Sara, below is the "floating price" definition we discussed.  FYI, I talked 
to Joe on two other issues: (1) He agreed that longer-term it would be 
desirable to come up with a form-generating technology such that a definition 
of "Delivery Date" is inserted only when relevant (i.e., triggered by the 
particular reference price mentioned), so we will keep that in mind, and (2) 
He is aware of the errors in the "Cash Settlement Amount" definition 
("Multiplied" is capitalized; "price" in "Strike Price Differential" is not; 
a couple of spaces don't belong, etc.).  I didn't completely understand his 
explanation, but it was something to the effect that this had snuck in from 
an ERMS  form and he is already talking to the right person about getting it 
fixed.


Robert E. Bruce
Senior Counsel
Enron North America Corp.
T (713) 345-7780
F (713) 646-3393
robert.bruce@enron.com
----- Forwarded by Robert Bruce/NA/Enron on 10/26/2000 11:48 AM -----

	Robert Bruce
	Sent by: Robert Bruce
	10/26/2000 11:48 AM
		 
		 To: Larry Joe Hunter/HOU/ECT@ECT
		 cc: 
		 Subject: 

As we discussed, here is the language for the "Floating Price" definition:

The arithmetic average of the daily prices for all calendar days during the 
Calculation Period, the price for each such calendar day being the "Flow 
date: Midpoint: Citygates: Chicago - LDCs, large e-us" price as published 
under the heading "Daily Price Survey" in Gas Daily


Robert E. Bruce
Senior Counsel
Enron North America Corp.
T (713) 345-7780
F (713) 646-3393
robert.bruce@enron.com