Janelle:

I reviewed the email of 1/19/01 from Ben Chu.  There are only 2 items listed:

(1)  I will beef up the language to make it absolutely clear that ENA can 
select the price only if it hears from ConEd first.

(2)  I am not sure that I agree about the NY ISO changing pricing after 30 
days.  We will need to discuss.  I have heard that this is not as frequent an 
occurrence as in the past and we are using the same mechanism as the ISDA 
procedure for change in prices.

(3)  Other than the foregoing, he had no other comments exept to say that he 
would review again.  

Sara Shackleton
Enron North America Corp.
1400 Smith Street, EB 3801a
Houston, Texas  77002
713-853-5620 (phone)
713-646-3490 (fax)
sara.shackleton@enron.com