David in respect of changes to GTC to address tax issues from payments 
directed outside we are awaiting comments from Price Waterhouse. We have 
given this work a priority and will keep you posted. I would also want to 
ensure we have addressed the procedural issues as to how settlements will be 
effected for parties who are not recognised under the industry settlement 
system.  

On the second point the criteria to be applied it is as previously advised. 
We must make sufficient enquiries to ensure that the proposed counterparty is 
creditworthy and that it is trading as a principal. Presumably we would also 
want to make some determination as to the ability enforce an Australian 
judgment in a jurisdiction where the counterparty has assets. Under the GTC 
Australian law and courts are designated.       




David Forster@ECT
03/21/2000 04:29 AM
To: Heidi Mason/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, David 
Minns/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc: Paul Smith/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Arfan Aziz/LON/ECT@ECT, 
Mario Parra Cardoso/Corp/Enron@Enron 

Subject: Tax Amendments to GTC

Heidi/David,

Please notify me as soon as you are able to determine:

1) Whether or not we need to amend the GTC.
2) What criteria will need to be applied to companies outside Australia who 
wish to trade Australian Power.

As soon as we have settled the above, I'd like to open up the foreign 
profiles to Australian Power.

Thanks,

Dave