---------------------- Forwarded by Richard Shapiro/NA/Enron on 06/08/2001 
10:05 PM ---------------------------


Peter Styles@ECT
06/01/2001 04:58 AM
To: Brendan Devlin/EU/Enron@Enron
cc: Richard Shapiro/NA/Enron@Enron 

Subject: EFET draft security of supply paper

Take a look at attachment below for guidance in any discussion with Ristori 
next Wednesday re Bush energy policy statement and comparative aspects of EC 
green paper on sec. of supply. To remind you of what Loyola said on CNN 
yesterday:
 - Agrees with need to re-evaluate role of nuclear plus future investment in 
it .
 - Disagrees with weight given to supply side and indigenous sources, 
compared with demand side and fuel diversity (also from external sources?)
 - Disagrees with exclusion of climate change considerations. 

---------------------- Forwarded by Peter Styles/LON/ECT on 06/01/2001 10:25 
AM ---------------------------


brian.samuel@txu-europe.com@txu-europe.com on 04/23/2001 02:31:45 PM
To: "EFET Secretariat" <secretariat@efet.org>
cc: peter.styles@enron.com 

Subject: EWG - security of supply paper




Jan, please find a revised draft of the SoS paper following discussions with
Peter. I would be grateful if you could circulate it to the members of the
electricity working group for comment by 30th April. Likewise could you also
forward it to Ian Wood.
(See attached file: efetsos.doc)



Thanks Brian





~~~~~~~~~~~~~~~~~~~~~    DISCLAIMER    ~~~~~~~~~~~~~~~~~~~~~

This E-mail is private and confidential and may be covered by
legal professional privilege. It is therefore only intended for
the addressee(s). If you are not one of those persons you must
not read, copy, store, disclose, use or distribute its contents.
Please also contact the sender immediately and delete the original.

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

 - efetsos.doc


---------------------- Forwarded by Richard Shapiro/NA/Enron on 06/08/2001 
10:05 PM ---------------------------
From: Bruno Gaillard/Enron@EUEnronXGate on 06/01/2001 07:07 PM GDT
To: Richard Shapiro/NA/Enron@Enron
cc:  

Subject:  Background Information France Electricity



Background

The Continental European electricity market is developing from an integrated 
monopoly business to a competitive market. A segment of electricity users now 
have the right to choose their supplier from a range of marketers. The 
emergence of new marketers and generators has created the demand for price 
risk management solutions and has encouraged the development of a traded 
wholesale market. Following the adoption of the EU Electricity Directive in 
December 1996, member states were obliged to transpose the directive into 
national legislation opening electricity markets to competition by February 
1999.

The directive sets out a three-tiered approach to the liberalisation of 
electricity supply markets. Stage one entered into effect on 19 February 
1997, and calls for the opening of 22% of national markets, based on the 
average community share of electricity consumed by end customers using more 
than 40 GWh per year. The degree of opening will increase over six years by 
lowering the community consumption threshold to 20 GWh in 2000 (27% market 
opening) and to 9 GWh in 2003 (32-33% market opening). Distributor access is 
a matter for each member state. The implementation of a new directive, 
expected in 2002, will improve the conditions for a liberalized market.

At present, the level of compliance with the directive varies between member 
states. The EU countries farthest along the process of liberalisation are 
Germany, Austria, Spain and the Netherlands. Switzerland, although it is not 
an EU member state, is integral to market developments. France, although 
having chosen to comply with the minimum requirements of the directive, has 
proven to open up their market more than expected.    

Current Market

EDF is the dominant electricity producer in France, the largest power 
producer in the world with 475TWh generated in 2000,  and the largest 
exporter in Europe (net exports reached 71 TWh in 2000).  Power generation in 
France is mainly nuclear (70%), but also hydro (20%), while conventional 
thermal generation represents 10%. EDF is a vertically integrated company 
with services and products in generation (92%), supply (?%), transmission and 
distribution (95%). Finally, this historical supplier is a State Entity; the 
French State owns EDF,s capital.  A few Independent Power Producers (IPP) are 
also active in the market, such as Snet (6.4TWh, coal-fired), and CNR (16TWh, 
hydro). Other smaller IPPs are commercially active but most must sell their 
production to EDF under a regulated tariff. 

More than 100 distribution companies are active through a concession regime 
in their local distribution area. Few, however, are of a significant size 
(less than a dozen have sales of over 400 GWhs), or have eligible customers 
in their concession areas.

The French System Operator (RTE) was created on 1 July 2000 and is a 
sub-division of EDF, although it is unbundled in terms of management and 
accounting. A postage stamp tariff has been implemented under the 
transitional regime, which varies according to the voltage used and is based 
on a matrix (Summer/Winter, Peak/Off-Peak). Users have to contract for their 
maximum transmission capacity. Imbalances are settled under a published 
tariff, which introduces high charges for imbalances beyond a 10% tolerance 
level and 5MW. 

A three-year framework contract (e.g., by way of a Master Agreement with a 
minimum term of three years) is required for eligible customers, but 
eligibles are free to deal for shorter maturity transactions within such a 
three-year contractual framework.  

Although the criteria for eligibility is per site, and eligible customers 
have to contract transmission for each site, RTE has created balancing 
responsibility contracts (contrats de Responsable d'Equilibre) which compels 
the aggregation of imbalance charges for different eligible sites within an 
equilibrium perimeter defined with RTE. Imbalances are settled under a 
published tariff which charges a heavy penalty for any imbalance beyond a 10% 
tolerance level or 5MW. 

Even though we are currently under a transitional regime in France, the 
ability to trade power already exists. Optimisation can be found through 
real-time arbitrage offered by the flexibility of the industrial process, the 
availability of market prices and optional structures. The establishment of 
balancing responsibility contracts has created the basic conditions for an 
effective power trading market in France, and this through the exchange of 
blocks from one perimeter to another. Blocs are only exchangeable on 
day-ahead bases but intra-day procedures are expected to be implemented. All 
transactions are currently based on bilateral physical contracts. 

The establishment of this framework has contributed to an increasing number 
of players for trading, imports, exports and transit; we are confident that 
the French power market will develop rapidly.     Enron Capital & Trade 
Resources Limited ("ECTRL") is a balancing responsible actor in France and 
closed the first physical power transaction in France early 2000, and was the 
very first new entrant to trade power (buy/sell) in France late 2000.    

Future Developments

France's size and geographical position will make it a natural hub for 
trading on the Continent. It is Europe's second largest electricity market, 
with net consumption (including industrial on-site consumption) totalling 
over 400 TWh in 1999. The increase of physical trading, envisaged capacity 
release by EDF, and creation of future market mechanism will contribute to 
the further development of the market.

Both a balancing market and a spot exchange market are expected to be 
implemented by end 2001. Players in the balancing market will propose put and 
call options, exercised by RTE according to its own portfolio of contacts 
(producer, consumer) and providing it with physical balancing capacity. The 
balancing market will also show referenced market prices for balancing 
services.
 
Some of the spot market volume is expected to be operated by ParisBourse. 
However, due to the dominant position of EDF, the limited number of active 
IPPs, existing restrictions for trading for authorised producers in France, 
and the lack of transparency with regard to current rules for allocation of 
cross-border capacity and attribution of congestion costs, we believe that 
the conditions for the creation of an effective spot power market in France 
are not yet fully met. 

Recently, the European Commission has asked EDF to auction 6,000MW of virtual 
capacity through VPP auctions starting in September 2001, representing about 
30% of the market for French eligible industrials This will further 
contribute to increase liquidity. 

Regulatory Environment

The goal of Directive 96/92/EC concerning the internal market in electricity 
is to obtain a cheaper but secure electricity supply by introducing and 
gradually expanding competition while maintaining industry competitiveness in 
the face of price decreases. France has transposed the directive, however 
certain imperfection with regards to non-discriminatory access and the level 
of liberalisation still exist. 

The French Electricity law was passed on 10 February 2000, a year later  than 
required by the EU, establishing a transitional regime for third party access 
(TPA). Several application decrees still have to be passed, including 
transportation tariffs on the electric grid to eligible customers. The 
current threshold for eligibility is 16GWh (net of auto-consumption) per year 
and per site, and represents about 600 eligible clients and 1,200 sites. 
Eligibility for distribution companies is currently limited to the eligible 
consumption of customers located in their concession areas. The French power 
market is effectively open to some competition, and about 60 eligible 
industrials have so far switched totally or partly from the historical 
supplier. The eligibility threshold will be reduced to 9GWh per site by 
direct application of the EU Directive by Feb. 2003, as the French government 
declined a quicker opening of the power market.

The two main authorities, which oversee the industry, are the CRE (Commission 
de Regulation de l'Electricit,) is the official regulatory body and the 
ministry of industry. The CRE is responsible to insure that RTE provides for 
non-discriminatory access on to the grid and will be issuing transportation 
tariffs.  The Ministry is responsible for providing generation licenses for 
IPPs and for determining eligibility issues.       

RTE is implementing new capacity allocation procedures on the UK, Italy and 
Spain interconnectors. On the remaining borders, capacity is currently 
allocated on a first-come-first served basis rule, and congestion fees are 
levied at the margin, which favours long-term contracts and historical 
players. In addition, there is currently some lack of transparency with 
regards to RTE real-time data on the capacity available/used for exports and 
imports. However an intra-day market is now effective for transits, imports 
and exports.  The first come first serve allocation rule on border capacity 
is likely to be changed by end 2001. In addition, the CRE is likely to 
request RTE to release additional data in the months to come.   

New IPPs have to be authorised through auctions or through direct decision of 
the Ministry of Industry, the main route for authorisation. Authorised IPPs 
in France are limited by Decree to buying for resale to eligible customers a 
maximum of buy for resale to eligible customers a volume equivalent to 20% of 
the installed capacity, including long term contracts. Although the 
interpretation of this law is unclear, a recent statement by M. Tuot, 
Director General of the CRE, implies that these restrictions only apply to 
French authorised producers and thus not to foreign-based energy companies or 
other non-producing entities. Thus, these restrictions do not apply to ECTRL, 
as we are not registered in France.  In addition, French IPPs are free to 
sell and export their production.

Eligible customers, who are physically connected to the Grid, have to 
contract for transmission vis-.-vis RTE (Contrat Made). Traders, such as 
ECTRL, are not required to have such a transmission contract, as they do not 
consume the power they purchase. Only a balancing responsibility contract 
coupled with grid access contracts (import, export, and/or transit) are 
required by RTE.  

A new Decree is expected to be passed by Summer 2001, setting up new 
conditions for transmission, transits and exports under a permanent regime. 
Imports, which are allocated on a pro-rata basis, are free of transmission 
charges.  

A network code is currently under discussion between market players and 
RTE.       

Market Conventions

A range of wholesale electricity products are currently traded in France.  
Peak and baseload day-ahead, week-ahead, monthly, quaterly, and yearly 
products are traded.  Peak products follow the German convention (12 hour 
peaks on weekdays, 08h00-20h00).  Contract sizes are typically 25MW or 50MW.

Gate closure for scheduling imports, exports and transits is 14h00 Paris 
time.  Gate closure for scheduling "echanges de blocs" is 16h00 Paris time.

Other: The Gas Market

A transitional regime was implemented on 10 August 2000 by direct application 
of the EU Directive, thus establishing regulated TPA for sites whose 
consumption is over 25 million cubic meters p.a. The eligibility threshold 
will be reduced to 15million cubic meters in 2003, and 5 million cubic meters 
in 2008. No gas law has been passed yet (forecasted for mid 2002), and it is 
expected that the transitional regime for gas in France will last until end 
2002. A zonal/distance-related tariff was published on 13 July 2000 by 
GdF-Transportation. A permanent entry/exit tariff structure is likely to be 
developed for 2003. Charges for imbalances are expensive and access to 
storage is restricted. GdF-Trading, however, has published conditions for 
balancing services. 
There is only one trading Hub for France located at the French/Belgian border 
(Blaregnies/TaisniSres). Due to the distance-related nature of the 
transportation tariff, competitive TPA is limited to eligible sites which are 
located not too far (less than about 250Km) from the French/Belgian border. 
The main imports into France are for high cal gas, and GdF has published the 
conditions for high cal/low cal gas swaps.
As there is not yet a gas law in France (a +Projet de Loi, was approved on 
17th May 2000) transposing the EU gas directive into domestic legislation, 
the Regulatory Commission has not been appointed to date, and the official 
regulatory body remains the Ministry of Industry.    
Although current conditions do not facilitate full requirement supply to 
customers from new entrants, it is already possible to optimise gas supply 
through import of blocs for part or full supply. ECTRL was the first new 
entrant to supply gas at the French border, and more recently into France. 
ECTRL's cumulative volume of gas trades so far totals 550 million cubic 
meters. 

The above represents only Enron's and its affiliates views' and, accordingly, 
neither Enron nor any of its affiliates is providing any advice to you in the 
above information.  You are not entitled to rely on any of the above 
information and you are advised to take such other independent advice, as you 
may deem necessary in respect of the matters referred to above.      


 -----Original Message-----
From:  Brod, Simon  
Sent: 25 May 2001 17:31
To: Gaillard, Bruno
Cc: de Gaulle, Pierre; Brun, Raphael; Davies, Philip; Duvauchelle, Antoine; 
Sankey, Ross
Subject: RE: Background Information France/Final Draft

My suggested paragraph on market conventions:

A range of wholesale electricity products are currently traded in France.  
Peak and baseload day-ahead, week-ahead, monthly, quaterly, and yearly 
products are traded.  Peak products follow the German convention (12 hour 
peaks on weekdays, 08h00-20h00).  Contract sizes are typically 25MW or 50MW.

Gate closure for scheduling imports, exports and transits is 14h00 Paris 
time.  Gate closure for scheduling "echanges de blocs" is 16h00 Paris time.

Simon



From: Bruno Gaillard/Enron@EUEnronXGate on 25/05/2001 15:36
To: Pierre de Gaulle/LON/ECT@ECT, Raphael Brun/LON/ECT@ECT, Simon 
Brod/LON/ECT@ECT, Philip Davies/Enron@EUEnronXGate, Antoine 
Duvauchelle/Enron@EUEnronXGate
cc: Ross Sankey/LON/ECT@ECT 

Subject: RE: Background Information France/Final Draft

Below please find a revised version of the document. One element that is 
still missing and that should be completed by the traders is the 
"conventions" by possibly adding gate closure information, peak vs. off-peak, 
and other relevant information.

Bruno

Updated May 2001.

Background

The Continental European electricity market is developing from an integrated 
monopoly business to a competitive market. A segment of electricity users now 
have the right to choose their supplier from a range of marketers. The 
emergence of new marketers and generators has created the demand for price 
risk management solutions and has encouraged the development of a traded 
wholesale market. Following the adoption of the EU Electricity Directive in 
December 1996, member states were obliged to transpose the directive into 
national legislation opening electricity markets to competition by February 
1999.

The directive sets out a three-tiered approach to the liberalisation of 
electricity supply markets. Stage one entered into effect on 19 February 
1997, and calls for the opening of 22% of national markets, based on the 
average community share of electricity consumed by end customers using more 
than 40 GWh per year. The degree of opening will increase over six years by 
lowering the community consumption threshold to 20 GWh in 2000 (27% market 
opening) and to 9 GWh in 2003 (32-33% market opening). Distributor access is 
a matter for each member state. The implementation of a new directive, 
expected in 2002, will improve the conditions for a liberalized market.

At present, the level of compliance with the directive varies between member 
states. The EU countries farthest along the process of liberalisation are 
Germany, Austria, Spain and the Netherlands. Switzerland, although it is not 
an EU member state, is integral to market developments. France, although 
having chosen to comply with the minimum requirements of the directive, has 
proven to open up their market more than expected.    

Current Market

EDF is the dominant electricity producer in France, the largest power 
producer in the world with 475TWh generated in 2000,  and the largest 
exporter in Europe (net exports reached 71 TWh in 2000).  Power generation in 
France is mainly nuclear (70%), but also hydro (20%), while conventional 
thermal generation represents 10%. EDF is a vertically integrated company 
with services and products in generation (92%), supply (?%), transmission and 
distribution (95%). Finally, this historical supplier is a State Entity; the 
French State owns EDF,s capital.  A few Independent Power Producers (IPP) are 
also active in the market, such as Snet (6.4TWh, coal-fired), and CNR (16TWh, 
hydro). Other smaller IPPs are commercially active but most must sell their 
production to EDF under a regulated tariff. 

More than 100 distribution companies are active through a concession regime 
in their local distribution area. Few, however, are of a significant size 
(less than a dozen have sales of over 400 GWhs), or have eligible customers 
in their concession areas.

The French System Operator (RTE) was created on 1 July 2000 and is a 
sub-division of EDF, although it is unbundled in terms of management and 
accounting. A postage stamp tariff has been implemented under the 
transitional regime, which varies according to the voltage used and is based 
on a matrix (Summer/Winter, Peak/Off-Peak). Users have to contract for their 
maximum transmission capacity. Imbalances are settled under a published 
tariff, which introduces high charges for imbalances beyond a 10% tolerance 
level and 5MW. 

A three-year framework contract (e.g., by way of a Master Agreement with a 
minimum term of three years) is required for eligible customers, but 
eligibles are free to deal for shorter maturity transactions within such a 
three-year contractual framework.  

Although the criteria for eligibility is per site, and eligible customers 
have to contract transmission for each site, RTE has created balancing 
responsibility contracts (contrats de Responsable d'Equilibre) which compels 
the aggregation of imbalance charges for different eligible sites within an 
equilibrium perimeter defined with RTE. Imbalances are settled under a 
published tariff which charges a heavy penalty for any imbalance beyond a 10% 
tolerance level or 5MW. 

Even though we are currently under a transitional regime in France, the 
ability to trade power already exists. Optimisation can be found through 
real-time arbitrage offered by the flexibility of the industrial process, the 
availability of market prices and optional structures. The establishment of 
balancing responsibility contracts has created the basic conditions for an 
effective power trading market in France, and this through the exchange of 
blocks from one perimeter to another. Blocs are only exchangeable on 
day-ahead bases but intra-day procedures are expected to be implemented. All 
transactions are currently based on bilateral physical contracts. 

The establishment of this framework has contributed to an increasing number 
of players for trading, imports, exports and transit; we are confident that 
the French power market will develop rapidly.     Enron Capital & Trade 
Resources Limited ("ECTRL") is a balancing responsible actor in France and 
closed the first physical power transaction in France early 2000, and was the 
very first new entrant to trade power (buy/sell) in France late 2000.    

Future Developments
 << OLE Object: Picture (Metafile) >> 
France's size and geographical position will make it a natural hub for 
trading on the Continent. It is Europe's second largest electricity market, 
with net consumption (including industrial on-site consumption) totalling 
over 400 TWh in 1999. The increase of physical trading, envisaged capacity 
release by EDF, and creation of future market mechanism will contribute to 
the further development of the market.

Both a balancing market and a spot exchange market are expected to be 
implemented by end 2001. Players in the balancing market will propose put and 
call options, exercised by RTE according to its own portfolio of contacts 
(producer, consumer) and providing it with physical balancing capacity. The 
balancing market will also show referenced market prices for balancing 
services.
 
Some of the spot market volume is expected to be operated by ParisBourse. 
However, due to the dominant position of EDF, the limited number of active 
IPPs, existing restrictions for trading for authorised producers in France, 
and the lack of transparency with regard to current rules for allocation of 
cross-border capacity and attribution of congestion costs, we believe that 
the conditions for the creation of an effective spot power market in France 
are not yet fully met. 

Recently, the European Commission has asked EDF to auction 6,000MW of virtual 
capacity through VPP auctions starting in September 2001, representing about 
30% of the market for French eligible industrials This will further 
contribute to increase liquidity. 

Regulatory Environment
 << OLE Object: Picture (Metafile) >> 
The goal of Directive 96/92/EC concerning the internal market in electricity 
is to obtain a cheaper but secure electricity supply by introducing and 
gradually expanding competition while maintaining industry competitiveness in 
the face of price decreases. France has transposed the directive, however 
certain imperfection with regards to non-discriminatory access and the level 
of liberalisation still exist. 

The French Electricity law was passed on 10 February 2000, a year later  than 
required by the EU, establishing a transitional regime for third party access 
(TPA). Several application decrees still have to be passed, including 
transportation tariffs on the electric grid to eligible customers. The 
current threshold for eligibility is 16GWh (net of auto-consumption) per year 
and per site, and represents about 600 eligible clients and 1,200 sites. 
Eligibility for distribution companies is currently limited to the eligible 
consumption of customers located in their concession areas. The French power 
market is effectively open to some competition, and about 60 eligible 
industrials have so far switched totally or partly from the historical 
supplier. The eligibility threshold will be reduced to 9GWh per site by 
direct application of the EU Directive by Feb. 2003, as the French government 
declined a quicker opening of the power market.

The two main authorities, which oversee the industry, are the CRE (Commission 
de Regulation de l'Electricit,) is the official regulatory body and the 
ministry of industry. The CRE is responsible to insure that RTE provides for 
non-discriminatory access on to the grid and will be issuing transportation 
tariffs.  The Ministry is responsible for providing generation licenses for 
IPPs and for determining eligibility issues.       

RTE is implementing new capacity allocation procedures on the UK, Italy and 
Spain interconnectors. On the remaining borders, capacity is currently 
allocated on a first-come-first served basis rule, and congestion fees are 
levied at the margin, which favours long-term contracts and historical 
players. In addition, there is currently some lack of transparency with 
regards to RTE real-time data on the capacity available/used for exports and 
imports. However an intra-day market is now effective for transits, imports 
and exports.  The first come first serve allocation rule on border capacity 
is likely to be changed by end 2001. In addition, the CRE is likely to 
request RTE to release additional data in the months to come.   

New IPPs have to be authorised through auctions or through direct decision of 
the Ministry of Industry, the main route for authorisation. Authorised IPPs 
in France are limited by Decree to buying for resale to eligible customers a 
maximum of buy for resale to eligible customers a volume equivalent to 20% of 
the installed capacity, including long term contracts. Although the 
interpretation of this law is unclear, a recent statement by M. Tuot, 
Director General of the CRE, implies that these restrictions only apply to 
French authorised producers and thus not to foreign-based energy companies or 
other non-producing entities. Thus, these restrictions do not apply to ECTRL, 
as we are not registered in France.  In addition, French IPPs are free to 
sell and export their production.

Eligible customers, who are physically connected to the Grid, have to 
contract for transmission vis-.-vis RTE (Contrat Made). Traders, such as 
ECTRL, are not required to have such a transmission contract, as they do not 
consume the power they purchase. Only a balancing responsibility contract 
coupled with grid access contracts (import, export, and/or transit) are 
required by RTE.  

A new Decree is expected to be passed by Summer 2001, setting up new 
conditions for transmission, transits and exports under a permanent regime. 
Imports, which are allocated on a pro-rata basis, are free of transmission 
charges.  

A network code is currently under discussion between market players and 
RTE.       

Market Conventions

Traders: Need to Add: gate closer information and on-peak off peak hours plus 
whatever relevant conventions.

Other: The Gas Market

A transitional regime was implemented on 10 August 2000 by direct application 
of the EU Directive, thus establishing regulated TPA for sites whose 
consumption is over 25 million cubic meters p.a. The eligibility threshold 
will be reduced to 15million cubic meters in 2003, and 5 million cubic meters 
in 2008. No gas law has been passed yet (forecasted for mid 2002), and it is 
expected that the transitional regime for gas in France will last until end 
2002. A zonal/distance-related tariff was published on 13 July 2000 by 
GdF-Transportation. A permanent entry/exit tariff structure is likely to be 
developed for 2003. Charges for imbalances are expensive and access to 
storage is restricted. GdF-Trading, however, has published conditions for 
balancing services. 
There is only one trading Hub for France located at the French/Belgian border 
(Blaregnies/TaisniSres). Due to the distance-related nature of the 
transportation tariff, competitive TPA is limited to eligible sites which are 
located not too far (less than about 250Km) from the French/Belgian border. 
The main imports into France are for high cal gas, and GdF has published the 
conditions for high cal/low cal gas swaps.
As there is not yet a gas law in France (a +Projet de Loi, was approved on 
17th May 2000) transposing the EU gas directive into domestic legislation, 
the Regulatory Commission has not been appointed to date, and the official 
regulatory body remains the Ministry of Industry.    
Although current conditions do not facilitate full requirement supply to 
customers from new entrants, it is already possible to optimise gas supply 
through import of blocs for part or full supply. ECTRL was the first new 
entrant to supply gas at the French border, and more recently into France. 
ECTRL's cumulative volume of gas trades so far totals 550 million cubic 
meters. 

The above represents only Enron's and its affiliates views' and, accordingly, 
neither Enron nor any of its affiliates is providing any advice to you in the 
above information.  You are not entitled to rely on any of the above 
information and you are advised to take such other independent advice, as you 
may deem necessary in respect of the matters referred to above.      



 -----Original Message-----
From:  de Gaulle, Pierre  
Sent: 25 May 2001 12:22
To: Brun, Raphael; Brod, Simon; Gaillard, Bruno; Davies, Philip
Cc: Sankey, Ross
Subject: RE: Background Information France/Final Draft

This is the final draft as approved by EOL legal and Mark Elliott.

Any ultimate comments?

Pierre
---------------------- Forwarded by Pierre De Gaulle/LON/ECT on 25/05/2001 
12:24 ---------------------------
From: Justin Boyd/Enron@EUEnronXGate on 25/05/2001 12:16
To: Mark Elliott/Enron@EUEnronXGate, Pierre de Gaulle/LON/ECT@ECT, Ian 
Brungs/Enron@EUEnronXGate
cc:  

Subject: RE: Background Information France/Final Draft


i have no further comments from an EOL perspective

justin
 -----Original Message-----
From:  Elliott, Mark  
Sent: 25 May 2001 12:05
To: de Gaulle, Pierre; Boyd, Justin; Brungs, Ian
Subject: FW: Background Information France/Final Draft

Pierre,

Re the main text - see my comments in blue below.  I have passed this on to 
Justin as you will see as Justin is charge of Legal for EOL and will also 
have to approve it.  With regards to the slides, could you give me a hard 
copy - I can't seem to open them on my system.

Kind regards

Mark

 -----Original Message-----
From:  de Gaulle, Pierre  
Sent: 22 May 2001 12:26
To: Mark Elliott/LON/ECT@ENRON; Oliver, Jennifer
Subject: RE: Background Information France/Final Draft

Mark,

Please find herewith the background info for EOL France. It seems that you 
would have to approve it (Any other approval needed?). Please note that this 
draft has been seen and amended by Raphael, Simon, Philip and Bruno.

Thanks

Pierre
  
---------------------- Forwarded by Pierre De Gaulle/LON/ECT on 22/05/2001 
12:22 ---------------------------
From: Jennifer Oliver/Enron@EUEnronXGate on 22/05/2001 11:10
To: Pierre de Gaulle/LON/ECT@ECT
cc:  

Subject: RE: Background Information France/Final Draft

Pierre,

Has French Power Legal approved the final draft below? If not, please could 
they review before I submit this to the EnronOnline approval process. Also, 
please let me know any other approvals you have receieved so far. This will 
help determine who still needs to review. 

Thanks,
Jennifer 

 -----Original Message-----
From:  de Gaulle, Pierre  
Sent: 21 May 2001 18:04
To: Oliver, Jennifer; Goddard, Paul
Subject: Re: Background Information France/Final Draft

Please find the final draft of EOL Backgoung information for France. Please 
also find two slides about France, which can be included in the Continental 
Gas Trading presentation.

I would like to appear in the background as the main commercial contact 
point, as follows:

Pierre de Gaulle
Director France
Tel: + 44 207 783 7742
Fax: + 44 207 783 8255
Mobile: + 44 777 19 01 565
Email: Pierre.de.Gaulle@enron.com

 Thanks

Pierre

 << File: SlidesFrance.ppt >> 
   
---------------------- Forwarded by Pierre De Gaulle/LON/ECT on 21/05/2001 
18:00 ---------------------------

 << OLE Object: Picture (Device Independent Bitmap) >> 
Bruno Gaillard@ENRON
21/05/2001 17:51
To: Pierre de Gaulle/LON/ECT@ECT
cc: Raphael Brun/LON/ECT@ECT, Simon Brod/LON/ECT@ECT, Philip 
Davies/LON/ECT@ECT 

Subject: Re: Background Information France/EOL/Draft 2   << OLE Object: 
StdOleLink >> 

See red and strikethrough comments below



---------------------- Forwarded by Pierre De Gaulle/LON/ECT on 20/05/2001 
16:09 ---------------------------

 << OLE Object: Picture (Device Independent Bitmap) >> 
Pierre de Gaulle
14/05/2001 19:56
Sent by: Pierre De Gaulle
To: Jennifer Oliver/EU/Enron@Enron, Paul Goddard/EU/Enron@Enron
cc: Philip Davies/LON/ECT@ECT, Bruno Gaillard/EU/Enron@Enron, Raphael 
Brun/LON/ECT@ECT, Simon Brod/LON/ECT@ECT 

Subject: Background Information France

Please find a draft of the marketing background information about the French 
power (and gas) markets for EOL.

Your comments are appreciated.

Thanks

Pierre


Updated May 2001.

1)Background

France is the second largest country in Europe with 58 million inhabitants. 
EdF, who was the monopolistic producer, is the largest power producer in the 
world with 475TWh generated in 2000, thanks to nuclear production. The 
historical supplier, who is at the same time the largest exporter of power in 
Europe (net exports reached 71TWh in 2000), is a direct emanation from the 
French State, who owns EdF capital. Power generation in France is mainly 
nuclear (70%), but also hydro (20%), while conventional thermal generation 
represents 10%. EdF owns 92% of power generation, and 95% of distribution. 

A few Independent Power Producers (IPP) are also active in the market, such 
as Snet (6.4TWh, coal-fired), and CNR (16TWh, hydro). Other small IPPs sell 
their production to EdF under a regulated tariff. There has been significant 
development of cogeneration projects since 1997. There is now 3,500MW of 
installed capacity, thanks to the legal obligation for EdF to purchase power 
generated from cogeneration units at a preferable (is "preferable" the 
correct word??)   tariff. In the view of the transposition of  the EU 
Electricity Directive into French law, this purchase obligation ceased to 
apply for new large projects (over 12MW) from 1st Jan. 1999.
More than 100 distribution companies are active through a concession regime 
in their local distribution area. Few, however, are of a significant size 
(less than a dozen have sales of over 400 GWhs), or have eligible customers 
in their concession area.

2) Regulatory Environment

The French Electricity law was passed on 10 February 2000, implementing 
regulated third party access (TPA) in France under a transitional regime. The 
law was approved one year late, failing to meet the required EU deadline. 
Dozens  ["Dozens"  - I would replace this with "Several")  of application 
decrees still have to be passed, including tariffs to eligible industrials. 
The French power market is open to competition, however. About 60 eligible 
industrials have so far switched totally or partly from the historical 
supplier. Current threshold for eligibility is 16GWh (net of 
auto-consumption) per year and per site, representing about 600 eligible 
clients and 1,200 sites. The eligibility threshold will be reduced to 9GWh 
per site by direct application of the EU Directive in Feb. 2003, as the 
French government declined a quicker opening of the power market.

Eligibility of distribution companies is limited to the eligible consumption 
of customers located in their concession area.  
A three-year framework contract ( e.g., by way of a Master Agreement with a 
minimum term of three years) is required for eligible customers, but 
eligibles are free to deal for shorter maturity transactions within such a 
three year contractual framework.  

New IPPs have to be authorised through auctions or through direct decision 
from the Ministry of Industry, which is the main route for authorisation. 
Authorised IPPs in France are limited by Decree to trading buy for resale to 
eligible customers a volume equivalent to 20% of the installed capacity, 
including long term contracts. Trading is currently defined as the conditions 
of power purchase for resale to eligible customers. These Trading 
restrictions, however, do not apply to ECTRL, as we are not registered in 
France. IPPs are free to sell and export power.

The French System Operator (RTE) was created on 1 July 2000 and is a 
sub-division of EdF, although it is unbundled in terms of management and 
accounting. A postage stamp tariff was implemented under the transitional 
regime, which varies according to the voltage used,and which is based on a 
matrix (Summer/Winter, Peak/OffPeak). Users have to contract transmission up 
to the maximum capacity that they will use. RTE purchases excess capacity 
available through transmission contracts at fixed prices, which represents 
about half of the market price. Imbalances are settled under a published 
tariff, which introduces high charges for imbalances beyond a 10% tolerance 
level and 5MW. Although the criteria for eligibility is per site, and 
eligible customers have to contract transmission for each site, RTE has 
created programme responsible contracts (contrats de Responsable 
d'Equilibre), which allow the aggregation of imbalance charges for different 
eligible sites within an equilibrium perimeter defined with RTE.

Eligible customers, who are physically connected to the Grid, have to 
contract for transmission vis-.-vis RTE (Contrat Made). Traders, such as 
ECTRL, are not required to have such a transmission contract, as they do not 
consume the power they purchase. Only a programme responsible contract 
coupled with grid access contracts (import, export, and/or transit) are 
required by RTE.  

A new Decree is expected to be passed by Summer 2001, setting up new 
conditions for transmission, transits and exports under a permanent regime. 
It is likely that this new tariff will implement a 1/3 injection-2/3 delivery 
calculation factor. Imports, which are allocated on a pro-rata basis, are 
free of transmission charges.  

Programme responsible contracts have established the basis of trading in 
France through the exchange of blocs from one perimeter to another.  Enron 
Capital & Trade Resources Limited ("ECTRL")  is programme responsible in 
France. Cross border capacity is currently allocated on a first-come-first 
served basis rule by RTE, and congestion fees are levied at the margin, which 
favours long term contracts and does not give equal treatment to all players. 
In addition, there is currently some lack of transparency with regards to RTE 
real-time data on the capacity available/used for exports and imports. This 
allocation rule is likely to change by end 2001. In addition, the CRE is 
likely to request RTE to release additional data in the months to come.   

The CRE (Commission de Regulation de l'Electricite) is the offical regulatory 
body, which mainly covers TPA and tariff issues, while IPP licenses and 
eligibility issues are covered by the Ministry of Industry.       
       
3) Business Opportunity

Although we are currently under a transitional regime in France, the ability 
to trade power already exists. Optimisation can be found through real-time 
arbitrage between the flexibility of the industrial process, market prices 
and optional structures. The establishment of programme responsible contracts 
has created the basic conditions for an effective power trading market in 
France. ECTRL closed the first physical power transaction in France early 
2000, and was the very first new entrant to trade power (buy/sell) in France 
late 2000.  

An intraday market is now effective for transits, imports and exports, and is 
expected to soon be extended to exchange of blocs in France. 
Liquidity has been dramatically increasing (although the market remains 
dominated by the historical player) thanks to RTE capacity auctions for 
(auction has not been implemented on Spanish side yet) [QUERY: do we need 
this bit in brackets??  What does it add??  Can't we just delete it??  Or is 
it a note and someone has to write some better text here??  It just does not 
read correctly in English owing to its place in the sentence at present] UK, 
Italy and Spain interconnectors, RTE tenders for HV Grid losses, industrials 
switching, and new players coming into the market. In addition, the European 
Commission has determined that EdF will auction 6,000MW of virtual capacity 
through VPP and PPA auctions in September 2001, representing about 30% of the 
market for French eligible industrials This will further contribute to 
increase liquidity. 
A network code is currently under discussion between market players and 
RTE.       

4) Future Development 

It is forecasted that both balancing market and spot exchange market will be 
implemented by end 2001. Players in the balancing market will propose put and 
call options, which will be exercised by RTE according to its own portfolio 
of contacts (producer,consumer), thus providing RTE with physical balancing 
capacity. The balancing market will also show referenced market prices for 
balancing services. 

The Some of the spot market volume is expected to be run by ParisBourse. 
However, due to the dominant position of EdF, the limited number of active 
IPPs, existing restrictions for trading for authorised producers in France, 
and the lack of transparency with regard to current rules for allocation of 
cross-border capacity and attribution of congestion costs, we believe that 
the conditions for the creation of an effective spot power market in France 
are not yet fully met. ECTRL has actively been lobbying in order to have fair 
and transparent rules implemented for every player in the market and has 
actively contributed for a spot market to take place.

However, thanks to an increasing number of players in France for trading, 
imports, exports and transit, we are confident that the French power market 
will develop rapidly.         

5) The Gas Market Situation

A transitional regime was implemented on 10 August 2000 by direct application 
of the EU Directive, thus establishing regulated TPA for sites whose 
consumption is over 25 million cubic meters p.a. The eligibility threshold 
will be reduced to 15million cubic meters in 2003, and 5 million cubic meters 
in 2008. No gas law has been passed yet (forecasted mid 2002), and its is 
expected that the transitional regime for gas in France will last until end 
2002. A zonal/distance-related tariff was disclosed published on 13 July 2000 
by GdF-Transportation. A permanent entry/exit tariff structure is likely to 
be developed for 2003.  Charges  for imbalances are expensive, and access to 
storage is restricted. GdF-Trading, however, has published conditions for 
balancing services. 
There is only one trading Hub for France located at the French/Belgian border 
(Blaregnies/TaisniSres). Due to the distance-related nature of the 
transportation tariff, competitive TPA is limited to eligible sites which are 
located not too far (less than about 250Km) from the French/Belgian border. 
The main imports into France are for high cal gas, and GdF has published the 
conditions for high cal/low cal gas swaps.
As there is not yet a  [new??] gas law in France ( a Projet de Loi was 
approved on 17th May 2000) transposing the EU Gas Directive into domestic 
legislation, the Regulatory Commission has not been appointed to-date , and 
the official regulatory body remains the Ministry of Industry.    
Although current conditions do not facilitate full requirement supply to 
customers from new entrants, it is already possible to optimise gas supply 
through import of blocs for part or full supply. ECTRL was the first new 
entrant to supply gas at the French border, and more recently into France. 
ECTRL's cumulative volume of gas trades so far totals 550 million cubic 
meters. 


The above represents only Enron's and its affiliates views' and, accordingly, 
neither Enron nor any of its affiliates is providing any advice to you in the 
above information.  You are not entitled to rely on any of the above 
information and you are advised to take such other independent advice as you 
may deem necessary in respect of the matters referred to above.      







---------------------- Forwarded by Richard Shapiro/NA/Enron on 06/08/2001 
10:05 PM ---------------------------
From: Bruno Gaillard on 06/01/2001 07:04 PM GDT
To: Richard Shapiro/NA/Enron@Enron
cc:  

Subject: Gas situation in France


----- Forwarded by Bruno Gaillard/EU/Enron on 01/06/2001 19:03 -----

	Bruno Gaillard
	24/05/2001 18:12
		 
		 To: Philip Davies/Enron@EUEnronXGate
		 cc: Didier Magne/Enron@EUEnronXGate
		 Subject: Gas situation in France
Philip

Attached the relevant sections of a paper produced by EFET (largely by us) on 
TPA in the French gas market and Enron comments to the EU on TPA issues. Note 
that these papers were produced in December of 2000 and mid-Feb 2001 
respectively. Notable changes since then include.

A relatively competitively priced conversion service (H-Cal to L-Cal gas) at 
TaiseniSres has been but in place 
The balancing regime has been improved and penalties are now indexed to 
Zeebrugge (x 1.5 or x -0.5)
Access conditions to LNG have been published
Flexibility services are offered by GdF- Supply. The terms and conditions up 
to now had been onerous. Recent talks between Didier and a customer suggest 
that they have been wildly improved but this still needs to analysed by us.
Transit tariffs have been published but is also restricted to a  year-long. 
The regulator is seriously considering changing the tariff structure from a 
distance related structure to a entry/exit type structure.
The first hearing on the law (directive transposition) at the parliament has 
been delayed from spring 2001 to summer 2002. Regulated tariffs will not 
likely be put in place until 2003.

Let me know if you need more information. 

Bruno




---------------------- Forwarded by Richard Shapiro/NA/Enron on 06/08/2001 
10:06 PM ---------------------------
From: Bruno Gaillard/Enron@EUEnronXGate on 06/01/2001 07:14 PM GDT
To: Richard Shapiro/NA/Enron@Enron
cc:  

Subject: EdF capacity auctions

Information on capacity release program (VPP) in France

Letter below to the consultants of EDF



Decision on Merger imposing capacity release




Trustee mandate that we proposed to the EU

 

Initial VPP proposal by EDF




 -----Original Message-----
From:  Sankey, Ross  
Sent: 01 June 2001 09:51
To: de Gaulle, Pierre
Cc: Gaillard, Bruno; Philip Davies/LON/ECT@ENRON; Brun, Raphael; Brod, Simon; 
Styles, Peter; Dindarova, Nailia; Shaw, Eric; Elliott, Mark
Subject: RE: EdF capacity auctions

All,

I would suggest we need to do the following :- 

? Register for the auction and receipt of the IM asap.  Bruno could you 
please discuss with Mark and put together our registration document.  I 
assume that ECTRL meets the criteria of a trader "registered" in an EU member 
state?  Does not appear to be any need to deal with credit support or other 
regulatory "qualifiers" such as balancing agreements as yet.  Mark - agree?  
Bruno - could you please take care of sending this registration letter (agree 
with Pierre who should act as principal contact).
? Establish once and for all the role of Trustee and CRE in the process of 
approving capacity release phasing, auction process for each phase and 
product specifications AND understand how the "consultation" process will 
work once we have the IM.  Hence need to discuss with MTF, then Trustee and 
CRE asap ie in June if possible.  Preferably before we meet again with 
PWC/Roth....

In addition to Pierre's comments, the PIM also states that strike prices at 
least are subject to Trustee review but a number of areas need to be 
questioned.

? Capacity Release Phasing.  PIM confirms the 5 year period of the remdey but 
also says a review can be requested after 3 years.  Bruno - you need to 
review the remedy doc, but I do not see how a 2 year phasing of capacity 
release complies with the remedy (at least in spirit).  We would suggest 
there is no impediment to offering the FULL remedy in a single phase.  If 
theere is insufficient demand they can always have a fall back position to 
release unsold capacity on a 6 monthly or annual basis through the 5 year 
period.  The current proposal is no more than EdF trying to minimise capacity 
release and/or extract max value (can't blame them for trying but it is not 
what we want or what remedy requires).  EdF's only real argument is that 
phasing will allow more new suppliers to enter at a later date as eligiblity 
threshold drops in France.  However, since eligible demand already exceeds 
total capacity release this would limit development of competition to 
existing eligibles.  As a minimum the release programme for all capacity 
should be clearly defined up front; not at the whim of EdF.  Peter - thoughts 
on this and how, in context of remedy, we can argue for accelerated single 
phase auction (with possible reauctioning of unsold capacity over 5 years)?
? Auction Process : qualifying criteria likely to be more defined in IM; but 
no obvious problems here.  I am less sure about nature of auction process.  
We obviously need to think it through more, but why not just have a simple 
process based on single sealed bids (or an electronic bid process).  The use 
of price "clock" controlled by the auctioneer may allow a reserve price to be 
set which is clearly not the intent of the remedy - this should be set at 
zero for all product groups not subjectively "to ensure excess demand" but 
only for certain groups!
? Product Specs : need to understand what if anything can be changed here.  
Strikes seem to be subject to Trustee approval, but we need to understand 
what else can be influenced eg within day flex.  Since we have already 
covered this in previous submissions to MTF, EdF etc this should be easy to 
identify as we go forward.

Any comments?

Ross



 -----Original Message-----
From:  de Gaulle, Pierre  
Sent: 01 June 2001 09:00
To: Sankey, Ross
Cc: Gaillard, Bruno; Philip Davies/LON/ECT@ENRON; Brun, Raphael; Brod, Simon; 
Styles, Peter; Dindarova, Nailia
Subject: RE: EdF capacity auctions & other EU news

Point 1.5: This info is of a preliminary nature and is subject to change. In 
addition, it is mentioned in point 6 that registered companies for the 
auction will have the opportunity to ask questions and raise issues during 
conferences, which will be then considered by EdF.

Specifications of the auction will be finalised by end August. This seems to 
leave some room for a complete feedback from registered companies. Let's 
discuss the content of the PIM.

I suggest to arrange anothe meeting with PWC/Rothschild in the next few weeks 
(week 11-16 June). 

What about a potential meeting with the Trustee about the PIM?

Pierre
  


From: Ross Sankey/Enron@EUEnronXGate on 31/05/2001 19:31
To: Bruno Gaillard/Enron@EUEnronXGate, Philip Davies/LON/ECT@ENRON, Pierre de 
Gaulle/LON/ECT@ECT, Raphael Brun/LON/ECT@ECT, Simon Brod/LON/ECT@ECT
cc: Peter Styles/LON/ECT@ECT, Nailia Dindarova/LON/ECT@ECT 

Subject: RE: EdF capacity auctions & other EU news

Bruno,

Quel surprise.  Should make your follow up with the MTF interesting as to the 
role of the Trustee.

One point to note for both MTF and Albers at COMP - the lack of within day 
flexibility is hardly in keeping with the intention of supporting development 
of retail supply to end users with fluctuating demand.  Suppliers will thus 
be at the mercy of EdF in the balancing market.

In addition, how on earth can they be allowed to take 2 years to complete the 
process?  How does that fit with merger remedy?

Somewhat ironic that they have the document in English!

Lets discuss what if anyhting we can do after you have spoken with MTF.

Regards,

Ross



 -----Original Message-----
From:  Gaillard, Bruno  
Sent: 31 May 2001 19:03
To: Philip Davies/LON/ECT@ENRON; Sankey, Ross; de Gaulle, Pierre; Brun, 
Raphael; Brod, Simon
Cc: Styles, Peter; Dindarova, Nailia
Subject: RE: EdF capacity auctions & other EU news

Obviously a done deal - interestingly the Trustee is not mentioned. EDF has 
the capacity offering on its web page 
http://www.edf.fr/htm/en/enchere/enchere and has a detailed document in 
English but not in French yet. They also has EFET under industry links as 
well as the CRE, DIGEC. 

Attached is EDF's presentation of the product. After a quick look, it seems 
that flexibility is not a option (nomination at noon, and price has not 
changed)

 << File: VPP MIP.pdf >> 
Bruno


31/05/01 UK: EDF ISSUES DETAILS OF ITS FIRST CAPACITY AUCTION.
LONDON, May 31 (Reuters) - French utility Electricite de France (EdF) 
announced on Thursday details of its first auction to sell electricity 
production capacity to competitors. EdF was required by the EU Commission in 
February to give access to some of its generation capacity as a condition for 
EU approval of its purchase of a 25 percent stake in German utility EnBW.
In the next two years, EdF will auction a total of 6,000 megawatts which 
include 1,000 MW of peak capacity sold at a price of 26 euros per megawatt 
hour (MWh) and 4,000 MW of baseload at a price of eight euros/MWh.
In addition, 1,000 MW of cogeneration production capacity will be made 
available. Production from cogeneration plants is bought by EdF from smaller 
producers under long-term contracts.
"With such contracts, electricity suppliers and traders will be able to have 
electricity without the technical and operational risks of running a power 
plant," said EdF in a statement.
The price for cogeneration capacity will be made public a few weeks before 
the auction as it depends on gas price movements, EdF said.
The auction will take place in several tranches, the first one starting in 
September, when 200 MW of peak capacity will be auctioned, 800 MW of baseload 
and 190 MW of cogeneration.
The whole 6,000 MW should be sold by October 2003.
EdF, which has a 94 percent share of the French generation market, has a 
total installed capacity of 103,500 MW.

 -----Original Message-----
From:  Dindarova, Nailia  
Sent: 31 May 2001 17:20
To: Gaillard, Bruno; Philip Davies/LON/ECT@ENRON
Subject: EdF capacity auctions & other EU news

FYI see attached
---------------------- Forwarded by Nailia Dindarova/LON/ECT on 31/05/2001 
17:07 ---------------------------

 << OLE Object: Picture (Device Independent Bitmap) >> 
"Sandra James" <Sandra_James@electricity.org.uk> on 31/05/2001 17:11:51
To: <david.love@british-energy.com>, <rob.plaskitt@british-energy.com>, 
<shercock@compuserve.com>, <jgreen3@edisonmission.com>, "Gwyn Dolben" 
<Gwyn_Dolben@electricity.org.uk>, <KHanks@enron.com>, 
<Nailia.Dindarova@enron.com>, <Peter.Styles@enron.com>, 
<mwedg90@entergy.com>, <alison.cole@innogy.com>, <DAVID.TOLLEY@innogy.com>, 
<peter.heffer@magnox.co.uk>, <ALAN.CLARK@natpower.com>, 
<David.Burnett@nie.co.uk>, <Gordon.Dunlop@nie.co.uk>, <Chris.Price@pgen.com>, 
<david.densley@scottish-southern.co.uk>, <shamblyn@seeboard.com>, 
<Brian.Samuel@txu-europe.com>, <Phil.Hardy@txu-europe.com>, 
<andy.papageorgi@uk.ngrid.com>, <christine.brown@uk.ngrid.com>, 
<judith.ward@uk.ngrid.com>, <louise.petchell@uk.ngrid.com>, 
<michael.metcalfe@uk.ngrid.com>, <James.Sheward@uuplc.co.uk>, 
<Arthur.Probert@yeg.co.uk>, <gail.antrobus@yeg.co.uk>, 
<Gail.Silcock@yeg.co.uk>, <joanne.bridge@yeg.co.uk>
cc:  

Subject: EdF capacity auctions & other EU news


Dear All

Please see attached news items from this afternoon, including details of 
EdF's sale of capacity.

Regards

Sandra



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 - eunews 31may pm.doc << File: eunews 31may pm.doc >>