Mark -- any thoughts on the below stuff?

Travis McCullough
Enron North America Corp.
1400 Smith Street EB 3893
Houston Texas 77002
Phone:  (713) 853-1575
Fax: (713) 646-3490      
----- Forwarded by Travis McCullough/HOU/ECT on 04/23/2001 03:35 AM -----

	John Applegate <japplegate@houstonstreet.com>
	04/21/2001 03:37 PM
		 
		 To: "Bob Shults (E-mail)" <bob.shults@enron.com>
		 cc: "Travis McCullough (E-mail)" <Travis.McCullough@enron.com>, 
"'mark.greenberg@enron.com'" <mark.greenberg@enron.com>, 
"'kevin.meredith@enron.com'" <kevin.meredith@enron.com>, John Wyman 
<jwyman@houstonstreet.com>
		 Subject: Legal Entities


Gentlemen:

Pursuant to the Posting Agreement, as amended, Exhibit I, section 4 "display
of legal entities", HSE would like to propose the following method of
displaying Enron as a legal entity in our ratings (credit) system:


Process:

*  representative from each company that has signed a trading agreement with
HSE (including Enron posting language) assigns a ratings administrator.
*  ratings administrator is assigned a user ID and password to access a
web-based ratings system.
*  ratings administrator "clicks"  button to turn on / off ratings
selections by company.

Enron would be displayed as followed:


****************************************************************************
*******************************


    Financial Financial Physical
Physical
    Buy From Sell To  Buy From
Sell To

Enron North America Corp.        <<...>>                  <<...>>
 <<...>>                      <<...>>
(or Houston Pipe Line Company (HPL) for US physical gas transactions
delivered to points inside Texas.)


****************************************************************************
*******************************


At this point, HSE would find it very difficult to offer separate ratings
choices for Enron North America Corp. and Houston Pipe Line company because
the postings we receive from Enron do not differentiate between the two
companies; they all come to HSE under the heading "EOL_MSTR".

Please confirm whether or not this method of displaying the EOL legal
entities is acceptable to Enron.

Please also let us know if any of the major energy companies have credit
with Enron North America Corp., but not with Houston Pipe Line Company.  If
this is the case, then we will have to re-think how this information is
displayed on HoustonStreet's credit system because it may prohibit HSE
customers from rating Enron positively on physical gas.

Thank You,
John





From: Kevin.Meredith@enron.com
Sent: Monday, April 02, 2001 3:16 PM
To: lbradley@houstonstreet.com; japplegate@houstonstreet.com
Cc: Sheri.Thomas@enron.com; Matt.Motsinger@enron.com;
Jennifer.deBoisblanc.Denny@enron.com; Ricky.Oberai@enron.com
Subject: Enron Entity details

The following is the relational breakout of Enron Commodities and Entity
that trades the Commodity.

1. US Financial Gas & Power = "Enron North America Corp."
2. US Physical Power = "Enron Power Marketing, Inc."
3. US Physical Gas:
     A. Non-Texas = "Enron North America Corp."
     B. Texas = "Houston Pipe Line Company (HPL)"

The only location that falls under both Schedule A and HPL is Katy.  The
reason for this is that HPL is used only for physical Texas deals.  Katy,
under Schedule A, is only to be physical and HSC is only to be financial.
All finacial deals belong to ENA, so HSC belongs to ENA.  Permian falls
under the physical heading of "Non-Tx", which goes to ENA as well.

If you have any further questions, let me know.

Kevin



John Applegate
Vice President
Business Development
(603) 766-8706
 <<John Applegate.vcf>>

 - John Applegate.vcf