---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 12/29/99 
10:13 AM ---------------------------


"Martin Jermakyan" <martin@electrapartners.com> on 12/27/99 11:12:06 AM
Please respond to "Martin Jermakyan" <martin@electrapartners.com>
To: Vince J Kaminski/HOU/ECT@ECT
cc:  
Subject: An edited version



Dear Vince,

Attached please find an edited and slightly complemented version of my
paper.  I am being told that it will be included in the March issue of
Energy and Power Risk Management, which is going to be devoted to the
subject of power trading.  Your comments will be much appreciated.

Regards,
Martin






 - powerisk3.doc