Mark,

We have identified an issue in the UK whereby we could sell an Option for Q3 
(for example), which is really three 1-month options (July,Aug, Sept.). The 
option lanaguage needs to be clear that in the case of an option which has 
multiple election dates, the premium is paid up front for the set of options, 
but the payments which result from option settlement occur in each month 
during the option period.

Justin and Edmund have suggested the attached. Do you want to modify the U.S. 
product descriptions in a similar way?

Dave
---------------------- Forwarded by David Forster/LON/ECT on 14/09/99 15:36 
---------------------------


Louise Kitchen
06/09/99 23:36
To: David Forster/LON/ECT@ECT
cc:  
Subject: Weather Derivatives - Enron Online Market Description


---------------------- Forwarded by Louise Kitchen/LON/ECT on 06/09/99 23:39 
---------------------------


Shari Stack
03/09/99 22:57
To: Awais Omar/LON/ECT@ECT
cc: Tana Jones/HOU/ECT@ECT, Lynda Clemmons/HOU/ECT@ECT, Steven 
Vu/HOU/ECT@ECT, Louise Kitchen/LON/ECT@ECT, Mark - ECT Legal 
Taylor/HOU/ECT@ECT 
Subject: Weather Derivatives - Enron Online Market Description

As per the request in your email today, attached please find a revised 
version of the Market Description for Weather Derivatives. I have run it by 
Lynda Clemmons and Steven Vu on our Weather Desk so consider the attached 
version approved by ENA Legal and Commercial. 




Kind regards, 

Shari Stack
(Attorney for the Weather Derivatives Desk)