Hello all -

Following-up on our previous conversation on June 25, we would like to
schedule a call on July 18th to further discuss how to solve documentation
issues in the UK gas and power markets. As Katia is on holiday, would you
let me know of your availability on the 18th for a 10:00 a.m.(NY)/3:00 p.m.
(London) meeting.  We will arrange the call from ISDA's NY offices.

Our last conversation ended on the possibility of developing a master master
agreement for use with various energy agreements, however, there is some
concern that this might not be the best approach to close the documentation
gap in the UK.

We are very interested in trying to find a solution to the problem.  At this
juncture, the goal appears to be to develop documentation for the UK gas and
power markets that: 1) can be used with various energy agreements (masters &
stand-alone) 2)is amenable to non-ISDA members and supported by bigger
players, 3) accommodates physical and financial trades. (Please let me know
if there is anything to add.

To that end, it would be helpful to explore additional solutions on next
week's call.

Many thanks!

Stacy Carey
Policy Director
International Swaps and Derivatives Association
600 5th Avenue, 27th Floor
Rockefeller Center
New York, NY  10020
(212) 332-1202 ph
(212) 332-1212 fax
(917) 543-9622 cell
scarey@isda.org


-----Original Message-----
From: Powell, James [mailto:James.Powell@gs.com]
Sent: Tuesday, July 10, 2001 6:09 PM
To: 'Katia D'Hulster'; Stacy Carey
Cc: 'rita.Pearson-Schwandt@rwetrading.com'; Willis, Bernadette
Subject: RE: UK Gas


Katia, I was wondering when we were going to have the follow up meeting.
Has a date been agreed?

-----Original Message-----
From: Katia D'Hulster [mailto:kdhulster@ISDA-EUR.ORG]
Sent: 02 July 2001 15:01
To: Powell, James; 'christophe.chassard@rwetrading.com';
'rita.Pearson-Schwandt@rwetrading.com'
Cc: Stacy Carey; Ruth Ainslie; John Berry; Peter Werner
Subject: RE: UK Gas


Thank you, James.

Ruth, Stacey, John and myself had some further discussion regarding our
meeting of last week.

As agreed, we will hold another call with yourself, Bernadette, Rita and
Christophe in order to discuss how to take this further.

I understand that Bernadette is out of the office until the end of this
week.

Could we arrange a call for the week of 9 July? Would that be OK for all of
you?

Another question, I spoke with Bernadette last week and she said she had
some written comments on the EMP regime. Could you please forward these to
me, as I am currently drafting the response to the FSA consultative paper.

Thank you in advance,

Katia




-----Original Message-----
From: Powell, James [mailto:James.Powell@gs.com]
Sent: 02 July 2001 14:47
To: 'kdhulster@isda-eur.org'
Cc: 'Rita.Pearson-Schwandt@rwetrading.com'
Subject: RE: UK Gas


Katja, following our meeting, as agreed, here is a list of five entities
whose support may well assist any documentation initiative in the UK gas
market sponsored by ISDA.  I have not listed the power entities as the power
documentation (i.e. the GTMA) seems to be well established.  Please let me
know if you need any further details. Perhaps you also let us know whether
you want us to call any of these entities to foreshadow your call to them.

Many thanks.

Paul Simons
Enron
Tel:  020 7783 6566
psimons@enron.com


Simon Smith
TXU
Tel:  01473 553 619
simon.smith@txu-europe.com

Simon Woods
TotalFinaElf
Tel:  020 7318 6866
Fax:  020 7318 6726
Mobile:  07802 567431


Eldon Pethybridge
Accord Energy
Eldon.Pethybridge@accord.co.uk

Lynne Shaw
BP
Tel:   0207 496 4000 (switchboard)
shawLL@BP.com