Attached is a useful presentation on Securitazation.  We may want to propose 
this approach when the utility's CTC recovery period is shorter than we would 
prefer.  A utility may propose a shorter period due to cash flow and bond 
rating reasons; whereas, we might had taken a view of a longer recovery 
period in our curves.  Securitization might be the perfect win-win solution.  
If you would like a presentation on Securitization, please contact Jaime 
Araoz.

Roger


---------------------- Forwarded by Roger Yang/SFO/EES on 10/23/2000 01:33 PM 
---------------------------
   
	Enron Energy Services
	
	From:  Jaime Araoz                           10/23/2000 07:59 AM
	

To: Roger Yang/SFO/EES@EES
cc:  
Subject: Securitization

Roger,

Here i'm attaching the presentation about securitization for you to use it as 
you wish. If you want me to present this to someone or to talk about it again 
please give me a call. 

Best,

Jaime