Ben,

Just keep with you. Don't circulate it.

---------------------- Forwarded by Jinsung Myung/Corp/Enron on 03/27/2000 
03:51 PM ---------------------------
   
	Enron North America Corp.
	
	From:  Jinsung Myung                           03/27/2000 02:11 PM
	

To: Tom Swank/HOU/ECT@ECT
cc:  

Subject: Scenario analysis on Synthetic CC

Tom,

Structuring got back to us with scenario analysis on different deal terms. 
Here is the summary.

Levelized capacity payment (starting 6/1/02)
10 yr deal (Best term)
 - @mid curve: $6.21/kw-mo
 - @offer curve: $9.84/kw-mo
12 yr deal
 - @mid curve:  $6.23/kw-mo (due to curve shift since last time, compared to 
$6.10)
 - @offer curve: $9.90/kw-mo (due to curve shift since last time, compared to 
$9.65) 

Levelized capacity payment (starting 6/1/03)
8 yr deal (Best term)
 - @mid curve:  $5.98/kw-mo
 - @offer curve: $9.69/kw-mo
11 yr deal
 - @mid curve:  $6.04/kw-mo
 - @offer curve: $9.81/kw-mo 

This result comes mainly from upward shaping gas curve. Although I don't know 
exactly what pricing the trade will give to us for 8yr deal starting 6/1/03 
(best term), I can get the quote, if you want. Please see attached 
spreadsheet for complete analysis. Can we think of any other optionality 
other than term play? Let's sit down when you have time.