We have executed an EEI Agreement with Coral and we can now pursue the 3-way "ring-fencing" transactions.  We do not need to wait until we get a Master Netting Agreement in place with Coral, nor do we need to wait until we get netting agreements in connection with some Canadian gas agreements in place.  We should get guarantees in place tomorrow morning.  

Harlan E. Murphy
Enron Wholesale Services - Legal
1400 Smith Street, EB 3811
Houston, Texas 77002
Tel: 713.345.2679
Fax: 713.646.3490
E-mail: Harlan.Murphy@Enron.com