No.   We buy and sell where we see value.   We don't even look at the other exchanges.

 -----Original Message-----
From: 	Hayden, Frank  
Sent:	Thursday, November 01, 2001 10:21 AM
To:	Presto, Kevin M.; Belden, Tim; Arnold, John
Subject:	 Market sees Enron paying a premium with bids

Is this true? And how large are premiums?

Do we see this in gas?

Thanks,
Frank

Market sees Enron paying a premium with bids
Enron is being forced to pay a slight
premium for forward contracts in the power
market in what may be a reflection of concerns
about its creditworthiness, according
to a number of traders. The higher price the
giant marketer is bidding on its EnronOn-line
platform is either a credit premium,
traders said, or the result of Enron being
short and needing to bid higher than other
players to cover its forward positions.
There were other signs yesterday that
worries continue about Enron's financial
condition. Traders said while most shops
are still trading with Enron, many are continuing
to closely monitor their positions
with Enron and limit their exposure by
balancing out their positions and limiting
transactions to purchases only.
Traders echoed what market sources
have been describing as a reluctance to
risk contributing to Enron's problems.
"It's 'business as usual' with Enron," one
said, "and even if it weren't, I couldn't
tell you. I can't say nothin' on this one."