Christian and team-

Debbie Hart of Morgan Stanley left a message regarding the recent new CAISO addition we are placing on our confirmations.  Morgan's traders are in disagreement and they would like to talk our Enron Traders to clarify the reason behind this.   Debbie has been in the process reviewing language with her traders, but has had no response thus far.  In the meantime, Morgan is not returning/executing our CAISO confirmation letters.  Debbie encourages our traders to speak with Morgans' traders to expedite the process.  If you have any questions, please call.

Morgan S. traders
Max C. (212) 761-5306
Tom Funk (212) 761-8688

Debbie Hart (212) 761-5920

Thank you
Stephanie Piwetz
Enron Power Marketing, Inc