SEE BELOW!!!!






Tracy Ngo
02/06/2001 12:41 PM
To: Jason R Williams/NA/Enron@ENRON
cc: William S Bradford/HOU/ECT@ECT 
Subject: cdwr matrix for financial gas proposals

Jay,

Per our conversation, here is the proposed pricing that ENA West Origination 
is looking to provide to the cp in an hour or so.  Please let me know that 
the "independent" amount is for these proposals.


Deal Specifics:  CP buying swap (cp pays fixed; cp receives So-Cal index)

Swap Term/Volume:   50,000MMbtu/d 100,000MMbtu/d 200,000MMbtu/d  
3/01/01 to 2/28/02 (one yr)  $8.44   $8.65   $8.90 Independent Amount => 
$5mm, $7.5mm, $15mm
3/01/01 to 2/28/06 (five yrs)  $6.51   $6.76   $7.06 NO BID, 50,000/D => 
$15MM independent amount
3/01/01 to 2/28/11 (ten yrs)  $6.02   $6.28   $6.58 NO BID ALL

NUMBERS BASED ON MASTER AGREEMENT WITH FULL COLLATERAL RIGHTS FOR ALL 
EXPOSURE!

Please let me know the upfront collateral amounts for each scenario.

Thanks!

Tracy