---------------------- Forwarded by John J Lavorato/CAL/ECT on 12/20/99 07:34 
AM ---------------------------


hargat@tdsecurities.com on 12/17/99 06:46:27 AM
To: John J Lavorato/CAL/ECT@ECT
cc: jonesd2@tdsecurities.com 
Subject: collar structure





John,
Doug asked me to send you the amended model for the proposed collar structure.
You will see that is is essentially a larger version of the previous model, as
it covers the full calender year of 2000.  There are therefore 48 options 
which
results in daily volume being reduced to 42K GJ/Day.  There is an amortization
schedule to the far right which calculates the implied interest rate on the
deal.  Call me if you have any questions about the model or changes you would
like to see.

Todd Hargarten
416-982-2286


(See attached file: Client.xls)



 - Client.xls