Today's vote on the Settlement at the TTF was opposed by a large number of shippers, largely generators, cogens and marketers and supported mainly by the signatories, largely producers and LDCs.

Next Steps

TCPL is expected to apply later this month to the NEB for adoption of the agreement.  Time frame for decision expected to be June-Oct depending on the level of litigation.  Implementation no less than 30 days following decision and on first of a month.

TCPL is expected to apply separately in May for a cost of capital increase. Time frame for final 2001 toll decision would be Jul-Dec.  Remain on nterim tolls until then.

Enron's future position in front of the board is in no way prejudiced by our abstention vote.

Any questions let me know.

Kevin