pls print.  thanks df
---------------------- Forwarded by Drew Fossum/ET&S/Enron on 12/11/2000 
08:03 AM ---------------------------


Debbie Moseley
12/08/2000 04:16 PM
To: Bob Chandler/ET&S/Enron@ENRON, Paul Cherry/GPGFIN/Enron@ENRON, John 
Dushinske/ET&S/Enron@ENRON, Dan Fancler/ET&S/Enron@ENRON, Jeffery 
Fawcett/ET&S/Enron@ENRON, Lee Ferrell, Drew Fossum/ET&S/Enron@ENRON, Steve 
Gilbert/ET&S/Enron@ENRON, Steven Harris/ET&S/Enron@ENRON, Rod 
Hayslett/FGT/Enron@ENRON, Gerrad Heep/AA/Corp/Enron@Enron, Stanley 
Horton/Corp/Enron@Enron, Danny McCarty/ET&S/Enron@Enron, Mike 
McGowan/ET&S/Enron@ENRON, Kent Miller/ET&S/Enron@ENRON, Mary Kay 
Miller/ET&S/Enron@ENRON, Heather Mueck/AA/Corp/Enron@ENRON, Dave 
Neubauer/ET&S/Enron@ENRON, Jerry Peters/NPNG/Enron@ENRON, Tony 
Pryor/ET&S/Enron@ENRON, James Saunders/FGT/Enron@ENRON, Susan 
Scott/ET&S/Enron@ENRON
cc:  

Subject: ETS Hedged and Open Positions/Financial Exposure Positions

Please Note:

We have changed the correlation of the Transwestern's hedges to the same 
index(El Paso Permian) that the derivatives were transacted.  We feel it is 
appropriate to make this correlation change due to management's anticipation 
to make the 2001 sales at an El Paso Permian index.  Due to this change TW 
has a perfect correlation, therefore the associated Value at Risk  will be 
zero.