Steve, I attach a draft presentation based in concept on the presentation 
that you sent through.

Broadly, the presentation is designed to provide an international perspective 
to the liberalization of electricity markets, in the context of the Japanese 
emerging markets. As you are aware, the conference coincides with the public 
release of the Brattle paper commissioned by Enron Japan which makes specific 
recommendations for electricity sector reform in Japan. 

The notes accompanying the slides are intended to provide a Japanese context 
to international examples. We have added an advertisement of Enron Japan 
towards the end of the presentation which is styled as a practical example of 
the new energy company. Its purpose is to start the process of shifting the 
public focus on Enron Japan away from energy wholesaling.

The speaking time is 50minutes. The audience will be middle to senior 
management from utilities, large-lot users, METI, the US Government, 
consultants and others. The press will be attending.

I will provide a briefing note on the conference shortly.

I would welcome your comments. I will try to catch you Wednesday afternoon 
your time to discuss. 



kind regards