Anything come of this?  Do we still need to speak with Milnthorp?

Bill

---------------------- Forwarded by William S Bradford/HOU/ECT on 11/20/2000 
07:40 PM ---------------------------
   
	Enron Capital & Trade Resources 
	Canada Corp. 
	
	From:  Peter Keohane                           11/13/2000 03:58 PM
	

To: Elizabeth Sager/HOU/ECT@ECT
cc: Mark E Haedicke/HOU/ECT@ECT, William S Bradford/HOU/ECT@ECT, Jeffrey T 
Hodge/HOU/ECT@ECT, Shari Stack/HOU/ECT@ECT, Greg Johnston/CAL/ECT@ECT 
Subject: Master Agreements - Cherry Picking

Elizabeth, I am responding to your voice mail that today's meeting is 
canceled.  I agree with your suggestion that you, Mark, Jeff, Bill and Shari 
can come to a conclusion and just let us know.

I believe the issues come down to:

1. risk of intentional default by our counterparty

2. risk of unintentional default by us

3. what the market is doing

As agreed at our last call, I reviewed the issues commercially here, and I 
believe the commercial preference is to maintain cherry picking for the 
reasons in 1 above.  Please let Greg and mw know what is decided.