---------------------- Forwarded by Mark - ECT Legal Taylor/HOU/ECT on 
09/27/99 05:49 PM ---------------------------


David Forster
09/27/99 09:23 AM
To: Mark - ECT Legal Taylor/HOU/ECT@ECT
cc:  
Subject: Index Wording

Mark,

Jennifer (PCG) has supplied me with example language from the confirmations 
which is representative of the the other confirmations. I agreed that you and 
I would rework a couple of examples for her, and then she can apply the same 
principles to the remaining descriptions.

I think the best way to proceed on this is if we work up example wording for 
most of the different publication types, and/or verify any wording suggested 
by Jennifer against the original confirm language.

I will bring up the originals to you, but my suggestion for a rework is:


Daily price midpoint example (For Gas Daily, Oklahoma-PEPL):

The Index for a day shall be the Daily Midpoint price published on the 
following calendar day under the heading "Daily Price Survey" in the Oklahoma 
- PEPL section of Gas Daily, or if a calendar day is not a business day then 
the price used shall be the Daily Midpoint price published on the next 
succeeding business day.


Monthly price example (For NGI, Northern California Border):

The Index for a month shall be the "Bidweek Average" price for the Northern 
Cal Border Average as listed in the table entitled "California Border & 
Non-Utility End-User Citygate tables", published in the first issue in such 
month of Natural Gas Intelligence Weekly Gas Price Index.

Monthly price example (For Inside Ferc, Texas,Oklahoma PEPL)

The Index for a month shall be the Panhandle Eastern Pipeline Co - Texas, 
Oklahoma (mainline) price as listed in the section entitled "Prices of Spot 
Gas Delivered to Pipelines", published in the first issue in such month of 
Inside Ferc's Gas Market Report.


In each of the above examples, PCG will need to substitute the price name and 
section name for each of the applicable prices in each purblication.


Dave