FYI - we may need to revise.  Does this ISDA have our new changes?
---------------------- Forwarded by Sara Shackleton/HOU/ECT on 02/07/2000 
10:12 AM ---------------------------


Patricia Cini
02/07/2000 05:07 AM
To: Rod Nelson/HOU/ECT@ECT
cc: Sara Shackleton/HOU/ECT@ECT, Julian 
Poole/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT 
Subject: Re: Puerto

Rod-

This is my last e-mail from Julian on the Central Puerto power swap.  He 
should be back in Argentina this week from being on vacation.  

You will need to follow up with him and Sara concerning the ISDA,  The main 
credit issue was the BB MAC trigger that does not cover when a counterparty 
is no longer rated by S&P.  As of July 1999, C. Puerto is no longer being 
rated by S&P and was last rated BB-.

The ISDA does have the CSA with a 1MM threshold, but this is an older ISDA 
so, you may want to review.

Regards,

Pat

---------------------- Forwarded by Patricia Cini/LON/ECT on 07/02/2000 11:03 
---------------------------


Julian Poole@ENRON_DEVELOPMENT
28/01/2000 21:16
To: Patricia Cini/HOU/ECT@ECT
cc:  
Subject: Re: Puerto  

Somwhere around 16.50 $/MWh for energy only



To: Julian Poole/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc:  
Subject: Re: Puerto  

Julian-

Do you know what price we would be paying?

Pat




Julian Poole@ENRON_DEVELOPMENT
01/28/2000 09:39 AM
To: Patricia Cini/HOU/ECT@ECT
cc:  
Subject: Re: Puerto  

Yes we are buying


To: Julian Poole/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc:  
Subject: Re: Puerto  

Julian-

Will get back to you on this soon.  Just need to review the file.  Are we 
buying the swap?

Regards,

Pat




Julian Poole@ENRON_DEVELOPMENT
01/28/2000 08:27 AM
To: Patricia Cini@ECT
cc: Rod Nelson@ECT 
Subject: Puerto

Pat,

I am looking at a financial swap with C. Puerto for 50/70 MW for maybe 2/3 
years.
Does this volume & term trigger any posting of LC from Puerto's behalf?

Thanks, Julian