Please look over this and get back with me on any changes you would like to 
make.

I am going to set up a new counterparty in our system:  Enovate LLC.  Under 
this new counterparty will be 3 books in Tagg:  FT-ENOVATE, INTRA-ENOVATE, 
AND FT-INT-ENOVATE.  The INTRA-ENOVATE book will hold deals such as the 
Trunkline deal and will retain Rho & Drift.  The FT-ENOVATE book will be a 
flat book only used for  the confirmation process (deals must be in an FT 
book to be confirmed).  The FT-INT-ENOVATE book will pass Rho & Drift to the 
interest rate group.  This book will be used for EMW related deals not 
specific to Enovate.

The current entity Enron MW LLC will continue to be used and will have the 
following books in Tagg:  FT & Intra NSS1, FT & Intra NSS2, and FT & Intra 
TP.  FT and Intra MEH books will no longer be used.

The P&L will sum the 3 Enovate books to arrive at one number.  The other 
columns on the P&L(NSS1, NSS2, and TP) will be unaffected.

I had planned on just adding the Enovate books, but think we really need to 
set up a new entity as well.  I have run this by accounting and have their 
approval.  Let me know what you think and we will start the process.  We will 
have this completed by the end of this month.

Thanks.

DG
713-853-9573