Ann,

Attached is a draft of Enron's response to your request for proposals for gas supply to power generation plant in development by Calpeak Power, LLC.  As requested, Enron has provided indexed pricing with the option to convert to various fixed priced products during the term of the agreement.

The options presented are not intended to represent a complete list of opportunities, but are representative of the different pricing structures Enron offers.  There are several additional structures available  and we look forward to discussing these options with you.

Please call me with any questions you might have regarding the proposal.  I look forward to hearing from you soon.

Thanks,

Kim Ward
Manager, West Gas Origination
713-853-0685