Here is a good example of exactly what I was talking about in our EEI/WSPP comparison session yesterday.  Today and tomorrow the WSPP contract committee is meeting in a palatial setting in southern California, many Club Members taking two and a half days off from their "busy" schedules to go there, AG warnings of terrorism threats notwithstanding, and, what are they doing?  they are discussing another piece of the EEI agreement and deciding whether or not to adopt it, (which they will in a botched up form)  this particular item is a Collateral Annex document, designed to strengthen the margin taking aspect of the WSPP agreement.  Nobody can complain that this topic is not a relevant topic,  but,  what nobody seems to be noticing, as the years go by, is that this catch up side show by these guys is a big waste of the industry's time and money, and, the whole thing could be brought to a tidy ending by a Joint WSPP/EEI drafting Committee.  Why should the market be confused by having two agreements, one of which is forever amending itself to look ever more and more like the other, all the while pretending to be vitally and significantly different?  The WSPP is like the Emperor's new clothes story.  It is proudly standing up there in front of the world but it has nothing on,  it looks ever more like the very agreement it tries to be different from.  This fundamental absurdity of creeping imitation needs to be recognized for what it is. This really is our biggest beef against the WSPP:  CREEPING IMITATION.   As mid-marketers, you could begin planting the seed of the idea, (couching it all in very positive remarks about the wonderful efforts of the WSPP),  that we have made enought progress now and that the time for merger is upon us.  The solution is a joint drafting committee to harmonize the agreements once and for all.    If enough counterparties began talking about this, it might happen.  If we, as Enron lawyers bring it up,  we are sarcastically dismissed for being cruel and unusual punishers of Mike Small.   Please think about this and factor it into your conversations with counterparties. While you are doing that, we lawyers will have the pleasure of another four to 6 hours of phone conference work as the committee toils on, the comic and absurd road show entering at least its 4th year of this debacle.   ----cgy


 -----Original Message-----
From: 	Sager, Elizabeth  
Sent:	Thursday, November 01, 2001 8:02 AM
To:	Yoder, Christian; Hall, Steve C. (Legal)
Subject:	FW: WSPP Proposal

This is Reliant's version - while I haven't read it I'm sure it is the best proposal yet.


Elizabeth Sager
713-853-6349

 -----Original Message-----
From: 	ntillett@reliant.com@ENRON   On Behalf Of drusso@reliant.com
Sent:	Monday, October 29, 2001 5:08 PM
To:	lrgroff@aep.com; rosteen@powersrc.com; fmdutton@adep.com; Sager, Elizabeth; SStack@reliant.com
Subject:	WSPP Proposal


     Attached is the most current draft WSPP Proposal and Cover Sheet.

     Give me your comments/thoughts.


Dede Russo
Senior Attorney
Reliant Energy Law Department
P.O. Box 1384
Houston, TX  77251-1384
1111 Louisiana St., Suite 4300 (77002)
Phone: (713) 207-5240
E-Mail: drusso@reliant.com
Fax: (713) 207-0161


(See attached file: WSPP Collateral Annex 102901.doc)        (See attached
file: WSPP Collateral Annex Cover Sheet 102901.doc)



The preceding e-mail message contains information that is confidential, may
be protected by the attorney/client or other applicable privileges, and may
constitute non-public information.  It is intended to be conveyed only to
the designated recipient(s).  If you are not an intended recipient of this
message, please do not read, copy or disclose the contents of this
communication to others and please notify the sender at (713) 207-5241.  If
you are not the intended recipient, we would appreciate your forwarding the
message back to us and deleting it from your system. Unauthorized use,
dissemination, distribution, or reproduction of this message is strictly
prohibited and may be unlawful.  Thank you.
 - WSPP Collateral Annex 102901.doc 
 - WSPP Collateral Annex Cover Sheet 102901.doc