded to me via email at the earliest
convenience.

I thank you in advance for your assistance and prompt response to our
request and look forward to working with you in the near future.  Do not
hesitate to contact me if there are any further inquiries to this request.
I will make a note to follow up with you during the first week of January
'01.

Regards,
Vangie McGilloway
Manager, Contracts
Constellation Power Source, Inc.
111 Market Place
Ste 500
Baltimore, MD  21202-4035

Phone 410-468-3798
Fax 410-468-3499
email   vangie.mcgilloway@powersrc.com