Steve,  Here is an email from Mike.  Are you up to speed on this?  What do 
you think?  Please provide some quick feedback via email.

Thanks,
mike
---------------------- Forwarded by Mike McConnell/HOU/ECT on 07/11/2000 
04:53 PM ---------------------------
   
	Enron North America Corp.
	
	From:  Michael Guerriero @ ENRON                           07/08/2000 10:04 AM
	

To: Mike McConnell/HOU/ECT@ECT
cc:  
Subject: Nodocero.com

Here is the information we discussed regarding Nodocero. Let me know when is 
a good time to do a secondary discussion. They will be in Houston late next 
week and early the following week. I will give you a call Monday.

MFG 
---------------------- Forwarded by Michael Guerriero/SA/Enron on 07/08/2000 
12:02 PM ---------------------------


Patrick Hansen
07/07/2000 12:39 PM
To: Michael Guerriero/SA/Enron@Enron
cc:  

Subject: Nodocero.com

Michael, I have the following comments to the Nodocero.com project.

Currently works as a platform where buyers and sellers agree on a price 
through an auction process (brokerage fee)
They aim at becoming a regulated market with standardised contracts. (subject 
to market and regulatory evolution)
Their value drivers are the "Payment Guarantee" (through an insurance 
company) and "Backoffice" (registration before regulatory authorities). None 
of these issues are definitely solved (no agreement with Insurance Co. and if 
any transaction is done now, all the backoffice procedures have to be done 
manually with their employees).
No technological partner yet. They have developed the web site platform (you 
can see it at www.nodocero.com), but I understand that they don't have the 
rest of the technological components required (database, operations, clearing 
system, other). 

Apart from this, I would consider the following issues:

Currently there is no regulated market for this sector of the economy 
(Argentina and the rest of Latin America). Therefore their idea of becoming 
one is good.
The competitors in this race are: Nodocero.com - aXesoEnergia.com - 
EnergyVex.com - Rofex (Rosario Futures Exchange) - other.
No competitor has yet taken an important lead in this race. aXesoEnergia.com 
is doing an important investment in marketing, but it currently works via an 
auction process and does not provide any further service like guarantee or 
backoffice.
One of the competitors will eventually succeed in becoming the reference 
market.
Nodocero.com has no strategic partner yet. (this could be taken as positive 
or negative)

The attached file is their business plan


Patrick