---------------------- Forwarded by Barry Tycholiz/NA/Enron on 04/09/2001 03:36 PM ---------------------------


Mailer-Daemon@southernunion.com on 04/09/2001 02:21:08 PM
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Subject: San Juan Deals
To: mark.hawkins@southernunion.com
From: Barry.Tycholiz@enron.com
Date: Mon, 9 Apr 2001 14:24:14 -0500
Message-ID: <OF66CA5243.3BE374E3-ON86256A29.0063EE1A@enron.com>
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Mark, further to our conversation... Mercado transacted with Enron North
America under the terms and conditions of a financial transaction and these
transactions have been or will be settled financially, however these
transactions could have been set up as physical.  The structure of the
transaction changes as a result of a few variables, including the price,day
of cash settlement, and curtailment issues on San Jan deliveries which
would then automatically convert the fixed price portion to 100% load
factor and settlement would be on 100% of the volume regardless as to what
physically flowed.

Please call me if there are any questions regarding this note.

Barry  Tycholiz
Vice President, Enron North America