Dan,

Per the request of Jay Williams, attached please find a credit worksheet for 
a draft Enfolio Master Firm Purchase and Sale Agreement between ENA and 
Sacramento Municipal Utility District.  Please note that there are tiered 
collateral threshold and third-party cross default matrices.  Additionally, 
the attachment contains a second sheet elaborating on the Enron Corp. 
guaranty amount as well as a Compliance Letter as an additional CP Event of 
Default.

Shari Stack is working on the draft EEI Master Power agreement as well as the 
ISDA Master Swap agreement.  Please contact Shari Stack should you need 
clarification to the legal terms in the contract in order to ensure 
consistency across all three trading agreements.

I am also available should you have any questions pertaining to credit.

Regards,
Tracy
503-464-8755