Here is an update on the activities for E-Trans.  Please remember that we are 
under confidentiality agreements with the other parties of E-Trans and this 
must not be discussed outside the Company.

It appears that the other parties of E-Trans are willing to go to the next 
level of discussions on E-Trans and we hope to start discussions of the 
commercial and policy issues as early as next week.  The additional parties 
will be ALSTOM/ESCA, PJM, CalPx, and APX.  We will begin to discuss the 
technical detailing the meshing of the forward and real-time markets and 
system integration the following week. 

We will also have two ALSTOM/ESCA employees that will be based in Houston to 
support the project for the next four weeks.

The Task List and Schedule is as follows:

1. Prepare ESCA Consulting Agreement
2. Determine Commercial Structure for E-Trans
3. Detailed Description of each parties responsibility
4. Begin Technical Discussions
 a. Meshing the real-time and forward markets (Policy)
 b. Integrating the system  (Technical)
6. Product for FERC Filing
 a. Make off-the-self manual (Thane)
 b. FERC Tariff

September 21, 2000
Commercial and Policy Meeting
Chicago
Attendees:
John Florey CalPx
Ed Cazalet/Ralph Samuelson APX 
Kenneth Laughlin PJM
Randy Berry Alstom/Esca
Jim Steffes Enron
Janice More
Jeff Brown
Thane Twiggs


September 27-28
Technical Meeting
Houston Woodland,s Conference Center 
Attendees:
Andy Ott PJM
Randy Berry ESCA ?
David Sun
Ralph Samuelson? APX
John Flory CALPX
Steve Walton Enron
Lloyd Will
Charles Yeung
Jeff Brown
Thane Twiggs

October 4-5
Technical Meeting
TBD