John, 

As per our conversation yesterday, I suggest that we put the two trades that you closed with us in January (25 MW baseload swap, 1 year, Feb. 01 to Jan 02) back on the MTM books and give you simultaneously the opportunity to close these positions.  Our prices for  June 01 - Jan 02 swap rates are as follows:

Argentina power $18.50 - $20.40 per MWh (this is a bid-offer spread in US dollars; you are currently long)
Brazil power R$425 - R$475 per MWh (this is a bid-offer spread in reais; you are currently short);

We are also making sure that there will be no adverse tax impact for Enron.

Please let me know if you agree to close these positions.

Remi