---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 01/19/2001 
04:53 PM ---------------------------


Jim Meyn@ENRON
01/19/2001 04:23 PM
To: Vince J Kaminski/HOU/ECT@ECT
cc: Berney C Aucoin/HOU/ECT@ECT 
Subject: Spread Option Model

Vince, Berney asked me to send you a copy of our spread option models.  The 
first is a more detailed spread option model created by Jim Simpson 
(currently in the Chicago office), the second is a simplified version of 
Simpson's model that I put together for less complicated tolling structures.  
Please let me know if you have any questions or would like to discuss.

- Jim