Spoke with Steve about the swap question.  He wants to talk with you about 
this before circling back to Knippa.  If you don't hear from him, and want to 
call him, his # is 281-350-8441.

Re. TW's exposure if we authorize ECS to lock in too early:

If TW defaults under the CSA, it must hold ECS harmless with regard to 
expenses incurred by ECS in the assignment of the electric supply agreement 
and pay ECS whatever is owed under the agreement.  No other specific damages 
are addressed, and the agreement specifically prohibits the recovery of 
consequential, incidental or indirect losses or damages.  (Section 9.2 
provides for reimbursement for ECS's reasonable costs in providing 
Compression Services, but only in the event TW uses its FERC out.)  The Gas 
Conversion Agreement provides for termination of the agreement in the event 
of default by TW under the CSA, and obligates TW to reimburse ECS for ECS's 
costs and expenses incurred in unwinding the forward sale of natural gas 
volumes to be delivered to ECS under the agreement.  

Other questions -- let  me know.