Well, I do believe this makes 450!  A nice round number if I do say so myself!
----- Forwarded by Tana Jones/HOU/ECT on 09/19/2000 05:34 PM -----

	Susan Bailey
	09/19/2000 05:30 PM
		 
		 To: Bob Bowen/HOU/ECT@ECT, Jefferson D Sorenson/HOU/ECT@ECT, Laurel 
Adams/HOU/ECT@ECT, Andrea R Guillen/HOU/ECT@ECT, Larry Joe 
Hunter/HOU/ECT@ECT, Jarrod Cyprow/HOU/ECT@ECT, Gordon 
Heaney/Corp/Enron@ENRON, Janie Aguayo/HOU/ECT@ECT, Derek 
Bailey/Corp/Enron@ENRON, Diane Anderson/NA/Enron@Enron, Kevin 
Meredith/Corp/Enron@ENRON, Melissa Ann Murphy/HOU/ECT@ECT, Scott 
Tackett/Corp/Enron@Enron, Celeste Cisneros/NA/Enron@Enron, William S 
Bradford/HOU/ECT@ECT, Debbie R Brackett/HOU/ECT@ECT, Nidia 
Mendoza/HOU/ECT@ECT, Tanya Rohauer/HOU/ECT@ECT, Brant Reves/HOU/ECT@ECT, Rod 
Nelson/LON/ECT@ECT, Tracy Ngo/PDX/ECT@ECT, John Suttle/HOU/ECT@ECT, Russell 
Diamond/HOU/ECT@ECT, Lesli Campbell/HOU/ECT@ECT, Molly Harris/HOU/ECT@ECT, 
Wendi LeBrocq/Corp/Enron@Enron, Edward Sacks/Corp/Enron@Enron, James L 
Copeland/HOU/ECT@ECT, Veronica Espinoza/Corp/Enron@ENRON, Veronica 
Gonzalez/HOU/ECT@ECT, Jane Wilhite/NA/Enron@Enron, Paul 
Radous/Corp/Enron@ENRON, Sara Shackleton/HOU/ECT@ECT, Mark 
Taylor/HOU/ECT@ECT, Carol St Clair/HOU/ECT@ECT, Tana Jones/HOU/ECT@ECT, 
Robert Bruce/NA/Enron@Enron, Brent Hendry/NA/Enron@Enron, Mary 
Cook/HOU/ECT@ECT, Samantha Boyd/NA/Enron@Enron, Stephanie 
Panus/NA/Enron@Enron, Mary Solmonson/HOU/ECT@ECT, Marilyn 
Colbert/HOU/ECT@ECT, Diane Ellstrom/HOU/ECT@ECT, Lynn E Shivers/HOU/ECT@ECT, 
Bill D Hare/HOU/ECT@ect, Leslie Reeves/HOU/ECT@ECT, Jason Moore/HOU/ECT@ECT, 
Dianne Seib/CAL/ECT@ECT, Samuel Schott/HOU/ECT@ECT, Anthony 
Campos/HOU/ECT@ECT, Karen Lambert/HOU/ECT@ECT, Frank L Davis/HOU/ECT@ECT, 
Carrie Southard/LON/ECT@ECT, Mary G Gosnell/HOU/ECT@ECT, Bernice 
Rodriguez/HOU/ECT@ECT, Sheri Thomas/HOU/ECT@ECT, Amber Ebow/HOU/ECT@ECT, 
Adnan Patel/Corp/Enron@ENRON, Melissa Ann Murphy/HOU/ECT@ECT, Linda S 
Bryan/HOU/ECT@ECT, Bridgette Anderson/Corp/Enron@ENRON, Stacey 
Richardson/HOU/ECT@ECT
		 cc: 
		 Subject: Arizona Public Service Company


We have received an executed Master Agreement:


Type of Contract:  ISDA Master Agreement (Multicurrency-Cross Border)

Effective Date:   September 8, 2000

Enron Entity:   Enron North America Corp.

Counterparty:   Arizona Public Service Company

Transactions Covered:  Approved for all products with the exception of: 
Weather
          Foreign Exchange
          Pulp & Paper

Special Note:  The Counterparty has three (3) Local Business Days after the 
receipt of a Confirmation from ENA to accept or dispute the Confirmation.  
Also, ENA is the Calculation Agent unless it should become a Defaulting 
Party, in which case the Counterparty shall be the Calculation Agent.

Susan S. Bailey
Enron North America Corp.
1400 Smith Street, Suite 3806A
Houston, Texas 77002
Phone: (713) 853-4737
Fax: (713) 646-3490
E:mail:  Susan.Bailey@enron.com