Tracy,

Just to follow up.

Ron and I discussed this some more and decided that we should file re 
condition #3 which could be read to allow the utilities to use a third 
party's credit standing without that parties' permission.  As you noticed, it 
was very difficult to discern what was going on with that language as 
drafted.  

The filing is due tomorrow.

Joe, Ray and others:

This is in response to a compliance filing made by the ISO w.r.t. FERC's 2/14 
order on creditworthiness.  The ISO is attempting to expand what FERC allowed 
it to do.  Surprise! I'll be putting in an RCR for $1500 for this.

Sue Mara
Enron Corp.
Tel: (415) 782-7802
Fax:(415) 782-7854