Not exactly.  John merely wanted me to convey the content of our 
conversation.  Here's the approval:

       trading cp approval reference credit approval

Constellation Power Source Inc.     approved $5MM approved $5MM

Deseret Generation and Transmission Coop.  sell only, prepay no approval


I assume that you will also seek approval from Legal.

Rod






Tomas Valnek
04/28/2000 08:09 AM
To: Rod Nelson/HOU/ECT@ECT
cc: John Metzler/LON/ECT@ECT, Konstantin Malinovski/LON/ECT@ECT 
Subject: Re: Constellation  

I take that this is an approval. Any limits?

Tomas



   
	
	
	From:  Rod Nelson                           28/04/2000 00:10
	

To: Tomas Valnek/LON/ECT@ECT
cc: John Metzler/LON/ECT@ECT 

Subject: Constellation

I just spoken Metzler about CRM's view on the proposed sale of protection on 
Constellation Power Source to Deseret.  The following was discussed:

 - We have negatively rated Deseret at 10 to reflect the coop's high degree 
of leverage, low profitability and the uncertainty of regional power 
deregulation (impact on coop's difficult to assess).  In addition, we have 
had tremendous difficulty agreeing on contractual credit terms.  I will 
provide more details tomorrow.

Rod