Boondoggle ??????

My fingers are bare to the bone, the blood is oozing out of them.......I have 
been typing my- watootsie off -reviewing counterparty's, oh gotta run, the 
Queen is calling me for lunch.

Ahh I am back, she is such a suite lady...

Regarding the Keyspan issue, I received a request from Maureen Smith about a 
month ago to set up a GISB with ENA and these Ravenswood entites.  At the 
same time they sent us a guaranty which ENA -Physical Legal was reviewing, 
this is the first I have heard they want to transact financially.  Ravenswood 
is a CoGen facility that operates in New York City, I am assuming they want 
to buy gas to operate the plant and hedge the gas at the same time.  KeySpan 
Corp is the holding company, and also owns two regualted utilities that serve 
the NY metro area, one of which is Brooklyn Union Gas ( now named KeySpan 
Energy Delivery).  I am fine with these Ravenswood trading financially as 
long as they meet the ESP requirements, and becuase they will be guaranteed 
by KeySpan Corp I am assuming they will.  Also, regarding KeySpan Energy 
Management, that guaranty includes KeySpan Energy Services as well but only 
cover Physical transactions.  I don't see any need, at this time, to include 
them on this Ravenswood guaranty as we have not exposure their at all.

Hope this helps,
Cheer-io,
Russell



From: Tana Jones on 05/23/2000 04:40 PM
To: Russell Diamond/HOU/ECT@ECT
cc:  
Subject: Keyspan

I understand that you are the Keyspan man!!

We are being asked to look at combined physical/financial guaranty for 
Keyspan with the guarantor being KeySpan Corporation d/b/a KeySpan Energy and 
the guaranteed parties being KeySpan Ravenswood Inc. and KeySpan Ravenswood 
Services.  I have never seen this counterparty as a financial entity before.  
We've got Keyspan Energy Management, Inc. as a counterparty we sent a draft 
master to about a year ago.  Will these Ravenswood entities trade financial 
with us?  Do we need to add Keyspan Energy Management to the guaranty if that 
is indeed the Keyspan entity we are trading with?

By the way, what kind of boondoggle trip is this you are on?  You Credit guys 
live high on the hog!  You must have a bigger budget than us!