Elizabeth Sager
713-853-6349

 -----Original Message-----
From: 	Nettelton, Marcus  
Sent:	Wednesday, August 22, 2001 9:41 AM
To:	Sager, Elizabeth
Subject:	RTO Meeting
Importance:	High
Sensitivity:	Confidential

Liz
	
I expect to have copies of all the Master Agreements by 12:00 today, attached are the confirmations that are sent out in respect of the various delivery points.
	
             
	
I will need to see the ISDA, however, you are more familiar with what the standard language as it relates to the confirmation.
	
The NEPOOL confirmation does not reflect the most recent change that was made to fix the NEPOOL PTF points.
	
The language you sent me from Steve Hall closely resembles the current confirmation language used for the SP-15 and NP-15 delivery points.
	
From a regulatory perspective, as we discussed, we need to be better informed as to the issues and likely framework and structure of the RTOs, which will assist in the drafting of a relatively "certain" delivery point, however until the market is truly established I would expect there to be definitions which rely upon liquidity to feature and the different ways in which liquidity can be calculated, or the fixing of existing delivery points, or simply Seller's choice, possibly with some refinements and limitations as to where the power can be delivered.
	
	
Marcus